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Post by Butch Cassidy on May 19, 2017 7:02:32 GMT
Amazing what a bit of cashback can achieve - Well done Collateral Rep on filling such a large loan so quickly, quite an achievement for a platform at your stage of development, keep up the good work. |
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Post by bobthebuilder on May 19, 2017 7:29:52 GMT
Ha! That didn't take long. Barely half an hour since the loan filled, and already there's £26,500 available on the SM
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vmail
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Post by vmail on May 19, 2017 7:36:01 GMT
When does the loan drawdowns? When it is fully funded or when COL does all of the paperwork? I now have £105k
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vmail
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Post by vmail on May 19, 2017 7:36:47 GMT
Ha! That didn't take long. Barely half an hour since the loan filled, and already there's £26,500 available on the SM Cashback has not been paid, unless they are doing one at a time?
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star dust
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Post by star dust on May 19, 2017 7:37:45 GMT
Maybe someone didn't make a cash-back threshold and decided to sell before receiving any. I wonder if anyone buying now will get cash-back on their purchase  . In any event congratulations Collateral Rep - loan floated and presumably quite a few new investors attracted  . |
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vmail
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Post by vmail on May 19, 2017 7:43:20 GMT
Maybe someone didn't make a cash-back threshold and decided to sell before receiving any. I wonder if anyone buying now will get cash-back on their purchase . In any event congratulations Collateral Rep - loan floated and presumably quite a few new investors attracted . The terms were So we need to know when it was drawdown. It can't be drawdown if it's still on the MT platform. Hmmm, should I empty the rest of my MT balance? I can't be too greedy.
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Post by Collateral Rep on May 19, 2017 8:00:27 GMT
Morning,
We would just like to thank all our investors for their valued support in getting our biggest loan to date over the line this morning.
The loan is expected to be drawn down hopefully later today but may be Monday. Cashbacks will be applied to accounts once this has taken place.
Any loan parts bought on the secondary market will not receive bonuses and references to cashbacks have been removed from the listing.
Again thanks for your support, it really is appreciated.
The Collateral Team
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vmail
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Post by vmail on May 19, 2017 8:12:04 GMT
Morning, We would just like to thank all our investors for their valued support in getting our biggest loan to date over the line this morning. The loan is expected to be drawn down hopefully later today but may be Monday. Cashbacks will be applied to accounts once this has taken place. Any loan parts bought on the secondary market will not receive bonuses and references to cashbacks have been removed from the listing. Again thanks for your support, it really is appreciated. The Collateral Team Is that "Any loan parts bought on the secondary market will not receive bonuses" before or after you have made this announcement? If before then this would be as bad as Lendy applying interest and then taking it away from investors.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on May 19, 2017 8:18:05 GMT
Morning, We would just like to thank all our investors for their valued support in getting our biggest loan to date over the line this morning. The loan is expected to be drawn down hopefully later today but may be Monday. Cashbacks will be applied to accounts once this has taken place. Any loan parts bought on the secondary market will not receive bonuses and references to cashbacks have been removed from the listing. Again thanks for your support, it really is appreciated. The Collateral Team I would think cashback should apply to whoever holds the loan at drawdown. After all if a lender sells a loan before drawdown then they have taken no risk.
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vmail
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Post by vmail on May 19, 2017 8:23:38 GMT
If cashback is to be taken away from SM purchases before the announcement/change was made then that would be legally flawed.
See Department of Energy and Climate Change (DECC) (Government) Vs Friends of the Earth (FoE), Solarcentury and HomeSun at the High Court
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SteveT
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Post by SteveT on May 19, 2017 8:48:14 GMT
Cashback was offered to fill the loan. Once the loan is filled, cashback ends. Cashback isn't paid (to those who helped fill the loan) until the loan actually completes (draws down). Anyone who sells out between the loan filling and it completing may or may not lose some or all of their cashback, I know not. But the idea that someone who buys in after the loan has already filled should be entitled to cashback seems bizarre to me.
Presumably you're pushing CL hard so that they pay you 4% cashback on your whole stake rather than "just" 3%. But the parts you've bought on the SM may have been entitled to a much lower cashback rate. Why should CL pay out potentially an extra £1000 when the loan is already filled?
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vmail
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Post by vmail on May 19, 2017 9:11:02 GMT
It does lead to a bit of abuse to the platform if investors invest and then put up for sale on the SM before they get the cashback, knowing that they will get the cashback a drawdown.
The issue was cashback was still advertised for SM sales and on the purchasing page, you had no idea that you was buying from the PM or SM. Future CB loans will not have this issue.
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SteveT
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Post by SteveT on May 19, 2017 9:18:09 GMT
Well you, for one, knew you were buying SM parts since you'd already posted here to register your frustration at missing out on 4%.
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sqh
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Post by sqh on May 19, 2017 9:27:01 GMT
Well you, for one, knew you were buying SM parts since you'd already posted here to register your frustration at missing out on 4%. I didn't, I'm new to Collateral and think the Primary market and SM are not very distinct. I invested about 10mins before the email clarifying the situation was sent.
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keystone
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Post by keystone on May 19, 2017 9:30:34 GMT
I was just in the process of transferring some funds over that had finally sold on another platform to buy this loan and I got the email that it had filled so missed out entirely on the cashback! But at least I read the email first before logging in to Collateral otherwise I would have bought not realising the cashback had finished. Oh well, plenty on the SM to buy into if I wanted. collateral Is there likely to be cashback on the subsequent tranches? |
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