dzo
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Post by dzo on May 16, 2017 6:56:55 GMT
abundance As a new abundance investor, I have been browsing the trade history of some SM loans. Some of these trades seem to be happening at suspiciously high premiums. For example someone bought £800 of M***** V***** CHP for £900 on 3rd May. That's a 12.5% premium on a loan that is paying 12% until 31 January 2018. The most this person could ever get back is £896. Could this be similar to recent cases on FS where people have been trading between their own accounts to boost their ISA allowance?
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littonowl
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Post by littonowl on May 16, 2017 9:58:18 GMT
That's an odd example, but in general terms, no, I don't think so, as premiums like this were happening well before their IFISA was available.
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Post by abundance on May 16, 2017 9:59:35 GMT
Hi dzo,
Generally speaking we will not input into a trade on the marketplace as a buyer and seller are free to agree their own price, but in the case where we can see there will be a loss on the trade (in the case of a fixed return investment) we do get in touch just to confirm that both parties are aware.
In this particular case we made both parties aware and they agreed to proceed in any case as the buyer didn't want to back out on their bid and accepted the small loss they would make.
It is not possible to bid on your own marketplace office from your own account - this is restricted on Abundance to avoid manipulation of the marketplace or your ISA allowance as you suggest.
Tom
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littonowl
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Post by littonowl on May 16, 2017 10:02:33 GMT
abundance Do you have any plans to make your SM more platform based, as it was raised on another thread recently about the potential security risks of having to exchange email addresses for potential deals?
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dzo
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Post by dzo on May 16, 2017 17:26:40 GMT
Hi dzo, Generally speaking we will not input into a trade on the marketplace as a buyer and seller are free to agree their own price, but in the case where we can see there will be a loss on the trade (in the case of a fixed return investment) we do get in touch just to confirm that both parties are aware. In this particular case we made both parties aware and they agreed to proceed in any case as the buyer didn't want to back out on their bid and accepted the small loss they would make. It is not possible to bid on your own marketplace office from your own account - this is restricted on Abundance to avoid manipulation of the marketplace or your ISA allowance as you suggest. Tom Thanks for responding. I'm glad people can't trade with themselves. That's something I think other platforms should also implement. Do you have any procedures in place to stop people trading with spouses or other family members?
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Post by abundance on May 17, 2017 11:30:34 GMT
Hi dzo, Generally speaking we will not input into a trade on the marketplace as a buyer and seller are free to agree their own price, but in the case where we can see there will be a loss on the trade (in the case of a fixed return investment) we do get in touch just to confirm that both parties are aware. In this particular case we made both parties aware and they agreed to proceed in any case as the buyer didn't want to back out on their bid and accepted the small loss they would make. It is not possible to bid on your own marketplace office from your own account - this is restricted on Abundance to avoid manipulation of the marketplace or your ISA allowance as you suggest. Tom Thanks for responding. I'm glad people can't trade with themselves. That's something I think other platforms should also implement. Do you have any procedures in place to stop people trading with spouses or other family members? Yes we do have procedures in place to monitor and restrict certain activities on our marketplace. Also, if someone does want to buy/sell an investment with a friend/family member they do not need to use the marketplace and they can come to us direct and we can process the trade to save them time.
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Post by GentlemansFamilyFinances on Apr 23, 2018 14:26:56 GMT
I managed to sell that loan that looked suspicious. The buyer had misjudged the price worth paying and effectively gave me 12 and a bit month's interest on a 1 year loan. 
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sl75
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Post by sl75 on May 7, 2018 15:03:11 GMT
I managed to sell that loan that looked suspicious. The buyer had misjudged the price worth paying and effectively gave me 12 and a bit month's interest on a 1 year loan.
As M***** V***** CHP is now somewhat overdue and presumably still accruing interest, it looks like there's a possibility the buyer could make at least some money on the deal after all...
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IFISAcava
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Post by IFISAcava on Jul 10, 2018 10:41:38 GMT
I managed to sell that loan that looked suspicious. The buyer had misjudged the price worth paying and effectively gave me 12 and a bit month's interest on a 1 year loan.
As M***** V***** CHP is now somewhat overdue and presumably still accruing interest, it looks like there's a possibility the buyer could make at least some money on the deal after all... Um...
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Post by optymystic on Jul 23, 2018 14:50:36 GMT
As M***** V***** CHP is now somewhat overdue and presumably still accruing interest, it looks like there's a possibility the buyer could make at least some money on the deal after all... Um... It looks like a real possibility that particular investment could be wiped out.
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