oldgrumpy
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Post by oldgrumpy on Oct 31, 2014 14:15:56 GMT
mikes1531 I've decided that the only way (but not guaranteed) way is to buy too much of a small "desirable" loan as a "banker" with the intention of selling some immediately when funds are needed for a quick purchase elsewhere. Not guaranteed but there's often someone waiting to buy such things.
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niceguy37
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Post by niceguy37 on Oct 31, 2014 14:43:58 GMT
mikes1531 I've decided that the only way (but not guaranteed) way is to buy too much of a small "desirable" loan as a "banker" with the intention of selling some immediately when funds are needed for a quick purchase elsewhere. Not guaranteed but there's often someone waiting to buy such things. Or to hold a couple of these, and then you can be confident that at least one will sell. That was my plan but I now see someone has put up 4-figure amounts for sale on a couple of loans I had in my liquidity bank, so that plan didn't last too well.
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mikes1531
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Post by mikes1531 on Oct 31, 2014 15:58:31 GMT
mikes1531 I've decided that the only way (but not guaranteed) way is to buy too much of a small "desirable" loan as a "banker" with the intention of selling some immediately when funds are needed for a quick purchase elsewhere. Not guaranteed but there's often someone waiting to buy such things. Or to hold a couple of these, and then you can be confident that at least one will sell. That was my plan but I now see someone has put up 4-figure amounts for sale on a couple of loans I had in my liquidity bank, so that plan didn't last too well. I've tried that in the past, too. My difficulty was trying to work out which loans will be in demand in the future. Diversification is a necessity for this technique.
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bugs4me
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Post by bugs4me on Oct 31, 2014 16:01:59 GMT
Those wishing not to participate could offer their existing holdings on the SM which I'm sure would be snapped up at 15%. <snip> One of the unfortunate side effects of the lack of instant deposits at AC is that if an attractive opportunity shows up on the Aftermarket it may not be possible to add money into your account before the opportunity disappears, and I expect that inhibits people from making those deposits. An interesting point and one that needs to be sorted by AC. Certainly the thought of having 'dead' funds sitting around on a hope does not appeal to myself.
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Post by mrclondon on Oct 31, 2014 17:02:38 GMT
I'm very much in agreement with chielamangus on this one. I've taken advantage of the new website to sell most of my last £20 loan part leaving me with just £5 (down from several £k at the start of the loan). Without knowing the valuation basis of the security, its hard for me to say how much of that £5 I expect to lose, but I'm reasonably certain I'm going to lose some of it. |
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Post by chris on Oct 31, 2014 21:42:03 GMT
<snip> One of the unfortunate side effects of the lack of instant deposits at AC is that if an attractive opportunity shows up on the Aftermarket it may not be possible to add money into your account before the opportunity disappears, and I expect that inhibits people from making those deposits. An interesting point and one that needs to be sorted by AC. Certainly the thought of having 'dead' funds sitting around on a hope does not appeal to myself. We're working on a solution but it's expensive due to the way it needs to work to be FCA compliant, so it's not going to be quick.
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bugs4me
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Post by bugs4me on Oct 31, 2014 22:18:45 GMT
An interesting point and one that needs to be sorted by AC. Certainly the thought of having 'dead' funds sitting around on a hope does not appeal to myself. We're working on a solution but it's expensive due to the way it needs to work to be FCA compliant, so it's not going to be quick. I would have thought that AC could 'loan' the money in the interim and provided it was repaid within say a maximum of 48 hours then that would make it compliant. Think it's covered under the 'risk transfer' arrangements. Exactly the same as Insurers have with their Brokers. Once the money is paid to the Broker then it is deemed to have been received by the Insurer - hence immediate cover even though no physical consideration has actually been received by the Insurer. All AC would need would be some sort of proof, say a screenshot of the BACS transfer. Just my thoughts but maybe worth checking up on and save paying those banks extortionate fees.
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bugs4me
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Post by bugs4me on Oct 31, 2014 22:20:44 GMT
OT chris but as you may be around and I've lost track of who does what. Think there's an error on my dashboard - not showing a particular loan. Who should I contact at AC? |
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Post by chris on Oct 31, 2014 22:25:28 GMT
We're working on a solution but it's expensive due to the way it needs to work to be FCA compliant, so it's not going to be quick. I would have thought that AC could 'loan' the money in the interim and provided it was repaid within say a maximum of 48 hours then that would make it compliant. Think it's covered under the 'risk transfer' arrangements. Exactly the same as Insurers have with their Brokers. Once the money is paid to the Broker then it is deemed to have been received by the Insurer - hence immediate cover even though no physical consideration has actually been received by the Insurer. All AC would need would be some sort of proof, say a screenshot of the BACS transfer. Just my thoughts but maybe worth checking up on and save paying those banks extortionate fees. In our reading of the FCA rules simple proof of transfer is not enough, you have to have actual cleared funds showing in your bank account. They do make a concession that if you know funds are going to arrive you can simply delay credit until such time as funds are scheduled to have arrived without having to specifically check that they did, but that doesn't help cut down the delay. Given the scale of transferred funds can range into hundreds of thousands of pounds per day we'd need a LOT of money set aside to fund this ourselves for the 5 days it can take for debit card funds to clear (3 working days).
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Post by chris on Oct 31, 2014 22:27:33 GMT
OT chris but as you may be around and I've lost track of who does what. Think there's an error on my dashboard - not showing a particular loan. Who should I contact at AC? You can PM me the details but I'm not around for the next couple of days (and going to bed now) so I'll be slow getting back to you. Alternatively if you send it to Dominic or stephen then they'll pass on the information to the dev team next week.
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bugs4me
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Post by bugs4me on Oct 31, 2014 22:28:54 GMT
I would have thought that AC could 'loan' the money in the interim and provided it was repaid within say a maximum of 48 hours then that would make it compliant. Think it's covered under the 'risk transfer' arrangements. Exactly the same as Insurers have with their Brokers. Once the money is paid to the Broker then it is deemed to have been received by the Insurer - hence immediate cover even though no physical consideration has actually been received by the Insurer. All AC would need would be some sort of proof, say a screenshot of the BACS transfer. Just my thoughts but maybe worth checking up on and save paying those banks extortionate fees. In our reading of the FCA rules simple proof of transfer is not enough, you have to have actual cleared funds showing in your bank account. They do make a concession that if you know funds are going to arrive you can simply delay credit until such time as funds are scheduled to have arrived without having to specifically check that they did, but that doesn't help cut down the delay. Given the scale of transferred funds can range into hundreds of thousands of pounds per day we'd need a LOT of money set aside to fund this ourselves for the 5 days it can take for debit card funds to clear (3 working days). FP isn't 5 days surely chris
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bugs4me
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Post by bugs4me on Oct 31, 2014 22:30:29 GMT
OT chris but as you may be around and I've lost track of who does what. Think there's an error on my dashboard - not showing a particular loan. Who should I contact at AC? You can PM me the details but I'm not around for the next couple of days (and going to bed now) so I'll be slow getting back to you. Alternatively if you send it to Dominic or stephen then they'll pass on the information to the dev team next week. Thanks chris. With all the discussions over the revised website I'd lost track. Hope you have a good zzzzzzzzzzzzzzzzzzz
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Post by chris on Oct 31, 2014 22:32:17 GMT
In our reading of the FCA rules simple proof of transfer is not enough, you have to have actual cleared funds showing in your bank account. They do make a concession that if you know funds are going to arrive you can simply delay credit until such time as funds are scheduled to have arrived without having to specifically check that they did, but that doesn't help cut down the delay. Given the scale of transferred funds can range into hundreds of thousands of pounds per day we'd need a LOT of money set aside to fund this ourselves for the 5 days it can take for debit card funds to clear (3 working days). FP isn't 5 days surely chrisI said debit cards are 3 working days, so up to 5 days. FP isn't but that's a different situation with a different solution. As soon as the bank lurches into action we'll have bank transfers down to a couple of hours.
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bugs4me
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Post by bugs4me on Oct 31, 2014 22:33:38 GMT
FP isn't 5 days surely chrisI said debit cards are 3 working days, so up to 5 days. FP isn't but that's a different situation with a different solution. As soon as the bank lurches into action we'll have bank transfers down to a couple of hours. Go to bed!!!!!!
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bugs4me
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Post by bugs4me on Oct 31, 2014 22:44:38 GMT
I know that Chris loves complexity so why not have a facility where the underwriters provide the cash, at a certain cost, and backed by our portfolios, so that we can get hold of cash quickly in our accounts. I'd pay 0.5% to get hold of cash quickly and pay it back within a week or be forced to give up my best loan parts. I don't think anyone likes the complexity of FCA compliance or trying to stay compliant. The problem is the rules can be interpreted in so many ways so it's damned if you do and damned if you don't. A whole industry has grown around FCA compliance and a very lucrative one it is as well. As far as I'm aware, you don't really need any qualifications to refer to yourself as an FCA compliance expert. In my last job we'd ask a compliance expert a question in the morning and got an answer, or was it an opinion. In the afternoon the same question was answered differently by the same expert. But as we were the regulated firm it was always going to be on our heads if we got it wrong!!!
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