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Post by philstant10 on Aug 19, 2017 10:13:39 GMT
Morning all,
Slightly annoyed this morning. 2 renewals were advertised last night - 2325470271 (Porsche) & 2801411933 (Rolls Royce).
Now - I appreciate - these are going to be popular, and the loan amounts will be snapped up quick... but this morning - both were fully subscribed pretty much within a second of becoming available... (I was refreshing the loans from 10:58 - and at no stage did I see anything become available!)
My assumption (and I could be wrong) - is that in both cases, most people opted to renew, and there was very little available at 11am this morning. Only the lucky few managed to grab some. Which brings me to my point - should FS tell us EXACTLY how much of a renewal is available before they pop it back up on the market? If there was less than £500 or so available in both instances, then I probably wouldn't have even bothered logging on & trying to grab a bit.
Thoughts?
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jj
Member of DD Central
Jolly Jammy
Posts: 320
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Post by jj on Aug 19, 2017 10:46:06 GMT
All I can say is the limits were wrong - again!
In fact there wasn't any on the Porsche.
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bg
Member of DD Central
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Post by bg on Aug 19, 2017 10:59:53 GMT
All I can say is the limits were wrong - again! In fact there wasn't any on the Porsche. How so? I didn't bother bidding for the RR (£100 for me isn't worth the effort) but looking at the investements there must have been around £2k available, so 20 people got £100 (give or take). How would you divvy that up then £5 each to make 25p interest? What a waste of time.
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james21
Member of DD Central
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Post by james21 on Aug 19, 2017 18:44:15 GMT
All I can say is the limits were wrong - again! In fact there wasn't any on the Porsche. How so? I didn't bother bidding for the RR (£100 for me isn't worth the effort) but looking at the investements there must have been around £2k available, so 20 people got £100 (give or take). How would you divvy that up then £5 each to make 25p interest? What a waste of time. completely agree, I dont bother with any of these pawn loans, who knows what these assets are worth when it comes to the default, anyway what are the borrowers using the money for and how do they hope to pay it back?
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
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Post by stub8535 on Aug 19, 2017 19:22:16 GMT
Also, on rollover, the item probablt does not get reappraised as to current value. With some loans rolling 3 or more times this presents further lack of security and a meaningless ltv.
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mullet
Member of DD Central
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Post by mullet on Aug 19, 2017 21:16:42 GMT
My assumption (and I could be wrong) - is that in both cases, most people opted to renew, and there was very little available at 11am this morning. Only the lucky few managed to grab some. Which brings me to my point - should FS tell us EXACTLY how much of a renewal is available before they pop it back up on the market? If there was less than £500 or so available in both instances, then I probably wouldn't have even bothered logging on & trying to grab a bit. We could argue all day over what limits should be applied, but I do agree with this point - what harm is there in showing the availability prior to 11am for renewals?? If it means a few people decide not to bother and they get a few minutes of their life back around 11am, then that can only be a good thing. I suspect FS like to give the illusion of there being more available on the primary market than there actually is, which is why they don't.
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bg
Member of DD Central
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Post by bg on Aug 19, 2017 21:47:53 GMT
How so? I didn't bother bidding for the RR (£100 for me isn't worth the effort) but looking at the investements there must have been around £2k available, so 20 people got £100 (give or take). How would you divvy that up then £5 each to make 25p interest? What a waste of time. completely agree, I dont bother with any of these pawn loans, who knows what these assets are worth when it comes to the default, anyway what are the borrowers using the money for and how do they hope to pay it back? Thats the whole point of pawn loans though. No reason is given why the money is wanted or how it will be paid back - and you shouldn't care....it's all on the security and is why the interest rate is so high. If they don't repay, the asset is sold. A RR seems like a fairly easy asset to value and to liquidate if necessary. The reason I didn't invest is because for a couple of quid interest it just isn't worth the time or effort. I'd rather focus on the loans I can invest a sizeable chunk in.
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Post by martin44 on Aug 19, 2017 21:59:22 GMT
completely agree, I dont bother with any of these pawn loans, who knows what these assets are worth when it comes to the default, anyway what are the borrowers using the money for and how do they hope to pay it back? Thats the whole point of pawn loans though. No reason is given why the money is wanted or how it will be paid back - and you shouldn't care....it's all on the security and is why the interest rate is so high. If they don't repay, the asset is sold. A RR seems like a fairly easy asset to value and to liquidate if necessary. The reason I didn't invest is because for a couple of quid interest it just isn't worth the time or effort. I'd rather focus on the loans I can invest a sizeable chunk in.
Please check the VR's first. 
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tony
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Post by tony on Aug 20, 2017 13:48:56 GMT
Does it not make sense to invest small amounts on numerous loans so as to reduce the risk of perhaps losing both capital and interest? ok, the interest on each loan is negligible but the sum of all the interest paid is the same as that earned by investing a large sum equivalent to the sum of the smaller loans. A bit more work and effort admittedly but less risk.
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n
Member of DD Central
Yet another Nick
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Post by n on Aug 20, 2017 14:58:21 GMT
Does it not make sense to invest small amounts on numerous loans so as to reduce the risk of perhaps losing both capital and interest? ok, the interest on each loan is negligible but the sum of all the interest paid is the same as that earned by investing a large sum equivalent to the sum of the smaller loans. A bit more work and effort admittedly but less risk. It makes sense to me. I guess though if you are trying to get 10K invested every month that would be 400 £25 loans, so at some point it would be impractical. All a question of scale.
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