star dust
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Post by star dust on May 23, 2014 18:11:10 GMT
Apologies if this has been answered elsewhere already, but wading through all the AC threads and posts is a bit laborious, and I haven't found anything yet. Does anyone know what happens if you put a unit/s up for sale and they aren't purchased quickly (or at all). Can you de-list them at any point? Would they just sit there indefinitely with interest presumably accruing to AC? What would happen at the end of the loan if they were still for sale?
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oldgrumpy
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Post by oldgrumpy on May 23, 2014 18:16:52 GMT
Hi star dust. It is my understanding that interest continues accruing to you until your units are sold. If they don't sell, you still have them. If you want to take them off sale you can do that at any time. |
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star dust
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Post by star dust on May 23, 2014 18:28:54 GMT
Many thanks for that oldgrumpy; do they remain listed under your "Loan Units" section until sold then? Needless to say I haven't tried selling anything yet!
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Post by yorkshireman on May 23, 2014 18:38:11 GMT
Hi star dust. If you want to take them off sale you can do that at any time. Coincidentally I tried to take some units off sale yesterday after putting them up for sale then changing my mind (another senior moment) and was unable to do so resulting in them being sold unintentionally.
I admit too not being especially computer savvy but the “delist” function was definitely not working yesterday.
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Post by Ton ⓉⓞⓃ on May 23, 2014 18:51:21 GMT
Hi star dust. If you want to take them off sale you can do that at any time. Coincidentally I tried to take some units off sale yesterday after putting them up for sale then changing my mind (another senior moment) and was unable to do so resulting in them being sold unintentionally.
I admit too not being especially computer savvy but the “delist” function was definitely not working yesterday.
Up until now it's been hard to de-list a unit, that is to move it from 'For Sale' to 'hold'. The only way to do that is to buy it back from yourself... as crazy as that sounds. Your interest on that unit or units gets 'deferred' until the monthly repayment when you go trough the bother of buying it back. IN EDIT The other way to undo a "For Sale" is to politely ask AC to do it for you. But as you say it may sell in the mean time. AI doesn't really help either way in this, or perhaps I should say, when this happened to me it totally jammed up. But in the future I think they are planning a more elegant way round this unusual problem.
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star dust
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Post by star dust on May 23, 2014 20:55:27 GMT
Thanks all. Maybe I'll try it with something and see what happens.
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Post by Ton ⓉⓞⓃ on May 24, 2014 10:36:22 GMT
Perhaps it is simpler with AI ?
I altered an AI target last week, and inadvertently left the "Sell Units" option checked (instead of just "Buy Units")
AI instantly started selling loan units, so I realised what I had done.
I amended my AI, unchecking the "Sell Units" option, and AI instantly stopped selling units.
In the interim (1 or 2 minutes) AI had moved 17 loan units.
[As it happened, this was loan 50, so a "happy accident"] Thanks, that's an interesting report, considering how quickly computers can work, that is slower than it could be. I suppose you were too busy to notice if they got listed on the AM? When I had my trouble AI was fairly new and I was selling something that already had u/wer units on the AM. I take it you're not tempted to buy into No.50 now that it has a possible default rate of 1.5%?
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pikestaff
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Post by pikestaff on May 24, 2014 10:48:57 GMT
I think AI is the way to go if you want to stop sales easily. Do all sales using AI. Then if you change your mind either (1) change the target to equal your current holding or (2) end the mandate.
If it is an amortising loan, I would choose (2) to avoid the AI trying to buy more units once a repayment is made (unless that's what you want, of course).
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Vero
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Post by Vero on May 24, 2014 15:36:07 GMT
Perhaps it is simpler with AI ?
I altered an AI target last week, and inadvertently left the "Sell Units" option checked (instead of just "Buy Units")
AI instantly started selling loan units, so I realised what I had done.
I amended my AI, unchecking the "Sell Units" option, and AI instantly stopped selling units.
In the interim (1 or 2 minutes) AI had moved 17 loan units.
[As it happened, this was loan 50, so a "happy accident"] Thanks, that's an interesting report, considering how quickly computers can work, that is slower than it could be. I suppose you were too busy to notice if they got listed on the AM? When I had my trouble AI was fairly new and I was selling something that already had u/wer units on the AM. I take it you're not tempted to buy into No.50 now that it has a possible default rate of 1.5%? Yes Ton I did a quick [sanity] check on the AM first and saw the units for sale had increased by several £k, which I figure was my units.
I still have several £k in No. 50 and happy to leave it there, I have no concerns about the way AC do business and every faith that it will work out. Very unfortunate circumstances, and my thoughts go out for the borrower and family. As another poster commented, we don't know each other and will never meet, so it is appropriate to consider this as just business.
Which brings me to purchasing more units given the situation... yes, tempted. Just waiting to see if any sellers decide to use the mark down facility in their rush to exit... there is £33k at moment, so I will give it a little longer...
And you?
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Post by chris on May 31, 2014 22:05:18 GMT
I think AI is the way to go if you want to stop sales easily. Do all sales using AI. Then if you change your mind either (1) change the target to equal your current holding or (2) end the mandate. If it is an amortising loan, I would choose (2) to avoid the AI trying to buy more units once a repayment is made (unless that's what you want, of course). I agree, Pikestaff, the AI is a great way to handle sales.
I have found the AI really useful, and have not had any glitches. I did wait about a month after AI was implemented to start using it, so perhaps I was spared any teething issues.
Ending the mandate as per (2) would not delist any already listed loan units. It simply freezes all automatic action at that point. So you'd want to do 1 then 2 if you wanted to keep your existing position and disable AI.
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