SteveT
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Post by SteveT on Oct 6, 2015 16:36:22 GMT
That's good news; £36 at 3.75% should just about cover a bunch of bananas annually  |
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oldgrumpy
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Post by oldgrumpy on Oct 6, 2015 16:38:40 GMT
You may all be right, and Chris only reveals the information he wants to. If we knew what is date of actual funds being moved from MLIA to QAA, what is the size of the queue and at what rate such transfers are progressing we could assess whether there is any purpose whatsoever in leaving anything idle in our accounts. In my experience, that date is still on September 11. The rest of my payments into MLIA on September 11 are still waiting in MLIA, so a massive amount must have gone in between my last success and the next payment I had on the same day. Maybe Chris can say if the queue is arranged by date or by some other method. All this after AD's usual rhetoric and hype when launching a new product on the platform. "I'm not expecting any of the £75k needed for #205 to come out of the QAA inner circle."
mikes1531 I bet you will be right in that prophesy. None of my stake in #205 will come out of my paltry three figure QAA.
Perhaps I should attempt to take over #205 myself so no one else has got any, then use that as my private GQAA, releasing it during the next six weeks while September's (and August's) drawdowns drawdown. 
You'll be happy to know you have £36 queued within the top 10 entries in the queue, however the rest of your funds are spread over entries down to position 5,900 in the queue with nearly a million pounds ahead of it. As I say the queue is really big and was overfilled by 50% from day two of the account launching which took us somewhat by surprise. It's levelled off since then, presumably due to funds not making it into the account and earning interest, but it's still massively oversubscribed.
Thanks chris !! Into the top ten That must be the start of my sales proceeds from September 11 so money will start dripping into QAA soon.
Bananas all round
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oldgrumpy
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Post by oldgrumpy on Oct 6, 2015 17:49:40 GMT
When money is taken from my MLIA account to pay for loan purchases, can you confirm that it is taken from my most recent MLIA credits, i.e my money which is at the back of the queue, and not those which are almost at the front of the QAA queue, thus preventing anything actually advancing to the QAA?
OG
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Post by chris on Oct 6, 2015 18:09:04 GMT
When money is taken from my MLIA account to pay for loan purchases, can you confirm that it is taken from my most recent MLIA credits, i.e my money which is at the back of the queue, and not those which are almost at the front of the QAA queue, thus preventing anything actually advancing to the QAA? OG Yes that is correct.
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oldgrumpy
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Post by oldgrumpy on Oct 6, 2015 18:21:32 GMT
Ta! PS ... Yippppeeeee! My QAA has gone up by £1.15  |
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mikes1531
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Post by mikes1531 on Oct 6, 2015 19:00:00 GMT
PS ... Yippppeeeee! My QAA has gone up by £1.15 Lucky you! And that's without the benefit of #205 drawing down. Which is looking ever less likely to happen today as the evening wears on. I wonder what went wrong with that? My QAA is still stuck at 1.5p. 
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Post by bracknellboy on Oct 6, 2015 19:51:08 GMT
You'll be happy to know you have £36 queued within the top 10 entries in the queue, however the rest of your funds are spread over entries down to position 5,900 in the queue with nearly a million pounds ahead of it. As I say the queue is really big and was overfilled by 50% from day two of the account launching which took us somewhat by surprise. It's levelled off since then, presumably due to funds not making it into the account and earning interest, but it's still massively oversubscribed. : on a similar note, can you confirm that the £1m in the Q that is ahead of all but £36 of old grumpy's money is mine ? Thanks.
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Post by yorkshireman on Oct 6, 2015 19:53:03 GMT
With respect, I don’t know why you guys bother with the QAA when you could be holding £25k in current accounts earning 4 or 5% and moving it into your MLIA the day before forecast draw down or even on the day as in the abortive case of 205.
OK, it doesn’t always work as we have seen today, you have to keep an eye on what Mystic Meg's AC’s crystal ball says, some accounts require direct debits and perhaps it takes a little more time and effort but I find the QAA mind numbingly and unnecessarily complicated and just not worth the hassle.
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SteveT
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Post by SteveT on Oct 7, 2015 7:52:43 GMT
With respect, I don’t know why you guys bother with the QAA when you could be holding £25k in current accounts earning 4 or 5% and moving it into your MLIA the day before forecast draw down or even on the day as in the abortive case of 205. OK, it doesn’t always work as we have seen today, you have to keep an eye on what Mystic Meg's AC’s crystal ball says, some accounts require direct debits and perhaps it takes a little more time and effort but I find the QAA mind numbingly and unnecessarily complicated and just not worth the hassle. Actually the QAA is zero "hassle"; all you have to do is click one toggle and leave it alone. The only disappointment is that the reality of "idle cash sweeping" isn't (yet) delivering on the (quite brilliant) concept. If AC ever manage to draw down a good number of their "upcoming" loans then I'm confident that it will be great, provided they find a way of keeping wads of DART money from bunging up the pipe.
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Post by chris on Oct 7, 2015 8:58:15 GMT
SteveT - that's something we're working on. We may end up splitting the caps so that the fund is explicitly 50/50 split between direct investment and swept funds and that lenders can have a maximum of £x in each pot. We also have plans to launch at least one other DART friendly account which should ease some of the burden.
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Post by yorkshireman on Oct 7, 2015 10:49:02 GMT
With respect, I don’t know why you guys bother with the QAA when you could be holding £25k in current accounts earning 4 or 5% and moving it into your MLIA the day before forecast draw down or even on the day as in the abortive case of 205. OK, it doesn’t always work as we have seen today, you have to keep an eye on what Mystic Meg's AC’s crystal ball says, some accounts require direct debits and perhaps it takes a little more time and effort but I find the QAA mind numbingly and unnecessarily complicated and just not worth the hassle. Actually the QAA is zero "hassle"; all you have to do is click one toggle and leave it alone. The only disappointment is that the reality of "idle cash sweeping" isn't (yet) delivering on the (quite brilliant) concept. If AC ever manage to draw down a good number of their "upcoming" loans then I'm confident that it will be great, provided they find a way of keeping wads of DART money from bunging up the pipe. I don’t doubt that the original idea behind the QAA was simple, it’s the operation that appears to be unnecessarily complicated which is demonstrated by the volume of comments on this thread!
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ianj
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Post by ianj on Oct 7, 2015 12:00:25 GMT
I don’t doubt that the original idea behind the QAA was simple, it’s the operation that appears to be unnecessarily complicated which is demonstrated by the volume of comments on this thread! I dare say Carl Benz suffered a similar reaction to his first automobile. Today we unthinkingly accept an infinitely higher level of sophistication in our current favourite mode of transport, proving that a lack of precise understanding of how things work under the bonnet doesn’t render us incapable of making full use the technology. Naturally, an automobile requires a reliable fuel source before it will function at all!
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sl75
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Post by sl75 on Oct 7, 2015 12:36:09 GMT
... and AC seem to be trying to market a fairly sophisticated automobile to us, in an era when the local chemist gets delivery of a couple of cans of petroleum spirit a week, if you're lucky!
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jjc
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Post by jjc on Oct 7, 2015 12:37:43 GMT
ianj, can I like that 5 times? once for every sentence there, on which i could not agree more. another for the elegance. last (but not least) 5th for the (much appreciated) humour.
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Post by yorkshireman on Oct 7, 2015 14:37:34 GMT
A sophisticated automobile usually has an operating manual, with the QAA it’s guess and hope for the best.
My reasoning behind that is as follows:
Regardless of limits or a queue, I would like to put a sum of money into QAA and then draw from this automatically to buy into new loans when they draw down.
1. Can this be done?
2. If so, how do you set it up?
3. Where does it clearly explain how to do this?
I admit to not being a computer / technology geek but QAA is not intuitive, as far as I can see there are no clear instructions / guidelines as to how it operates let alone how you set it up, I'm not prepared to do this by guesswork and find that I simply tie up money at 3.75% when it could be earning a better return elsewhere.
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