ali
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MoneyThing (MT) in Administration
AE Bulk Loans
Feb 2, 2017 10:48:13 GMT
Post by ali on Feb 2, 2017 10:48:13 GMT
Sorry I missed your question Stevio. We're not able to compete with the alternative finance for AE as they are going for a debt/equity mix. We are loosing a few big loans, but I don't think it will be long before we have other deals to replace them. We are bringing on more resource shortly which will make a big difference to our small team and help us to find more quality deals to offer lenders. Kind regards Sophie When you say we are 'loosing a few big loans' do you mean there is more loans than just the AE loans being lost to the platform or are you just speaking historically? In which context I see that MTAC's last loan is up for renewal on 6th Feb. Are you expecting them to renew this loan or to repay it?
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ali
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Post by ali on Feb 2, 2017 10:12:22 GMT
MoneyThing there is some of the AE loans from yesterday on the SM (green rather than the yellow PM), but when I bid, it says bid limit exceeded - looks like the 24hr bids have carried over onto the SM - please can you fix ASAP? Otherwise I can see this happening for all the AE loans this week Bid limits have always applied to the SM as well as the PM. Caught me out several times.
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ali
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Post by ali on Feb 2, 2017 8:54:58 GMT
Yes accept and understand that, just trying to get a rough timescale to source 'suitable' funds, i.e with the usual 24 hours notice are we looking before or after the weekend or come to that during the w/e? Makes a difference to what gets put up for sale and on what platform ..... Morning, Assuming it is drawndown today, we would announce it today (and place it on Pending), to go live tomorrow (Friday). Not quite sure on the bid limit yet or whether we try a lower limit per 24hrs or a higher one for one 24hrs. Regards, Ed Worth noting that this is not entirely a new borrower. I shall be buying some of the new loan and selling down on the previous loan to produce no net change on platform balance. If lots of others do the same the demand may be lower than would otherwise be expected.
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ali
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MoneyThing (MT) in Administration
New member
Jan 31, 2017 17:39:49 GMT
Post by ali on Jan 31, 2017 17:39:49 GMT
Those who already hold the loan have first call. At some point on the relevant launch day, Ed will work out who has their "Renew" checkboxes ticked and thus how much of the loan is pre-alloced. The entries on the pending page will then be updated (so going from 100% available down to something like 5% available). If you are around and logged in at 4pm on the dot then you'd normally have a good chance of picking up a number of £25 slices. Given that these are likely to be the last AE loans, things will probably be different, but I wouldn't want to guess whether people will generally renew more than normal or less then normal.
Edit: I hadn't noticed that the loans were starting on different days (thanks @new2p2p). Text updated accordingly.
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ali
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MoneyThing (MT) in Administration
New member
Jan 30, 2017 19:45:19 GMT
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Post by ali on Jan 30, 2017 19:45:19 GMT
How long does it normally take to get money into my account and how much notice do you normally get before a loan goes live? A minute or two (unless you forget to confirm your bank transfer like me this morning!). MT are fast. Normally 24 hours.
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ali
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MoneyThing (MT) in Administration
New member
Jan 30, 2017 19:10:39 GMT
dan83 likes this
Post by ali on Jan 30, 2017 19:10:39 GMT
Do you get exact times loans will go live or is it just a case of staying online all day waiting? Exact times, but it's invariably 4pm.
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ali
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MoneyThing (MT) in Administration
New member
Jan 30, 2017 19:06:10 GMT
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Post by ali on Jan 30, 2017 19:06:10 GMT
Hi, I'm new to Money Thing, but not new to P2P. I don't have full access yet, so some of my questions may sound daft. It would be great if some one could answer my questions. 1) Do Money Thing (MT) have an invest now, pay later strategy like Saving Stream (SS) or can you only invest what you have in your account like Funding Circle (FC)? 2) How are loans funded? 1st come 1st served like FC or can you set pre-funding like SS? 3) Can I sell loan parts, if so how do I buy second hand loans parts? I'll prob think of more questions. Thanks. 1) The later 2) The former 3) Yes. You buy SM parts just like you buy PM parts. (Coloured backgrounds are used to distinguish them and PM parts can't be sold until the loan fills).
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ali
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Post by ali on Jan 30, 2017 16:42:01 GMT
On the morning of the monthly anniversary of the loan. Normally the same date as the end date, but there's at least one loan with a 2 day offset. ...this applies even for loans sold 'mid month'? Yup. Only exception is if the loan repays early.
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ali
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Post by ali on Jan 30, 2017 16:33:02 GMT
No, lenders receive interest for the number of days they own the loanpart (daily trigger point = midnight) I sold some loans today (my first time) but my :interest received" has not increased - does it happen overnight? On the morning of the monthly anniversary of the loan. Normally the same date as the end date, but there's at least one loan with a 2 day offset.
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ali
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Post by ali on Jan 28, 2017 17:44:51 GMT
MoneyThing -Ed, Is this loan related to, or to the same borrower as the Dublin Land ? both share the MT prefix ? Evening. Thanks for pointing that out... I planned on using just the 'MT' prefix to denote borrowers who have a single loan with us (such as this one), but I can now appreciate that it would be easily interpreted the other way and that they share a common borrower. Perhaps I shall make it clearer and continue on the MTAA, MTAB, MTAC, etc. prefixes. Will have a look at this now... Regards, Ed I'd prefer that. You never know, they might want a second loan, extension, or whatever in due course. You've got a bit to go before MTZZ forces a rethink!
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ali
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Post by ali on Jan 23, 2017 13:29:30 GMT
Unless there is a new planning consent that we are unaware of the security valuation is probably less than £60k (6.5 acres of agricultural land at between £8k and £10k an acre) I take it you did read §1.3 of the VR: "...thus validating the planning position". Do you have reason to believe Mr. Inman mistaken?
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ali
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Post by ali on Jan 20, 2017 16:57:28 GMT
Can the renew button be ticked as default rather than unticked, looking at the numbers of renewals, the preference seems to be renew, this would save a lot of ticking This would be a simple enough change...will have a think. Certainly whilst there is a liquid SM, if a lender didn't intend/wish to renew it should be easy enough for them to sell, I just wonder whether if after a renewal a loan subsequently went into default whether we would have issues with lenders who might claim that they had no intention of renewing the loan and therefore should not be exposed to the defaulted renewal? Maybe a simple way around this would be to have a global button/box which lenders could select which would be titled something like 'click here if you would like to automatically renew all eligible loans by default'. Might this be useful? Regards, Ed Useful, yes. But too dangerous to me. It's the kind of setting you might make a choice on very early before you really started investing and then forgot about until it came up and bit you. I'd be inclined to leave it as it is. Simple is good and the amount of extra effort to click the renew button manually for every loan is small. What would be worth doing is to make the checkbox available for every loan even if there was no suggestion of a renewal at this point. That way you don't fall into the opposite trap of not knowing a loan could renew until it was too late.
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ali
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Post by ali on Jan 18, 2017 11:33:42 GMT
MoneyThing I am still waiting for confirmation and subsequent processing of my withdrawal request. Is there a problem this morning. Usually very fast. I put mine in at around half seven this morning and got confirmation at 08:26.
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ali
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Post by ali on Jan 17, 2017 20:06:55 GMT
I see, so it's only worth buying if it's an early payment? In this case, it's just one day. It seems that in this case it's worth selling to give up the extra interest in exchange for protection against default. In most cases, that's probably true. However, in this case we knew that the loan was moving to SS and that it had "gone live" there. There was always a chance that SS could reject the loan at a very late stage due to some problem they found during their DD, but the chance seemed very slim. As far as I was concerned, these two loans (and the 14% one in particular) were very high gain for very low risk. The only real argument against them was that the actual amount of money earnt was small so it was only worth doing if you had spare cash lying around. I did, so I bought lots of lovely 14%. Yummy!
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ali
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Post by ali on Jan 17, 2017 19:00:14 GMT
No, lenders receive interest for the number of days they own the loanpart (daily trigger point = midnight) ... and in the case of loans with minimum interest terms (eg., MTAG563 and MTAG575), the holder of the loan at repayment also receives interest on the number of days remaining of that term.
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