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Post by bracknellboy on Sept 10, 2015 19:02:57 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  Sounds correct: the money is explicitely tagged as 'lent from/to <insert 4 letter acronym>' so it would be wrong to have 'cross subsidy' from one to the other. Although I only have the ML IA not the GBBA I am getting purchases from the lent money on instant transfer'
Apols for teh italics: this mobile device goes bonkers when I try to capitilise IBs etc - oh look, its corrected itself.
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Post by valerieb on Sept 10, 2015 19:07:32 GMT
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. Thanks for confirming what I also thought. Does this make the MLIA irrelevant if cash will automatically come out of the QAA to meet targets?
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Post by bracknellboy on Sept 10, 2015 19:11:00 GMT
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. Thanks for confirming what I also thought. Does this make the MLIA irrelevant if cash will automatically come out of the QAA to meet targets? You need to have had it in the MLIA in the first place and 'swept it' from there into the QAA, otherwise it isn't 'on loan' from the MLIA, but yes, otherwise your cash balance in the MLIA is irrelevant (assuming you have managed to get into the QAA via that route).
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oldgrumpy
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Post by oldgrumpy on Sept 10, 2015 19:11:56 GMT
No, because if the QAA is full up (£1M) and you deposit new money in preparation for un upcoming drawdown, you will still have to put it in your MLIA temporarily....
I think...
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kermie
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Post by kermie on Sept 10, 2015 19:13:03 GMT
oldgrumpy - I stand corrected. The automatic sweeps to/from QAA only appear in the MLIA statement. I must have dreamt it. The QAA statement shows direct investments/explicit withdrawals only.
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Post by valerieb on Sept 10, 2015 19:14:32 GMT
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 Sounds correct: the money is explicitely tagged as 'lent from/to <insert 4 letter acronym>' so it would be wrong to have 'cross subsidy' from one to the other. Although I only have the ML IA not the GBBA I am getting purchases from the lent money on instant transfer'
Apols for teh italics: this mobile device goes bonkers when I try to capitilise IBs etc - oh look, its corrected itself. Yes, I would have thought that there shouldn't be any 'cross subsidy' but I don't seem to be the only one who thinks that there is where money from the cash account part of the QAA is concerned.
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Post by valerieb on Sept 10, 2015 19:21:22 GMT
Thanks for confirming what I also thought. Does this make the MLIA irrelevant if cash will automatically come out of the QAA to meet targets? You need to have had it in the MLIA in the first place and 'swept it' from there into the QAA, otherwise it isn't 'on loan' from the MLIA, but yes, otherwise your cash balance in the MLIA is irrelevant (assuming you have managed to get into the QAA via that route). Ok, I think I get it, thanks! Anyone know why I can't move money swept into the QAA from my cash account into the MLIA?
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jonah
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Post by jonah on Sept 10, 2015 19:23:30 GMT
You need to have had it in the MLIA in the first place and 'swept it' from there into the QAA, otherwise it isn't 'on loan' from the MLIA, but yes, otherwise your cash balance in the MLIA is irrelevant (assuming you have managed to get into the QAA via that route). Ok, I think I get it, thanks! Anyone know why I can't move money swept into the QAA from my cash account into the MLIA? Select invest in the MLIA box and it should move.
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Post by bracknellboy on Sept 10, 2015 19:26:09 GMT
Ok, I think I get it, thanks! Anyone know why I can't move money swept into the QAA from my cash account into the MLIA? Select invest in the MLIA box and it should move. but will you be able to sweep it back if the cap is reached ?
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jonah
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Post by jonah on Sept 10, 2015 19:28:05 GMT
You know, I heard that when the M25 was built, it was expected to be an orbital motorway but people actually used it to get from one part of London to another parts of London so it was always busy. In a similar way, there is *every* chance that people who have no interest in P2P whatsoever may very well invest in the QAA. If Martin Lewis, of moneysavingexpert.com hears about it and puts it in his weekly email, the QAA will become full of static cash and will become completely unavailable to us lenders. I expect this will happen within the next two weeks. I'd love to hear what AC are going to do to restore the original function of the QAA to lenders. An MSE email would simply accelerate a process which will happen anyway... Whilst you can get 50-70k in 3-6% FSCS backed banks, beyond that rates drop rapidly, so putting the next 25k in QAA @ 3.75% looks good. Of course some people will move that in and out at various points so it won't be a complete standstill, but I can see the queue growing... The solution is scaling the deal flow sufficiently to cover this percentage of course, which also helps with the primary purpose of AC!
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jonah
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Post by jonah on Sept 10, 2015 19:30:24 GMT
Select invest in the MLIA box and it should move. but will you be able to sweep it back if the cap is reached ? I suspect no, if QAA is full. In theory it should QAA and rejoin, automatically when it reaches the end of the queue, but until that SQL error is fixed I'm not sure that is working. As I couldn't replicate that one... Any one know if that is fixed?
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Post by pepperpot on Sept 10, 2015 19:40:46 GMT
You know, I heard that when the M25 was built, it was expected to be an orbital motorway but people actually used it to get from one part of London to another parts of London so it was always busy. In a similar way, there is *every* chance that people who have no interest in P2P whatsoever may very well invest in the QAA. If Martin Lewis, of moneysavingexpert.com hears about it and puts it in his weekly email, the QAA will become full of static cash and will become completely unavailable to us lenders. I expect this will happen within the next two weeks. I'd love to hear what AC are going to do to restore the original function of the QAA to lenders. You might have missed the post from Stuart regarding the cap www.p2pindependentforum.com/post/61481/thread
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Greenwood2
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Post by Greenwood2 on Sept 10, 2015 19:40:56 GMT
Apart from the board meeting the idea that the important person is going on holiday immediately after a major upgrade is crazy. I would have been tied to my desk in similar situations.
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Post by valerieb on Sept 10, 2015 19:44:40 GMT
Select invest in the MLIA box and it should move. but will you be able to sweep it back if the cap is reached ? Probably not. I see now that I should have put it into the MLIA first and allowed it to be swept from there - serves me right for rushing to get money into the QAA without thinking it through. Oh well, I expect it'll be a while until those imminent drawdowns!
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webwiz
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Post by webwiz on Sept 10, 2015 19:47:48 GMT
Finally winkled £20k out of a BS a/c paying 1.6% but QAA now full. Sigh. It's either got to go into an instant a/c with my bank paying 0.5% or Ratesetter or Wellesley on a month's notice. I wonder whether AC will increase the max or the invested total will drop below £1m when new loans get posted. Anybody know of an instant access account paying 1.5% or more on £20k that can make BACS transfers to AC? (Already maxed out in San 123). My 1.6% BS a/c will only transfer to my nominated bank a/c. 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 just realised what I should have done is taken the money out of San 123 to quickly send into QAA then used the slow money from the BS to replenish San 123. Doh!
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