dorset
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Post by dorset on May 3, 2014 20:10:26 GMT
The advantage of the forum.
Been very busy at the moment so could easily have stuck in a hundred or so without DD. After a quick read my thanks to everyone doing the research. I will watch this one from the side-lines.
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Post by aloanatlast on May 4, 2014 11:39:21 GMT
Autobid's algorithm has other interesting effects. 6049 (£58K) and 6051 (£100K) are both A+ and were posted on Friday less than an hour apart. 6049 now has a top rate of 6.7% with £18K in at MBR. But 6051 has a top rate still way up at 14.2%, and against expectations there's less than £2K at MBR.
I think this is because flippers put enough money in early to encourage Autobid to spend its money elsewhere - meaning there's now a bigger pot for them to share in the final carve-up.
Also a higher average rate for the borrower, but it's a law firm, so we won't worry.
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fasty
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Post by fasty on May 5, 2014 10:46:03 GMT
It appears that FC moderators have been working bank holiday overtime. I trust that oldgrumpy has lovingly preserved the original entries. I can see that this one could run and run.
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Post by captainconfident on May 5, 2014 19:42:16 GMT
Haven't they though! They must really be hoping the borrower ends the auction early. There is a chance of that, as the rate has already
dropped unusually low for an anonymous.
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oldgrumpy
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Post by oldgrumpy on May 5, 2014 19:52:22 GMT
I checked out young Mr B on his first loan; he let it go its full week... and answered questions with very many words of enthusiasm for his product(s). This time, anonymous, after an initial cock-up (no one has actually acknowledged fault) which named Mr B and his company(s).
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Post by rudry2677 on May 5, 2014 20:12:12 GMT
Having safely pulled all but about £30 out of FC (phew) I caution, as do many others, everyone to do professional risk assessment on any/all loans suggested by this 'organisation'.
Several amber lights woke me up. Solicitors and accountants thieving and the UK government 'helping' British business. Yes, I do not trust the legal or financial 'experts' (Ha!) who need to borrow money and no, I do not criticise any political party - they are, more or less, well meaning but are blessed with a huge lack of business sense.
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Post by aloanatlast on May 6, 2014 1:18:47 GMT
Haven't they though! They must really be hoping the borrower ends the auction early. Can't believe they'll let it go out. I expect the borrower can't either. But I don't underestimate FC's capacity to surprise me.
Ideally they wouldn't have let the first one out. But fool me once, as they say.
If they did pull the auction, what to do about the first loan would be an interesting problem.
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Post by captainconfident on May 6, 2014 10:27:35 GMT
And it just did end early. Must have been reading this thread!
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oldgrumpy
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Post by oldgrumpy on May 6, 2014 10:38:23 GMT
Yep! Looks like our entrepeneur didn't want any more attention - accepted early - now in pre-agreement.
Edit: best part of £8K per month repayments for the two loans.
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blender
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Post by blender on May 6, 2014 10:53:52 GMT
More likely he read the questions and decided to take it while he could. I will not be flipping my £20, in it for the longer term.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on May 6, 2014 11:33:55 GMT
More likely he read the questions and decided to take it while he could. I will not be flipping my £20, in it for the longer term. Brave man. If this one goes bad, Mr B will have fulfilled his website promises and "done for you!" 
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blender
Member of DD Central
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Post by blender on May 6, 2014 12:52:10 GMT
And the loan has been drawn down. Will I become one of FC's £20 whingers? Time will tell.
BTW there seem to be no whole loans on the loanbook yet. It is early days but I wonder how the scrutiny of these professional will fit with the autobidder (take what you are given) model and the statistical approach to losses?
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Post by captainconfident on May 6, 2014 12:54:48 GMT
"You can either make excuses or make money", it says on the website. In your case Blender, you can loose money and be offered excuses. I wish your £20 well, and hope to hear frequent reports from it.
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Post by aloanatlast on May 6, 2014 13:13:10 GMT
And FC sticks two fingers up to the lenders.
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Post by bracknellboy on May 6, 2014 13:41:31 GMT
can someone PM me the relevant websits(s). I only vaguely recall the first loan and never looked at any of the 'background'. I'm intrigued.....
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