SteveT
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Post by SteveT on Oct 20, 2015 8:23:20 GMT
A positive update was posted for Loan 155 on 13th Oct, at which point I set a (happily very small) instruction to add some more units. Nothing much was picked up for a few days but, logging in this morning, I spot that the instruction was filled yesterday in a rapid series of purchases. In the past, this tended to mean there'd been bad news on a loan, but of course we're protected from this now by the "Monitoring Event" process so it can't be that....
Then I click on the loan to find, surprise surprise, a much more negative update posted yesterday afternoon ("significant loss for the quarter", "nominal breach of the EBITDA:DSC covenant", "awaiting responses to questions asked").
I appreciate the covenant breach is "nominal" at this stage but, in the light of the wider trading concerns and the unanswered questions, should not a "Monitoring Event" have been triggered to allow lenders to reassess their instructions? Just what DOES need to happen for a "Monitoring Event" to be called (AC's definition on the instructions page is "Monitoring events are technical infringements of the terms and conditions of the loan that require further investigation by the Assetz Capital team", which seems to fit the description here)?
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Post by Deleted on Oct 20, 2015 8:32:23 GMT
thanks for the heads up
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niceguy37
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Post by niceguy37 on Oct 20, 2015 9:03:28 GMT
I used to set large targets for loans I liked. But I occasionally found I had purchased a lot of a loan immediately after someone got bad news before me. So now I only set modest targets, and have to spend time monitoring and maintaining them.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Oct 20, 2015 9:40:03 GMT
If it wasn't for negative updates, I would never have got some of the loan units I wanted.
Back in March it was #46.
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SteveT
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Post by SteveT on Oct 20, 2015 10:09:04 GMT
The new AC Buy / Sell instructions system gives the flexibility to set orders that "Continue Trading" through Monitoring Events, so there should be even more scope to pick up additional units on bad news. But Lenders that have set up their orders to "Pause" when a Monitoring Event occurs should not be the ones acquiring the units!
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Post by chris on Oct 20, 2015 10:57:08 GMT
Those stupid little (pause, play, delete) icons do my head in. I'm never sure if the hover popup is telling what would happen should you press it or an indicator of the current state! If you do click on them, sometimes the original hover popup stays and a second one appears contradicting the first... We had the same dilemma as there are conflicting philosophies. Should the icon show what is currently happening or represent the action that you're going to be doing. That's why we ended up showing all the icons to let you see the different actions with the highlighted icon showing the currently selected action. The hover text shows the current state and what will happen if you click on the icon the mouse is over. Clicking on the play or pause icon will swap between those two states (e.g. if it's playing and you click play again it will pause).
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Post by Ton ⓉⓞⓃ on Oct 20, 2015 11:22:38 GMT
Those stupid little (pause, play, delete) icons do my head in. I'm never sure if the hover popup is telling what would happen should you press it or an indicator of the current state! If you do click on them, sometimes the original hover popup stays and a second one appears contradicting the first... We had the same dilemma as there are conflicting philosophies. Should the icon show what is currently happening or represent the action that you're going to be doing. That's why we ended up showing all the icons to let you see the different actions with the highlighted icon showing the currently selected action. The hover text shows the current state and what will happen if you click on the icon the mouse is over. Clicking on the play or pause icon will swap between those two states (e.g. if it's playing and you click play again it will pause). One of the pop ups (the first one) does get stuck on the screen and will not go away, I've just had it when trying to sell some Essex Bridge 136. I think the ones that get this are where there has been an autopause by the system. It's hard to reproduce the issue.
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mikes1531
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Post by mikes1531 on Oct 20, 2015 14:01:01 GMT
I picked up some of #155 today as well. While the news isn't positive, I take comfort in the fact that the loan is completely amortising. Seven months into the 36-month term the balance due is down to 84% of the initial loan value.
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Post by Ton ⓉⓞⓃ on Oct 20, 2015 17:07:10 GMT
I sold £19 of #155, it went to just three buyers.
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Post by pepperpot on Oct 20, 2015 17:13:32 GMT
I sold £19 of #155, it went to just three buyers. Interesting, I sold £110 at 11.30 am this morning - it went to 40 buyers. Seems available buyers are starting to dry up.
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Oct 20, 2015 17:21:46 GMT
I sold £19 of #155, it went to just three buyers. Interesting, I sold £110 at 11.30 am this morning - it went to 40 buyers. Seems available buyers are starting to dry up. I've just belatedly added myself to the list earlier this afternoon (so I guess I was one of the three - did buy a small chunk at 15:55) - haven't got used to my amortising loans not topping up again automatically, so had forgotten to put in my buy order. Roll on that promised functionality retro-fit..................
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jonah
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Post by jonah on Oct 20, 2015 19:17:25 GMT
I sold about 10% of my holding first thing this morning after reading the note yesterday. It only that based on the overall tone and the amortisation status.
Looking currently, there aren't any parts being offered so the buyers must still be stronger than the sellers here.
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Post by Ton ⓉⓞⓃ on Oct 20, 2015 19:18:45 GMT
I sold £19 of #155, it went to just three buyers. Interesting, I sold £110 at 11.30 am this morning - it went to 40 buyers. Seems available buyers are starting to dry up. My sale of £19 was at 11.14am 20th. Two of £6.48 one of £6.03 I don't easily understand how that can be...
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jonah
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Post by jonah on Oct 20, 2015 21:05:35 GMT
Rounding I suspect.
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mikes1531
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Post by mikes1531 on Oct 21, 2015 13:59:49 GMT
Interesting, I sold £110 at 11.30 am this morning - it went to 40 buyers. Seems available buyers are starting to dry up. My sale of £19 was at 11.14am 20th. Two of £6.48 one of £6.03 I don't easily understand how that can be... I'm not quite sure what Ton ⓉⓞⓃ doesn't understand. If it's why his three purchasers didn't all get the same amount, it's probably because one of them either reached their target with the smaller amount, or that's all the funds they had available. If it's why he had just three buyers and pepperpot had 40 about 15 minutes later, that isn't as easy to explain/understand. One possible explanation might be if some other loan had a payment processed at 1120 and that put a bit of money into a lot of lender accounts that had targets for this loan but no available cash at the time of Ton ⓉⓞⓃ's sale. However, I've seen similar things happen in the past with loans that I buy when they are available and sell when I need to raise funds. When I buy, it's often shrapnel, which suggests to me that there are lots of other people trying to buy. When I sell, I seem to sell in a small number of chunks, and if the chunks are more than £1 that implies that I've sold to all of the people who were trying to buy at the time -- and there were only a handful. But I have to admit I don't keep detailed notes so I may not be remembering perfectly, and a lot depends on how much was being sold at the times when I was buying and I have no way to know that.
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