sl75
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Post by sl75 on Aug 24, 2017 12:19:39 GMT
Some of my favoured loans must have been taken out by the same borrower, but there seems to be no way of identifying which. There is no Borrower ID in any of the reports or downloads. Even the loan book doesn't include this. Am I missing something? The loan book doesn't have a borrower ID, but it does have a column related_auctions If you filter down to the loans you hold, then none of your loans should appear in the "related_auctions" column... unless you're lending to the same borrower through two related loans.
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Post by takeshi on Aug 24, 2017 12:30:01 GMT
I shall be taking my funds elsewhere but I'm not sure where. Where will the bot runners and flippers go? I want to avoid them I'm thinking of dipping a toe in lendy, anyone have any thoughts? Pros & Cons? At a glance - seems to be property backed loans, obviously much smaller site than FC, higher rates(?) - you can pick & choose, & sell on SM. There's a £50 bonus for new investors of £1,000+.
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kt
Posts: 105 
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Post by kt on Aug 24, 2017 12:35:20 GMT
This new system will allow further lack of DD. My concern is future domino effect when bad lending let's too many businesses go down the pan. Irresponsible lending? I think we can safely say that FC has become an easy mark for certain borrowers. No description on the loan and no questions answered? No problem, autobid will hoover that up for you. Once the news spreads that nothing will go unfilled and with FC tempted to increase borrowing, a reckoning will come. No doubt FC will blame Brexit.
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p2p2p
Member of DD Central
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Post by p2p2p on Aug 24, 2017 12:55:39 GMT
Lendy is my favourite of the 5 p2p platforms I've tried. People were getting concerned about the glut on their secondary market, but its dropped by 70% in the last couple of months, just another example of feast and famine. Their autobid is no use, as you'd get bits of tranches 1-13 of some huge development loan and be over-committed, but new borrowers come along often enough that you could do it manually and get 50 loan diversification. They are starting to over-complicate the offering with bonuses/cashback though, but at least they pay extra interest when the developers are inevitably late.
No defaults there, while I've had plenty with FC, and a paltry 3% recovery rate so far. At least with property you have a floor of the land value, FC's business loans seem to have company assets evaporate.
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Post by TomBola on Aug 24, 2017 14:41:33 GMT
Some of my favoured loans must have been taken out by the same borrower, but there seems to be no way of identifying which. There is no Borrower ID in any of the reports or downloads. Even the loan book doesn't include this. Am I missing something? The loan book doesn't have a borrower ID, but it does have a column related_auctions If you filter down to the loans you hold, then none of your loans should appear in the "related_auctions" column... unless you're lending to the same borrower through two related loans. Thanks sl75, that worked. I hadn't realised related_auctions meant loans, and I've learned how to use Excel COUNTIF into the bargain.
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kaya
Member of DD Central
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Post by kaya on Aug 24, 2017 16:30:24 GMT
I don't like the way that one of the only two options available is highlighted as Selected!
...or that it then says ''confirm choice''!
So you have to keep choosing 'ask me again later'.
I want a third option ''neither, no thanks, and no reinvestment!'', but I get the strange feeling that they are trying to push me into choosing one of their two miserable options.
( I would consider choosing a 'higher risk' option of just C, D, and E loans, though I doubt it)
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markr
Member of DD Central
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Post by markr on Aug 24, 2017 16:57:51 GMT
Well, it looks like the bots have gone! Easily picked up a small E earlier and at the moment there's a £7950 C loan available that's been there for several minutes.
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registerme
Member of DD Central
Posts: 6,624
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Post by registerme on Aug 24, 2017 17:09:25 GMT
I don't like the way that one of the only two options available is highlighted as Selected!
...or that it then says ''confirm choice''!
So you have to keep choosing 'ask me again later'.
I want a third option ''neither, no thanks, and no reinvestment!'', but I get the strange feeling that they are trying to push me into choosing one of their two miserable options.
( I would consider choosing a 'higher risk' option of just C, D, and E loans, though I doubt it)
Yes, I made a choice too, and on reflection wanted to undo it. There's no mechanism on platform to achieve this so I needed to put a call in to FC towers.......
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Post by df on Aug 25, 2017 0:58:15 GMT
Bondmason must be chuffed, FC stealing their business model from them. I think BM has a very different business model from FC, but certainly FC is a strong competitor in auto-invest world - targeted/projected net return rates are higher than BM's.
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lenbo
New Member
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Post by lenbo on Aug 25, 2017 7:07:13 GMT
Goodbye botters and flippers ... Re. ‘Bots’ and ‘Flappers’.
‘Bots’.
If we care to think about it, AutoBid itself is also a bot – a program written for those who are unable, or incapable, of writing their own algorithms.
I taught myself to write basic programs using EXEL and had a modicum of success.
It now seems that I am the victim of that own success.
Thinking even more there is an industry whereby intelligent people are employed to write ‘bots’ for various companies and are paid large salaries – they are known as program writers.
They enable to their particular companies to compete against completion in their own fields.
Basic example – Investment Companies, Private Pension Funds etc.
The same companies that constitute Funding Circle’s Closed (Single) Bid market.
However if you have initiative and write your own ‘bot’ and succeed over others who are unable to write their own ‘bots’ then these people bleat UNFAIR.
FC responds by squashing initiative and directing the herd to their own ‘bot’ – Autobid.
Meanwhile the Exclusive Closed Market is unaffected.
And FC call this FAIR .
‘Flippers’.
We assume that this is a term whereby people who have succeeded with manual bids then sells them on at a limited mark up, maximum +3%, in the Secondary Market.
Again we hear the bleat of UNFAIR by the less initiative with the same result from FC – squash initiative.
However think of retailers, your corner shop or even the big Supermarkets.
They go to a wholesaler and by their stock.
They then display their stock at a mark-up whilst competing against other retailers.
And we think about this as being FAIR !!!.
Squashing Initiative at the small level is one reason that takes the GREAT out of GREAT BRITAIN.
Last thought.
Funding Circle itself was founded to encourage initiative in the Small Market.
LenBo
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lenbo
New Member
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Post by lenbo on Aug 25, 2017 7:15:48 GMT
Goodbye botters and flippers ... Re. ‘Bots’ and ‘Flappers’. ‘Bots’. If we care to think about it, AutoBid itself is also a bot – a program written for those who are unable, or incapable, of writing their own algorithms. I taught myself to write basic programs using EXEL and had a modicum of success. It now seems that I am the victim of that own success. Thinking even more there is an industry whereby intelligent people are employed to write ‘bots’ for various companies and are paid large salaries – they are known as program writers. They enable to their particular companies to compete against completion in their own fields. Basic example – Investment Companies, Private Pension Funds etc. The same companies that constitute Funding Circle’s Closed (Single) Bid market. However if you have initiative and write your own ‘bot’ and succeed over others who are unable to write their own ‘bots’ then these people bleat UNFAIR. FC responds by squashing initiative and directing the herd to their own ‘bot’ – Autobid. Meanwhile the Exclusive Closed Market is unaffected. And FC call this FAIR . ‘Flippers’. We assume that this is a term whereby people who have succeeded with manual bids then sells them on at a limited mark up, maximum +3%, in the Secondary Market. Again we hear the bleat of UNFAIR by the less initiative with the same result from FC – squash initiative. However think of retailers, your corner shop or even the big Supermarkets. They go to a wholesaler and by their stock. They then display their stock at a mark-up whilst competing against other retailers. And we think about this as being FAIR !!!. Squashing Initiative at the small level is one reason that takes the GREAT out of GREAT BRITAIN. Last thought. Funding Circle itself was founded to encourage initiative in the Small Market. LenBo
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Post by GSV3MIaC on Aug 25, 2017 7:25:52 GMT
Dear lenbo .. your bot has malfunctioned and double posted .. it may be 'flapping'. Please restrain it... |
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voss
Member of DD Central
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Post by voss on Aug 25, 2017 8:01:40 GMT
lenbo - you remind me that what some people mean by a free market is a market where they are free to abuse others. An example is the use of 'freedom' to achieve a monopoly in order to control (=make unfree) prices. Of course, this is a dictatorship masquerading as freedom.
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pa
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Post by pa on Aug 25, 2017 8:06:02 GMT
... I was just thinking about the F****s B***n painting that was recently withdrawn over on FS.
Without people on this forum doing some digging about and raising some doubts the loan would have gone live.
I don't want to cast aspersions on the borrower but there must have been enough of a concern for FS to pull the loan.
This is exactly the process that can't happen now. (IMHO) There is no incentive for FC to do anymore than cursory checks to keep a regulator happy (and if anything goes wrong won't really have the powers to do anything).
I'm not really worried about FC as I've pulled my money from the platform. I'm worried about the damage to P2P lending if things do go wrong down the road. If people's savings disappear - or get locked away in defaulted loans paying back small amounts in recovery - it stops them from being able to lend and wanting to lend, instead leaving them working out how many extra years they'll have to work to make up the shortfall.
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Post by yorkshireman on Aug 25, 2017 9:45:10 GMT
Goodbye botters and flippers ... Re. ‘Bots’ and ‘Flappers’. ‘Bots’. If we care to think about it, AutoBid itself is also a bot – a program written for those who are unable, or incapable, of writing their own algorithms. I taught myself to write basic programs using EXEL and had a modicum of success. It now seems that I am the victim of that own success. Thinking even more there is an industry whereby intelligent people are employed to write ‘bots’ for various companies and are paid large salaries – they are known as program writers. They enable to their particular companies to compete against completion in their own fields. Basic example – Investment Companies, Private Pension Funds etc. The same companies that constitute Funding Circle’s Closed (Single) Bid market. However if you have initiative and write your own ‘bot’ and succeed over others who are unable to write their own ‘bots’ then these people bleat UNFAIR. FC responds by squashing initiative and directing the herd to their own ‘bot’ – Autobid. Meanwhile the Exclusive Closed Market is unaffected. And FC call this FAIR . ‘Flippers’. We assume that this is a term whereby people who have succeeded with manual bids then sells them on at a limited mark up, maximum +3%, in the Secondary Market. Again we hear the bleat of UNFAIR by the less initiative with the same result from FC – squash initiative. However think of retailers, your corner shop or even the big Supermarkets. They go to a wholesaler and by their stock. They then display their stock at a mark-up whilst competing against other retailers. And we think about this as being FAIR !!!. Squashing Initiative at the small level is one reason that takes the GREAT out of GREAT BRITAIN. Last thought. Funding Circle itself was founded to encourage initiative in the Small Market. LenBo Tough luck Pal, as a result of FC’s announcement “we're all in it together” as Call Me Dave and Gideon said. A soon to be Ex Flipper
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