|
|
Post by GSV3MIaC on Sept 6, 2016 14:05:00 GMT
I'd settle for increasing the mesh sizes so nobody could bag 20% in one bite. Yep, captcha (or even applying autobids BEFORE the loan went open market) would be better. In the latter case they'd need some sensible allocation (since there are never enough Es to go round), and a slightly saner autobidder, but at least it'd be somewhat fairer.
And yep, I opted for option C several years ago, when it was obvious FC weren't going to act on my (and others') complaints. That was back when Cs were introduced IIRC, and sundry people were grabbing 100% at (the then fairly attractive) MBR, in seconds.
|
|
|
|
Post by Butch Cassidy on Sept 6, 2016 16:11:17 GMT
In all honesty I would say that a fair number of the people who complain about the usage of bots would quite happily be doing exactly the same thing if they knew how to - I certainly would. As it happens the 'paltry' rates available on other bands (which lest we forget come with much lower default rates) are still a lot higher than we'd be getting on traditional savings accounts. So, even though I do understand the 'If I hadn't seen such riches I could live with being poor' attitude, maybe instead of complaining that we're only catching trout whilst other people are catching salmon we should just be happy content that we're not still just catching sticklebacks. Some people steal lead off church's but it shouldn't imply that because they get away with it that it is an acceptable practice or that as it is obviously lucrative everyone should want to do exactly the same. These bots are exploiting "normal bidders" either by denying them the opportunity to buy at launch or taxing them with SM Premiums for the chance to own a scarce/desirable loan. My real beef is with FC, who know all about the handful of people that exploit this loophole but refuse to tackle the issue - if the FCA were worth a toss they might lift a finger to stop it but I guess not much chance of that happening either.
EDIT: Another E just been botted in a few seconds (25494 - £60k) but by the time I clicked on it had gone & with the new clear & issue system is now on SM at 0.5% premium - I rest my case.
|
|
|
|
Post by gadget on Sept 6, 2016 17:21:40 GMT
EDIT: Another E just been botted in a few seconds (25494 - £60k) but by the time I clicked on it had gone & with the new clear & issue system is now on SM at 0.5% premium - I rest my case.
I think it actually undermines your case. You can avoid all the effort, spend a leisurely time reviewing what you want and buy on the SM for the cost of about 10 days interest. If you bid yourself your money could be tied up interest free for 7 days anyway...
|
|
SteveT
Member of DD Central
Posts: 6,875 
Likes: 7,924
|
Post by SteveT on Sept 6, 2016 17:26:47 GMT
If you bid yourself your money could be tied up interest free for 7 days anyway... Not any longer, now that all loans must be pre-accepted by the borrowers. More like 7 minutes.
|
|
|
|
Post by Butch Cassidy on Sept 6, 2016 17:41:17 GMT
EDIT: Another E just been botted in a few seconds (25494 - £60k) but by the time I clicked on it had gone & with the new clear & issue system is now on SM at 0.5% premium - I rest my case.
I think it actually undermines your case. You can avoid all the effort, spend a leisurely time reviewing what you want and buy on the SM for the cost of about 10 days interest. If you bid yourself your money could be tied up interest free for 7 days anyway... Why would I possibly want to do that; I'd prefer to buy at par on issue then review it at my leisure, whilst earning the full interest rate, & if I didn't like it sell it at a premium on SM to you, before 1st payment date, making a risk free profit 
|
|
|
|
Post by gadget on Sept 7, 2016 20:38:41 GMT
I think it actually undermines your case. You can avoid all the effort, spend a leisurely time reviewing what you want and buy on the SM for the cost of about 10 days interest. If you bid yourself your money could be tied up interest free for 7 days anyway... Why would I possibly want to do that; I'd prefer to buy at par on issue then review it at my leisure, whilst earning the full interest rate, & if I didn't like it sell it at a premium on SM to you, before 1st payment date, making a risk free profit It's low risk but definitely not risk free. You could find the parts unsellable for a profit if for example: 1) FC interest rates rise. 2) There is a company event making the loan parts unsellable 3) There is a FC event meaning the secondary market dries up. Think there is an expression "picking pennies in front of a steamroller"
|
|
nick
Member of DD Central
Posts: 1,056
Likes: 825
|
Post by nick on Sept 7, 2016 21:10:04 GMT
Why would I possibly want to do that; I'd prefer to buy at par on issue then review it at my leisure, whilst earning the full interest rate, & if I didn't like it sell it at a premium on SM to you, before 1st payment date, making a risk free profit It's low risk but definitely not risk free. You could find the parts unsellable for a profit if for example: 1) FC interest rates rise. 2) There is a company event making the loan parts unsellable 3) There is a FC event meaning the secondary market dries up. Think there is an expression "picking pennies in front of a steamroller" I agree it may be lower risk, but not risk free. For example, a CCJ could be registered prior to first repayment resulting to a downgrading and risk bond removed - leaving you stuck with a larger position than wanted......
|
|
|
|
Post by goldservice on Sept 8, 2016 17:06:36 GMT
I agree it may be lower risk, but not risk free. For example, a CCJ could be registered prior to first repayment resulting to a downgrading and risk bond removed - leaving you stuck with a larger position than wanted...... That's exactly what happened with 17063E on 4 Dec 2015; RB was restored fortunately but not until after three months of on time payments, on 12 April 2016. Pheww!
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Sept 8, 2016 20:38:00 GMT
4907 lasted six days before the CCJs were discovered and the RBR slapped on. It has never recovered, now in the courts and mostly outstanding.
|
|
jamesc
Member of DD Central
Posts: 447
Likes: 253
|
Post by jamesc on Sept 9, 2016 9:11:05 GMT
25602 new E loan this morning gone from an A+ in July to an E 2 months later, how does that work ? Particularly given the same information is provided to us investors on both applications !
|
|
|
|
Post by Butch Cassidy on Sept 9, 2016 9:27:23 GMT
25602 new E loan this morning gone from an A+ in July to an E 2 months later, how does that work ? Particularly given the same information is provided to us investors on both applications ! Reading the woefully inadequate pitch & numbers I reach only one conclusion (besides FC pitches are no longer fit for purpose); on the edge of administration/bankruptcy which would be a shame for those employed but I wouldn't shed any tears if the handful of bot owners, QWERTY13, Bosher, Nick et al who hoovered up £37k in less than 2 minutes were left holding a loser.
Just confirms that FC grading system is a joke, was probably a C rating 2 months ago, A+ is beyond a joke, now available on SM at 1.5% premium, good luck with that!
|
|
kt
Posts: 105 
Likes: 39
|
Post by kt on Sept 9, 2016 9:46:42 GMT
Hehe. That sounds mean. Though it would be a life lesson for the bot people.
|
|
kaya
Member of DD Central
Posts: 1,150
Likes: 718
|
Post by kaya on Sept 9, 2016 9:47:24 GMT
Nice thought, but easy to shift quickly if priced accordingly.
|
|
fasty
Member of DD Central
Posts: 1,038
Likes: 388
|
Post by fasty on Sept 9, 2016 9:48:12 GMT
25602 new E loan this morning gone from an A+ in July to an E 2 months later, how does that work ? Particularly given the same information is provided to us investors on both applications ! Reading the woefully inadequate pitch & numbers I reach only one conclusion (besides FC pitches are no longer fit for purpose); on the edge of administration/bankruptcy which would be a shame for those employed but I wouldn't shed any tears if the handful of bot owners, QWERTY13, Bosher, Nick et al who hoovered up £37k in less than 2 minutes were left holding a loser. On the other hand, I might feel more sympathy for lenders who (if I understand correctly) originally loaned to the company under an "A+" rating. If information has come to light which suggests that the borrower is now "E"-worthy, shouldn't the original "A+" loan also be re-graded to "E" ? I believe that FC give themselves an ability to change risk bands in their T's & C's, yet they never seem to use it. (except to withdraw risk band completely)
|
|
acky
Posts: 481
Likes: 262
|
Post by acky on Sept 9, 2016 10:13:48 GMT
Reading the woefully inadequate pitch & numbers I reach only one conclusion (besides FC pitches are no longer fit for purpose); on the edge of administration/bankruptcy which would be a shame for those employed but I wouldn't shed any tears if the handful of bot owners, QWERTY13, Bosher, Nick et al who hoovered up £37k in less than 2 minutes were left holding a loser. On the other hand, I might feel more sympathy for lenders who (if I understand correctly) originally loaned to the company under an "A+" rating. If information has come to light which suggests that the borrower is now "E"-worthy, shouldn't the original "A+" loan also be re-graded to "E" ? I believe that FC give themselves an ability to change risk bands in their T's & C's, yet they never seem to use it. (except to withdraw risk band completely)
Don't bother with the sympathy - both the previous A+ loans to this lender went whole loan.
|
|
