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Post by uksoul on Mar 24, 2021 22:32:05 GMT
Also same prob here with no confirmation of pending bid made.
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jonno
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Post by jonno on Mar 25, 2021 9:54:38 GMT
I've just had a long and not particularly productive conversation with them. In a nutshell for autolend always on clients they will no longer get any notification of launching loans; notifications will be as yesterday, for self select investors with autolend having already run. We eventually agreed that this means that autolend clients need to always have required funds in their accounts on the off chance that they are needed to fund one of the loans on the pending list. I did ask why this wasn't made clearer in the run -up, but the response was that this is just one of a number of "teething problems" with the new system. Was I the only one who didn't quite see this coming?
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eeyore
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Post by eeyore on Mar 25, 2021 10:04:09 GMT
This is my current understanding of the chronology of Auto-Lend 2.0 for its first loan (PLL0974) in March 2021:
Funds for Always-On lenders to be in cash account before: unknown (Proplend's assumption appears to be that lenders will maintain a balance in their accounts greater than the requested amount for Auto-Lend, a minimum of £1,000).
Always-On allocations for TrancheA processed: before 14:00 on Wednesday
Investment Order Confirmation emails despatched: 14:0x on Wednesday
Notification of Loan Availability for Self-Select emails despatched: 15:2x on Wednesday
Funds for Self-Select lenders to be in cash account before: Thurs 17:30 on Thursday
Self-Select allocations processed: Friday AM
Loan to be available for non-Auto-Lend: unknown (probably Friday 12:00?)
Can anyone add more detail?
I can confirm that Always-On lenders also received the Notification of Loan Availability email at 15:2x on Wednesday. Obviously, those Always-On lenders who were unsuccessful in the allocation of TrancheA funds won't have received the Investment Order Confirmation email.
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eeyore
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Post by eeyore on Mar 25, 2021 10:32:31 GMT
I've just had a long and not particularly productive conversation with them. In a nutshell for autolend always on clients they will no longer get any notification of launching loans; notifications will be as yesterday, for self select investors with autolend having already run. We eventually agreed that this means that autolend clients need to always have required funds in their accounts on the off chance that they are needed to fund one of the loans on the pending list. I did ask why this wasn't made clearer in the run -up, but the response was that this is just one of a number of "teething problems" with the new system. Was I the only one who didn't quite see this coming? No, you weren't alone! It means keeping >£1,000 lying idle in the cash account and if Proplend up the pace of offering loans, just how quickly will lenders have to replenish the cash account after a successful allocation to be ready for the next loan? Proplend need to stipulate the cut-off date for funds for Always-On allocations as they have for Self-Select allocations. The retrograde step in this new version of Auto-Lend for me is that it will also pick-up any TrancheA loans offered on PLE, the secondary market: we can no longer specify Primary only. For those lenders who have a policy of selling-off loans just before the loan is due to redeem (in case the borrower cannot repay), it's great news because they are guaranteed to find an immediate buyer from all those Always-On lenders with funds in their accounts and with no option but to buy whatever appears. To add salt to the wound, imagine the scenario of an Always-On lender who is unsuccessful in the latest loan but is consoled by now being at the top of the queue for the next loan, only to discover that they have bought a loan which will redeem in just a few weeks time and they're now back at the end of the queue again! (That the borrower of the loan forced on the unsuspecting lender might not repay, just adds to the frustration.) It's my opinion that the "black box" approach, where the lender doesn't care which loans are selected, works only where the risks and returns are shared amongst all lenders.
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cb25
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Post by cb25 on Mar 25, 2021 10:35:54 GMT
This is my current understanding of the chronology of Auto-Lend 2.0 for its first loan (PLL0974) in March 2021: Funds for Always-On lenders to be in cash account before: unknown (Proplend's assumption appears to be that lenders will maintain a balance in their accounts greater than the requested amount for Auto-Lend, a minimum of £1,000).Always-On allocations for TrancheA processed: before 14:00 on Wednesday
Investment Order Confirmation emails despatched: 14:0x on WednesdayNotification of Loan Availability for Self-Select emails despatched: 15:2x on WednesdayFunds for Self-Select lenders to be in cash account before: Thurs 17:30 on ThursdaySelf-Select allocations processed: Friday AMLoan to be available for non-Auto-Lend: unknown (probably Friday 12:00?) Can anyone add more detail? I can confirm that Always-On lenders also received the Notification of Loan Availability email at 15:2x on Wednesday. Obviously, those Always-On lenders who were unsuccessful in the allocation of TrancheA funds won't have received the Investment Order Confirmation email. I've been considering joining PL as I've got money coming out of RS soon. I'm not a fan of auto-lend style investing, generally preferring to self-select my loans.
Does "Loan to be available for non-Auto-Lend: unknown (probably Friday 12:00?)" indicate that self-select lenders only get to invest if a loan hasn't been fully funded by auto-lend lenders (on Wednesday)?
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eeyore
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Post by eeyore on Mar 25, 2021 10:45:13 GMT
Does "Loan to be available for non-Auto-Lend: unknown (probably Friday 12:00?)" indicate that self-select lenders only get to invest if a loan hasn't been fully funded by auto-lend lenders (on Wednesday)?
The allocation process on Wednesday for Always-On lenders was for TrancheA only. The Self-Select allocation on Friday morning is for TrancheB. What's left for non-Auto-Lend lenders after allocation of funds for Always-On lenders (Wed) and Self-Select lenders (Friday morning), won't be known until Proplend release the loan, unless, of course, people on the forum post that they have been unsuccessful in offering funds for either tranche of the loan via Auto-Lend (which indicates that the loan is fully subscribed before we get to the formal release of the loan).
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jonno
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Post by jonno on Mar 25, 2021 10:49:20 GMT
No, you weren't alone! It means keeping >£1,000 lying idle in the cash account and if Proplend up the pace of offering loans, just how quickly will lenders have to replenish the cash account after a successful allocation to be ready for the next loan? Proplend need to stipulate the cut-off date for funds for Always-On allocations as they have for Self-Select allocations. The retrograde step in this new version of Auto-Lend for me is that it will also pick-up any TrancheA loans offered on PLE, the secondary market: we can no longer specify Primary only. For those lenders who have a policy of selling-off loans just before the loan is due to redeem (in case the borrower cannot repay), it's great news because they are guaranteed to find an immediate buyer from all those Always-On lenders with funds in their accounts and with no option but to buy whatever appears. To add salt to the wound, imagine the scenario of an Always-On lender who is unsuccessful in the latest loan but is consoled by now being at the top of the queue for the next loan, only to discover that they have bought a loan which will redeem in just a few weeks time and they're now back at the end of the queue again! (That the borrower of the loan forced on the unsuspecting lender might not repay, just adds to the frustration.) It's my opinion that the "black box" approach, where the lender doesn't care which loans are selected, works only where the risks and returns are shared amongst all lenders. Wow, I hadn't even considered the secondary market issue! I wish I had when I'd spoken to them. If this is the case then I'm definitely OUT of "Always on". What a way to reward the loyalty of long standing clients. If this remains unchanged I think I'll be waving goodbye and moving on
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sapphire
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Post by sapphire on Mar 25, 2021 14:59:44 GMT
In self-select, after setting and 'submitting' the desired options I received the 'Your settings have been saved' message. However when I logoff and login in again, the saved options (amounts) have disappeared (appear as zero)! (The account has sufficient cash funds).
Are others having a similar experience?
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criston
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Post by criston on Mar 25, 2021 15:05:40 GMT
In self-select, after setting and 'submitting' the desired options I received the 'Your settings have been saved' message. However when I logoff and login in again, the saved options (amounts) have disappeared (appear as zero)! (The account has sufficient cash funds). Are others having a similar experience? Yes
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ukinvestor
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Post by ukinvestor on Mar 25, 2021 15:10:42 GMT
Yes. Problend seems to work in mysterious ways...
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jonno
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Post by jonno on Mar 25, 2021 16:23:36 GMT
In self-select, after setting and 'submitting' the desired options I received the 'Your settings have been saved' message. However when I logoff and login in again, the saved options (amounts) have disappeared (appear as zero)! (The account has sufficient cash funds). Are others having a similar experience? Yes indeed. To be honest I only set this up as an experiment to see if I actually got any, but one way or another this looks unlikely. Jeez, if ever there was a case of "if it aint broke, don't fix it" this is it.
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Post by Ace on Mar 25, 2021 16:27:02 GMT
Yes. Problend seems to work in mysterious ways... Was that intended? It certainly seems to sum things up nicely right now. I'm sure they will sort out the "teething issues", but they really do need to get a grip. The Always-on is uninvestable without being able to turn off secondary purchases as described above, and the Self-select is very confusing.
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mrdc
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Post by mrdc on Mar 25, 2021 17:08:30 GMT
Thanks eeyore for your post above about picking up secondary market loans. I've decided to turn always on OFF and see how things pan out for a month.
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metoo
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Post by metoo on Mar 25, 2021 19:19:45 GMT
Always On lenders breach the legal T&Cs they signed last week...
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bababill
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Post by bababill on Mar 25, 2021 19:44:35 GMT
In self-select, after setting and 'submitting' the desired options I received the 'Your settings have been saved' message. However when I logoff and login in again, the saved options (amounts) have disappeared (appear as zero)! (The account has sufficient cash funds). Are others having a similar experience? Yes
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