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Post by chris on Jan 29, 2014 13:30:25 GMT
Since it was probably me who raised the issue. I have been using the Loan Offer transaction in the statement as the trigger point for calculating a truer return on a loan, since once the a bid is placed funds are committed/reserved and cannot put to use anywhere else. The problem I have hit on today with the reversion of L2L7 and the Brummie Bridge is that there is no reversal of the the loan offer in the statement, the loan offer transactions have simply been deleted from the statement as if the auction had never taken place and my funds have not been locked up for the past three months. You were the most recent to raise this. I understand your issue but I'm not sure how to address it as what you're trying to do just isn't supportable with the way things are currently structured within the site. Perhaps after our end of Q1 / beginning of Q2 release is out of the way the two of us can work on a report for all lenders which shows / summarises the dead time of your funds?
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Post by Come_on_Grandad on Jan 29, 2014 13:57:04 GMT
Can I suggest that funds are first sourced as shadow bids from the shadow bid account, if this exists, and then the remainder sourced as normal bids from the funds in 'My Account'. The reason for this is that it is simple for the lender to settle shadow bids into normal bids, but not possible to convert normal bids into shadow bids. I agree with the sentiment but the philosophy of the site at a technical level is that the auction shouldn't be going live unless drawdown is imminent or at least close, <snip> But that hasn't been happening. I'm a newbie so perhaps haven't got the full picture, but I thought that shadow bidding was going to protect me against future LTL7 or Brummie Bridge experiences, which involve funds being dead money for weeks. So if I do settle my shadow bids at the end of the auction (which, as you say, the system encourages) I'm only preventing funds from being dead money for the duration of the auction, which is typically days. Ideally, I'd like to be poked with a sharp stick when drawdown is 24 hours away.
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bugs4me
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Post by bugs4me on Jan 29, 2014 14:03:25 GMT
I agree with the sentiment but the philosophy of the site at a technical level is that the auction shouldn't be going live unless drawdown is imminent or at least close, <snip> But that hasn't been happening. I'm a newbie so perhaps haven't got the full picture, but I thought that shadow bidding was going to protect me against future LTL7 or Brummie Bridge experiences, which involve funds being dead money for weeks. So if I do settle my shadow bids at the end of the auction (which, as you say, the system encourages) I'm only preventing funds from being dead money for the duration of the auction, which is typically days. Ideally, I'd like to be poked with a sharp stick when drawdown is 24 hours away. Stand to be corrected but not sure AC can proceed without the funds being physically in place rather than a shadow which is in effect an IOU.
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Post by chris on Jan 29, 2014 14:10:42 GMT
I agree with the sentiment but the philosophy of the site at a technical level is that the auction shouldn't be going live unless drawdown is imminent or at least close, <snip> But that hasn't been happening. I'm a newbie so perhaps haven't got the full picture, but I thought that shadow bidding was going to protect me against future LTL7 or Brummie Bridge experiences, which involve funds being dead money for weeks. So if I do settle my shadow bids at the end of the auction (which, as you say, the system encourages) I'm only preventing funds from being dead money for the duration of the auction, which is typically days. Ideally, I'd like to be poked with a sharp stick when drawdown is 24 hours away. Historically true but the admin team have been making many changes and have delayed numerous deals from making their way to the site to improve this going forward. But just to show that I care (and maybe because it turned out to be a quick change) I've made the change for you. It will now prefer shadow bids if your balance allows it, reverting to normal bids as the fallback.
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Post by chris on Jan 29, 2014 14:12:14 GMT
But that hasn't been happening. I'm a newbie so perhaps haven't got the full picture, but I thought that shadow bidding was going to protect me against future LTL7 or Brummie Bridge experiences, which involve funds being dead money for weeks. So if I do settle my shadow bids at the end of the auction (which, as you say, the system encourages) I'm only preventing funds from being dead money for the duration of the auction, which is typically days. Ideally, I'd like to be poked with a sharp stick when drawdown is 24 hours away. Stand to be corrected but not sure AC can proceed without the funds being physically in place rather than a shadow which is in effect an IOU. We can't - but our sharp stick is that we can remove your ability to place shadow bids (and pre-bids for that matter) if you abuse the system. I still think that the system should prefer normal bids but accept that we have to restore our reputation on drawdown times first.
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j
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Post by j on Jan 29, 2014 14:28:06 GMT
I still think that the system should prefer normal bids but accept that we have to restore our reputation on drawdown times first. At least you're being honest about some of the current failings in AC's system & trying to find solutions that accommodate the majority, which is a positive in itself
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Post by mrclondon on Feb 2, 2014 22:35:50 GMT
chris - I'm not sure whether this is a deliberate design feature or a bug - the tool tip for the horse shoe graphs which have less than 100% pre-bids registered are showing the unfunded segment as being 100% of the loan value.
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Post by chris on Feb 2, 2014 22:37:47 GMT
chris - I'm not sure whether this is a deliberate design feature or a bug - the tool tip for the horse shoe graphs which have less than 100% pre-bids registered are showing the unfunded segment as being 100% of the loan value. Hi, that's deliberate as the horseshoe only counts committed funds against the total - prebids are shown for convenience but until their committed funds the loan is effectively unfunded. Hence the % total in the middle of the graph stays at zero as well.
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Post by jevans4949 on Feb 3, 2014 22:50:10 GMT
Just noticed that horseshoe thingies on some of the older bids are showing less than 100% full - in one case 99.9%, in another 98.9%. Shome mishtake, shurely?
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Post by chris on Feb 4, 2014 13:26:56 GMT
Just noticed that horseshoe thingies on some of the older bids are showing less than 100% full - in one case 99.9%, in another 98.9%. Shome mishtake, shurely? Yes a mistake in the way the stats are calculated on loan units that have been sold on the aftermarket. It's in the pipeline to be fixed soon but there are some higher priority items just ahead of it.
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shimself
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Post by shimself on Feb 4, 2014 19:52:10 GMT
Just to say to everyone that after an email exchange with Assetz, they have confirmed that from now on they won't be accepting bid (or pre-bids) until the full credit report is published. Which I think is very good news.
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bugs4me
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Post by bugs4me on Feb 4, 2014 22:44:13 GMT
Just to say to everyone that after an email exchange with Assetz, they have confirmed that from now on they won't be accepting bid (or pre-bids) until the full credit report is published. Which I think is very good news. That is a positive step forward without a doubt. Nice one AC 
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spockie
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Post by spockie on Feb 5, 2014 22:28:22 GMT
No problem with them not accepting bids, but I would like to be able to place pre-bids whether or not the full paperwork is there. Pre-bids barely serve a purpose otherwise as the auction will effectively be starting at the point the paperwork goes up and it will be a case of those who can be at their computer all day long being able to place their bids.
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Post by oldnick on Feb 5, 2014 22:56:02 GMT
No problem with them not accepting bids, but I would like to be able to place pre-bids whether or not the full paperwork is there. Pre-bids barely serve a purpose otherwise as the auction will effectively be starting at the point the paperwork goes up and it will be a case of those who can be at their computer all day long being able to place their bids. I agree, what is needed is sufficient time between full information becoming available and the auction starting for us to pose questions and have them answered, so that our pre-bids can be withdrawn if we don't like the answers. On past experience about two weeks ought to do it.
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Post by pepperpot on Feb 5, 2014 22:56:38 GMT
No problem with them not accepting bids, but I would like to be able to place pre-bids whether or not the full paperwork is there. Pre-bids barely serve a purpose otherwise as the auction will effectively be starting at the point the paperwork goes up and it will be a case of those who can be at their computer all day long being able to place their bids. I can see your point that it just moves the goal posts, but they are being a little more realistic in terms of setting maximum amounts per lender, which should help.
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