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Post by dan1 on Sept 30, 2017 18:52:56 GMT
Placed my offer at 100% after 1 other offer, then shortly after someone else made a 3rd offer (at 100%) which had sneaked in ahead of mine. I noticed this too. I was the first to list and was the only offer showing for about 5 minutes. I listed £1k for sale at par as soon as the drawdown email arrived and the sales started coming in. Someone else listed £2k which went in after me in the queue then others listed for profit and joined the queue. Someone then listed £1k at par and it went straight to the front of the queue. emailed cs reply was Thank you for bringing this to our attention. We are looking into this and will revert as soon as we can The issue has been around since April, see here. Good news it's now been fixed, will be fairer to all.
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Post by oktaeder on Oct 7, 2017 7:17:54 GMT
I wanted to sell a loan part?!
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Post by Badly Drawn Stickman on Oct 7, 2017 10:58:31 GMT
So that would be loan part 1000038, where the bid price for £16 is higher than the offer price?
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blender
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Post by blender on Oct 7, 2017 14:29:35 GMT
Yes. Tried selling to the 99.9% bid and had the same problem. And I have plenty of available funds. Definitely broke.
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Post by dan1 on Oct 7, 2017 15:05:49 GMT
Yes. Tried selling to the 99.9% bid and had the same problem. And I have plenty of available funds. Definitely broke. In which case I assume the bidder has insufficient funds to complete the trade, which shouldn't happen because you need available funds to make a bid equal to the capital + discount/premium + maximum accrued interest. In this case this would be £16 + £16*(99.9%-1) + £16*12%/12 = £16.144. Of course the actual accrued interest would depend on when in the interest cycle the trade is completed.
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blender
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Post by blender on Oct 7, 2017 21:29:47 GMT
Yes. Tried selling to the 99.9% bid and had the same problem. And I have plenty of available funds. Definitely broke. In which case I assume the bidder has insufficient funds to complete the trade, which shouldn't happen because you need available funds to make a bid equal to the capital + discount/premium + maximum accrued interest. In this case this would be £16 + £16*(99.9%-1) + £16*12%/12 = £16.144. Of course the actual accrued interest would depend on when in the interest cycle the trade is completed. Such a sad tale. Perhaps we could arrange a forum whip-round to provide the extra funds needed for this poor purchaser to find the cash. Or he/she could pawn something through another platform?
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jfm
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Post by jfm on Oct 8, 2017 7:46:12 GMT
If one posts a bid (with sufficient funds) then subsequently reduces those funds, is there an automatic cancellation of the bid, ablrate ? |
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SteveT
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Post by SteveT on Oct 8, 2017 8:54:24 GMT
If one posts a bid (with sufficient funds) then subsequently reduces those funds, is there an automatic cancellation of the bid, ablrate ? It works the other way around. If you place a £100 bid (say), your Available Funds reduces by £100 and your Active Bids increases by £100. You can't withdraw that £100 unless you cancel the Active Bid and it returns to Available Funds again.
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huxs
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Post by huxs on Oct 31, 2017 16:28:19 GMT
With the SM open again, can anyone provide some tips on how best to sell from my normal account and buy into my ISA account in a way that limits the risk of me buying other peoples parts by mistake or people beating me to the purchase?
On FS this is fairly straight forward as you can list your loans at a unique mark-up or down and then select that one to buy. With ABL it looks like you can only buy the best rate, so my guess is you enter an Offer at a better rate and then purchase the same amount from the ISA account, would that work ?
Edit: now I have typed this I am questioning if this is a stupid question to ask so apologies if it is.
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SteveT
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Post by SteveT on Oct 31, 2017 16:35:31 GMT
Yes, it’s as simple as that.
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Post by GSV3MIaC on Oct 31, 2017 17:27:56 GMT
There are no stupid questions (although some are FAQs). Just beware of offering to sell too cheaply, even if there are no current bids .. some people or bots have lightning reflexes. Ridiculously cheap may attract HMRC ire too.
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blender
Member of DD Central
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Post by blender on Oct 31, 2017 19:58:35 GMT
With the SM open again, can anyone provide some tips on how best to sell from my normal account and buy into my ISA account in a way that limits the risk of me buying other peoples parts by mistake or people beating me to the purchase?
On FS this is fairly straight forward as you can list your loans at a unique mark-up or down and then select that one to buy. With ABL it looks like you can only buy the best rate, so my guess is you enter an Offer at a better rate and then purchase the same amount from the ISA account, would that work ?
Edit: now I have typed this I am questioning if this is a stupid question to ask so apologies if it is. We here have funded two IFISAs on Ablrate through the SM by buying our own loans. Yes you have to make the best offer, and then move quickly to the buying account and buy it. I have moved a lot without having other people jump in first, but the SM is now receiving more attention and the risk could be higher. When you buy, you will find that the bought interest will be added to your total interest figures, which is not a problem because the account is not taxable. But remember not to transfer from IFISA to standard because the bought interest will be included in your standard Ablrate tax return. Now that our IFISAs are full, we tend to buy new loans with instant returns in our standard accounts, and then transfer them to the IFISA accounts as and when available funds appear. This is more tax efficient that buying new loans into the IFISA accounts.
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elliotn
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Post by elliotn on Nov 1, 2017 0:18:55 GMT
With the SM open again, can anyone provide some tips on how best to sell from my normal account and buy into my ISA account in a way that limits the risk of me buying other peoples parts by mistake or people beating me to the purchase?
On FS this is fairly straight forward as you can list your loans at a unique mark-up or down and then select that one to buy. With ABL it looks like you can only buy the best rate, so my guess is you enter an Offer at a better rate and then purchase the same amount from the ISA account, would that work ?
Edit: now I have typed this I am questioning if this is a stupid question to ask so apologies if it is. You can’t sell to yourself, HMRC (and therefore ablrate by extension) would actually prefer you to - intentionally - buy someone else’s loan parts!
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Post by GSV3MIaC on Nov 1, 2017 8:24:32 GMT
You most certainly CAN sell to yourself, but you can't specifically choose to do that, you have to do it via the open market.
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SteveT
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Post by SteveT on Nov 1, 2017 8:43:37 GMT
You most certainly CAN sell to yourself, but you can't specifically choose to do that, you have to do it via the open market. Yup, and of course it's totally possible that, in the few seconds it takes you to approve the 2 trades, your own part gets snapped up by another lender whilst someone else lists exactly the same sum at exactly the same price 
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