alison
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Sanctuary!!
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Post by alison on Jul 7, 2015 16:31:07 GMT
I see these two have had drawdown at the last minute put back to the 17th. Bugger - I sold off funds last night for these, very annoying   They've sent an email out - presumably to those with targets - they said they were cancelling targets, but mine are still set ATM. Like you I sold some units to ensure enough funds, and am pretty fed up with the latest AC debacle, justified or not. It was an adverse search result which one might argue should be carried out twice, if it can lead to these kind of upset's at this stage. Or should the borrower not have brought it to the attention of AC at inception?
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trevor
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Post by trevor on Jul 7, 2015 17:13:44 GMT
So the Underwriters only have something like two days to get their @ducks in a row for both F(CQH) and F(DMH)? When we had Shadow bids it was longer than that wasn't it... I see these two have had drawdown at the last minute put back to the 17th. Bugger - I sold off funds last night for these, very annoying I am so fed up with this lot pushing drawdown dates back over and over again I am not investing any more with them. My money is now going to SS and FS. SS is particularly good cos you get interest from the day you invest and FS it can take a week or so but it's much better than AC.
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star dust
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Post by star dust on Jul 7, 2015 17:19:46 GMT
They've sent an email out - presumably to those with targets - they said they were cancelling targets, but mine are still set ATM. Like you I sold some units to ensure enough funds, and am pretty fed up with the latest AC debacle, justified or not. It was an adverse search result which one might argue should be carried out twice, if it can lead to these kind of upset's at this stage. Or should the borrower not have brought it to the attention of AC at inception? Well yes, no brownie points for them, and you can't complain at AC's DD other than it's process/timing. I had missed the 3 July date spotted by oldgrumpy, but that just makes matters worse in my book, and gives AC no excuse for not moving the draw-down date earlier.
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mikes1531
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Post by mikes1531 on Jul 7, 2015 18:54:50 GMT
When these loans become available they can sell out instantly, and never appear in the "Units available" section. Depends on demand. However, I would note that this is a touch misleading as a reply to the question upland probably meant... "sold out" or £0.00 in the "units available" column implies only that no purchase is immediately possible. For those with a relatively modest unfulfilled target (e.g. up to £100 per loan), the chances are that the target will be fulfilled during the days/weeks after drawdown as other users adjust their targets. Once a loan is sold out, further sales typically occur "immediately" without appearing as "units available" for more than a few seconds. i.e. unless you're after an unusually large holding, it's probably not necessary to provide the capital up front in advance before drawdown. It obviously differs from loan to loan, and my experience might be untypical because the incident I'm about to relate happened about three months after drawdown, but here's what happened to me... I have had a target of £100 for Loan #121 (£185k) for a long time, and was holding £100 worth on 15/Jan when the AC system malfunctioned and sold the lot. There were 51 separate sales, so demand for this loan clearly was high. My target has remained at £100 ever since, and in the intervening six months I've managed to acquire a mere £62 of parts. At this rate, it could be Christmas before my holding is restored to its desired level. (I should add that while my MLIA cash available has occasionally been nil in the past six months, I do make an effort to keep a bit of money available at all times in case parts on my target list become available.) The point is -- it can take a very long time to build even a small position in a popular loan. If you want a piece of an upcoming loan, set your target before drawdown and keep idle cash in your account so that the system can make the investment for you as soon as drawdown occurs and UW parts are released.
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ianb
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Post by ianb on Jul 8, 2015 4:59:24 GMT
I see these two have had drawdown at the last minute put back to the 17th. Bugger - I sold off funds last night for these, very annoying I am so fed up with this lot pushing drawdown dates back over and over again I am not investing any more with them. My money is now going to SS and FS. SS is particularly good cos you get interest from the day you invest and FS it can take a week or so but it's much better than AC. Yup I'm with you on this, this is one mistake too many for me. In the last month or so its just been a steady flow of errors on AC's part, so instead of leaving my cash I'd set aside for these loans earning nothing here its off elsewhere. Why they couldn't tell us on the 3rd when they knew about these events who knows - they must know investors line the cash up for a drawdown a day in advance and the kind of issues they are creating for themselves by leaving it to the last minute.
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sl75
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Post by sl75 on Jul 8, 2015 9:35:28 GMT
I have had a target of £100 for Loan #121 (£185k) for a long time... As this is a relatively small, GEIA-eligible loan, it has unusually strong demand (probably an order of magnitude more than most other loans), and hardly seems likely to be typical of the usual performance of loans on the platform. My own experience is of almost all targets being fully met within a few months of drawdown. e.g. I did not have the full funds available for my target in #182 at drawdown, but having added funds later, it has now reached target. #177 and #166 are the only "recent" loans that I currently have below target, but I've now got a chunk of "idle" funds available that could in principle get them both most of the way to their respective targets, or may instead cover the next couple of drawdowns. Apart from these very recent drawdowns, I need to go all the way back to #95 to find a loan not quite at its (£280) target, and even that is within £10. Yes, it is certainly useful to have the funds available at drawdown, but except for the very largest investors it is hardly a critical matter!
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am
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Post by am on Jul 8, 2015 11:36:14 GMT
I have had a target of £100 for Loan #121 (£185k) for a long time... As this is a relatively small, GEIA-eligible loan, it has unusually strong demand (probably an order of magnitude more than most other loans), and hardly seems likely to be typical of the usual performance of loans on the platform. My own experience is of almost all targets being fully met within a few months of drawdown. e.g. I did not have the full funds available for my target in #182 at drawdown, but having added funds later, it has now reached target. #177 and #166 are the only "recent" loans that I currently have below target, but I've now got a chunk of "idle" funds available that could in principle get them both most of the way to their respective targets, or may instead cover the next couple of drawdowns. Apart from these very recent drawdowns, I need to go all the way back to #95 to find a loan not quite at its (£280) target, and even that is within £10. Yes, it is certainly useful to have the funds available at drawdown, but except for the very largest investors it is hardly a critical matter! #18 is very tightly held - I've still got a holding of £0.00 after 8 months. Over the same period I've only acquired a pittance in #54. And I'm still well short of my targets on #77 and #83. #121 is the only WT I don't hold. I've been holding off until I get round to understanding why the G59 looks different (incomplete?) from the G59s on other WTs.
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bg
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Post by bg on Jul 9, 2015 15:55:47 GMT
For what it's worth F(CQH) and F(DMH) *should* be drawing tomorrow.
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bg
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Post by bg on Jul 9, 2015 20:12:35 GMT
Underwriting is in place, the cash has been received and all legals etc done so it should draw at some point tomorrow
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Post by lynnanthony on Jul 10, 2015 15:27:07 GMT
Loan 184 now showing in up and coming, same company as 185.
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star dust
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Post by star dust on Jul 10, 2015 15:44:26 GMT
For what it's worth F(CQH) and F(DMH) *should* be drawing tomorrow. Can you expand upon that? knowing AC's current smarts, they'll probably finally cancel everyone's targets this evening and then bring forward the drawdown from 17 to tomorrow morning. Your prediction may well come true. There is a draw-down update on the site under Activity tab time stamped 10th Jul 2015 at 15:40 "We are hoping that this loan will draw down today and can confirm that the AC Legal Team have completed all their pre-draw down checks and therefore we are in a position to release funds once we receive the request from the Borrowers Solicitors. The Borrowers Solicitors have confirmed that the only thing remaining on their side is resolving a late query regarding........... At present we are not aware of any information which would indicate that draw down is not achievable, but unfortunately this matter is outside of our control. In the event that the Borrowers Solicitors are unable to achieve this final requirement today we will post a further update by close of business today." Mods - hope it's ok to post in entirety - feel free to edit ( or tell me to) The 'projected drawdown' date is still 17 July!! i'm in two minds whether to bother trying to do anything here (I shovelled the funds into GEIA) after last debacle, my target is still there - this really takes a biscuit, or maybe it's a straw. in Edit: Posted at 17:43 by AC - drawdown not happening today further update on Monday  .
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Post by Ton ⓉⓞⓃ on Jul 10, 2015 17:03:49 GMT
Conway WT has had the call now too.
Being 950k I don't think it will sell out too quick.
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mikes1531
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Post by mikes1531 on Jul 10, 2015 21:04:48 GMT
Conway WT has had the call now too. Being 950k I don't think it will sell out too quick. Won't the fact that it's GEIA-eligible make a big difference? I'd expect that as soon as Conway parts become available AutoInvest will look at all the GEIAs that are over-invested in other WTs and put all of those excesses up for sale. There have to be a lot of unsatisfied targets in WT loans because every time I've reduced my target on one of those my excess was sold off instantly, and in £1 pieces. If there's enough spare cash in investor's accounts to absorb those excess bits then the selling GEIAs will have funds available to use to load up on Conway parts. So my feeling is that Conway will disappear pretty quickly. Also, if the scenario I've described above actually does happen then there will be a flood of other WTs released for resale. So if you want to increase your WT investment this would be a good time to make sure your targets are as high as you'd like and that you have plenty of cash available to buy the parts with. This scenario depends, of course, on there being a fair amount of money in GEIAs. Have AC ever said how much money has been invested in GEIAs?
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jonah
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Post by jonah on Jul 11, 2015 8:13:10 GMT
500k in geia has been mentioned on a thread previously iirc.
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Post by Ton ⓉⓞⓃ on Jul 11, 2015 9:50:04 GMT
500k in geia has been mentioned on a thread previously iirc. Back in Feb / March, I think, Stu of AC said Geia had broken thru the 1m barrier, which wasn't long after the 500k was gone thru.
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