oldgrumpy
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Post by oldgrumpy on Nov 7, 2014 15:05:59 GMT
Yes, hopefully it all just means a three to six month delay in recycling of funds.
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niceguy37
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Post by niceguy37 on Nov 7, 2014 15:47:37 GMT
The current selling algorithm is working well enough for me. I occasionally sell chunks of loans despite there being 4 or 5 figure amounts of the same loan up for sale. I understand that SS prioritise end-lender sales over underwriters in order to reassure lenders that they stand a reasonable chance of liquidising if need be. I'm not saying we necessarily should go that far but I do think quite a few lenders are wary of buying too much of loans they don't think they'll be able to sell. It depends on what you are trying to sell, it took over a week to dispose of the bits of the loans that the system purchased on my behalf and against my pre-upgrade instructions following the upgrade I was sorry to read that you had loans that were bought on your behalf due to the upgrade glitch, and can understand you being upset. But I think it's not unreasonable to take a week to sell off loans when there are other lenders also trying to sell at the same time.
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mikeb
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Post by mikeb on Nov 7, 2014 18:50:57 GMT
Obviously, There was a French master called Geen Who invented a w ibbly wobbly timey wimey machine, On the 99th stroke etc.... Fixed that for you.
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mikes1531
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Post by mikes1531 on Nov 7, 2014 23:31:54 GMT
How about the user specifying the level that the Shrapnelator [tm] works at? . I think it wouldbe a nice touch if Lenders can have it work at pence and greater or pounds or £10's & more. : How would you visualise that working? Right now, if I offer £20 of a loan and there are five lenders trying to increase their position, each would buy £4 of it. What would happen if one of them had set a £10 shrapnel limit? Would they get £10 and the other four get £2.50 each? Or would they get nothing and the other four get £5 each? Or...
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mikes1531
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Post by mikes1531 on Nov 8, 2014 2:37:19 GMT
Lightning has struck! Someone has just bought part of the Epp*** holding that I have for sale. That's the good news. The bad news is that I sold exactly 42p worth!
At least they waited until after midnight to make their purchase, so that the interest that accrued when the date changed will be added to my total and not theirs. All 0.02p of it. (And I don't mean £0.02)
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bigfoot12
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Post by bigfoot12 on Nov 8, 2014 8:52:23 GMT
How about the user specifying the level that the Shrapnelator [tm] works at? . I think it wouldbe a nice touch if Lenders can have it work at pence and greater or pounds or £10's & more. : How would you visualise that working? Right now, if I offer £20 of a loan and there are five lenders trying to increase their position, each would buy £4 of it. What would happen if one of them had set a £10 shrapnel limit? Would they get £10 and the other four get £2.50 each? Or would they get nothing and the other four get £5 each? Or... This wouldn't be too hard. However I have many many things higher up my want list. In fact I'm not that bothered by having a long list, as long as it stays below 65k lines (or whatever libre office can handle). When a sale occurs, those with a limit set higher than the current average distribution get a random allocation of their minimum size or nothing. Those will a lower limit or zero limit get the balance divided between them. The probabilities are chosen so that everyone's expected share is the same. The only difficulty is if the amount for sale is less than someone's limit. I suggest that in this case they accept a smaller amount - otherwise they are at a disadvantage. In mikes1531 's example the buyer wanting £10 gets that with probability 0.4 or nothing, and the rest get £2.5 0.4 of the time and £5 0.6 of the time. Everyone's expected share is £4. I'm not sure the added confusion is worth it
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gnasher
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Post by gnasher on Nov 8, 2014 11:27:44 GMT
Now I am used to the new site I cannot see the problem with 'shrapnel'. At first it did seem a bit odd, being used to loan parts as they were here and on other platforms, i.e. indivisible chunks that either amortise or have bullet repayment. But now I just see each of my loans as a little piggy bank, and if I have advised that I want a bit more in there and someone slips a few coins in, well thanks. Over time quite a few of my loans have built up to my defined target with many small increments. What is the problem?
OK, if you want to download everything into your own spreadsheet and reconcile it against your AC dashboard, yes it may be a bit of a pain. But I don't do that, trusting soul that I am I just leave it to AC to do it all for me.
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Jase88
Hope we can talk more as a group before we go in to make our investment's on the peer platform...
Posts: 7
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Post by Jase88 on Nov 8, 2014 15:36:11 GMT
Andrew just quick Quote on the forum on under your expertise "Would the Assetz Capital Management Team consider integrating PayPal on the manage funds accounts for everyone for faster transaction's for and an easier way to move money/funds into our client SME account's just like the Go-Cardless account's worked as PayPal is used worldwide an has a very strong reputation on our Dightal world very safe and secure an quick an easy to use" I for one already have it and I can put money into my PayPal from my bank or PayPal can take money directly from my bank account even if I've no funds in my PayPal when I give the GREEN LIGHT" With all this on mind with the New Website more an more member's on the Peer-to-Peer Lending Platform should see that its not the usual complacatied task that our member's most likely are facing with the NO ADD FUNDS (quick link) from the Go-Cardless on our Platform.
The problem with PayPal is when cleared funds are credited to our bank account. PayPal's clearing time was 21 days last time I checked so that would mean that we couldn't credit your Assetz Capital account until the full 21 days after you made the deposit. The only way around this is for us to transfer our own funds in when you make the deposit and then claim them back once your PayPal payment has cleared. Even if we put a £100,000 daily limit on all transfers into the platform via PayPal, which is a small fraction of the transfers we currently get on our busiest days, then we'd need to set aside £2.1m just to cover this service with a large risk of people cancelling transactions. To mitigate against that, and comply with anti-money laundering rules, we'd need to track the level of cleared and uncleared funds per user and restrict withdrawals - so you couldn't transfer money in with PayPal and then withdraw it within that 21 day period. On top of this PayPal charge large fees of 3.4% of the money you transfer in plus 20p. If you deposit £1,000 then we'd be charged £34.20. That would either lead to us charging large fees to lenders or making us massively unprofitable. GoCardless was removed for similar reasons, a 1% fee which was already too much unless we started charging lenders, and a seven day clearing period with an indefinite chargeback period. A debit card solution is on its way but requires co-operation from our bank which is a slow process. Ok, seems very well explained to me an many other member's I'd say, I didn't see that one coming as I thought PayPal didn't charge for UK bank transactions an transfers in the UK as I don't get charged any extra when doing online shopping through them, but I do understand what your saying Chris there is a 21 day clearing time which slows money movement down. Us lenders can't be charged fee's to move our own money specially in our own country an agree fully with you's on that one 
All in all hope to see you's resolve the problem sometime soon but am sure I could make a direct wire transfer from my Ulster bank online banking account but that's like new territory for me as I never really had to do thing's that way but do hate making that trip to the bank most times for any kind of direct payment's transfers an all
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oldgrumpy
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Post by oldgrumpy on Nov 8, 2014 16:58:08 GMT
"as I don't get charged any extra when doing online shopping through them..."
Paypal gives people the impression that Paypal is wonderful, and they are the people's friend, but what they keep quiet about, (and there's no real reason why buyers should give a monkey's being that they are charged nothing) is that sellers receiving the money are charged heavily ... very heavily, percentage wise on low value items.
eg you pay £2 for something. Paypal charges 20p + 3.4% of £2 = a total of 27p (rounded up) which is 13.5%!!!!
You pay £20 and it is 20p + 3.4% of £20 = a total of 88p, so even that is 4.4%.
I hate people paying for my eBay plants/seeds and occasional old books, but there is no choice even though eBay have already taken 10% commission on the item value and (immorally in my view) the cost of postage.
Luckily I am very "smalltime" when it comes to receiving money via Paypal. 
Nah-nah-nah-nah-naaaaaaaaaaaaaaahh! People rule, indeed!!! Cretins.
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mikes1531
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Post by mikes1531 on Nov 8, 2014 17:17:24 GMT
OK, if you want to download everything into your own spreadsheet and reconcile it against your AC dashboard, yes it may be a bit of a pain. But I don't do that, trusting soul that I am I just leave it to AC to do it all for me. Considering all the issues I've seen reported here, I'm afraid I'm not as trusting as I used to be. But I'm not doing the detailed analysis either, so all I can do right now is point out any glaring errors I see, and hope that when those who are doing the detailed analysis bring problems to AC's attention the resulting fixes correct any potential problems in my account as well. It's not the best position to be in. 
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mikes1531
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Post by mikes1531 on Nov 8, 2014 17:27:08 GMT
Paypal gives people the impression that Paypal is wonderful, and they are the people's friend, but what they keep quiet about, (and there's no real reason why buyers should give a monkey's being that they are charged nothing) is that sellers receiving the money are charged heavily ... very heavily, percentage wise on low value items.
eg you pay £2 for something. Paypal charges 20p + 3.4% of £2 = a total of 27p (rounded up) which is 13.5%!!!!
You pay £20 and it is 20p + 3.4% of £20 = a total of 88p, so even that is 4.4%.
Perhaps I'm misinformed, but I was under the impression that the PayPal fees mentioned above apply only to sellers who do a small amount of trade, and that more active traders qualify for lower fees. I also thought that PayPal had an alternate fee schedule for traders who did a lot of small transactions, which eliminated the issue of large percentage fees caused by the fixed 20p part of their main tariff. We also need to remember that the banks who supply similar services also charge fees. Those might be lower in percentage terms than the 3.4% noted above, but they also make a fixed monthly charge which means only traders who do a fair amount of business find it worthwhile. The critical question is whether the PayPal fees are reasonable compared to the alternatives.
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oldgrumpy
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Post by oldgrumpy on Nov 8, 2014 17:33:33 GMT
OK, quite right. Micro payments (have you ever tried to search out how to get them on the Paypal website?) I'm on micro.
£2 sale. Paypal charge 5p + 5% of £2 = total 15p =7.5%
But then if you get paid £20 it is 5p + 5% of £20 = £1.05 = 5.25%
I don't know what my bank would charge me.
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mikes1531
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Post by mikes1531 on Nov 8, 2014 17:51:32 GMT
On top of this PayPal charge large fees of 3.4% of the money you transfer in plus 20p. If you deposit £1,000 then we'd be charged £34.20. That would either lead to us charging large fees to lenders or making us massively unprofitable. : I think you may be missing the fact that, AIUI, PayPal's terms differ depending on the source of the buyer's funds. The numbers you quoted, AFAIK, apply only to credit card transactions, and possibly only for companies/traders that make a small amount of transfers. If you go to PayPal's fees page, and click on the "small fee" link on the left side of the 'Sending and Receiving Money' section, the resulting pop-up suggests there's no fee for money transferred from a bank account or using a debit card. That sounds too good to be true, so would require further investigation. A third-party website of unknown accuracy suggests that PayPal charge a flat £3.50 fee for 'E-Check' transfers which might be less than what AC were paying GoCardless for all but the smallest transfers. The problem with PayPal is when cleared funds are credited to our bank account. Again, this may depend on the source of the buyer's funds. I haven't a clue whether the timing for bank account or debit card PayPal transfers would work for AC.
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Post by batchoy on Nov 8, 2014 17:54:08 GMT
If you are a business doing high volumes (>£55K a month) then it comes down to 20p + 1.4% which is comparable with having a merchant account with a bank.
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mikes1531
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Post by mikes1531 on Nov 8, 2014 17:55:52 GMT
I don't know what my bank would charge me. : I suggest you ask them. It probably would be an eye-opener. Or tear-inducing! 
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