mikes1531
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Post by mikes1531 on Apr 15, 2017 15:36:17 GMT
£1.99m invested so far. Assuming 50%* of that is in loans, that would be 20-25% of the SM 'surplus' taken up. *when the QAA launched, it was suggested c50% of it would be in cash. As the timing of 30DAA withdrawals is more controlled, this could be a different number, but as they have to pay slightly more interest than the QAA I suspect that the loan percentage is higher than 50%. : Doesn't it depend on where the money has come from? If it's been transferred from QAAs, there'd only be a benefit to the extent that the portion of the 30DAA that's held in loan parts is bigger than the portion of the QAA that's held in loan parts. (Say, 60% vs. 50%?) Has anyone been watching the combined QAA/30DAA total to see whether it is rising? If so, by how much? PS. The QAA's '50% in cash' policy might have been appropriate when the QAA was first launched, but the increased amount of 7-8% loans recently suggests that the QAA might have trouble continuing to pay 3.75% and build up the PF if only 50% was invested in loan parts. (If the average rate on parts held in the QAA is 7.5%, then being 50% invested would cover the interest payable but leave nothing for the PF.) Now that AC have experience of how people are using the QAA, they may be in a position to reduce the portion in cash.
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jonah
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Post by jonah on Apr 15, 2017 17:15:43 GMT
Fair points mikes1531. I don't track QAA levels too regularly, but it was around 19m a few days ago and still over 19m at the time of writing. |
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Post by msa on Apr 15, 2017 20:11:23 GMT
I did a snaphot on Thursday 13th April at 2pm with the promo 30DAA at GBP 865k, old 30DAA at GBP 30.950mio and QAA at GBP 19.580mio, i.e. a total of GBP 51.395mio.
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sl75
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Post by sl75 on Apr 16, 2017 14:22:34 GMT
sl75 : I don't know why you have presumed that the regular 30DAA isn't accepting deposits at the moment. I can understand that would be a nice thing for AC to do for their investors, but if someone tries to put funds into their old 30DAA between now and 11/May I'd be surprised if AC didn't let them. The T&Cs state quite clearly that the promotional rate applies to all deposits made into the 30DAA in between the specified times and dates. As far as I can see, the T&Cs and promotional materials make no mention of having to do anything different in order to get the promotional rate. Therefore, any deposits attempted into the regular 30DAA can and indeed must be redirected into this special promotional account. It would seem to me far clearer to present this to end users as a separate balance within "the 30DAA" rather than as though it were an entirely separate account (even if some parts of the back-end systems need to t reat it as a separate account in order to maintain the separate balance).
In particular, the T&Cs do not appear to allow for users who have already saved the 30DAA reference code into their online banking software to be penalised for AC's technical decision to treat this promotion as a completely separate account.
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mikes1531
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Post by mikes1531 on Apr 16, 2017 22:42:55 GMT
sl75 : I don't know why you have presumed that the regular 30DAA isn't accepting deposits at the moment. I can understand that would be a nice thing for AC to do for their investors, but if someone tries to put funds into their old 30DAA between now and 11/May I'd be surprised if AC didn't let them. The T&Cs state quite clearly that the promotional rate applies to all deposits made into the 30DAA in between the specified times and dates. As far as I can see, the T&Cs and promotional materials make no mention of having to do anything different in order to get the promotional rate. Therefore, any deposits attempted into the regular 30DAA can and indeed must be redirected into this special promotional account. It would seem to me far clearer to present this to end users as a separate balance within "the 30DAA" rather than as though it were an entirely separate account (even if some parts of the back-end systems need to t reat it as a separate account in order to maintain the separate balance).
In particular, the T&Cs do not appear to allow for users who have already saved the 30DAA reference code into their online banking software to be penalised for AC's technical decision to treat this promotion as a completely separate account.
: OK. Points taken. I should have known better than to question your reasoning -- it's pretty much guaranteed to be flawless! 
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Post by jackpease on Apr 19, 2017 7:06:18 GMT
In particular, the T&Cs do not appear to allow for users who have already saved the 30DAA reference code into their online banking software to be penalised for AC's technical decision to treat this promotion as a completely separate account. This happened to me and I spoke to a nice lady last thursday to say she'd look into this (my banking software directing to 30day rather than promo 30 day). She said there was a pile of similar people who'd been caught out but I have yet to hear back and the money remains in my 'standard' 30 day account. Jack P
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jonah
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Post by jonah on Apr 19, 2017 19:48:29 GMT
This happened to me and I spoke to a nice lady last thursday to say she'd look into this (my banking software directing to 30day rather than promo 30 day). She said there was a pile of similar people who'd been caught out but I have yet to hear back and the money remains in my 'standard' 30 day account. Jack P I only seem to have the promo version in my dashboard now. Not that I've used it, or the non promo version.
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coda
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Post by coda on Apr 19, 2017 21:53:20 GMT
Could someone clarify to me why anyone would put money into the 30 day access account when you get a better rate in the GBBA plus the ability to withdraw your funds in practice in few days instead of waiting for 30 days? Is it because the 30 days access account is less risky?
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teddy
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Post by teddy on Apr 19, 2017 23:02:34 GMT
Could someone clarify to me why anyone would put money into the 30 day access account when you get a better rate in the GBBA plus the ability to withdraw your funds in practice in few days instead of waiting for 30 days? Is it because the 30 days access account is less risky? Essentially that's it. The 30 day access is seen as a safe as houses savings account with a very decent rate. . .well, as safe as any house in p2p. Although if you're willing to put money in to a p2p company in the first place and accept the risk that comes with it, IMHO, you're much better off going with the 7% from the GBBA and the green windmills. All those 7% loans are backed up by property security, and the PF. The two accounts are eating money for breakfast, lunch and dinner at the moment. Loaned out £7k across them between last night and this morning.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 19, 2017 23:09:29 GMT
In the GBBA if a loan defaults and enters recovery, your funds are locked in until that recovery is complete.
In the 30DAA account you are not locked in except in the very unlikely circumstances that their are only defaulted loans held by the account ie you are last out in.
30DAA also holds a significant sum in cash to enable liquidity, so while exiting the GBBA is solely dependent on other lenders buying your loans parts, in the 30DAA it can be other lenders or AC themselves.
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Post by msa on Apr 20, 2017 9:20:03 GMT
I did a snaphot on Thursday 13th April at 2pm with the promo 30DAA at GBP 865k, old 30DAA at GBP 30.950mio and QAA at GBP 19.580mio, i.e. a total of GBP 51.395mio. Current total over those 3 accounts is GBP 53.063 mio
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Post by d_saver on Apr 21, 2017 13:53:03 GMT
Hmmm, I'd absolutely swear their was only 1 30 day with a 4.75 listed on my page when I tried to make the investment. After, there was 2! I will speak to customer services. Thanks. No worries, I've just sent them notice that there may be a couple of enquiries along those lines so hopefully they'll have a process in place later today. Do you know if they figured a solution? My transfer is still stuck in the 4.25 account. Thanks.
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Post by jackpease on Apr 27, 2017 13:45:11 GMT
Do you know if they figured a solution? My transfer is still stuck in the 4.25 account. Thanks. I phoned them immediately after i mis-directed a lot of money into the standard 4.25% - they promised to get back to me but didn't. I've given up and put notice on it, I guess they are getting so much rolling in they don't need to faff around with folk like me that didn't read the small print Jack P
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Post by d_saver on Apr 27, 2017 13:49:14 GMT
Do you know if they figured a solution? My transfer is still stuck in the 4.25 account. Thanks. I phoned them immediately after i mis-directed a lot of money into the standard 4.25% - they promised to get back to me but didn't. I've given up and put notice on it, I guess they are getting so much rolling in they don't need to faff around with folk like me that didn't read the small print Jack P Well, mine is not a result of me putting the money in the wrong account though (99.5% sure of that). I did call them too. There was some website weirdness though. There was only 1 30 day account and I saw it's rate vary from the norm, to the high, then back again. I saw a post saying the new interest would apply from the date of deposit and knew they'd jumped the gun a bit, so I made the move. Only after I did this did another 30 day account with the higher rate pop up at the top of the screen and the normal rate one below with my cash in it. By all accounts, this appears to have happened to a few others and I was told there were working on a solution, but yes, a little surprised to have had no feedback on it yet.
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Post by msa on Apr 27, 2017 14:46:00 GMT
I did a snaphot on Thursday 13th April at 2pm with the promo 30DAA at GBP 865k, old 30DAA at GBP 30.950mio and QAA at GBP 19.580mio, i.e. a total of GBP 51.395mio. Current total over those 3 accounts is GBP 53.063 mio GBP 56.495 mio over those 3 accounts now so it seems to work well for AC. Obviously there will have been some movements between those 3 accounts and the GBBA/GEIA/MLIA as well which we cannot track.
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