mikes1531
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Post by mikes1531 on Apr 1, 2014 21:43:46 GMT
With respect to shadow bids, where are AC going to get the data for calculating the cashback? From the bid page/tab of the auction? Or from lenders' statements? If the latter, then AIUI shadow bids don't appear on lenders' statements until they are settled. So maybe shadow bids don't count until they're converted into real bids. In that case, oldgrumpy's bids for the horse auction haven't actually happened yet and would qualify for the cashback as long as he settles them by 30/Apr. And any shadow bids placed in April would have to be settled before the end of the month in order to qualify. Actually, the above makes a lot of sense IMHO. (Then again, you'd expect me to say that because I wrote it!  ) If the cashback is intended to reward lending, it does see appropriate to apply it to real money transactions rather than just promises. And if the average time gap between bidding and drawdown is about a month, the 0.5% or 0.75% cashback amounts would seem to be reasonable compensation for lenders settling their shadow bids a little bit before they might otherwise be asked to. In this situation, it looks like AC have followed another P2P platform's example in creating an incentive promotion but not making the Ts&Cs perfectly clear. Hopefully they'll do a better job in the next day or so and provide clarification so we'll all know where we stand -- and exactly what we have to do to qualify for the cashback bonus. |
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Post by chris on Apr 2, 2014 6:19:23 GMT
I've not been involved in the cashback offer so can't say what the official ruling will be but it's worth noting that shadow bids are just normal bids internally with a different virtual banking traction. So the bid itself will be dated as when it is created rather than when it is settled, with the settlement just happening to be another step the bid has to go through before the loan can draw down.
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j
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Post by j on Apr 2, 2014 6:30:55 GMT
I've not been involved in the cashback offer so can't say what the official ruling will be but it's worth noting that shadow bids are just normal bids internally with a different virtual banking traction. So the bid itself will be dated as when it is created rather than when it is settled, with the settlement just happening to be another step the bid has to go through before the loan can draw down. SO you're saying if a shadow bid was made before 1st Apr, it does not qualify for the cash back offer? Is that correct?
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Post by chris on Apr 2, 2014 6:42:55 GMT
Not necessarily as I don't know the terms of the cashback offer. I was just saying that for a shadow bid the created date of the bid, if that's what the offer goes by, is when the shadow bid is placed not settled.
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j
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Penguins are very misunderstood!
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Post by j on Apr 2, 2014 6:48:05 GMT
Not necessarily as I don't know the terms of the cashback offer. I was just saying that for a shadow bid the created date of the bid, if that's what the offer goes by, is when the shadow bid is placed not settled. Thanks chris. Any possibility andrewholgate or someone else from AC can give further clarification? 
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Post by andrewholgate on Apr 2, 2014 14:31:51 GMT
Guys, thanks for the enthusiasm on the cashback offer! As you’ll have seen, we’re giving bigger returns to reward those who have been loyal to Assetz Capital in the past year - because that’s what ‘fair’ finance should be doing. Since yesterday’s launch, it has come to light that there are a few elements within the terms and conditions of the cash back offer which need clarification. We have aimed to be fair to investors in this offer, but it seems that some want to exploit a loophole. These changes are not going to fundamentally change the cashback offer! It’s simply to make it clearer to cover all scenarios brought up by this forum, and other questions which have come in. We’ll keep you guys informed as it’s something that we’re finalising right now. Thanks for all the feedback - always welcome! Kind regards, Andy (MD)
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j
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Penguins are very misunderstood!
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Post by j on Apr 2, 2014 14:39:57 GMT
Guys, thanks for the enthusiasm on the cashback offer! As you’ll have seen, we’re giving bigger returns to reward those who have been loyal to Assetz Capital in the past year - because that’s what ‘fair’ finance should be doing. Since yesterday’s launch, it has come to light that there are a few elements within the terms and conditions of the cash back offer which need clarification. We have aimed to be fair to investors in this offer, but it seems that some want to exploit a loophole. These changes are not going to fundamentally change the cashback offer! It’s simply to make it clearer to cover all scenarios brought up by this forum, and other questions which have come in. We’ll keep you guys informed as it’s something that we’re finalising right now. Thanks for all the feedback - always welcome! Kind regards, Andy (MD) Thanks for the update. Will keep an eye out for clarification
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Post by bracknellboy on Apr 2, 2014 15:34:57 GMT
....but it seems that some want to exploit a loophole...... Andrew, I'm not sure there was any serious suggestion of wanting to exploit by churning....I think its more a case that some potential 'unintended consequences' of current wording have been spotted. And better to know now than have some smarta**e challenging later.
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Post by enzed on Apr 2, 2014 17:04:41 GMT
As you’ll have seen, we’re giving bigger returns to reward those who have been loyal to Assetz Capital in the past year Andrew, please correct me if I am wrong but my reading of your offer is that it will benefit only those who have new cash available to invest during April and not those who have been loyal to AC for the past year and are already fully invested. As I see it, opportunists, who have had their monies invested elsewhere, are going to plough all they can in during April to attract the bonus and then immediately start withdrawing it in May! If it was a true loyalty bonus then surely some sort of monthly weighted average balance would be more reflective of the value you place on your loyal investors.
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unmadem
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Cashback
Apr 2, 2014 18:11:40 GMT
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Post by unmadem on Apr 2, 2014 18:11:40 GMT
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j
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Penguins are very misunderstood!
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Post by j on Apr 2, 2014 18:23:53 GMT
Well, I hope none bought yesterday on the assumption the offer started yesterday, especially if it was a large amount as I think they'd be totally peeved off now that the offer starts today!
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j
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Penguins are very misunderstood!
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Post by j on Apr 2, 2014 18:26:43 GMT
The terms are a bit more specif & clear now. The main word to look out for is 'net' lending. So, selling units on AM will be deducted from any purchased or bids on live loans.
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walktall7
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Post by walktall7 on Apr 2, 2014 18:28:09 GMT
I put £1000 into my account last night and put £500 of it into B***** W***
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thebillet
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Post by thebillet on Apr 2, 2014 18:30:18 GMT
Well I'm really chuffed, I bid on 1st April all I had in my account £20k and now find that the date has been changed. The videos about fairness etc seem but a distant memory as I was unable to take advantage of the new money lent incentive recently offered and according to the T&Cs of this offer I am now effectively excluded from this offer as well. I had deliberately waited until the day of the cashback offer before lending. Well that'll teach me.
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j
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Penguins are very misunderstood!
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Post by j on Apr 2, 2014 18:30:21 GMT
Well, I hope none bought yesterday on the assumption the offer started yesterday, especially if it was a large amount as I think they'd be totally peeved off now that the offer starts today! <--- presently peeved. Thankfully, I refrained from buying/bidding yesterday but I would be too if I were in your shoes. If memebrs bid yesterday in good faith, surely it should be honoured for them according to the new 'net' investment total, but effective from yesterday.
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) If the cashback is intended to reward lending, it does see appropriate to apply it to real money transactions rather than just promises. And if the average time gap between bidding and drawdown is about a month, the 0.5% or 0.75% cashback amounts would seem to be reasonable compensation for lenders settling their shadow bids a little bit before they might otherwise be asked to.
