upland
Member of DD Central
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Post by upland on Oct 21, 2016 12:24:40 GMT
Its 24 now , I have seen it go up and down like a yo-yo so I am not sure that it means much in effect. It did not help me invest my few pounds of interest.
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Post by vanessaiman on Oct 21, 2016 13:04:25 GMT
Hi Littonowl, I hope you are well. My apology for the delay, we are experiencing a very high demand but we are working extremely hard to get more capacity on the platform. So what is meant by '36 loans currently open'? Hi sidamo , I hope you are well. The number of loans shown on the statistics page did indeed rise to above the minimum required. However, this was due to some capacity in existing loans having freed up; the system is currently working its way through the queue in chronological order, and the number has since reduced. Rest assured that our lending team are working extremely hard to secure additional capacity. They have a strong pipeline of loans which expect to complete imminently. But our absolute focus must be on ensuring each and every loan meets our rigorous underwriting criteria. Capital preservation is our number one priority – always has been, and always will be. Best, Vanessa
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Post by sidamo on Oct 21, 2016 14:29:54 GMT
So what is meant by '36 loans currently open'? Hi sidamo , I hope you are well. The number of loans shown on the statistics page did indeed rise to above the minimum required. However, this was due to some capacity in existing loans having freed up; the system is currently working its way through the queue in chronological order, and the number has since reduced. Rest assured that our lending team are working extremely hard to secure additional capacity. They have a strong pipeline of loans which expect to complete imminently. But our absolute focus must be on ensuring each and every loan meets our rigorous underwriting criteria. Capital preservation is our number one priority – always has been, and always will be. Best, Vanessa I appreciate and share your priority towards capital preservation However the 'statistics' reporting is not helpful. If you state that there are 36 loans open and a given interest rate, I expect newly deposited funds to be able to enter these 'open' loans at the stated rate It appears that they are only opened to queued investments however. And as there is no indication of the queue size relative to the capacity you have, the stats seem pretty meaningless.
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Post by vanessaiman on Oct 21, 2016 14:57:58 GMT
Hi sidamo , Yes, we realise it’s a bit confusing and frustrating at the moment – we’re sorry about that. We’re currently hard at work making the information on the statistics page a lot clearer, as we know that that people will want to know if and roughly how long they might have to wait before their money’s hard at work. Thanks for bearing with us in the meantime!
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tarq
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Post by tarq on Oct 22, 2016 10:10:12 GMT
How often do the funds in an account get reviewed, or is it once it's invested it stays until the term ends?
Mine was invested fairly quickly at ave 4.8%, I now see the sites average is 5%.
Thanks
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Post by vanessaiman on Oct 24, 2016 9:22:42 GMT
How often do the funds in an account get reviewed, or is it once it's invested it stays until the term ends? Mine was invested fairly quickly at ave 4.8%, I now see the sites average is 5%. Thanks Hi tarq, I hope you’re well. Once invested, we don’t automatically redistribute your money across new loans – and so your portfolio would remain the same until individual loans redeem and are replaced by new ones, with different rates. (Just to be clear, there’s no term for the product itself; instead, your money’s invested in a constantly refreshing portfolio of loans with different durations, which will redeem at different times. But they’re all short term – the average duration is around 18 months, and many are quite a bit shorter than that.) Best, Vanessa
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littonowl
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Post by littonowl on Oct 24, 2016 16:33:36 GMT
Yep just noticed that also.. Minimums only on the initial investment I think...otherwise reinvestment would be slow. I noted on the invest button that they currently have 36 loans on offer averaging 5.3% so I just topped up my investment while I was there.. I also spotted that and topped up at 9.30 this morning. Must be a fair old queue though, because I'm still not invested at close of play tonight (usually done within the hour on past experience).. ...my deposit (3 working days ago) is still uninvested, and now there's just 8 loans open at 5%... Not known it like this at Octopus before, normally invested within the hour for me. Must be a lot of funds to work through, here's hoping there's more new loans on the horizon...
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Post by davee39 on Oct 24, 2016 17:27:43 GMT
The number of loans / ave rate is misleading.
As far as I can tell if a small amount of a higher yield loan goes up for sale it will be part of the average even if it is snapped up quickly. It has been indicated that the lurch in available loans is down to withdrawals, where small amounts of multiple loans appear to become available. It looks like deposits have grown faster than loan availability.
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Post by sidamo on Oct 25, 2016 13:17:17 GMT
I added £1000.00 when the platform was showing many loans open.
The number of loans dropped so my £1000 is now sitting in the queue. Wanting to get the money back out, I go to 'withdraw' but can only withdraw invested funds.
Not ideal..
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bigfoot12
Member of DD Central
Posts: 1,817
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Post by bigfoot12 on Oct 25, 2016 14:38:07 GMT
Wanting to get the money back out, I go to 'withdraw' but can only withdraw invested funds. I had a similar problem and I phoned them up and they were able to manually return my money. The person I spoke to was very impressive.
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Post by vanessaiman on Oct 25, 2016 14:55:00 GMT
The number of loans / ave rate is misleading. As far as I can tell if a small amount of a higher yield loan goes up for sale it will be part of the average even if it is snapped up quickly. It has been indicated that the lurch in available loans is down to withdrawals, where small amounts of multiple loans appear to become available. It looks like deposits have grown faster than loan availability. Hi davee39 , Yes, we realise it’s a bit confusing and frustrating at the moment – we’re sorry about that. We’ve now created a feature whereby you'll be able to see the wait time of our previous customers. This can be done by clicking onto the invest button or during our signup process. I hope this helps! Best, Vanessa
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pauls
Posts: 68
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Post by pauls on Oct 25, 2016 15:12:39 GMT
The number of loans / ave rate is misleading. As far as I can tell if a small amount of a higher yield loan goes up for sale it will be part of the average even if it is snapped up quickly. It has been indicated that the lurch in available loans is down to withdrawals, where small amounts of multiple loans appear to become available. It looks like deposits have grown faster than loan availability. Hi davee39 , Yes, we realise it’s a bit confusing and frustrating at the moment – we’re sorry about that. We’ve now created a feature whereby you'll be able to see the wait time our previous customers. This can be done by clicking onto the invest button or during our signup process. I hope this helps! Best, Vanessa Thanks for that vanessaiman. Could you shed some light on any improvements in the pipeline wrt deal flow? Number of new loans and quantum perhaps.
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Post by sidamo on Oct 26, 2016 9:02:12 GMT
Hi davee39 , Yes, we realise it’s a bit confusing and frustrating at the moment – we’re sorry about that. We’ve now created a feature whereby you'll be able to see the wait time of our previous customers. This can be done by clicking onto the invest button or during our signup process. I hope this helps! Best, Vanessa "Latest wait time was 6 days." I added money 12 days ago which is still uninvested.
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Post by vanessaiman on Oct 26, 2016 11:56:34 GMT
Hi davee39 , Yes, we realise it’s a bit confusing and frustrating at the moment – we’re sorry about that. We’ve now created a feature whereby you'll be able to see the wait time our previous customers. This can be done by clicking onto the invest button or during our signup process. I hope this helps! Best, Vanessa Thanks for that vanessaiman . Could you shed some light on any improvements in the pipeline wrt deal flow? Number of new loans and quantum perhaps. Hi pauls, The market for short term finance is fast-moving and things can quickly change, but as a rough indication we have around 10 deals of, on average, around £450,000 that should complete over the course of the next few weeks. We'll soon be publishing full details of our loanbook on our statistics page (including all loans that we have previously funded as well as ones that are open for investment); I'll be sure to post an update when it's live so you can check it out and let us know what you think. Best, Vanessa
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dandy
Posts: 427
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Post by dandy on Oct 26, 2016 12:39:48 GMT
Hi vanessaiman - could you please clarify if I invest (eg) £1000 and this gets spread over (eg) 10 loans - do you continue to diversify these funds to get me into 40 loans? so am i reduced on some initial loans and subsequently put into others? and does it always stop at 40 loans?
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