SteveT
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Post by SteveT on Aug 9, 2020 18:05:01 GMT
AC are ideologically opposed to premiums. I dont see a scenario where normal conditions are in operation and the AA isnt accepting investments as AC will presumably be lending as normal and creating requirements for cash. ISTM FFF will only exist if noone has set a buy order at a comparable discount. If you are a buyer at a set discount why would you not just place the order on the market and wait. There is no difference on cash drag having funds queued to buy as opposed to just sat in the cash account. It will be no different to the MLA. If I want a certain loan at discount, I place a buy order and wait. The only difference is that rather than everyone with a match buy order getting a piece, it will be FIFO and even more pertinent to have orders sat waiting. Well it's FFF for discount Q position surely? Seems like it's been designed for those with bots. What a pity, it was one of the things I did like about MLIA, you set your buy or sell order and received your pro-rata portion, given it wasn't instant matching people with bots didn't really have too much of an advantage. Obviously most of us are yet to see it, but does anyone know if you will be able to see your position in the discount Q? I guess those who beta tested will also have an advantage in knowing exactly what to do the instant it goes live.
I'm all but out of AC (bar the indisposable dross) and still haven't made up my mind whether it's worth going back in to purchase any discounted QAA, bots will be another thing that puts me off.
Huh? Seriously? Have you considered that, however fast people might manage to join a queue at any particular discount, someone else then offering the smallest permitted fraction of a % better discount immediately jumps the whole lot of them and goes to the very front of the queue!
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star dust
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Post by star dust on Aug 9, 2020 19:14:38 GMT
Well it's FFF for discount Q position surely? Seems like it's been designed for those with bots. What a pity, it was one of the things I did like about MLIA, you set your buy or sell order and received your pro-rata portion, given it wasn't instant matching people with bots didn't really have too much of an advantage. Obviously most of us are yet to see it, but does anyone know if you will be able to see your position in the discount Q? I guess those who beta tested will also have an advantage in knowing exactly what to do the instant it goes live.
I'm all but out of AC (bar the indisposable dross) and still haven't made up my mind whether it's worth going back in to purchase any discounted QAA, bots will be another thing that puts me off.
Huh? Seriously? Have you considered that, however fast people might manage to join a queue at any particular discount, someone else then offering the smallest permitted fraction of a % better discount immediately jumps the whole lot of them and goes to the very front of the queue! I wasn't a beta tester SteveT so I have no information on how granular the discounts can be and had assumed a bit like the MLIA you'd be going by 0.5% steps, but perhaps we're going to be presented with nano pence percentage steps? Together with the bots there may also be deep pockets blocking the discount buy Qs too. I'm fast beginning to think it just won't be worth it, but I'll be an interested observer at least.
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cb25
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Post by cb25 on Aug 10, 2020 12:29:21 GMT
Loan #593 has been redeemed, £10K
... Plus presumably (given it’s a full loan redemption) the much more chunkier other amounts due: - interest arrears circa £406k - fees arrears and exit circa £145k Livechat operative didn't know, so I've raised it via the Q&A
Edit: As ilmoro points out, interest outstanding from Aug 2019 has been repaid (as shown in Repayments/Paid tab). Not the £67K Exit Fee or Monitoring Fees though. Tagging Deees for info.
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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 Aug 10, 2020 13:07:00 GMT
Plus presumably (given it’s a full loan redemption) the much more chunkier other amounts due: - interest arrears circa £406k - fees arrears and exit circa £145k Livechat operative didn't know, so I've raised it via the Q&A Guess the 3 pages of interest payments now showing on my MLA answers that question, capital the last to be credited  Edit Probably help AA to hit targets this month as well
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iann
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Post by iann on Aug 11, 2020 15:23:38 GMT
Loan #994 has paid off £468k, yet to be distributed.
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ceejay
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Post by ceejay on Aug 12, 2020 7:48:42 GMT
Anyone know if the secondary market is going live today ? I'm pretty sure that somebody does, but they're not telling!
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Aug 12, 2020 7:49:29 GMT
Anyone know if the secondary market is going live today ? Patiently waiting to see, ......refresh, finger tapping on keyboard, refresh.....repeat...Nothing new... ect.
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jonno
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nil satis nisi optimum
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Post by jonno on Aug 12, 2020 9:22:23 GMT
I'm pretty sure that somebody does, but they're not telling! I reckon they will delay it again. Possibly until Monday. If it's not live at 9am Quite possibly. After all you wouldn't want to rush headlong into something like this would you?  
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mrsb
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Post by mrsb on Aug 12, 2020 9:42:49 GMT
Quite possibly. After all you wouldn't want to rush headlong into something like this would you? Also, wouldn't want them to be testing their changes on the live customer system, causing hold-ups in payouts due to it not working. Guess we can't have everything we wish for. Yea - but they did kinda raise an expectation of delivering something today - which is something to reasonably base a wish on. EDIT ... BTW 'chat' are saying that distributions of the accumulated redemptions is not a given - this on top of AC total silence (despite many comments on here) about the money accumulated since the 3rd.
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cb25
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Post by cb25 on Aug 12, 2020 10:02:10 GMT
Also, wouldn't want them to be testing their changes on the live customer system, causing hold-ups in payouts due to it not working. Guess we can't have everything we wish for. Yea - but they did kinda raise an expectation of delivering something today - which is something to reasonably base a wish on. EDIT ... BTW 'chat' are saying that distributions of the accumulated redemptions is not a given - this on top of AC total silence (despite many comments on here) about the money accumulated since the 3rd. I find it interesting how tolerant lenders are of P2P IT failures. When P2P started they were seen as the new kids on the block, something different from stodgy old banks. However, P2P platforms now have serious amounts of money invested with tens of thousands of customers, so they should be measured by the same standards we hold banks etc. to.
Doubt customers would accept their bank saying "sorry, you can't take your money out for a week or so because we failed to test our upgrade properly and didn't have a good Plan B (e.g. fallback or partial implementation to free up your transfers). As to management updates, dream on"
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mrsb
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Post by mrsb on Aug 12, 2020 10:03:50 GMT
Spoke to Ac and was told we would get an email when it did go live. So they did not respond by saying yes it will be live later today. Which leaves me to presume it will not be ready today. Possibly tommorow or Monday? For the curious .... AC: Hello, how may I assist you? Lender: Sm still on for today? And release of accrued redemptions? AC: Yes, that is correct. An email will be sent out to you today to let you know when this is live. Lender: And the accrued redemptions. ? AC: These will be released, however, we do not have a timeframe for this. Or for any activity across the platform. Lender: That’s “unfortunate”! AC: As we are now no longer in Normal Market Conditions, we are not able to provide average timeframes. This should be resolved as soon as the liquidity picks up. Lender: No your missing my point (perhaps deliberately). I’m referring to the redemptions that have been made, and were being distributed before the 3rd. Lender: .... made since the 3rd AC: I understand your point. All activity across the platform is delayed and we cannot provide timeframes for the distributions of funds in any way shape or form. AC: Can I help with anything else today? Lender: Bit more transparency about the redemptions accumulated since the 3rd  AC: I cannot give you this im afraid. The information we have to hand is what is displayed on the website. I will raise this with the Board today for you for a response to be posted on the AA update page. Lender: Ok. I’ll publish the chat for the interest of curious lenders.
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Post by essexboy on Aug 12, 2020 10:04:16 GMT
Also, wouldn't want them to be testing their changes on the live customer system, causing hold-ups in payouts due to it not working. Guess we can't have everything we wish for. Yea - but they did kinda raise an expectation of delivering something today - which is something to reasonably base a wish on. EDIT ... BTW 'chat' are saying that distributions of the accumulated redemptions is not a given - this on top of AC total silence (despite many comments on here) about the money accumulated since the 3rd. I assume that's some kind of sick joke?
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mrsb
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Post by mrsb on Aug 12, 2020 10:06:51 GMT
Yea - but they did kinda raise an expectation of delivering something today - which is something to reasonably base a wish on. EDIT ... BTW 'chat' are saying that distributions of the accumulated redemptions is not a given - this on top of AC total silence (despite many comments on here) about the money accumulated since the 3rd. I assume that's some kind of sick joke? Pls see chat above - I dont know what to conclude. EDIT - And for the benefit of "warn" - no news on the price of seafood either!
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iRobot
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Post by iRobot on Aug 12, 2020 10:08:14 GMT
Yea - but they did kinda raise an expectation of delivering something today - which is something to reasonably base a wish on. EDIT ... BTW 'chat' are saying that distributions of the accumulated redemptions is not a given - this on top of AC total silence (despite many comments on here) about the money accumulated since the 3rd. I assume that's some kind of sick joke? In the strictest sense, 'distributions of the accumulated redemptions' hasn't been a 'given' since March, don't see that changing any time soon.
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mrsb
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Post by mrsb on Aug 12, 2020 10:09:39 GMT
I assume that's some kind of sick joke? In the strictest sense, 'distributions of the accumulated redemptions' hasn't been a 'given' since March, don't see that changing any time soon. So the money we've had has not (strictly) come from redemptions? - where from then?
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