adrianc
Member of DD Central
Posts: 8,970
Likes: 4,801
|
Post by adrianc on Sept 28, 2016 12:17:05 GMT
O..M..G Just realised that where they've sold the majority of my loan part they've now removed the shrapnel from the market and it's now "disabled".... I assume cos they're now too small to sell which is hardly my fault! Which loan? There's a couple just been suspended. Have a look at another thread here.
|
|
pom
Member of DD Central
Posts: 1,922
Likes: 1,244
|
Post by pom on Sept 28, 2016 12:20:13 GMT
Well that might make sense but it's not documented anywhere (apart from a comment that a loan will stay on the market until it has 2 repayments remaining).... I know they blend our parts with others so wasn't entirely surprised that it hadn't all gone, but a bit of a shock to then find I can no longer sell it. Also just after I started using them (before they put the selling fees up) I sold a couple of parts and this didn't happen then so they must have changed it. Edit: was responding to GSV3MIaC.... adrianc these were loans I listed for sale this morning, not the other disabled ones
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Sept 28, 2016 12:27:40 GMT
I have the residual shrapnel parts left too. Bonkers
|
|
|
Post by Butch Cassidy on Sept 28, 2016 12:37:21 GMT
I'm with SteveT .. the SM is horrid and opaque (even on ReBS I managed to achieve an exit in non-polynomial time), the bidding (in 0.05% steps) is equally horrid, and the underwriter last minute knock-outs are the icing on the cake. LC have been told what people don't like (and there have been few dissenting opinions), and have changed nothing. I certainly agree with the above; I had very high hopes for LC 12 months ago, as they could have undoubtedly benefitted from the mass exodus from FC (as they imposed fixed rates) but they have demonstrated a tin ear to investor concerns & whilst they initially contributed to this forum they now appear to have totally abandoned what can be a valuable source of lender feedback - see MT & abl threads for how it can be used positively.
I still have a small test portfolio & am fairly satisfied with the performance but won't be increasing it anytime soon unless I see more emphasis being put on customer focus & service. Shame that a golden opportunity was needlessly squandered.
|
|
pom
Member of DD Central
Posts: 1,922
Likes: 1,244
|
Post by pom on Sept 28, 2016 12:54:42 GMT
Apart from the stupid shrapnel I'm quite pleasantly surprised by how quickly stuff is selling - 25% so far and only listed everything this morning which is a lot quicker than I expected. Course if I end up having to wait a month or two to get the dregs it rather negates the positive!
|
|
|
Post by nanniema on Sept 28, 2016 13:34:55 GMT
Does the fact that people are selling their loan parts, with various levels of success, mean that their bonuses are "safe" ?
I reached the £1000 mark 23rd. September 2016 and was credited with my £100 on the 25th. I have maintained my investment total over the £1000 ever since and my account still shows the bonus.
My available funds are 70p but according to LC "£207 is available for withdrawal". Obviously this is an error but if I try to withdraw anything over the 70p I am told that they are unable to complete the transaction and to contact them.
I emailed them yesterday but as yet had no reply so was wondering if any-one else has actually managed to free their bonus.
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Sept 28, 2016 14:04:34 GMT
I reached the £1000 mark 23rd. September 2016 and was credited with my £100 on the 25th. I have maintained my investment total over the £1000 ever since and my account still shows the bonus. Do you mean 2016 or 2015?
|
|
|
Post by nanniema on Sept 28, 2016 14:06:46 GMT
Sorry 2015 - although it does seem even longer ago
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on Sept 28, 2016 22:15:30 GMT
GSV3MIaCI think there's something weird about the SM sales, where some part of this month's capital repayment can't be sold, you have to wait to get it from the borrower (or not)? That's the only explanation I can come up with for why there is all this shrapnel left over .. or maybe the SM is just even more weird than I realised?!? I'm with SteveT .. the SM is horrid and opaque (even on ReBS I managed to achieve an exit in a sensible time), the bidding (in 0.05% steps) is equally horrid, and the underwriter last minute knock-outs are the icing on the cake. LC have been told what people don't like (and there have been few dissenting opinions), and have changed nothing. because they reduce the capital daily so they consider that part which has been reduced as being owed to you for the next month's repayment.
|
|
min
Member of DD Central
Posts: 603
Likes: 170
|
Post by min on Sept 30, 2016 16:11:49 GMT
Apart from the stupid shrapnel I'm quite pleasantly surprised by how quickly stuff is selling - 25% so far and only listed everything this morning which is a lot quicker than I expected. Course if I end up having to wait a month or two to get the dregs it rather negates the positive! How's your selling going pom? 25% of mine went in 30 hours - now seems to have ground to a halt. Maybe the weekend will start the ball rolling again.
|
|
pom
Member of DD Central
Posts: 1,922
Likes: 1,244
|
Post by pom on Sept 30, 2016 17:02:02 GMT
Apart from the stupid shrapnel I'm quite pleasantly surprised by how quickly stuff is selling - 25% so far and only listed everything this morning which is a lot quicker than I expected. Course if I end up having to wait a month or two to get the dregs it rather negates the positive! How's your selling going pom ? 25% of mine went in 30 hours - now seems to have ground to a halt. Maybe the weekend will start the ball rolling again. About 40% the first day, nothing since. If I have some spare time or am bored I might do some correlation to work out if my unsold loans are "just" those with loads for sale....if not I may consider delisting/relisting to see if that helps. I did wonder if parts I bought on the primary might do better than those on the secondary (ie the system would need some "good" rates to blend with all the low rate stuff) but the stuff that's sold includes stuff I bought on the SM during my initial investment, so who knows? I would like to get out this tax year but not holding my breath, especially with 2 loans in arrears and one lost.
|
|
pom
Member of DD Central
Posts: 1,922
Likes: 1,244
|
Post by pom on Oct 3, 2016 10:50:24 GMT
Hurrah - the shrapnel is starting to disappear as repayments come in... (still not had any reply from LC to the email I sent when I first discovered this "feature" tho) And still had no more sales since the first day tho (some of my loans have very little SM availability tho so would hope they're next) - delisted/relisted a few over the weekend (mix of those with large/small SM availability) but doesn't seem to have made any difference. Best get comfy for a long wait I guess....(so in that respect I guess I won't really consider my bonus safe until everything's sold up and cashed out....)
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Oct 3, 2016 10:58:31 GMT
Hurrah - the shrapnel is starting to disappear as repayments come in... (still not had any reply from LC to the email I sent when I first discovered this "feature" tho) And still had no more sales since the first day tho (some of my loans have very little SM availability tho so would hope they're next) - delisted/relisted a few over the weekend (mix of those with large/small SM availability) but doesn't seem to have made any difference. Best get comfy for a long wait I guess....(so in that respect I guess I won't really consider my bonus safe until everything's sold up and cashed out....) Like you, about 40-45% of my parts sold within a few days, allowing me to withdraw half of the £1000 I originally deposited (I had no comeback on the subject of the original new lender bonus). Since then I've had the odd sale but yes, it's going to take a while to exit fully. And, whilst I still don't understand the reason, my shrapnel is disappearing too when the next payment is made.
|
|
pom
Member of DD Central
Posts: 1,922
Likes: 1,244
|
Post by pom on Oct 4, 2016 8:27:10 GMT
Slow trickle restarted - guess not many people buy at the weekend... fingers crossed maybe I'll have most of it by Xmas (note I'm not specifying a year!!)
|
|
awk
Posts: 275
Likes: 146
Member is Online
|
Post by awk on Oct 6, 2016 7:28:19 GMT
The LC website has actually grown on me - somehow, it feels friendlier than others !
However, given likely bad loan rates (here and on FC), I've decided to concentrate on asset backed lending elsewhere.
It's my anniversary today, so I've been busy listing loans this morning - and just had my first sale !
A couple of you have mentioned "shrapnel", which I didn't really understand. However, having now gone through the listing process, I assume that this is the small amount it doesn't list - it appears to be the principle due within the month, so I assume it gets paid out with the next repayment.
I hope to eventually show a small profit (after interest, losses and bonuses), but not sure when.
Has anyone ACTUALLY WITHDRAWN more than their initial investment yet? (the £1000 or whatever)
|
|