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Post by octopusjoe on Sept 6, 2017 11:30:47 GMT
Appreciate the feedback on the queue issues guys. The trading process was not expected to be an issue, and, while we are working on speeding it up to ensure that it isn't in future, we understand that it needs to be made clear should it arise and are working on this. Hi guys. This is actually not an issue with the loan queue but, as others have alluded to, due to a very large loan being repaid. This has meant all those invested in said loan are being reinvested and, at a busy time of the month, a huge number of transactions taking place. This has slight meant a delay in money being invested due to a backlog of trades being processed, rather than there not being enough loans on the platform to allocate investor funds to. This is also is why the loan queue indicator has not appeared. I appreciate as a user that ultimately this makes no difference, as you want your money invested as soon as possible, and I really am sorry. Designing a system that makes this trading process faster is currently a top priority with our development team, as it's a situation that we'd of course want to avoid. Thanks everyone else for your responses and help! Thanks for the reply - surely if there is a delay due to other reinvestments, that is a de facto queue, whatever the root cause? To my mind, that like going into Tesco to the till - you have 7 people in front of you taking items back for a refund, but because only 1 person is purchasing, its not a queue.. I feel a duck and quack analogy but I'll spare you all that cliche. Something a simple as timer that says something like, 'if you invest today, you can expect your money to be working for you from dd/mm/yy', preferably not in purple And yep, puddleduck, totally agree. There are essentially two difference queues. But, as I said, I appreciate that this makes no difference to the end user. An update will be made shortly to this effect (although no promises on the colours...).
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Post by octopusjoe on Sept 6, 2017 11:35:01 GMT
I would also like to stress, in response to above posts, that we genuinely are incredibly grateful for all feedback, and not only is shared with the team, but it is being acted upon. It’s just sadly not a case of just flicking a switch and making a change. These have to be built and tested, and balanced against competing feedback. The new dashboard was built on user feedback, and a number of changes suggested on this forum will have gone into it. So please do keep it coming! Hi OcJoe-seems like the queue is moving but would like to offer feedback on new dashboard.On the old dashboard over the map it shows if you have a late loan that cannot be withdrawn (which i do) and you can see the info straight away.But on the new dashboard my total is for the full amount so is there a way of seeing late loans on the new dashboard? Hi macq. You're right, currently you're unable to view late loans on the new dashboard. This is a priority for our development team and will be updated as soon as possible. Apologies for the inconvenience in the meantime!
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Cash Drag
Jan 14, 2019 13:20:41 GMT
via mobile
Post by gravitykillz on Jan 14, 2019 13:20:41 GMT
Opened a account last night and made a deposit. Still not invested. Is this normal ? Based on some of the reviews on this forum i was expecting to be invested within an hour. There is no option for withdrawal either until you get invested.
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macq
Member of DD Central
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Post by macq on Jan 14, 2019 13:41:19 GMT
Opened a account last night and made a deposit. Still not invested. Is this normal ? Based on some of the reviews on this forum i was expecting to be invested within an hour. There is no option for withdrawal either until you get invested. been as quick as a minute but normally within an hour or Two - but have noticed before (but not sure if its the reason why) that it seems slower around the 14th/15th of the month as that's when monthly interest is paid
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iren
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Post by iren on Jan 14, 2019 18:52:52 GMT
I made a debit card payment on Thursday and am still not invested after close of business today. I haven't experienced this length of delay before, and it follows hot on the heels of an email promoting the prospect of high diversification across 60 odd available loans.
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Cash Drag
Jan 14, 2019 18:59:53 GMT
via mobile
Post by gravitykillz on Jan 14, 2019 18:59:53 GMT
This delay is annoying especially as you have no choice to accept it. There is no option to cancel and withdraw and does not even give an estimated time to invest prior to making the deposit. I can only ask myself is it worth it for 4%.
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Cash Drag
Jan 15, 2019 13:54:35 GMT
via mobile
Post by gravitykillz on Jan 15, 2019 13:54:35 GMT
Closed my account and oc have stated they have refunded my money. Have to admit the customer services part of oc was fantastic. Put my money into growth street (2k) was invested within the hour but found out there pf is really low at the moment 3.5% of loan book value. Im going to test it for a few months and hopefully everything will work out. 5.3% might be worth the risk on a 30 day account?!
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iren
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Post by iren on Jan 15, 2019 15:00:38 GMT
On 10 January, I made an additional deposit to my Octopus Choice account. On 11 January, I received an email from Octopus promoting the high number of loans presently available for investment. Yet 5 days after my deposit, made before their promotional email, my funds are still not invested. This isn’t good customer service. Either the promotional email was incorrect, or they have been administratively unable to handle investment business that was already on hand before they issued an invitation for more.
Re Growth Street, I dropped GS recently. The nature of the loans is that there will be very little recovery for most businesses that fail. That leaves the investor reliant on the provision fund, which in turn has been dependent on voluntary capital injections from the founders. I would prefer to invest where the business model can be shown to be operating effectively, without voluntary action by other parties that would likely end should the company experience difficulties.
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Cash Drag
Jan 15, 2019 16:07:26 GMT
via mobile
Post by gravitykillz on Jan 15, 2019 16:07:26 GMT
Well i totally agree and i am sure in 2 or 3 years that will be the case with growth street. Maybe vote with your feet and put money in ratesetter instead. I have dumped 3k just now in their 1 year at 5.1. Last 48 hours i have deployed almost a third of my savings between rs,lw,gs.
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iren
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Post by iren on Jan 15, 2019 16:16:32 GMT
I have received a reply from Octopus, reassuring me that all investment is made in the order received. The delay in investment is apparently due to a number of loans redeeming and the redemption funds being added to the investment queue.
While Octopus have not directly addressed the matter of the promotional email they issued stating high loan availability, if the explanation they have given to me is true, it stands to reason that the promotional email was inaccurate when it was issued, as they already had funds queued. The result of the email will be that others have added funds that now rank ahead of new maturing funds and todays interest payments (all interest at Octopus is paid on the 15th of the month).
Either Octopus is happy to lie to investors, or the actions of the marketing department are not co-ordinated with operations.
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Post by oxford101 on Jan 15, 2019 19:14:54 GMT
Correct me if I’m wrong, but the OC promotional email dated 11th January makes mention of ‘increased loan diversification’, not availability.
From my experience the investment timings of lender funds can vary. Presently it is taking a few days, but in the past it could extend to weeks. I guess it all depends on availability.
I would urge you to call OC customer service to discuss your concerns – they have always been knowledgeable and helpful whenever I’ve had an issue.
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iren
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Post by iren on Jan 15, 2019 20:39:51 GMT
The email referred to both increased diversification on offer at present and current availability, stating “it’s important to note this may not last, as the amount of loans we have available may change over time”. It’s not a change to the T&Cs, only to present practice, and is positioned in relation to availability. If they didn’t mean to indicate present availability, they made a hash of writing the email.
Looking again at their response to my query, they leave it open as to whether the delay in investment is in fact due to loan availability or because they have "thousands of pending trades" to process at present.
Their communication is obtuse, and I've fed back on their response accordingly.
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iren
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Post by iren on Jan 16, 2019 16:23:32 GMT
The funds I paid in on Thursday have been invested today.
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iren
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Post by iren on Jan 27, 2019 0:20:57 GMT
Cash drag is increasing on this site at present. My oldest pending investment is now 9 days old. I wonder if investors are migrating from other sites that are considered higher risk/higher maintenance.
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macq
Member of DD Central
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Post by macq on Jan 27, 2019 8:53:32 GMT
Cash drag is increasing on this site at present. My oldest pending investment is now 9 days old. I wonder if investors are migrating from other sites that are considered higher risk/higher maintenance. would agree some of my repayments which are normally same or next day are taking much longer - it may also be due to lack of loans which may happen at the moment and could effect more then just OC in the next few months
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