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GBBA
Jun 13, 2016 9:55:51 GMT
Post by chris on Jun 13, 2016 9:55:51 GMT
Yesterday the GBBA made four seperate (small) sales of my holding in #154. As I have made no withdrawal request, and the repayment scheduled for yesterday is delayed, my presumption is that this is a consequence of the interest rate dropping to 0, contavening eligibility rules. Should this be happening chris ? As my current holding in #154 represents over 8% of my current GBBA investment, and with another 6% already stitting idle following repayment of #165, I'd rather this didn't continue. I'm not sure how much longer my withdrawal instinct can be suppressed! EDIT: The interest rate on #154 has now reverted to 13%. On positive note, the GBBA has made a purchase in said lone.  Unfortunately, the purchase was for <1% of yesterday's sales, and the £133+k that was available earlier has all gone!  Yes - if the rate drops to 0% then the system will sell. If the rate subsequently goes back to what it should be then the system will stop selling. If it can buy back in, and the loan meets the investment rules, then it will do so. So the system itself has worked as expected.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428 
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GBBA
Jun 13, 2016 10:47:42 GMT
Post by sqh on Jun 13, 2016 10:47:42 GMT
Yesterday the GBBA made four seperate (small) sales of my holding in #154. As I have made no withdrawal request, and the repayment scheduled for yesterday is delayed, my presumption is that this is a consequence of the interest rate dropping to 0, contavening eligibility rules. Should this be happening chris ? As my current holding in #154 represents over 8% of my current GBBA investment, and with another 6% already stitting idle following repayment of #165, I'd rather this didn't continue. I'm not sure how much longer my withdrawal instinct can be suppressed! EDIT: The interest rate on #154 has now reverted to 13%. On positive note, the GBBA has made a purchase in said lone. Unfortunately, the purchase was for <1% of yesterday's sales, and the £133+k that was available earlier has all gone! Yes - if the rate drops to 0% then the system will sell. If the rate subsequently goes back to what it should be then the system will stop selling. If it can buy back in, and the loan meets the investment rules, then it will do so. So the system itself has worked as expected. So what happened to the accrued interest? I can see that the accrued interest did not increment last night on my MLIA holding.
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GBBA
Jun 13, 2016 10:53:46 GMT
sqh likes this
Post by chris on Jun 13, 2016 10:53:46 GMT
Yes - if the rate drops to 0% then the system will sell. If the rate subsequently goes back to what it should be then the system will stop selling. If it can buy back in, and the loan meets the investment rules, then it will do so. So the system itself has worked as expected. So what happened to the accrued interest? I can see that the accrued interest did not increment last night on my MLIA holding. Accrued interest is recalculated once per day. If new information was entered into the loan to tell the system a rate it will catch up with itself overnight tonight. Accrued interest is always recalculated from scratch each day.
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ianj
Member of DD Central
Posts: 656
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GBBA
Jun 13, 2016 11:04:15 GMT
Post by ianj on Jun 13, 2016 11:04:15 GMT
Yesterday the GBBA made four seperate (small) sales of my holding in #154. As I have made no withdrawal request, and the repayment scheduled for yesterday is delayed, my presumption is that this is a consequence of the interest rate dropping to 0, contavening eligibility rules. Should this be happening chris ? As my current holding in #154 represents over 8% of my current GBBA investment, and with another 6% already stitting idle following repayment of #165, I'd rather this didn't continue. I'm not sure how much longer my withdrawal instinct can be suppressed! EDIT: The interest rate on #154 has now reverted to 13%. On positive note, the GBBA has made a purchase in said lone. Unfortunately, the purchase was for <1% of yesterday's sales, and the £133+k that was available earlier has all gone! Yes - if the rate drops to 0% then the system will sell. If the rate subsequently goes back to what it should be then the system will stop selling. If it can buy back in, and the loan meets the investment rules, then it will do so. So the system itself has worked as expected. "Expected" maybe, but not, I would suggest, as desired by lenders! With the lack of recent GBBA investment opportunity the fact that the system is working correctly is of little consolation to anyone who looses investment and related interest as a consequence. The obvious question (to me at least) is why, when it was known well in advance that there would be no repayment made, was the effect of the pending drop in interest not catered for in either system coding or a prompt manual intervention?
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GBBA
Jun 13, 2016 12:41:08 GMT
Post by chris on Jun 13, 2016 12:41:08 GMT
Yes - if the rate drops to 0% then the system will sell. If the rate subsequently goes back to what it should be then the system will stop selling. If it can buy back in, and the loan meets the investment rules, then it will do so. So the system itself has worked as expected. "Expected" maybe, but not, I would suggest, as desired by lenders! With the lack of recent GBBA investment opportunity the fact that the system is working correctly is of little consolation to anyone who looses investment and related interest as a consequence. The obvious question (to me at least) is why, when it was known well in advance that there would be no repayment made, was the effect of the pending drop in interest not catered for in either system coding or a prompt manual intervention? The system itself cannot (and should not) guess at whether or not there will be an extension. Borrowers have a 7 day grace period on repayments so if that is used on the final repayment there would be no penalty interest and the effective interest rate for the last few days of the loan term would have been 0%. No predictive system is going to get that right every time and the system is coded so that lenders aren't told they're earning interest when they're not. So that leaves the manual intervention which is a question better answered by the wider business. I post here in a semi-unofficial capacity and don't have the spare time at the moment to chase this through the official channels to get a proper response for you. However if you contact the customer services team then I'm sure they'll look after your query.
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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
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GBBA
Jun 13, 2016 15:11:29 GMT
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Post by ilmoro on Jun 13, 2016 15:11:29 GMT
Cant say Im impressed with situation regarding #154. On Friday I had money earning 7%, now all that money is earning 0% as it got dumped out of the GBBA & into limbo as QAA is full.
All this needed was someone in the loan management team with the nouse to realise it wasnt going to pay and add the extension on Friday. This is such a simple thing, solved by a diary, and you avoid annoying lenders. Its one of those niggly little things which frustrates me about AC. Still think that AC (& to be fair most P2P platform) just lack that sharp customer service focus/mentality.
Edit #152 would have done the same thing except fortunately it wasnt due over a weekend & a lender poked AC to extend it
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oldgrumpy
Member of DD Central
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GBBA
Jun 13, 2016 15:16:10 GMT
Post by oldgrumpy on Jun 13, 2016 15:16:10 GMT
I didn't have a MLIA buy order to augment my little stake in #154 so couldn't take advantage of this blunder.  |
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mikeb
Posts: 1,072
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GBBA
Jun 13, 2016 16:41:29 GMT
Post by mikeb on Jun 13, 2016 16:41:29 GMT
Edit #152 would have done the same thing except fortunately it wasnt due over a weekend & a lender poked AC to extend it #152 DID do the same thing (0.0%) this morning, you just weren't up early enough to see it. Now (as you point out) fixed ...
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agent69
Member of DD Central
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GBBA
Jun 17, 2016 16:58:56 GMT
Post by agent69 on Jun 17, 2016 16:58:56 GMT
I normally invest in the MLIA, but given the drought of suitable offerings I took the plunge a month ago and put a bit in the GBBA. Having waited for over 3 weeks to get it all invested I find that the last 20% has gone on loan 154. This is a bridging loan that has been threatening to repay for a month, and has only one repayment remaining (if you ignore the fact that they have missed the last two).
Looks like in the none too distant future it will either repay or default. Just wondering who at AC thought this was suitable to include in my GBBA account. I know that autobodge on FC is renowned for picking up dross, but was expecting more from AC.
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registerme
Member of DD Central
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GBBA
Jun 18, 2016 7:54:43 GMT
Post by registerme on Jun 18, 2016 7:54:43 GMT
I know that autobodge on AC is renowned for picking up dross...... FC?
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agent69
Member of DD Central
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GBBA
Jun 18, 2016 8:20:43 GMT
Post by agent69 on Jun 18, 2016 8:20:43 GMT
I know that autobodge on AC is renowned for picking up dross...... FC? Corrected. Glad somebody is paying attention.
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duck
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GBBA
Jun 26, 2016 8:03:44 GMT
Post by duck on Jun 26, 2016 8:03:44 GMT
With the repayment of #162 (along with the other recent repayments) my wife's GBBA has taken a fair hammering. As an early adopter her account was fully invested for the best part of last year but now 29% sits in the QAA (better than a week ago when a fair amount was un-invested cash). baz657 noted that approx. 10% of his GBBA was held in #162 p2pindependentforum.com/post/125068 my wife's account held a similar amount ... but that got me thinking about percentages. Looking at the upcoming repayment (nothing guaranteed!) of #168 if you calculate the % of the loan held by my wife against total invested this currently shows 17.99%. If however you calculate the % against the total invested in attributable loans by the GBBA (ignore the 'cash' in the QAA) this % rises dramatically to 25.19% (currently). Whilst the system is working correctly and the '20% max in one loan' is being met (since the GBBA is 'investing' in the QAA) the impact of repayments to the overall return is not to be underestimated! |
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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GBBA
Jun 26, 2016 12:53:50 GMT
Post by sqh on Jun 26, 2016 12:53:50 GMT
Looking at the upcoming repayment (nothing guaranteed!) of #168 Are you sure ? There's nothing on the activity tab to suggest that.
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duck
Member of DD Central
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GBBA
Jun 26, 2016 15:23:45 GMT
sqh likes this
Post by duck on Jun 26, 2016 15:23:45 GMT
Looking at the upcoming repayment (nothing guaranteed!) of #168 Are you sure ? There's nothing on the activity tab to suggest that. Whoops, I was referring to #164! That said, I had been looking at 168 as well since my wife's GBBA holding in that loan also =@25% so I really don't want that one to repay any time soon!
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GBBA
Jul 21, 2016 13:54:24 GMT
Post by housepriceanalytics on Jul 21, 2016 13:54:24 GMT
I put £2k in the GBBA 8 days ago, just managed to invest £1.80 of that since! Is it always this slow?
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