sl75
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Post by sl75 on Oct 5, 2018 17:00:16 GMT
A sell instruction is your offer to " sell a certain amount", not to " reduce your loan holding to a certain level". You should take into consideration any pending repayments. Suppose I have £1000 of loan X, and want to end up with £100 in a few days. During those few days, I see the borrower is expected to repay half the remaining balance.
I could take the pending repayment into consideration and ask to sell £800 of my holding, expecting the partial repayment to repay half of what's left after the sale.
Now, only (say) £400 of this sells before the partial repayment. The partial repayment reduces my remaining holding from £600 to to £300, but the sale instruction is not adjusted, so remains at £400.
A sale instruction for 80% of my current holding has been magically converted into a sale instruction for 133% of my current holding, and if I don't intervene the system will sell the entire holding.
If I enter a smaller amount, the sale could complete before the repayment.
There is no way to correctly enter a sale instruction to take into consideration the pending repayment as you suggest (or if there is, what is it???)
In order to be able to take a pending repayment into account it is necessary for either: a. The system to treat a partial repayment as equivalent to a sale (my own preference - the partial repayment has replaced part of the loan holding with cash, which is precisely equivalent to a sale from the seller's perspective). b. The system to reduce sales orders pro-rata to the repayment amount, so that the % offered for sale remains the same before and after the repayment (at least then the repayment can be taken into consideration when setting the amount to sell).
Would you expect a partial loan repayment to automatically generate a purchase instruction for the repaid loan? If I'd set an investment target rather than a purchase instruction, then yes I would, but that's a separate issue. AC used to have that facility, but removed it.
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Post by pigbreeder on Oct 5, 2018 21:00:39 GMT
Credit when due - Statement page seems to be working!
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Post by pikeman on Oct 10, 2018 16:35:02 GMT
On Friday 5th October the interest rate on loan 409 was zeroized. On Monday 8th October this loan was repaid but no additional accrued interest was added for those 3 days. I raised this with Live chat and I have been told that Assetz received the monies for the redemption of the loan on Friday but weren't able to distribute to the individual lenders until Monday. I had a few hundred invested in this loan but I am sure others had far greater sums tied up and earning no interest.
Surely Assetz should be able to repay funds to lenders on they day the receive the redemption monies so that they can reinvest in other loans or at least get the QAA rate for investing idle funds.
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shimself
Member of DD Central
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Post by shimself on Oct 10, 2018 16:42:48 GMT
On Friday 5th October the interest rate on loan 409 was zeroized. On Monday 8th October this loan was repaid but no additional accrued interest was added for those 3 days. I raised this with Live chat and I have been told that Assetz received the monies for the redemption of the loan on Friday but weren't able to distribute to the individual lenders until Monday. I had a few hundred invested in this loan but I am sure others had far greater sums tied up and earning no interest. Surely Assetz should be able to repay funds to lenders on they day the receive the redemption monies so that they can reinvest in other loans or at least get the QAA rate for investing idle funds. fag packet says 12 p a day for £1000 invested in QAA
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Post by pikeman on Oct 15, 2018 10:48:53 GMT
Following my comment on 10th October and an email to Assetz, I have had a reply confirming that lenders in loan 409 will receive 3 days interest that they missed out on.
Well done Assetz
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jjc
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Post by jjc on Oct 24, 2018 2:03:13 GMT
chris, one function that i'd find very useful would be the ability to search for a string of text (eg a word or abbreviation, even of only 2 characters in length as I use these quite a bit) from amongst what i've inserted into the Notes section for AC's loans. Would that be possible, & if so any (also rough) timeline you can provide? The search box at upper right of Browse Loans doesn't seem to search within the Notes.. Happy to hear if/how others get round this. The Find tool in Google Chrome is one option, but obviously only searches amongst the visible text displayed on the webpage, hence missing all the words beyond the "See more" truncator in the Notes. If a proper solution will be a long time coming Chris, would it be possible to have a temp quick fix (eg an option allowing us to display the full notes we've written into all our loans, that we can then search thru with Google Chrome Find, scrolling thru the webpages of loans)? Messy but possibly (not sure) an improvement on now.
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dc848
Posts: 150
Likes: 92
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Post by dc848 on Oct 24, 2018 8:11:05 GMT
chris , one function that i'd find very useful would be the ability to search for a string of text (eg a word or abbreviation, even of only 2 characters in length as I use these quite a bit) from amongst what i've inserted into the Notes section for AC's loans. Would that be possible, & if so any (also rough) timeline you can provide? The search box at upper right of Browse Loans doesn't seem to search within the Notes.. Happy to hear if/how others get round this. The Find tool in Google Chrome is one option, but obviously only searches amongst the visible text displayed on the webpage, hence missing all the words beyond the "See more" truncator in the Notes. If a proper solution will be a long time coming Chris, would it be possible to have a temp quick fix (eg an option allowing us to display the full notes we've written into all our loans, that we can then search thru with Google Chrome Find, scrolling thru the webpages of loans)? Messy but possibly (not sure) an improvement on now. When you download the CSV your comments are included. Put the CSV into your spreadsheet (or SQL table) and you can search from there. Excel is probably the best software for this, though I use the freebie equivalent 'WPS'.
Its also worth noting that the column containing your notes can also be used for calculations within the spreadsheet. Its very handy indeed.
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Post by chris on Oct 24, 2018 11:42:53 GMT
chris , one function that i'd find very useful would be the ability to search for a string of text (eg a word or abbreviation, even of only 2 characters in length as I use these quite a bit) from amongst what i've inserted into the Notes section for AC's loans. Would that be possible, & if so any (also rough) timeline you can provide? The search box at upper right of Browse Loans doesn't seem to search within the Notes.. Happy to hear if/how others get round this. The Find tool in Google Chrome is one option, but obviously only searches amongst the visible text displayed on the webpage, hence missing all the words beyond the "See more" truncator in the Notes. If a proper solution will be a long time coming Chris, would it be possible to have a temp quick fix (eg an option allowing us to display the full notes we've written into all our loans, that we can then search thru with Google Chrome Find, scrolling thru the webpages of loans)? Messy but possibly (not sure) an improvement on now. This has been added to the product backlog. As it should be relatively quick it's likely to squeeze into a sprint sooner or later.
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Post by honda2ner on Nov 17, 2018 18:01:17 GMT
Apologies if something like this has already been suggested. It would be great if every vote that is put to Lenders had a time limit attached, for example 28 days or 3 months, or the deal is off.
At the moment bad Borrowers are able to fail in their repayment obligations leading to a vote on action to help them out. The Borrowers then fail to keep their new obligations resulting from the vote and another vote is then performed to help them some more. This repeated reward for failure must be hilarious to Borrowers as there is never a penalty (or incredibly rarely) for just ignoring the repeated vote results and simply not paying. I'm sure I'm not the only person that thinks the AC system of rewarding atrocious Borrower behaviour is the worst part of the platform.
Can I suggest that all votes held in future have a time limit attached to each and every detail, for example, if a Borrower wants an interest payment cut in exchange for paying off the loan (like #244) then if it passes a vote but due to yet more (possibly deliberate) incompetence they fail to make any repayments; the whole deal is off. As things stand with #244, we've agreed a deal that is highly beneficial to the Borrower despite their failures to pay but they have the cheek or incompetence to fail endlessly on the new agreement too.
It's not just this loan, nearly all the poorly performing loans follow this repeated failure followed by AC rewarding them with nicer terms extracted from Lenders over and over again. This is very very stupid behaviour and if AC doesn't want to be seen as a soft touch then it needs to be stopped. I realise that these Borrowers are in difficulties and can't just be whacked with penalty interest but they can't be allowed to repeatedly milk the system either. A time limit at which point the vote result expires at least forces the Borrower to not play the system.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
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Post by stub8535 on Dec 14, 2018 8:55:04 GMT
An improvement I would suggest is to stop the slide in interest rates.
A 5 year 60% ltv second charge with priority given by 1st chargeholder to assetz. Loan to an inexperienced care home operator on a property that, from the pictures, seems inappropriate, due to steep steps, for a care facility with an interest rate set at 4.5% seems ridiculous.
I wonder if we will see anyone offering 4 to 5% discounts to get out.
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Post by hammertime on Dec 14, 2018 10:31:49 GMT
I agree the interest rates need to go up otherwise people with start deserting A/C.
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shimself
Member of DD Central
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Post by shimself on Jan 23, 2019 17:38:11 GMT
I think I have mentioned this before but when ordering the loan book by "Your Instruction" it's wrong. I have found a sell instruction on page 7 out of 10 (#251) also #129 and #127
You really might as well delete the ability to order by this column if it is so unreliable
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Post by investor01010101 on Feb 1, 2019 15:22:27 GMT
Allow investors to move loans from normal accounts into the equivalent ISA accounts (including suspended loans) without withdrawing from each account type.
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cb25
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Post by cb25 on Feb 1, 2019 15:30:17 GMT
Allow investors to move loans from normal accounts into the equivalent ISA accounts (including suspended loans) without withdrawing from each account type. Do HMRC allow that?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
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Post by ilmoro on Feb 1, 2019 15:36:55 GMT
Nope. Can't be directly facilitated by platform to guarantee transfer. Has be an open market transaction so facility already available in that context. Would also have to allow sales of suspended loans with associated loss relief implications.
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