jonah
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Post by jonah on Jun 23, 2016 21:50:36 GMT
I had an instruction on this loan to buy. As a result, between 17:25 and 19:23, I have bought £607 of a loan that pays 0%. It only stopped there presumably because that's all the cash I had. I thought I'd put in some targets to see if I can pick bits of loans that still pay 10% or more. Words cannot express how I feel about this. I really hope chris and AC are pi**ing themselves laughing because I'm not. You instructed the system to buy - it doesn't add any intelligence on top of that. The system is criticised if it doesn't buy when there's opportunity, as there could be an extension or a default with default interest and people want in, and now it's criticised when it does buy. On the buy orders you can specify an end date after which it won't buy any more. The system is only going to do what you instruct it to do. Fair enough. A feature request then... Can we have a 'pause buy command if rates drop' option please. That way people can choose more granularity with regards to this scenario.
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SteveT
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Post by SteveT on Jun 23, 2016 21:53:17 GMT
When a loan's interest rate drops to zero, it ought to trigger an immediate trading suspension in any case.
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Post by pepperpot on Jun 23, 2016 22:17:23 GMT
I had an instruction on this loan to buy. As a result, between 17:25 and 19:23, I have bought £607 of a loan that pays 0%. It only stopped there presumably because that's all the cash I had. I thought I'd put in some targets to see if I can pick bits of loans that still pay 10% or more. Words cannot express how I feel about this. I really hope chris and AC are pi**ing themselves laughing because I'm not. You instructed the system to buy - it doesn't add any intelligence on top of that. The system is criticised if it doesn't buy when there's opportunity, as there could be an extension or a default with default interest and people want in, and now it's criticised when it does buy. On the buy orders you can specify an end date after which it won't buy any more. The system is only going to do what you instruct it to do. It happened to me on the N. Lothian windy deal, cleaned out my cash, and to add insult to injury it used my swept QAA balance which then got put at the back of the queue when it repaid the following day. When I set the instruction to buy I was completely unaware of what the end date turned out to be (being mid-term), so how do I ensure that I never buy any 0% loans if that should be my wish? I'd be in favour of a 'don't buy 0%' bolt on feature, that could be turned on or off per loan to allow any default interest hunters to still buy selectively.
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oldgrumpy
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Post by oldgrumpy on Jun 23, 2016 22:46:42 GMT
I had an instruction on this loan to buy. As a result, between 17:25 and 19:23, I have bought £607 of a loan that pays 0%. It only stopped there presumably because that's all the cash I had. I thought I'd put in some targets to see if I can pick bits of loans that still pay 10% or more. Words cannot express how I feel about this. I really hope chris and AC are pi**ing themselves laughing because I'm not. You instructed the system to buy - it doesn't add any intelligence on top of that. The system is criticised if it doesn't buy when there's opportunity, as there could be an extension or a default with default interest and people want in, and now it's criticised when it does buy. On the buy orders you can specify an end date after which it won't buy any more. The system is only going to do what you instruct it to do. So, chris . You tell us!! At what time was the loan repaid and set to 0% prior to crediting lenders? Were investment instructions frozen at the same time? According to this thread paul123 's timings suggest the system carried on buying after skippyonspeed had announced to us that he had seen that the loan had been redeemed. Why? edit 14:28 24 June. I now see that AC placed an update on "Recent Activity" at 16:50 on 23 June saying funds had been received to redeem the loan. That AC chose to continue allowing trading of the loan on MLIA (at 0%!) after dumping it from their pet GBIA, for at least two and a half hours, beggars belief, as does Chris's petulant comment above which more or less says to the affected lenders, "tough!"
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 23, 2016 23:00:25 GMT
It hasnt repaid yet.
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Post by Harland Kearney on Jun 24, 2016 0:24:00 GMT
0% interest, lol. I'm confused as to why it would buy 0 percent interest if you instructed 10%+ ? Or am I dumb and missing something before chris shoots me down.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 24, 2016 0:38:30 GMT
0% interest, lol. I'm confused as to why it would buy 0 percent interest if you instructed 10%+ ? Or am I dumb and missing something before chris shoots me down. You cant set the rate as a specific criteria. The OP had individually set targets on loans with 10%+ rates.
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Post by Harland Kearney on Jun 24, 2016 0:56:43 GMT
Oh I see, well hopefully the loan will repay soon  ! |
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Jun 24, 2016 2:55:49 GMT
#162 "Lender Update - Refinance 23rd Jun 2016 at 16:50We can confirm that we have received the funds to redeem the loan. These funds will be applied to lenders' accounts at the earliest possible opportunity. The borrower should like to thank you for your support over the last 13 months." Disgustingly slow, as % reduced to zero, ZERO interest paid overnight. link |
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duck
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Post by duck on Jun 24, 2016 5:19:00 GMT
You instructed the system to buy - it doesn't add any intelligence on top of that. Whilst I can accept this (I sold out of this loan a couple of months ago) there is some intelligence built into the GBBA that deals with this situation for GBBA account holders. My wife's GBBA sold some of her holding (no complaints there!) presumably when the rate dropped to zero (2016-06-23 17:27:49.646627+01) which must have been picked up by MILA investors who had outstanding buy orders. With no re-payment yet at 6.10am this transaction does look strange (along with the selling of #171 2016-06-22 00:28:48.524247+01) unless you look at the individual loans - not what individual GBBA investors are encouraged/expected to do. Whilst I was not caught out with a buy order for this loan surely if the GBBA can dump a loan when it hits 0% a buying ban can be applied to MILA requests when a loan hits 0%.
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Post by chris on Jun 24, 2016 5:54:12 GMT
Whilst I was not caught out with a buy order for this loan surely if the GBBA can dump a loan when it hits 0% a buying ban can be applied to MILA requests when a loan hits 0%. Having slept on it I'm in favour of the market being suspended if the rate falls to 0%. Will discuss with the rest of the management team.
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Post by chris on Jun 24, 2016 5:55:02 GMT
So why did AC sell it to me? Will get it investigated
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Post by Deleted on Jun 24, 2016 8:49:57 GMT
bye bye to all those great turbine deals  |
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 24, 2016 12:32:00 GMT
#21 has also ben repaid by borrower with funds to applied to lenders accounts when AC get round to it.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 24, 2016 15:12:30 GMT
Trading now suspended on both #162/#21 due to the repayment
#21 funds now credited to lenders as I type
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