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Post by stuartassetzcapital on Sept 10, 2015 17:49:36 GMT
Hi Yes you are fully invested and we will be improving the account indicators shortly to make this clearer. The rest of the IT team will be fine running with matters whilst Chris is away on a well earned break and all of the feedback on this thread is really useful to consider the UI tweaks required to make things clear on the QAA and also tweak the buy/sell orders and discount functionality on the MLIA. The buy/sell changes are for better control of what to do and when and we will look to improve the speed of setting up simple things. It was needed to implement discounts properly. Thanks for the clarification. My question then is, what happens if there are no units for the QAA to invest in? Do Assetz just wear the interest (although presumably you direct all sales into that account until the required levels are hit). Also I am very concerned about any defaults that occur. How are they apportioned and how will they be indicated to investors? We are not licensed to take deposits so cannot pay interest unless invested in loans. Not sure how some sites handle this but we are strict on this requirement. We therefore invest in loans but dont invest all cash in order to maintain liquidity also and reduce exposure. Any defaults / losses are to be handled by the provision fund.
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mikeb
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Post by mikeb on Sept 10, 2015 17:49:55 GMT
Well .... something is happening with my QAA; various bits and pieces have been bought ...
You're seeing bits and pieces being bought and sold in QAA? All I see is this ... 9th Sep 2015 at 20:38 Investment into Quick Access Account (5) £-XXX.00 9th Sep 2015 at 20:38 Inter account transfer from cash account £XXX.00 Does this mean I am not yet earning my 3.75%? On the tin, it says it pays 3.75% .... obviously as a simple customer that wants simplicity, I would expect that to be earning straight away ... 
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Post by stuartassetzcapital on Sept 10, 2015 17:53:22 GMT
Well .... something is happening with my QAA; various bits and pieces have been bought ...
You're seeing bits and pieces being bought and sold in QAA? All I see is this ... 9th Sep 2015 at 20:38 Investment into Quick Access Account (5) £-XXX.00 9th Sep 2015 at 20:38 Inter account transfer from cash account £XXX.00 Does this mean I am not yet earning my 3.75%? On the tin, it says it pays 3.75% .... obviously as a simple customer that wants simplicity, I would expect that to be earning straight away ... Yes it is simply 3.75% pa starting when you invest (midnight) until you withdraw. Nothing much else to say other than make the dashboard a little clearer which we will do shortly.
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Post by uncletone on Sept 10, 2015 17:58:09 GMT
Add to those RCI Bank at 1.65%
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Post by stuartassetzcapital on Sept 10, 2015 18:00:13 GMT
We will be reviewing an extension to the QAA cap shortly. One important note to longer term investors - if people have used the sweep feature to bring cash in temporarily then they will go back out quickly when loan parts are available to buy so your cash should quickly move up the queue and once you are in you would stay in. I can vouch for that, I've already got some cash that's now not invested and therefore at the back of the queue. It's likely that without a cap increase the QAA will get filled with longer term holdings, reducing it's effectiveness.As you possibly suspect, we have a plan for that - if it happens there will be a solution in due course. We expect to be able to move the cap a long way up in the future and moderately in the short term - perhaps in the £1m-£3m range.
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mikeb
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Post by mikeb on Sept 10, 2015 18:02:36 GMT
Yes it is simply 3.75% pa starting when you invest (midnight) until you withdraw. Nothing much else to say other than make the dashboard a little clearer which we will do shortly. Reassuring to know, I think, so what is oldgrumpy seeing in terms of buying and selling within the QAA? I see no transactions at all for QAA other than the two above.
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jonah
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Post by jonah on Sept 10, 2015 18:14:25 GMT
Thanks for the clarification. My question then is, what happens if there are no units for the QAA to invest in? Do Assetz just wear the interest (although presumably you direct all sales into that account until the required levels are hit). Also I am very concerned about any defaults that occur. How are they apportioned and how will they be indicated to investors? We are not licensed to take deposits so cannot pay interest unless invested in loans. Not sure how some sites handle this but we are strict on this requirement. We therefore invest in loans but dont invest all cash in order to maintain liquidity also and reduce exposure. Any defaults / losses are to be handled by the provision fund. This last sentence sounds close to a guarantee which I assume isn't the case. Is there a plan for an event which exceeds the PF? I don't ever want it to be needed, but would like to understand it just in case.
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oldgrumpy
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Post by oldgrumpy on Sept 10, 2015 18:19:33 GMT
Yes it is simply 3.75% pa starting when you invest (midnight) until you withdraw. Nothing much else to say other than make the dashboard a little clearer which we will do shortly. Reassuring to know, I think, so what is oldgrumpy seeing in terms of buying and selling within the QAA? I see no transactions at all for QAA other than the two above. sees transactions for loans 190,179,160,36,97,150,104,151,and 166 since the big restart yesterday. Nothing is recorded for transactions in the QAA. Below is a sample of what I see on my MLIA transactions. There are now only two instances of parts available but my MLIA not buying. 
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kermie
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Post by kermie on Sept 10, 2015 18:24:36 GMT
Reassuring to know, I think, so what is oldgrumpy seeing in terms of buying and selling within the QAA? I see no transactions at all for QAA other than the two above. sees transactions for loans 190,179,160,36,97,150,104,151,and 166 since the big restart yesterday. Nothing is recorded for transactions in the QAA. Below is a sample of what I see on my MLIA transactions. There are now only two instances of parts available but my MLIA not buying. I've seen a couple of purchases via the MLIA, for which the required cash was automatically swept back in from the QAA on demand. Very nice. The ins/outs are recorded in both sets of accounts to allow sensible reconciliation.
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Post by valerieb on Sept 10, 2015 18:48:10 GMT
I've skimmed through this thread but I'm still confused as to how exactly this QAA works. I set all idle money to be swept into the QAA and then paid some new money into the cash account which indeed seems to be in the QAA, so far so good. I have money in the MLIA which is insufficient to meet the targets I've set on loans awaiting drawdown. Am I right in thinking that the shortfall would automatically be met from the QAA or would I need to transfer money from the cash account to the MLIA, albeit all the money is contained within the QAA. To be safe, I thought I'd transfer the money anyway but the system won't let me and throws up the error message that others have seen. I could just wait and see what happens but I'm sure some of you forumites know the answer!
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unmadem
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Post by unmadem on Sept 10, 2015 18:51:55 GMT
Earlier today , before the cap was reached I set system to sweep idle funds from MILA.
There is a line on MILA Transaction/Statement showing the funds leaving, but no matching Transaction on the QAA showing it arriving. That doesn't seem correct. What are others seeing, do you have an opening transaction ?
The dashboard for QAA does seem ok with "Lent from Idle Funds" showing the right value.
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jonah
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Post by jonah on Sept 10, 2015 18:54:01 GMT
Earlier today , before the cap was reached I set system to sweep idle funds from MILA.
There is a line on MILA Transaction/Statement showing the funds leaving, but no matching Transaction on the QAA showing it arriving. That doesn't seem correct. What are others seeing, do you have an opening transaction ?
The dashboard for QAA does seem ok with "Lent from Idle Funds" showing the right value.
Mine is exactly the same. I believe that the QAA transaction log only shows funds placed in QAA, not swept there.
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jonah
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Post by jonah on Sept 10, 2015 18:57:23 GMT
I've skimmed through this thread but I'm still confused as to how exactly this QAA works. I set all idle money to be swept into the QAA and then paid some new money into the cash account which indeed seems to be in the QAA, so far so good. I have money in the MLIA which is insufficient to meet the targets I've set on loans awaiting drawdown. Am I right in thinking that the shortfall would automatically be met from the QAA or would I need to transfer money from the cash account to the MLIA, albeit all the money is contained within the QAA. To be safe, I thought I'd transfer the money anyway but the system won't let me and throws up the error message that others have seen. I could just wait and see what happens but I'm sure some of you forumites know the answer! AIUI money in MLIA which is swept into QAA comes back as needed into MLIA to buy loans. Mine certainly does. However, if it was swept in from GBBA instead and your MLIA cash was all 'used' then it would not be move automatically into MLIA to a buy order. far to many TLAs and EFLAs here
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oldgrumpy
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Post by oldgrumpy on Sept 10, 2015 18:58:24 GMT
I've skimmed through this thread but I'm still confused as to how exactly this QAA works. I set all idle money to be swept into the QAA and then paid some new money into the cash account which indeed seems to be in the QAA, so far so good. I have money in the MLIA which is insufficient to meet the targets I've set on loans awaiting drawdown. Am I right in thinking that the shortfall would automatically be met from the QAA or would I need to transfer money from the cash account to the MLIA, albeit all the money is contained within the QAA. To be safe, I thought I'd transfer the money anyway but the system won't let me and throws up the error message that others have seen. I could just wait and see what happens but I'm sure some of you forumites know the answer! My understanding (which many have challenged over the years!) is that when your MLIA cash is used up buying loan parts you have been waiting for, any more needed will then be taken from your QAA until all that has gone. edit. Seeing what jonah has written I think I will move any new cash into MLIA first, then let it be swept into my QAA, as it seems to be working properly for me today. Luckily I have no GEIA and no GBBA (damned acronyms!) to confuse the issue.
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Post by valerieb on Sept 10, 2015 19:00:26 GMT
I've no transactions showing on the QAA account but all my idle money has transferred in from both my cash account and MLIA with the appropriate transactions out showing. The figures are all correct so I assume all is well.
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