bugs4me
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Post by bugs4me on Nov 12, 2014 14:53:54 GMT
It would seem that some lenders can sell parts of this loan and others can't. Last night, my list of targeted loans showed there were about £1400 of parts available. When I looked at the loan's page, it showed the same. Which would be fine except that my target for this loan was set below my holding. So it looked like some parts were available to sell, but not mine. Today, my targeted list shows no units available for sale Is that because the £1400 of parts that were for sale last night were sold, or because Aftermarket sales of this loan have been suspended because it is overdue? The latter seems unlikely, because the loan was overdue yesterday as well, and that didn't stop the system from showing the £1400 of parts as being available. Meanwhile, my target remains below my holding and there's no sign of my parts being visible to anyone else, so I'm totally confused about what is happening. Does anybody have any idea which might be going on here? chris? Have you tried jarring it into action, set target = to holding then reset it back to desired target? Nothing for sale atm, as far as I can see. Maybe suspension on the AM is done manually - just a thought.
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Post by pepperpot on Nov 12, 2014 16:47:03 GMT
Have you tried jarring it into action, set target = to holding then reset it back to desired target? Nothing for sale atm, as far as I can see. Maybe suspension on the AM is done manually - just a thought. Possibly with the new site, but I definitely remember loans disappearing from the SM at the stroke of midnight on the day a payment was missed with the old site.
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mikes1531
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Post by mikes1531 on Nov 12, 2014 17:00:40 GMT
Have you tried jarring it into action, set target = to holding then reset it back to desired target? Nothing for sale atm, as far as I can see. Maybe suspension on the AM is done manually - just a thought. : Yes, I have tried that. No effect. If I have units for sale, I can't see them. (I really don't like the new AC system showing a total that excludes my units for sale in the total of Units Available on one page and includes it on another page showing a loan's 'available investment capacity'.) Are my units visible to anyone else? bugs4me: I am pretty convinced that it happened automatically before the system/website update, because if a payment was due on a Monday and not received then as soon as midnight came and Tuesday arrived it became impossible to put more units for sale -- and the system returned a message saying exactly that if you tried -- and any units shown as for sale at 2359 on Monday disappeared from sale at a few minutes after that. This doesn't seem to be happening with the new system. As an example, the first repayment for the Carm*********** WT Loan was due on 10/Nov and there's no sign of it having been paid, yet there still are about £7k of units available. And to determine whether they really are saleable, I have just bought a £25 part of that loan -- so they are. I suspect this means that the sale restrictions indeed are handled manually on the new system, and either the AC policy regarding the saleability of loans where payments are overdue has been changed without telling us, or whoever is in charge of manually entering the 'remove from sale' instructions isn't doing their job properly. chris probably can tell us if the system is handling things differently now, and andrewholgate should be able to tell us if the AC policy has changed.
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alison
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Sanctuary!!
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Post by alison on Nov 12, 2014 17:05:31 GMT
pepperpot: Yes, I have tried that. No effect. If I have units for sale, I can't see them. (I really don't like the new AC system showing a total that excludes my units for sale in the total of Units Available on one page and includes it on another page showing a loan's 'available investment capacity'.) Are my units visible to anyone else? No units available as of 2 minutes ago.
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mikes1531
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Post by mikes1531 on Nov 12, 2014 19:17:59 GMT
pepperpot: Yes, I have tried that. No effect. If I have units for sale, I can't see them. (I really don't like the new AC system showing a total that excludes my units for sale in the total of Units Available on one page and includes it on another page showing a loan's 'available investment capacity'.) Are my units visible to anyone else? No units available as of 2 minutes ago. Thanks for the info. I can confirm that my target still is significantly lower than my holding and nothing has been sold. So I think we can conclude that parts of this loan are not saleable at this time. chris: Are there plans to make it clear which loans are ineligible to be sold on the Aftermarket? The old system used to warn someone when they tried to offer units for sale in that situation but there's no message now. And even the old system was imperfect in that if someone had parts for sale and then the loan became unsaleable there was no indication that anything had changed unless the lender dug deep into the info available. It really needs to be quite obvious which loan parts are unsellable.
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kermie
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Post by kermie on Nov 12, 2014 19:47:10 GMT
I can confirm, mikes1531, that I have been experiencing the same issue. When another lender mentioned they had managed to shift their holding (merlin, I think), I tried to do the same given that there was only about £1400 on the market from what I could tell - but either it was not selling my loan parts, or I just could not see what was going on - it was quite confusing. No amount of setting my target or reducing my target or other prodding would make any difference....but I could not understand how trading could be suspended whilst there was clearly still some loan parts up for grabs! I think, chris, a simple indicator on the loan page saying "trading suspended" would be very helpful indeed. I appreciate the "credit position has changed" message is similar, but I don't think this is 1:1 with trading being suspended, hence why I suggest a separate, distinct "trading suspended" indicator. <Confused frog face> |
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mikes1531
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Post by mikes1531 on Nov 12, 2014 20:26:46 GMT
I can confirm, mikes1531, that I have been experiencing the same issue. <snip> I appreciate the "credit position has changed" message is similar, but I don't think this is 1:1 with trading being suspended, hence why I suggest a separate, distinct "trading suspended" indicator. : Thanks for the confirmation that it isn't just me with this problem. As for the other point, there definitely is not a 1:1 correspondence between 'credit position has changed' and 'trading suspended' -- this loan doesn't even have a 'credit position has changed' message despite being overdue and trading does appear to be suspended. In the past, that message hasn't been posted for loans where a payment was just a couple of days late even if trading had been suspended. And there are a number of 'credit position has changed' loans -- most notably BLs that have had 'extension' loans created when they became overdue -- where trading still is allowed. So we definitely need a different message/flag for 'trading suspended'.
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Post by chris on Nov 14, 2014 9:29:57 GMT
The aftermarket should shut automatically as soon as there are any late payments, same as with the old site. I have witnessed this happening, and the system was definitely stopping new loan units from being listed for sale, but to make sure I've changed the system to making a live check each time it tries to buy loan units that will make sure all trading is stopped.
What it doesn't do is delist already listed loan units, it just blocks transactions from occurring. I'll get the front end guys to reflect this on the site replacing the "£x available" with "Suspended" or similar message.
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unmadem
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Post by unmadem on Nov 14, 2014 12:17:50 GMT
The aftermarket should shut automatically as soon as there are any late payments, same as with the old site. I have witnessed this happening, and the system was definitely stopping new loan units from being listed for sale, but to make sure I've changed the system to making a live check each time it tries to buy loan units that will make sure all trading is stopped. What it doesn't do is delist already listed loan units, it just blocks transactions from occurring. I'll get the front end guys to reflect this on the site replacing the "£x available" with "Suspended" or similar message. could you also get them to add the message to any loans where trading is suspended on the Your Loans list at the same time. Helpful to see it there too rather than having to go into the individual loans and then only getting message if you try to sell.
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niceguy37
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Post by niceguy37 on Nov 14, 2014 12:52:00 GMT
The aftermarket should shut automatically as soon as there are any late payments, same as with the old site. I have witnessed this happening, and the system was definitely stopping new loan units from being listed for sale, but to make sure I've changed the system to making a live check each time it tries to buy loan units that will make sure all trading is stopped. What it doesn't do is delist already listed loan units, it just blocks transactions from occurring. I'll get the front end guys to reflect this on the site replacing the "£x available" with "Suspended" or similar message. could you also get them to add the message to any loans where trading is suspended on the Your Loans list at the same time. Helpful to see it there too rather than having to go into the individual loans and then only getting message if you try to sell. Or simply add the loan status: Upcoming / Awaiting Drawdown / Active / x days late / Repaid to the loan listing.
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Post by davidricketts1 on Nov 14, 2014 15:00:52 GMT
I've just emailed out an update on this loan.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 16, 2014 12:47:34 GMT
chris/ Colin displayed interest rate for this loan is now wrong following the extension should be 18% per year not 15% which is the old rate. Term has been updated but not rate.
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Post by chielamangus on Dec 19, 2014 12:10:35 GMT
Latest: All parties are confident that PP will be obtained AND a new source of finance has been found to repay the AC loan. This is very welcome for AC investors, but ....
Who are "all parties"? There is no sign on the Council website that a new application has been made, or an appeal made against the previous refusal. I remain sceptical.
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mikes1531
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Post by mikes1531 on Dec 19, 2014 23:06:29 GMT
Latest: All parties are confident that PP will be obtained AND a new source of finance has been found to repay the AC loan. This is very welcome for AC investors, but .... Who are "all parties"? There is no sign on the Council website that a new application has been made, or an appeal made against the previous refusal. I remain sceptical. I'll be most grateful if this turns out to be true, but the only part that's really relevant to us is the refinancing. If it proceeds, we'll be out of this loan no matter what happens on the PP front. However, I'm not about to believe anything actually is going to happen until AC can tell us that they've seen evidence of a firm refinancing offer -- and I don't mean one that's conditional on something happening on the planning front.
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Post by Ton ⓉⓞⓃ on Dec 20, 2014 8:43:52 GMT
Latest: All parties are confident that PP will be obtained AND a new source of finance has been found to repay the AC loan. This is very welcome for AC investors, but .... Who are "all parties"? There is no sign on the Council website that a new application has been made, or an appeal made against the previous refusal. I remain sceptical. I'll be most grateful if this turns out to be true, but the only part that's really relevant to us is the refinancing. If it proceeds, we'll be out of this loan no matter what happens on the PP front. However, I'm not about to believe anything actually is going to happen until AC can tell us that they've seen evidence of a firm refinancing offer -- and I don't mean one that's conditional on something happening on the planning front. If or when the Borrrower gets PP, I might like to extend the loan or refinance 'in house' and then offer a development loan, if it meant we lost the Intro-man. It maybe impossible to work with the Borrower in a new loan as relations may be damaged beyond repair. But as soon as PP is given on this project I'd have thought any of the other p2p platforms would offer a deal on good terms. In Edit. PP is refinance.
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