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Post by Ton ⓉⓞⓃ on Apr 9, 2014 14:46:15 GMT
Starts 10th April
5 year amortising loan - 10.5% per annum - 61% loan to value
IN EDIT I can see loads of pre-bids, willthey be happening this time
Also but more importantly I see somehow I've already put in pre-bids that I don't remember doing...
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bugs4me
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Post by bugs4me on Apr 9, 2014 14:52:39 GMT
Starts 10th April 5 year amortising loan - 10.5% per annum - 61% loan to value The loan looks okay - it's the Scotland bit that concerns me especially if the worst comes to the worst - re enforcement.
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Post by Ton ⓉⓞⓃ on Apr 9, 2014 14:55:07 GMT
Starts 10th April 5 year amortising loan - 10.5% per annum - 61% loan to valueThe loan looks okay - it's the Scotland bit that concerns me especially if the worst comes to the worst - re enforcement. can you read the edit I put in my first post, has this happened to you too or is it just me?
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Apr 9, 2014 14:58:38 GMT
Starts 10th April 5 year amortising loan - 10.5% per annum - 61% loan to value IN EDIT I can see loads of pre-bids, willthey be happening this time Also but more importantly I see somehow I've already put in pre-bids that I don't remember doing... Perhaps its a new function of AutoInvest whereby it reads your mind and does it for you!
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bugs4me
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Post by bugs4me on Apr 9, 2014 14:59:46 GMT
bugs4me can you read the edit I put in my first post, has this happened to you too or is it just me? 'Edit' now appeared - maybe my browser.
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Post by Ton ⓉⓞⓃ on Apr 9, 2014 15:04:11 GMT
Starts 10th April 5 year amortising loan - 10.5% per annum - 61% loan to value IN EDIT I can see loads of pre-bids, willthey be happening this time Also but more importantly I see somehow I've already put in pre-bids that I don't remember doing... Perhaps its a new function of AutoInvest whereby it reads your mind and does it for you! Well since you gave your KISS post I've been trying to break things, so far I've been very successful.
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Post by Ton ⓉⓞⓃ on Apr 9, 2014 15:21:21 GMT
This is a quote form yesterday's London Law as found by mikes1531It's not clear why this has gone into pre-bidding, has the above been over-ridden or are the pre-bids a mistake? |
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Post by batchoy on Apr 9, 2014 16:35:51 GMT
This is a quote form yesterday's London Law as found by mikes1531It's not clear why this has gone into pre-bidding, has the above been over-ridden or are the pre-bids a mistake? The rules that have developed overtime in addition to those quoted are that there will be no auction start date until the documents are complete and no pre-bids until there is a start date. Once an auction starts prebids will convert to bids if there are funds available for full bids or shadow bids. In the case of this auction we have the full documents and a start date hence we are able to pre-bid however as you point out it breaches the first rule in your quote.
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mikes1531
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Post by mikes1531 on Apr 9, 2014 17:26:37 GMT
This is a quote form yesterday's London Law as found by mikes1531It's not clear why this has gone into pre-bidding, has the above been over-ridden or are the pre-bids a mistake? The rules that have developed overtime in addition to those quoted are that there will be no auction start date until the documents are complete and no pre-bids until there is a start date. Once an auction starts prebids will convert to bids if there are funds available for full bids or shadow bids. In the case of this auction we have the full documents and a start date hence we are able to pre-bid however as you point out it breaches the first rule in your quote. I wonder if the pre-bids referenced in the quoted 'rules' were meant to refer to the time when Lender Panel members could place bids before anyone else could, and it was that advantage that was intended to be curbed by the 'Under £250k' rule. Now that offering limits are being imposed, and all lenders can pre-bid it's less of an issue.
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mikes1531
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Post by mikes1531 on Apr 9, 2014 17:32:06 GMT
Also but more importantly I see somehow I've already put in pre-bids that I don't remember doing... AIUI, that's a future option for AI, but I wouldn't have expected it now unless you set up an AIM target for this loan before pre-bids were allowed. If you did that, then AI would have placed a pre-bid for your target amount as soon as pre-bids went live.
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Post by Ton ⓉⓞⓃ on Apr 9, 2014 17:38:52 GMT
Also but more importantly I see somehow I've already put in pre-bids that I don't remember doing... AIUI, that's a future option for AI, but I wouldn't have expected it now unless you set up an AIM target for this loan before pre-bids were allowed. If you did that, then AI would have placed a pre-bid for your target amount as soon as pre-bids went live. It's several 20's totaling 100, I put one or two on but not five 20's. Though I normally bid this way so that the loan is already split for me. Your quote of A is one can can't find anywhere on this site. Andrewholgate seems to have made only one post on the 31st Jan but it's not the quote you use, so I assume you have it on your hard-drive.
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Post by Ton ⓉⓞⓃ on Apr 9, 2014 18:02:15 GMT
I've managed, after some effort, to put on a bid for £10, it's a small one just for chris's little one. |
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mikes1531
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Post by mikes1531 on Apr 9, 2014 18:40:42 GMT
AIUI, that's a future option for AI, but I wouldn't have expected it now unless you set up an AIM target for this loan before pre-bids were allowed. If you did that, then AI would have placed a pre-bid for your target amount as soon as pre-bids went live. It's several 20's totaling 100, I put one or two on but not five 20's. Though I normally bid this way so that the loan is already split for me. I put in some inadvertent pre-bids today. How did I manage to do that? I went to the loan's web page and clicked on the 'Bid' tab in the right-hand panel. That brought up the pre-bid entry box, which was empty. I entered an amount, and clicked 'Place bid'. Something diverted my attention from my screen for a few seconds, and when I looked at it again my amount was still in the entry box, so I presumed nothing had happened and clicked 'Place Bid' again. In fact, I had placed two pre-bids, which I discovered later. What actually had happened was that a second or two after clicking 'Place Bid', a notice saying "Notification Your prebid has been posted" should have appeared just above the pre-bid entry box, but it would have stayed for less than five seconds before disappearing and leaving my screen looking just like it had before I clicked 'Place Bid'. The only way to tell that I actually had placed a pre-bid was to keep my eye glued to the screen, or to scroll down the page and inspect the 'Your Prebids' box below the box where I had entered my bid(s). (It also would appear on my Dashboard.) Part of the problem was that I was using a netbook at the time and the 'Your Prebids' box was off the bottom of the screen. If I had been at my PC with its larger screen that wouldn't have been an issue, but anyone using a small screen like on a tablet or phone could get caught like I did. Placing extra pre-bids is no big deal because they can be deleted as long as they're spotted at least five minutes before the auction goes live. But an accident like that with bids in a live auction would be a different matter entirely since those bids can't be withdrawn. So I'm not about to experiment to see how easy it is to do! I might be the only AC lender who might make such a mistake, so I'm not suggesting that AC ought to do something to prevent people like me from getting themselves into trouble. But it does illustrate how things can go wrong. Your quote of A is one can can't find anywhere on this site. Andrewholgate seems to have made only one post on the 31st Jan. I assume you have it on your hard-drive. My quote didn't come from this forum. It's an extract from an email from Assetz Capital <enquiries@assetzcapital.co.uk> with the subject of "Drawdown times and pre-bidding on auctions".
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mikes1531
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Post by mikes1531 on Apr 9, 2014 18:46:05 GMT
I've managed, after some effort, to put on a bid for £10, it's a small one just for chris's little one. How did you manage that? I thought the minimum bid amount was £20.
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andy2001
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Post by andy2001 on Apr 9, 2014 18:55:20 GMT
I've managed, after some effort, to put on a bid for £10, it's a small one just for chris's little one. How did you manage that? I thought the minimum bid amount was £20. It is, and nobody has mad a real bid yet only pre bids, so this £10 may get kicked when the auction opens.
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