|
|
Post by davee39 on Apr 1, 2014 10:19:14 GMT
Very entertaining watching the last moments of frantic bidding on the £100+k loans but frustrating that my money bid at 14% was still stuck in the system even though in reality 13.7% was the top rate; obviously I need to change my tactic for the next big loan! Auto Update does not work at the end of the loan. I refresh continuously to avoid surprises in the last couple of mins, and having just left the world of work this is becoming an enjoyable leisure activity.
|
|
|
|
Post by GentlemansFamilyFinances on Apr 1, 2014 10:41:25 GMT
I might be wrong but it looks like 5623 was rejected by the borrower.
I managed to get money loaned at one price - but it's now back in my account.
Funny if FC added Cashback but didn't meet the lenders min acceptance rate?
|
|
oldgrumpy
Member of DD Central
Posts: 5,087 
Likes: 3,233
|
Post by oldgrumpy on Apr 1, 2014 10:49:41 GMT
Not yet. I've still got £20 in (big deal, but I'm only recycling repayments) - nothing back in account. Cut-off was in the 13.7%
|
|
jimbo
Posts: 234
Likes: 42
|
Post by jimbo on Apr 1, 2014 11:02:48 GMT
I might be wrong but it looks like 5623 was rejected by the borrower. I managed to get money loaned at one price - but it's now back in my account. Funny if FC added Cashback but didn't meet the lenders min acceptance rate? Are you sure about that? It's not showing as rejected in my watchlist. Still outstanding from what I can see, re. an acceptance decision...
|
|
|
|
Post by GentlemansFamilyFinances on Apr 1, 2014 11:08:14 GMT
Ok - I had some bids at 13.7% knocked out and some that got in. Loan is now in limbo - but I have some money in.  |
|
|
|
Post by aloanatlast on Apr 1, 2014 12:06:07 GMT
Very entertaining watching the last moments of frantic bidding on the £100+k loans but frustrating that my money bid at 14% was still stuck in the system even though in reality 13.7% was the top rate; obviously I need to change my tactic for the next big loan! The volume of bids going in during the closing phase of the bidding demonstrates that FC got what they were after - more cash coming in. However at what price I wonder in the longer term? I must admit yesterday before the announcement of cashback I thought both these loans would end up in the high 14% range and then once the announcement was made I reconsidered and though low 12% would be more likely. Shows how difficult it can be to judge in this new environment! Well 5622 the curry house wasn't as frantic as I expected and I bought more than I intended. Not much cash for this afternoon now.
Egg on face if they don't take it. Half of it is to pay off their existing cheaper loan, which makes for a very high effective rate on the new money.
As for achieving objectives, it seems like only a couple of weeks since we thought 13% was a good rate on a B60. Oh - it is only a couple of weeks.
|
|
|
|
Post by valerieb on Apr 1, 2014 12:27:38 GMT
This whole process currently is feeling more like seaside gaming than serious investing or possibly an online game, or snakes and ladders ...... good fun to play with the repayments from loans you can't sell but too flippant for serious money!
|
|
spyrogyra
Member of DD Central
Posts: 386
Likes: 148
|
Post by spyrogyra on Apr 1, 2014 13:15:06 GMT
So I actually lend someone £99 (FC put £1 in). Borrower pays interest on £100. Say 12%. Does that make interest actually 12 x 100 over 99 = 12.12% ? I'm not too clever at interest calculations when cashback is involved. Not wildly exciting. But you are not supposed to keep the loan. As soon as you get the cashback the loan goes on the market at zero markup to join the thousands of other unsold loans. If it sells you get 0.75% plus any interest after the FC Fee. So far so good, but FC don't tell you when they are going to pay the cashback ! It may happen after 2 months....
|
|
|
|
Post by aloanatlast on Apr 1, 2014 14:39:37 GMT
So far so good, but FC don't tell you when they are going to pay the cashback ! It may happen after 2 months.... They generally pay it automatically when the loan goes out. It's the only time you get anything in your Transaction Statement to show when a loan went out. But it doesn't show which loan they're paying on.
|
|
|
|
Post by GentlemansFamilyFinances on Apr 1, 2014 14:57:44 GMT
I got some Cashback already. |
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Apr 1, 2014 17:32:40 GMT
Me too. £1.40 so far = about 2kg of bananas in Sainsbury's!  |
|
|
|
Post by bracknellboy on Apr 1, 2014 17:34:47 GMT
Well 5622 the curry house wasn't as frantic as I expected and I bought more than I intended. Not much cash for this afternoon now.
Egg on face if they don't take it. Half of it is to pay off their existing cheaper loan, which makes for a very high effective rate on the new money.
I hope they do take it. With the SM as it is its about the only way I'll manage to shift the original loan out of my portfolio.
|
|
|
|
Post by bracknellboy on Apr 1, 2014 17:40:10 GMT
There was a "debate" (or attempted debate) on the old indie board a long time back about trying to predict actual returns and default rates. the thread frequently got ram raided by some who declared no interest in teh default rate as they covered all their losses by combination of cashback and flipping.
I currently have net losses of £1.96k. Given that flipping on to the secondary market doesn't look like much of a bet right now, anyone know of anywhere I can go get a loan for £196k so I can execute on the first part of that strategy ? But then, if I can't flip, what will be the default rate on that £196k. Umm.
|
|
mikeb
Posts: 1,072
Likes: 472
|
Post by mikeb on Apr 1, 2014 18:08:40 GMT
I'm suspending my withdrawal and sticking £20 on almost everything with cashback. Might as well - the secondary market will be gummed up for weeks and months now so selling anything will be even worse. I would do that too, but all my £20's are stuck in FC loans, dangling on the aftermarket, so unless some sell, there's going to be little cashback action here As to the frantic bidding on auctions, 5623 was another dog's breakfast. I suspect that rather than 1% Cashback, FC might want to focus on an auction system that allows people to bid in the first place, and doesn't sit on people's cash preventing them from bidding!! I had a bid in on 5623, and was well within the top bracket according to the list of bids. The summary totals say: You have a bid in. You have no funds spare. Good. So with a minute or so to go, I placed another bid. I know. Just trust me, with the weirdness going on lately ... It was accepted. Bingo! Because actually despite all the visual evidence to the contrary, my bid had been pushed out. We then went through an odd dance :- I now have a bid in at old rate X (bid list, out of date) but shown as rate Y (summary panel, correct) ... it'll catch up. My bid at rate X was pushed out leaving nothing in the list, still shown as "in" at rate Y ... err, catch up? Then I have no bids at all (at all), but nothing to bid with ... where's me money? Can't bid now at all. Then my bid at rate Y appearsin the list, but I still have no bid (according to summary at NaN%). Finally, I appear to have a bid, at rate Y, and the summary eventually agrees. But that bid turned up in the 5 minute "catch up" after the auction ended. Is "Consistency" a rude word around here? It is not a slow broadband link -- I have a graph showing data rate at 50-100Kbits/sec, on a line capable of hammering away at 19.6Mbits/sec.
|
|
fasty
Member of DD Central
Posts: 1,038
Likes: 388
|
Post by fasty on Apr 1, 2014 19:44:38 GMT
Yep, weird stuff did happen today. I noticed it too. I suspect it's going to get weirder tomorrow - I believe 24 loan requests, most not yet fully funded the night before. I also notice that the Bonfire of the Loan Parts has already started - spotted parts at over 14% being flogged at par earlier.
|
|
