pikestaff
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Post by pikestaff on Jul 17, 2016 6:47:27 GMT
There are good and unavoidable reasons for the NDA, which have been discussed on TC's private forum. I have no problem with it whatsoever.
When it comes to a vote, lenders as a whole will be told what TC is free to tell them. That's no different than it would have been if there had been no meeting, except that the meeting should help TC write a better note than they might otherwise have done.
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Greenwood2
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Post by Greenwood2 on Jul 17, 2016 14:36:20 GMT
Why wouldn't anyone agree to not disclose sensitive information? And if you won't why would you expect anyone to share such information with you?
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elliotn
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Post by elliotn on Dec 21, 2017 8:55:50 GMT
I would like to invest in TC, mainly because my SIPP has limited platforms I can invest in and I would like further diversity Is there a rough guide to the platform around anywhere? I am reading up but had a few questions: - the minimum balance seems to be £1000, but is that the minimum bid too? - the vast majority seem to be auction loans? How does this work, so I bid an interest rate and then the lowest bids win? - There is however a secondary market, so with amortising loans you can pick up smaller chunks. Do be a bit careful on the SM, it operates a discount/premium scheme (a little unintuitively perhaps) but it does not take into account accrued interest in the way it auto prices. Some loans are interest roll-ups, some are qtly payments, so it is a bit of a minefield unless you know what you are doing (IMHO). - there are the TLCs - not tender loving care but thin cats lending club - loans. Consider these as pooled resources which are then used to bid into a number of loans; hence you can get greater diversification from a smaller comittment. I don't use them, and I'd be careful about picking up on the SM: some of these are into a pretty small number of loans (handful) and hence some are shall we say a touch underperforming. - Mix of auction loans and fixed rate loans. Good fixed rate loans go fast (FFF) (unless they are large). The one really good thing about the TC systems is the dynamic bidding capability. If you are going to bid on a variable rate auction then make sure you use dynamic bidding (set your rate and your lowest acceptable floor rate) rather than a static bid. The system will then adjust your bid downwards accordingly until you are kicked off because the prevailing max rate is lower than your floor. eBay in reverse. I am in constant bewilderment at those who continue to put in static bids and end up with a rate lower than they could have got. Bizarre. I caved in and registered ahead of the 1% lenders' fee - having initially balked at the 1% SM fee - and in anticipation of the increase in resources coming on board via personnel and institutional funds.
I'm still waiting for my lender number to deposit but the briefest of SM reviews suggested some shorter remaining term loans, some tlc, some sub-1k parts and staggered launches.
- do you get tlc performance data once you've deposited and accessed the secondary site to help with pricing - are the amortised parts for sale fixed ie you can't choose yourself to sell other loan parts sub-1k (unclear on SM guide) - the staggered SM launches for anything desirable I'm guessing is FFF (as would the 100k loan on PM)? - there are some 'Ended' loan parts, did these lapse unsold
Thanks 
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shimself
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Post by shimself on Dec 21, 2017 10:07:15 GMT
- There is however a secondary market, so with amortising loans you can pick up smaller chunks. Do be a bit careful on the SM, it operates a discount/premium scheme (a little unintuitively perhaps) but it does not take into account accrued interest in the way it auto prices. Some loans are interest roll-ups, some are qtly payments, so it is a bit of a minefield unless you know what you are doing (IMHO). - there are the TLCs - not tender loving care but thin cats lending club - loans. Consider these as pooled resources which are then used to bid into a number of loans; hence you can get greater diversification from a smaller comittment. I don't use them, and I'd be careful about picking up on the SM: some of these are into a pretty small number of loans (handful) and hence some are shall we say a touch underperforming. - Mix of auction loans and fixed rate loans. Good fixed rate loans go fast (FFF) (unless they are large). The one really good thing about the TC systems is the dynamic bidding capability. If you are going to bid on a variable rate auction then make sure you use dynamic bidding (set your rate and your lowest acceptable floor rate) rather than a static bid. The system will then adjust your bid downwards accordingly until you are kicked off because the prevailing max rate is lower than your floor. eBay in reverse. I am in constant bewilderment at those who continue to put in static bids and end up with a rate lower than they could have got. Bizarre. I caved in and registered ahead of the 1% lenders' fee - having initially balked at the 1% SM fee - and in anticipation of the increase in resources coming on board via personnel and institutional funds.
I'm still waiting for my lender number to deposit but the briefest of SM reviews suggested some shorter remaining term loans, some tlc, some sub-1k parts and staggered launches.
- do you get tlc performance data once you've deposited and accessed the secondary site to help with pricing - are the amortised parts for sale fixed ie you can't choose yourself to sell other loan parts sub-1k (unclear on SM guide) - the staggered SM launches for anything desirable I'm guessing is FFF (as would the 100k loan on PM)? - there are some 'Ended' loan parts, did these lapse unsold
Thanks
Yes you do get TLC data, takes a bit of time to absorb. Handle with care If you mean can you sell part of your sub 1000 holding and keep the rest, no Personally if I list on the SM I list as an auction so it's not FFF. If listed as fixed price then yes of course it is The 100K PM loan, yes FFF but with the proviso that you will get a day or two between the listing being dosplayed and being open for bids so there is DD and Q&A time Ended on the PM, does NOT imply unsold, I think it allows lenders a bit of time to see if their bid was successful and at what rate (like ebay only in reverse you can put in a bid which slowly decrements from say 11% to 8% as more pople come in under you)
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Greenwood2
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Post by Greenwood2 on Dec 21, 2017 10:22:21 GMT
Read the TC forums about TLCs before investing, many should have serious health warnings. It is a quirk of TC that these are allowed to be sold on the SM when some of the underlying loans are not.
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elliotn
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Post by elliotn on Dec 21, 2017 10:52:27 GMT
I caved in and registered ahead of the 1% lenders' fee - having initially balked at the 1% SM fee - and in anticipation of the increase in resources coming on board via personnel and institutional funds.
I'm still waiting for my lender number to deposit but the briefest of SM reviews suggested some shorter remaining term loans, some tlc, some sub-1k parts and staggered launches.
- do you get tlc performance data once you've deposited and accessed the secondary site to help with pricing - are the amortised parts for sale fixed ie you can't choose yourself to sell other loan parts sub-1k (unclear on SM guide) - the staggered SM launches for anything desirable I'm guessing is FFF (as would the 100k loan on PM)? - there are some 'Ended' loan parts, did these lapse unsold
Thanks
Yes you do get TLC data, takes a bit of time to absorb. Handle with care If you mean can you sell part of your sub 1000 holding and keep the rest, no Personally if I list on the SM I list as an auction so it's not FFF. If listed as fixed price then yes of course it is The 100K PM loan, yes FFF but with the proviso that you will get a day or two between the listing being dosplayed and being open for bids so there is DD and Q&A time Ended on the PM, does NOT imply unsold, I think it allows lenders a bit of time to see if their bid was successful and at what rate (like ebay only in reverse you can put in a bid which slowly decrements from say 11% to 8% as more pople come in under you) Thank you.
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markb
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Post by markb on Dec 21, 2017 13:59:11 GMT
If you mean can you sell part of your sub 1000 holding and keep the rest, no Generalising that answer, you can't sell only a fraction of any one of your loan parts intentionally (but it does happen if your SM listing expires with bids that sum to less than the price of the whole loan part). The workaround is when you buy into the loan, to split your bid into multiple smaller bids so that you have more sale size options for later - but that's quite annoying. Ended on the PM, does NOT imply unsold, I think it allows lenders a bit of time to see if their bid was successful and at what rate (like ebay only in reverse you can put in a bid which slowly decrements from say 11% to 8% as more pople come in under you) Yes, drawdown usually takes a while, so there's not a great rush to take down the expired PM listings. Contrast with the SM - sometimes the expired listings disappear within seconds (which means for example that if you lose, often you can't find out how much you lost by), whereas sometimes they sit in 'Ended' state for a few days. TC process everything manually (hence their inability to set a competitive SM fee), so I think it depends whether the right person is at their desk waiting to push the button, or on vacation.
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agent69
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Post by agent69 on Dec 21, 2017 18:58:32 GMT
Read the TC forums about TLCs before investing, many should have serious health warnings. It is a quirk of TC that these are allowed to be sold on the SM when some of the underlying loans are not. Like several other platforms, I am nearly out of TC - just £1k left in the Bombardier related loan fiasco (I know don't laff, I was seduced by the promise of a discounted J ticket to NYC) I had great plans when I first joined and thought investing in the TLC's would be a quick route to diversification. However, like many aspects of P2P, once you have had a closer look things are not what you had hoped. I only ever bought 1 TLC, and that shifted easily. However, there are plenty of them (particularly the earlier ones that include the midlands aviation company) that have bombed. Also they can be difficult to shift on maturity. Think a 3 year TLC that bought into 5 year loans, that now dumps £40k of a loan on the SM and nobody wants it.
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elliotn
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Post by elliotn on Dec 22, 2017 2:31:38 GMT
Beginner’s note - bidding at the start of a variable rate loan ties up capital for a week
Do SM parts come in dribs & drabs or do they batch up, say, weekly?
Thanks.
Edit - if I want to improve a bid on a variable rate auction I need to re-fund, would my superceded bid then be automatically reimbursed? Edit 2 - have now been displaced in the auction Q, will the bid be refunded to me now that it is closed? Also, anyone had deposits processed today yet? Thanks
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Greenwood2
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Post by Greenwood2 on Dec 23, 2017 21:35:10 GMT
SM parts appear when someone lists them, after checking for eligibility by TC, shouldn't take more than a day usually. I think once you are outbid on the SM your funds are returned fairly quickly (don't bid on the SM often, too much of a minefield ). Usually deposits are credited within a few hours but with Christmas they may be delayed, haven't deposited in the last few days. |
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pikestaff
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Post by pikestaff on Dec 24, 2017 8:09:50 GMT
... Edit [1] - if I want to improve a bid on a variable rate auction I need to re-fund, would my superceded bid then be automatically reimbursed? Edit 2 - have now been displaced in the auction Q, will the bid be refunded to me now that it is closed? 1: I struggled to understand this question when I first read it, but I think you are envisaging a situation where you have bid for £1k nominal of a variable rate SM auction of a few £k, and your existing bid will be knocked out if you make a new more competitive bid. In that situation, yes. Same as answer 2. But you will need to have free cash to fund your improved bid in full. The system is not clever enough to demand just the difference between the two bids. 2: Yes, automatically as soon as the bid is displaced. A few more things I would add: 3: Second-hand TLCs can be traded regardless of how many loans within them are in default, or even written off. The ones offered on the SM are almost always heavily underwater. If you are considering bidding, read and understand the TLC performance analysis workbook in TC's dropbox; you will have got access instructions with your welcome email. Then still say no! [Disclosure: My alias on TC is "Alison" (my wife's name). I wrote an early version of this tool and was instrumental in getting it published.] 4: The SM on TC is pretty thin. Sometimes variable rate auctions struggle to attract bidders at all. At other times, they can be very competitive and loans can be quickly be bid down to what some might consider unrealistically low rates. Set your lower limits and stick to them. 5: Consider using dynamic bidding, where you set your lower rate limit at the start and let the system do the work for you. This avoids the problem in 1 where you need spare capital to improve your bid. It can be a bit trial and error to make dynamic bids work. The last time I tried (well over a year ago) the difference between your higher and lower limits needed to be a multiple of the permitted bid decrement (usually 0.1% on the SM) but there was nothing to stop your limits being (for example) 10.97% and 9.97%. This might have changed. (All auctions used to be in 0.01% decrements, which is what the system is designed for, but some idiot decided that this resulted in too much gaming and changed the rules on the SM without fully supporting this in the system.)
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Post by captainconfident on Dec 24, 2017 19:24:16 GMT
[Disclosure: My alias on TC is "Alison" (my wife's name). I wrote an early version of this tool and was instrumental in getting it published.] Hey! What? Pardon? I've been pretty much in love with Alison from TC for some years now. Say it's not true! Oh! My broken heart...!
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elliotn
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Post by elliotn on Dec 25, 2017 8:39:52 GMT
... Edit [1] - if I want to improve a bid on a variable rate auction I need to re-fund, would my superceded bid then be automatically reimbursed? Edit 2 - have now been displaced in the auction Q, will the bid be refunded to me now that it is closed? 1: I struggled to understand this question when I first read it, but I think you are envisaging a situation where you have bid for £1k nominal of a variable rate SM auction of a few £k, and your existing bid will be knocked out if you make a new more competitive bid. In that situation, yes. Same as answer 2. But you will need to have free cash to fund your improved bid in full. The system is not clever enough to demand just the difference between the two bids. 2: Yes, automatically as soon as the bid is displaced. A few more things I would add: 3: Second-hand TLCs can be traded regardless of how many loans within them are in default, or even written off. The ones offered on the SM are almost always heavily underwater. If you are considering bidding, read and understand the TLC performance analysis workbook in TC's dropbox; you will have got access instructions with your welcome email. Then still say no! [Disclosure: My alias on TC is "Alison" (my wife's name). I wrote an early version of this tool and was instrumental in getting it published.] 4: The SM on TC is pretty thin. Sometimes variable rate auctions struggle to attract bidders at all. At other times, they can be very competitive and loans can be quickly be bid down to what some might consider unrealistically low rates. Set your lower limits and stick to them. 5: Consider using dynamic bidding, where you set your lower rate limit at the start and let the system do the work for you. This avoids the problem in 1 where you need spare capital to improve your bid. It can be a bit trial and error to make dynamic bids work. The last time I tried (well over a year ago) the difference between your higher and lower limits needed to be a multiple of the permitted bid decrement (usually 0.1% on the SM) but there was nothing to stop your limits being (for example) 10.97% and 9.97%. This might have changed. (All auctions used to be in 0.01% decrements, which is what the system is designed for, but some idiot decided that this resulted in too much gaming and changed the rules on the SM without fully supporting this in the system.) Thanks very much for taking the time to answer.
Unfortunately my (early morning) Fri deposits were not processed so I've missed out on the AHL loan (so far) and my bids that were knocked out on 2 SM auctions haven't been refunded (which I'm guessing is also manual) so I may be beholden to FFF after the 27th am deposit run. The staggered, pre-advised SM launches look like they may be prone to FFF too but at the moment I'm just diversifying so happy to be patient as I learn the ropes .
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elliotn
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Post by elliotn on Dec 25, 2017 8:41:55 GMT
[Disclosure: My alias on TC is "Alison" (my wife's name). I wrote an early version of this tool and was instrumental in getting it published.] Hey! What? Pardon? I've been pretty much in love with Alison from TC for some years now. Say it's not true! Oh! My broken heart...! I feel you, one of my all time fave Pixies' songs now has a whole new meaning!
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pikestaff
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Post by pikestaff on Dec 26, 2017 9:12:38 GMT
...Unfortunately my (early morning) Fri deposits were not processed so I've missed out on the AHL loan (so far) and my bids that were knocked out on 2 SM auctions haven't been refunded (which I'm guessing is also manual) so I may be beholden to FFF after the 27th am deposit run... Disappointing and puzzling in equal measure. 1. Your early morning deposit should have been processed, assuming it came from your designated back account. 2. It's a very long time since I had a bid knocked out in this way. My memory might be playing tricks on me but I could swear the refund used to be automatic. I will follow this up with TC, if only for my edification.
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