stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
|
Post by stub8535 on Aug 7, 2017 21:37:25 GMT
As Unbolted have decided to autoallocate loans that would have normally, due to size and or type, be offered for manual backing without consultation or notification it raises questions for me.
I set my autoallocate to invest in all protection fund loans. I set my allocation amount high. A £70k loan comes through using auto allocate and strips all spare cash. When queried with Ashwin the comment came back that it followed my settings. It is a sale advance loan not covered by the protection funds afaics. This makes it not within my set rules but I let it go.
To have a second "large" standard loan for £35.9k based on art go through. I do not know if auto allocate actioned on this loan as I ran out of cash. Anyone know if this first Banksy was autoallocated?
I noticed the email this morning said that the loan for Banksy put up today was for resale of unwanted parts. As this figure grew at one point in the day I suspect we may see more disgruntled sales as people return from holidays over the next 2 weeks.
I feel the platform owners have lost touch with their backers. They did not notify any change. They did not ask for discussion and ideas.
My protest is to reduce my maximum allocation to 10% of the original.
Very dissappointed in the decisions being taken without full engagement. I encourage people to act as they see fit in order to register disquiet at being taken for granted. Contact by chat, contact by email or contact by phone. Let them know in no uncertain terms how you feel.
Lesson for me is to turn the wick down if going away to aviod this sillyness.
|
|
|
Post by dan1 on Aug 7, 2017 21:53:27 GMT
I have my Auto-Lend set to Provision Trust only (0.85% per month) and it did not execute on the recent £70k sale advance loan (2DFDC39BE) at 0.85%. I assume you have your Auto-Lend set to both Gold and Provision Trust and that it was executed on both this £70k sale advance and the £35.9k standard loan (2DFDC39E1) at 0.75%. If neither are covered by the Provision Trust then they should not have been executed. What I don't get is why your settings should have executed on the £70k and mine did not.
|
|
Ukmikk
Member of DD Central
Posts: 445
Likes: 298
|
Post by Ukmikk on Aug 8, 2017 8:16:28 GMT
I had no problems either, I only get allocated PF protected loans.
I think the loan stub refers to was the one where amounts were pre-allocated with an option to reduce. If you weren't around to see it I guess you could end up buying inadvertently. This looks like a bit of an experiment by unb which, if it causes discontent, they may choose not to repeat. I certainly would not support this approach.
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
|
Post by stub8535 on Aug 8, 2017 9:36:48 GMT
You are right Ukmikk Its the auto allocated one thats the issue. I had not realised I had incorrect info. I suspect much disgruntlement as people return from holidays to see the loan allocation.
|
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Aug 8, 2017 10:26:30 GMT
The same thing happened to me with this auto-allocation. However part of the problem is that I,like several others I suspect, have set autolend quite high in the expectation that you will never lend that much in one go.
|
|
|
Post by beeje13 on Aug 8, 2017 15:44:01 GMT
I don't think my funds were in the account at the time of 2DFDC39BE ( only just joined Unbolted).
But, I got an email about 2DFDC39E1 and it specifically said "We have not executed auto-lend instructions on the loan". I went and bought £10 manually.
|
|
|
Post by geraldine1210 on Aug 12, 2017 7:11:34 GMT
You refer to sale of unwanted parts. I didn't think there was any sort ov sm. I guess I have missed something.
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
|
Post by stub8535 on Aug 12, 2017 9:54:24 GMT
You refer to sale of unwanted parts. I didn't think there was any sort ov sm. I guess I have missed something. This reference was in response to the statement at the top of the second Banksy loan on platform. No secondary market but possibly a fix for complainers after the experiment.
|
|
n
Member of DD Central
Yet another Nick
Posts: 879
Likes: 461
|
Post by n on Aug 12, 2017 11:53:16 GMT
When I joined the platform I seem to recall some Italian books were up for sale for months. I thought they had been underwritten and we were being offered it to take it off the underwriter's hands. Might that not also be the case here, especially seeing as how they said at the outset that it would be drawn down on the Monday?
|
|