jlend
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Post by jlend on Aug 1, 2017 7:29:08 GMT
Interesting. I assumed the loans would get picked up by other people trying to invest money in the GBBA as I thought some people were having trouble getting their money lent out in the GBBA. Most of my holding was returned within a week or so, but there was £11 which was in a defaulted loan, and that stayed there for months until there was a recovery. The 'black box' is not allowed to deal in suspended loans, same as in MLIA. I think if you were trying to get invested in the GBBA and you found out that you had been sold suspended loans you would not be best pleased. Totally agree. Sorry I wasn't clear It was selling the non defaulted ones I was surprised about.
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mikes1531
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Post by mikes1531 on Sept 21, 2017 3:14:38 GMT
Somewhat related to the above question, is there still supposed to be a limit of 20% on the amount of any given loan held within an individual GEIA/GBBA? I ask because I have a small amount in both of those accounts, and earlier today I added some funds to both. The amount added was 43% of the previous total amount in those accounts, or 30% of the new total amount in those accounts. The GBBA did as I expected, spreading the new investment reasonably equally among three loans. My GEIA, however, did something I wasn't expecting. Within five minutes of the money being added, it all was put into a single loan, though in two separate transactions showing the same time. This means at least 30% of my GEIA is in a single loan, and I didn't think that was allowed. chris : Is this the result of a policy change that I wasn't aware of? Or is it a system error that I need to ask AC Customer Service to rectify? Sounds like something that needs investigating. chris : Thanks for your input. I've sent an email to AC. In case people are wondering what happened to this issue, I'm afraid the answer is that the enquiry is still open. Every week or so since I pointed the problem out to AC I've received an email saying that they're still investigating. The most recent one said "We are currently reviewing your query with our I.T Department." chris : Inasmuch as over a month has passed since I raised the issue with Customer Service, can you determine whether the IT review is being pursued actively, or whether it might have been sidelined somehow by other pressing issues? A solution is being worked on. I have just noticed that 30% of my GEIA still is in a single loan. In case anyone is wondering, the weekly 'holding' emails from AC continued until 8/May, when I received... Then on 8/Jun, I received... That was over three months ago, and I seem to have received nothing further on the subject. I have poked AC again today.
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ashtondav
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Post by ashtondav on Sept 21, 2017 8:23:34 GMT
Until diversification and PF rules are clearer I will be sticking the the quick access account, which I think I can exit quickly.
I did bung £114 in GBBA as an experiment but now I have £56 with one borrower, and under a penny with two or three others. I suppose it might have happened because I initially deposited £500, so my fault I guess. Experiment over and out!!!
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mikes1531
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Post by mikes1531 on Sept 21, 2017 21:50:49 GMT
I did bung £114 in GBBA as an experiment but now I have £56 with one borrower, and under a penny with two or three others. I suppose it might have happened because I initially deposited £500, so my fault I guess. Experiment over and out!!! I can see where £56 out of an initial £500 could have gone into one loan. But when withdrawals reduced the balance to £114 the system should have sold that position down to £22.80 (= 20% of £114) and bought other loans instead. I believe that AC are aware that their rebalancing system isn't working, and are trying to fix it. Until I learn that the problem has been solved, I won't be investing in these accounts.
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Post by chris on Sept 22, 2017 6:58:34 GMT
I did bung £114 in GBBA as an experiment but now I have £56 with one borrower, and under a penny with two or three others. I suppose it might have happened because I initially deposited £500, so my fault I guess. Experiment over and out!!! I can see where £56 out of an initial £500 could have gone into one loan. But when withdrawals reduced the balance to £114 the system should have sold that position down to £22.80 (= 20% of £114) and bought other loans instead. I believe that AC are aware that their rebalancing system isn't working, and are trying to fix it. Until I learn that the problem has been solved, I won't be investing in these accounts. The system will be trying to sell that amount down to fit within the criteraia, however that doesn't mean there is market demand.
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ashtondav
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Post by ashtondav on Sept 22, 2017 11:47:58 GMT
I'll stay in quick access until I can achieve diversification and/or confidence in the PF.
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