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Post by ablrateandy on Dec 8, 2015 13:48:09 GMT
To be clear, it is maximum allocation that will be 2k. You can bid higher.
All lenders will receive a confirmation email of how much they have been allocated. If anyone is unhappy, they can mail me and I will cancel their purchase and re-allocate their loan parts if I am notified same day. That ensures that if anyone has pledged multiple times AND has too much on account, they will not get more than they want.
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SteveT
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Post by SteveT on Dec 8, 2015 13:58:35 GMT
To be clear, it is maximum allocation that will be 2k. You can bid higher. All lenders will receive a confirmation email of how much they have been allocated. If anyone is unhappy, they can mail me and I will cancel their purchase and re-allocate their loan parts if I am notified same day. That ensures that if anyone has pledged multiple times AND has too much on account, they will not get more than they want. This is a nonsense. The original post on this thread laid out a perfectly sensible way of operating, with any pledges over £2000 clearly stated as being pointless. Are you now saying that someone pledging £10k (and funding their account with £10k) will receive 5 times as much as someone who stuck to the rules you posted and only pledged the £2000 maximum?
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jonno
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Post by jonno on Dec 8, 2015 14:06:08 GMT
To be clear, it is maximum allocation that will be 2k. You can bid higher. All lenders will receive a confirmation email of how much they have been allocated. If anyone is unhappy, they can mail me and I will cancel their purchase and re-allocate their loan parts if I am notified same day. That ensures that if anyone has pledged multiple times AND has too much on account, they will not get more than they want. This is a nonsense. The original post on this thread laid out a perfectly sensible way of operating, with any pledges over £2000 clearly stated as being pointless. Are you now saying that someone pledging £10k (and funding their account with £10k) will receive 5 times as much as someone who stuck to the rules you posted and only pledged the £2000 maximum? Me thinks the deep-pocket lobby has been in over-drive since Andy's original email 
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ianj
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Post by ianj on Dec 8, 2015 14:26:00 GMT
Still not sure exactly what the current position is.  From original post on this thread.... It appears that the conclusion drawn by many here is that exceeding the £2000 pledge will be far from futile! Is this what you intended, or are we going to have to live with it because an error was made in an email? |
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jonno
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Post by jonno on Dec 8, 2015 14:36:37 GMT
You can bid for more than 2k. Maximum allocation will be 2k. Sorry - the email is correct. To all those confused, this was posted by Andy over an hour and a half ago. To all those demoralised,join the club.
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gt94sss2
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Post by gt94sss2 on Dec 8, 2015 14:39:19 GMT
To be clear, it is maximum allocation that will be 2k. You can bid higher. All lenders will receive a confirmation email of how much they have been allocated. If anyone is unhappy, they can mail me and I will cancel their purchase and re-allocate their loan parts if I am notified same day. That ensures that if anyone has pledged multiple times AND has too much on account, they will not get more than they want. This is a nonsense. The original post on this thread laid out a perfectly sensible way of operating, with any pledges over £2000 clearly stated as being pointless. Are you now saying that someone pledging £10k (and funding their account with £10k) will receive 5 times as much as someone who stuck to the rules you posted and only pledged the £2000 maximum? Agreed - ablrate ablrateandy , you really need to go back to the way you initially intended to run this process for this loan - not wait until the next one. There is absolutely no point in accepting pledges of more than £2000 which you have clearly stated is the maximum that any one person will be allocated. The loan is already 262% oversubscribed All you are doing is encouraging those with deep pockets to game the process and introducing the exact element of 'unfairness' that your investors were asking you to stop by trying this system in the first place. If you do not run the process as originally envisaged, I suspect you will have more investors just giving up on the platform altogether - you saw the reaction after the last loan - and losing any goodwill gained by being willing to tweak your system.
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Post by ablrateandy on Dec 8, 2015 14:42:16 GMT
OK last clarification as I am now retiring out of the forum until this is done as it is rather busy here! The email was the official version and is what we decided on in the end.
1. You can pledge for as much as you like in excess of £99.99.
2. The maximum allocation will be £2k per individual.
3. The pro rata will be based upon the lowest of how much you have on account tomorrow morning and your pledge. If you pledge high but don't have the funds on account, your pledge will be reduced by us.
Yes, I know that not everyone is happy BUT all bids are "real" in that they have to be funded before being accepted. There are lots of other options but off the top of my head :
(a) I could auction this, clear it at a lower yield and lots of people are unhappy
(b) I could do fastest finger first and lots of people are unhappy
(c) I could sell it all to one buyer off or on-platform and lots of people are unhappy
We have made a substantial change for this deal. It is not the last deal that we are doing. There will be more. After this deal, we will sit down, gather all of the feedback and tweak the process to try to keep as many people happy as possible, which is how we always try to operate.
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blender
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Post by blender on Dec 8, 2015 15:04:49 GMT
Interlude - Andy taking a well-earned break.  Which seagull are you? The one which waits on the sand hoping for some crumbs to drop? The one which darts about in the air hoping to catch the bread as it is thrown? Or the one which dive bombs the feeder and tries to snatch the bread before it is thrown? |
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unmadem
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Post by unmadem on Dec 8, 2015 15:12:26 GMT
Well there is going to be a lot of money moving in today and out tomorrow (thought I don't think I can be bothered). The banks will be doing well on transaction charges.
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huxs
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Post by huxs on Dec 8, 2015 15:32:00 GMT
OK last clarification as I am now retiring out of the forum until this is done as it is rather busy here! The email was the official version and is what we decided on in the end. 1. You can pledge for as much as you like in excess of £99.99. 2. The maximum allocation will be £2k per individual. 3. The pro rata will be based upon the lowest of how much you have on account tomorrow morning and your pledge. If you pledge high but don't have the funds on account, your pledge will be reduced by us. Yes, I know that not everyone is happy BUT all bids are "real" in that they have to be funded before being accepted. There are lots of other options but off the top of my head : (a) I could auction this, clear it at a lower yield and lots of people are unhappy (b) I could do fastest finger first and lots of people are unhappy (c) I could sell it all to one buyer off or on-platform and lots of people are unhappy We have made a substantial change for this deal. It is not the last deal that we are doing. There will be more. After this deal, we will sit down, gather all of the feedback and tweak the process to try to keep as many people happy as possible, which is how we always try to operate. Thanks Andy, I and I am sure the majority of people appreciate your efforts to provide a solution in a very short space of time, it may not please everyone (and I am not sure any solution ever will) but will be a huge improvement on the last small loan. Your continued interaction via this forum and listening to your lender community puts Ablrate in the small minority of P2P platforms that truly seem to want to deliver to both P's in P2P.
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stevio
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Post by stevio on Dec 8, 2015 15:37:21 GMT
OK last clarification as I am now retiring out of the forum until this is done as it is rather busy here! The email was the official version and is what we decided on in the end. 1. You can pledge for as much as you like in excess of £99.99. 2. The maximum allocation will be £2k per individual. 3. The pro rata will be based upon the lowest of how much you have on account tomorrow morning and your pledge. If you pledge high but don't have the funds on account, your pledge will be reduced by us. Yes, I know that not everyone is happy BUT all bids are "real" in that they have to be funded before being accepted. There are lots of other options but off the top of my head : (a) I could auction this, clear it at a lower yield and lots of people are unhappy (b) I could do fastest finger first and lots of people are unhappy (c) I could sell it all to one buyer off or on-platform and lots of people are unhappy We have made a substantial change for this deal. It is not the last deal that we are doing. There will be more. After this deal, we will sit down, gather all of the feedback and tweak the process to try to keep as many people happy as possible, which is how we always try to operate. I think the issue is that this is just NOT clear This does not seem to be as you originally described, hence all the questioning People are concerned if other people bid higher than £2K, that will reduce their allotment. To the extreme if someone bid 2 million and had funds to cover this, would they receive the maximum £2k or more? If more, than that ultimately reduces other peoples allocation. Whilst there is uncertainty, people take issue that you 'appear' to have changed the rules you set out at the start
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Post by wildlife2 on Dec 8, 2015 15:55:11 GMT
We should all be patient and wait to see what the outcome will be, or Andy will only go and find that hiding place again 
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Post by ablrate on Dec 8, 2015 15:56:24 GMT
Hi guys
Thought I would interject here. This is something new that is being done on the fly to avoid what happened last time and also give more flexibility on other loans in the future. It is using a feature that wasn't designed for it, but will be changed to accommodate loans such as these.
There won't be any gaming of the system, we will allocate on a fair basis and it would be great if you could bear with us on this.
Like andy said, it won't be the last one, so your feedback is very welcome and is being taken on board... Or we would have just done fast fingers again!!
Keep your feedback coming for future uses of this feature and we will,as always take it on board.
Regards
Ablrate
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jonah
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Post by jonah on Dec 8, 2015 15:58:19 GMT
OK last clarification as I am now retiring out of the forum until this is done as it is rather busy here! The email was the official version and is what we decided on in the end. 1. You can pledge for as much as you like in excess of £99.99. 2. The maximum allocation will be £2k per individual. 3. The pro rata will be based upon the lowest of how much you have on account tomorrow morning and your pledge. If you pledge high but don't have the funds on account, your pledge will be reduced by us. Yes, I know that not everyone is happy BUT all bids are "real" in that they have to be funded before being accepted. There are lots of other options but off the top of my head : (a) I could auction this, clear it at a lower yield and lots of people are unhappy (b) I could do fastest finger first and lots of people are unhappy (c) I could sell it all to one buyer off or on-platform and lots of people are unhappy We have made a substantial change for this deal. It is not the last deal that we are doing. There will be more. After this deal, we will sit down, gather all of the feedback and tweak the process to try to keep as many people happy as possible, which is how we always try to operate. I understand the pressure and agree that if there has been comm's to the end users en mass, this one should be run that way. I also like the idea of reflecting afterwards and seeing if it can be tweaked for improvments. Finally I agree 100% (AER or yield  ) that you can't please everyone all of the time. My 2p... if you, for the next one, limit the pledges as well as the allocations to 2k (or whatever the number is for that loan) it would likely be slightly fairer to the smaller investors. It may detract from the larger pocketed folk and I suspect would drive a lot of people to bid the maximum. I'm intrigued to how well this one actually sells. Its the largest of this type and at a lower rate than previous versions, so how large the overallocation is really a complement on peoples views on the platform as much as anything else. On a personal note, I wanted to say thank you for trying to square the circle on this one, this should mean that I get a small slice of this when I've missed out on the last couple of loans due to the speed or time of day, this 24hr period is perfect from that perspective.
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jonno
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Post by jonno on Dec 8, 2015 16:17:30 GMT
Hi guys Thought I would interject here. This is something new that is being done on the fly to avoid what happened last time and also give more flexibility on other loans in the future. It is using a feature that wasn't designed for it, but will be changed to accommodate loans such as these. There won't be any gaming of the system, we will allocate on a fair basis and it would be great if you could bear with us on this. Like andy said, it won't be the last one, so your feedback is very welcome and is being taken on board... Or we would have just done fast fingers again!! Keep your feedback coming for future uses of this feature and we will,as always take it on board. Regards Ablrate Thanks for the feedback I think we all know that you're doing your best to balance many views. However,can you please clarify one particular point that is puzzling me and probably many others. Why did the original email explicitly state that it would "be futile" to BID in excess of £2000 (which seemed clear and fair) and was then turned completely on its head in subsequent comms?
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) that you can't please everyone all of the time.