webwiz
Posts: 1,133
Likes: 210
|
Post by webwiz on Sept 6, 2015 13:23:57 GMT
And the fact that it goes up to £250,000 must say something.
|
|
|
|
Post by xyon100 on Sept 6, 2015 13:53:12 GMT
Yup, 250,000 is high. But then when I look at another site that regularly mails me with new loans, 50 Pounds on offer for the first 24 hours might be very fair for all but it's no good to me. SS have a difficult balance to find here, but I think as it stands the prefunding model is going to be a nightmare as the smaller the amount on offer, the more is going to be prefunded with no intention at all of actually paying for the amount prefunded. I'm wondering if SS could sanction anybody unable or unwilling to pay if they get a larger amount than expected? One strike and no more prefunding? All getting messy though.
|
|
webwiz
Posts: 1,133
Likes: 210
|
Post by webwiz on Sept 6, 2015 14:01:45 GMT
Yes, I toyed with the idea of prefunding a quarter of a miilion on the £297500 loan, but thought better of it. It only needs a few brave souls to do that and the actual %age per lender will be minuscule.
|
|
|
|
Post by pepperpot on Sept 6, 2015 14:15:33 GMT
Bottom line is if just 300 people want 1k in a 300k loan, eventually no-one will get more than that as people adjust their pf amounts to compensate for disappointing results. Unless SS alter the rules on the back of this thread ahead of launch tomorrow, this might be the first and last time to effectively game the current set up.
Before long SS will see total pf levels in the billions on the smallest loans. Some sort of restriction seems inevitable. Either that or it is understood by all involved that say <£500k loans need to be set at £250k and SS won't penalise anyone because it won't be necessary due to the tiny % we all get.
|
|
webwiz
Posts: 1,133
Likes: 210
|
Post by webwiz on Sept 6, 2015 14:47:47 GMT
A quick fix would be to limit the total prefunding to the amount already in the account. This would involve lenders in having dead money earning no interest but they would be amply compensated by getting larger slices of loans. It does depend on a fairly regular deal flow, but it would be each lender's decision.
|
|
paulgul
Member of DD Central
Posts: 401
Likes: 92
|
Post by paulgul on Sept 6, 2015 17:06:35 GMT
It's certainly going to be an interesting week, I wouldn't mind betting this time next week there will have been some changes made to the pre-funding option.
I agree with others about having the money in the account for pre-funding or perhaps just make the top limit to 1 or 2k and leave it as a free for all for the remainder - but being a small investor I might be biased
|
|
|
|
Post by duncandive on Sept 7, 2015 16:06:54 GMT
What is 'fair' and what is in the true 'spirit' of p2p lending (if SS can actually be classed as p2p)..
When it was the good old days, if I waited in hope of grabbing a slice of a new PBL, so long as I achieved £500 or more, I was very happy that I had not wasted my afternoon for just a couple of hundred. I know that for some people the satisfaction amount (not the greed amount) would be considerably more and also for some perhaps it would be less. Of course if I could achieve £5k on a Big Loan then I was over the moon as that was my very upper limit, giving me the ability to offload chunks at a later date in order to pick up other bits on the SM.
I guess now that at least I don't have to worry about being at my screen with finger poissed, so if I only achieve a few hundred it was with no real effort. And so long as the Pipeline keeps ticking along with reasonable regularity I would hope my investment would stay relatively healthy.
Still not sure of the fairness of single investors being able to walk away with over 6% of the total loan amount on the smaller loans though...
Maybe on anything below £500k or £250k a Max Investment of 1% or so would be an idea.
|
|
star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
|
Post by star dust on Sept 30, 2015 15:37:26 GMT
I think the final(?) tweak to the model restricting pre-funds to £20k on loans less than £500k seems a reasonably good and fair solution to me. Difficult to believe pre-funding only started at the beginning of the month, but I have to say that for me it is working well. I have got into all the loans I wanted and with a little SM buying and selling actually have the amounts I wanted too. With so many new loans I've also managed to pick up some bits of the ones I missed out on due to the earlier server meltdowns. It seems to be working agreeably for most, or at least there has been little dissent posted. So all in all a big thanks from me for an excellent development savingstream. |
|
SteveT
Member of DD Central
Posts: 6,875 
Likes: 7,924
|
Post by SteveT on Sept 30, 2015 16:04:41 GMT
I think the final(?) tweak to the model restricting pre-funds to £20k on loans less than £500k seems a reasonably good and fair solution to me. Difficult to believe pre-funding only started at the beginning of the month, but I have to say that for me it is working well. I have got into all the loans I wanted and with a little SM buying and selling actually have the amounts I wanted too. With so many new loans I've also managed to pick up some bits of the ones I missed out on due to the earlier server meltdowns. It seems to be working agreeably for most, or at least there has been little dissent posted. So all in all a big thanks from me for an excellent development savingstream. I completely agree, and it's great to have a P2P platform become simpler and less time consuming to deal with, rather than the other way round (as seems to be the norm elsewhere)
|
|
pom
Member of DD Central
Posts: 1,922 
Likes: 1,244
|
Post by pom on Sept 30, 2015 16:16:20 GMT
I think the final(?) tweak to the model restricting pre-funds to £20k on loans less than £500k seems a reasonably good and fair solution to me. Difficult to believe pre-funding only started at the beginning of the month, but I have to say that for me it is working well. I have got into all the loans I wanted and with a little SM buying and selling actually have the amounts I wanted too. With so many new loans I've also managed to pick up some bits of the ones I missed out on due to the earlier server meltdowns. It seems to be working agreeably for most, or at least there has been little dissent posted. So all in all a big thanks from me for an excellent development savingstream. I completely agree, and it's great to have a P2P platform become simpler and less time consuming to deal with, rather than the other way round (as seems to be the norm elsewhere) Yes I am loving not having to worry about it - under the old system I'd have completely missed out this afternoon
|
|
adrianc
Member of DD Central
Posts: 10,000
Likes: 5,139
|
Post by adrianc on Sept 30, 2015 16:26:02 GMT
...and it's great to have a P2P platform become simpler and less time consuming to deal with, rather than the other way round (as seems to be the norm elsewhere) You'll love FC, then. That's becoming massively simpler and less time-consuming, but not many people seem to think it's great...
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Sept 30, 2015 17:07:24 GMT
...and it's great to have a P2P platform become simpler and less time consuming to deal with, rather than the other way round (as seems to be the norm elsewhere) You'll love FC, then. That's becoming massively simpler and less time-consuming, but not many people seem to think it's great... Certainly not simpler to make a decent return any longer on FC, but it's now consuming dramatically less of my time (and, within a couple of months, likely no time at all)
|
|
eddie
i have put up with a great deal from the likes of you people, a very great deal....
Posts: 63
Likes: 21
|
Post by eddie on Sept 30, 2015 18:32:18 GMT
You'll love FC, then. That's becoming massively simpler and less time-consuming, but not many people seem to think it's great... Certainly not simpler to make a decent return any longer on FC, but it's now consuming dramatically less of my time (and, within a couple of months, likely no time at all) Me too! Tho my diversification has gone to pot now.
|
|
