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Post by gonzo on Apr 30, 2014 15:57:25 GMT
I got myself the last £500 - quite exciting. Did you notice whether there was £264 or £500 left at the time of your bid? I can see the £500 bid on the list, but how can that be if there was only £264 left? Does the bid show as £500 in your dashboard/statement? Having seem the post re the £264 remaining I had assumed at the time that either my bid would be refused or that it would be cutback - a bit of an experiment - it seems to have been just luck that I selected the final remaining amount. And yes, the full £500 bid is showing in my account details.
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mikes1531
Member of DD Central
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Post by mikes1531 on Apr 30, 2014 16:03:32 GMT
Did you notice whether there was £264 or £500 left at the time of your bid? I can see the £500 bid on the list, but how can that be if there was only £264 left? Does the bid show as £500 in your dashboard/statement? Having seem the post re the £264 remaining I had assumed at the time that either my bid would be refused or that it would be cutback - a bit of an experiment - it seems to have been just luck that I selected the final remaining amount. And yes, the full £500 bid is showing in my account details. I does seem rather odd that there would be exactly £500 left at the end. I wonder if AC have an arrangement with some regular lenders to 'undo' a bit of their earlier bids in order to accommodate the last bidder? No doubt chris can tell us how the last bid is handled.
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Post by chris on Apr 30, 2014 17:26:44 GMT
When the final bid is placed it is entered for the full amount. It is then shrunk as a separate step to match the end of the loan. Two figures are recorded against the bid, the amount requested and the actual amount the bid ended up being for. I believe that the front end may be reporting the amount requested in a couple of places where it should probably show the actual amount. If you check on your statement you'll see the transaction will be for the expected amount.
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Post by chris on Apr 30, 2014 17:31:36 GMT
If anyone wants any more of this loan, there's only about 2.5k left to fund. This surprised me as the loan was showing 100% funded and yet the auction was still open. I thought the number in the horseshoe chart was supposed to start showing decimal places when it started approaching 100%. Over to you, chris! I thought so too. I'll pass this on to the front end guys.
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Post by Ton ⓉⓞⓃ on Jun 16, 2014 15:57:57 GMT
Redruth just gone back to Preview status, cash seems to have been returned to lenders...
IN EDIT This was (or is) an April cashback loan.
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mikeb
Posts: 1,072 
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Post by mikeb on Jun 16, 2014 17:49:42 GMT
chris I'm not sure if the AI logic has done the right thing here though (on reversion) I had bids of £100, with a followup AI mandate to "Not Bid, Not Pre Bid, Not Sell, Only BUY" to a target of £200. i.e. pick up up to £100 more after drawdown. After the revert, I have pre-bids of £100 (OK) and an Active AI Mandate Target to BUY to target of £300. It looks like the (bids + target) have become new target. Whereas, the bids were actually part of the target before, if that make sense. I manually reset it to £200 ... hopefully that will stick?
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Post by chris on Jun 16, 2014 18:14:07 GMT
chris I'm not sure if the AI logic has done the right thing here though (on reversion) I had bids of £100, with a followup AI mandate to "Not Bid, Not Pre Bid, Not Sell, Only BUY" to a target of £200. i.e. pick up up to £100 more after drawdown. After the revert, I have pre-bids of £100 (OK) and an Active AI Mandate Target to BUY to target of £300. It looks like the (bids + target) have become new target. Whereas, the bids were actually part of the target before, if that make sense. I manually reset it to £200 ... hopefully that will stick? You're right, the reversion to prebid probably didn't correctly adjust the target amounts on any mandates. I'll have to look into a better solution for that one as it's such an edge case scenario I'm not sure what the right behaviour should be. I think it should just be left where it was but that wouldn't work for those who deliberately invested but then wanted to sell loan units, for example if we had a cash back offer. I may just have to leave it until the big site update... Perhaps the system should just disable all AI mandates for that loan so that users have to manually adjust them again.
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unmadem
Member of DD Central
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Post by unmadem on Jun 16, 2014 19:07:46 GMT
chris there appears to be a slight confusion in the terminology of the email.
"By reverting the auction to preview stage your bid will become a shadow bid. Should you leave your shadow bid in place we will contact you for it to be settled once the legal process has completed and we have certainty around the drawdown date."
Not all of the original bids are shadow bids. So aren't they reverted to Prebids rather than shadow bids. If this is true it is not clear to me what will happen if the loan ever come back to life. Will those lenders with bids which were not shadow bids be contacted ?
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Post by chris on Jun 16, 2014 19:10:33 GMT
chris there appears to be a slight confusion in the terminology of the email.
"By reverting the auction to preview stage your bid will become a shadow bid. Should you leave your shadow bid in place we will contact you for it to be settled once the legal process has completed and we have certainty around the drawdown date."
Not all of the original bids are shadow bids. So aren't they reverted to Prebids rather than shadow bids. If this is true it is not clear to me what will happen if the loan ever come back to life. Will those lenders with bids which were not shadow bids be contacted ? They're reverted to pre-bids. When the email was sent out someone else in the team has made a mistake.
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Post by batchoy on Jun 16, 2014 19:19:34 GMT
chris there appears to be a slight confusion in the terminology of the email.
"By reverting the auction to preview stage your bid will become a shadow bid. Should you leave your shadow bid in place we will contact you for it to be settled once the legal process has completed and we have certainty around the drawdown date."
Not all of the original bids are shadow bids. So aren't they reverted to Prebids rather than shadow bids. If this is true it is not clear to me what will happen if the loan ever come back to life. Will those lenders with bids which were not shadow bids be contacted ? They're reverted to pre-bids. When the email was sent out someone else in the team has made a mistake. The same error in terminology was made when the Weston loan was reverted
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Post by chris on Jun 16, 2014 19:37:21 GMT
They're reverted to pre-bids. When the email was sent out someone else in the team has made a mistake. The same error in terminology was made when the Weston loan was reverted Okay will point it out. Thanks.
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Post by whitmanthecat on Jun 16, 2014 20:51:12 GMT
Chris, can I clarify something with the converted bids. I placed a shadow bid on the original loan manually and can see it has now converted to a pre-bid, but my AI was and still is inactive. If the auction restarts, would my pre-bid convert to an normal bid (or more likely be rejected due to no cleared funds), or would it revert to a shadow bid?
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Post by chris on Jun 16, 2014 21:39:24 GMT
Chris, can I clarify something with the converted bids. I placed a shadow bid on the original loan manually and can see it has now converted to a pre-bid, but my AI was and still is inactive. If the auction restarts, would my pre-bid convert to an normal bid (or more likely be rejected due to no cleared funds), or would it revert to a shadow bid? AI operates on top of the other mechanisms on the site, basically acting as an automatic "you" carrying out actions that can be performed manually on the site. Your shadow bid has been converted into a pre-bid and come auction start the pre-bid will be converted back into a shadow bid, if you have available balance, or a bid if you have sufficient funds, same as any other pre-bid. The system doesn't remember if your previous bid was a shadow bid or normal bid, but the system has preference for shadow bids so they take precedence. This will happen independently of AI.
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unmadem
Member of DD Central
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Post by unmadem on Jun 17, 2014 8:45:58 GMT
chris fyi horseshoe is showing prebids 125%
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Post by whitmanthecat on Jun 17, 2014 8:48:05 GMT
Chris, thanks, that's useful to know I can just leave it and not need to intervene.
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