GeorgeT
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Post by GeorgeT on May 8, 2017 16:21:14 GMT
Three out of four pipeline PBLs now have a number: PBL178 - 1-8 & 12-19, Suffolk PBL177 - The W******** & flats 9, 10 & 11 PBL176 - O** S***** H****, Worcester And going live tomorrow Tuesday 9th May. My hand firmly in my pockets on these! LW Raking around the inner crevices of your pockets for every last bit of spare change you can find to invest at 12%?
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GeorgeT
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Post by GeorgeT on May 7, 2017 20:42:24 GMT
In case anybody is concerned about submitting a withdrawal request may I confirm that I have just put in a withdrawal request on Sunday evening and everything has gone through normally. I got the usual confirmation message pop-up followed by an email. So it appears this problem has been fixed.
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GeorgeT
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Post by GeorgeT on May 7, 2017 20:31:54 GMT
Sunday SM Activity Report:
Today I have found buyers to be very sparse on the secondary market. It is clear that Sunday is not a big day for buyers and of course Sunday afternoon is Super Sunday on the television.
However, buyers returned to the website at about 8 p.m. this evening and in the last two hours I have secured a few sales but activity has been markedly slower than yesterday.
I am expecting an upturn in activity on Monday when the new working week starts.
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GeorgeT
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Lendy (L) in Administration
Paid in full!
May 6, 2017 22:58:59 GMT
via mobile
Post by GeorgeT on May 6, 2017 22:58:59 GMT
Quite so,there is no issue of accepting or declining an offer if you are being offered all that is legally due to you.
A decision to accept implies an option to decline and you would only have an option to decline if you were not being offered full settlement.
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GeorgeT
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Post by GeorgeT on May 6, 2017 21:18:59 GMT
GeorgeT I see you've branded yourself as Mr 12% ..... maybe we can find you some personal sponsors to go with the title 😉 Thank you for mentioning that. It gives me an opportunity to say that I am prepared to endorse good platforms / services / products, and appear in promotional material, subject to a modest fee and reimbursement of my out of pocket expenses. However I am a man of morals and I won't endorse anything unless I am a genuine satisfied customer and my recommendation is therefore an honest one.
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GeorgeT
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Post by GeorgeT on May 6, 2017 20:39:46 GMT
Well, based on my personal performance I would say the SM was very slow yesterday (Friday) but has been a lot more active today.
I wonder if there are Mon-Fri workers who only manage their investments at the weekend.
Today I have sold a lot more loan parts than yesterday and, in addition, at around 4pm today somebody was selling some very succulent long dated 12%ers. I was beaten to the nocaptcha in most cases but still managed to enhance my stake slightly in 2 nice loans.
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GeorgeT
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Post by GeorgeT on May 6, 2017 20:32:44 GMT
Looks like this is going in for auction on Wednesday. At a guide price of £850,000!! I wonder how true the previous offer of £1.6million actually was?! It would be handy if anyone is in the area and fancies popping in to the G*******r H***e H***l to see what this sells for. Or if you want to bid on it, that would be great too. TBF, guide prices at auction are often deliberately low to pull the suckers in. True, but less so than used to be case. New industry good practice guidance is that the Guide Price should not be more than 10% lower than the Reserve Price. The guide price here is £850k so the Reserve price should not be more than £935k, and of course it could be lower.
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GeorgeT
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Post by GeorgeT on May 5, 2017 22:36:05 GMT
" finding out a loan could turn bad" is not the same as " knowingly buy Bad Loans". It's a free market determined by supply and demand. Nobody can force anybody to buy a loan part they do not want. If I buy a bad loan and somebody else wants to take it off my hands that is their decision. I am not able to put things up for sale with any sort of warning attached about my concerns. My approach is one of caution and therefore I tend to sell out earlier than most. Clearly there are others who are willing to hold things a bit closer to the wire and who am I to say they shouldn't be able to take on a bit of risk if they consider the risk and reward balance to be acceptable to them.
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GeorgeT
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Post by GeorgeT on May 5, 2017 22:12:38 GMT
I get you too. These definitions certainly make sense of some previous posts, and certainly clear up my understanding of bad vs high class in this context. Back to the original point... With reference to these 3 loans you posted 'Without scrutiny, it would be like a government without any opposition. If we can force U-turns on bad loans etc. then we have done our job.
Opinions, concerns and issues raised by investors helps to keep the management in check and, ultimately, helps everybody - the platform included.'By this I read that as a community, we could 'force U-turns on bad loans' and thus have 'done our job' and 'help(ed) everybody' by ensuring these types of 'bad' loans were not accepted onto the platform. Then I haven't done any DD ...... I agree these loans sound bad......However I will be investing modest sums in both the 12% loans.......liquidity will be great for the first month or so. It is 12% in the bag.......sell like hot cakes on the SM. I am happy to invest in new, rare beast 12% loans and I am glad a few others will not, as that increases my allocation.
I think the original query showed some confusion over whether these two statements seem incongruous. I took this as meaning that forcing a U-Turn, which helps everyone including the platform would be best achieved by the community not engaging with these loans if that were the weight of opinion. If in this community based scenario you are then 'happy to invest' then are you also not 'doing your job'. Just for clarity I fully agree with your original statement, in fact some time ago the platform pulled the so-called 'toxic wasteland' loan from the pipeline which I believe was in part due to the views of members of this community. I am finding it difficult to then understand your second post which seems to suggest that as it is a 'bad' loan the best way to handle it is to buy it and pass on that responsibility at an early opportunity. Not trying to be difficult but I just find the two strategies/concepts to be diametrically opposed. Apologies in advance for the selective quoting which I hope you can see has been done purely to coalesce the post not to attempt to misquote you. My forum skills are insufficient to have fully linked to both the original posts. I am of course happy to amend to re-quote in full. Â Let's be frank. Whilst quite legitimate and legal, it is morally corrupt IMHO to knowingly buy Bad Loans with the express intention of dumping them on someone else before maturity. Â Yes, yes, I know, "Caveat Emptor" etc, but I feel "this is not a good reflection on one", as the Queen might say. Â It's reassuring to know that altruism exists in the investment world. However this could apply to almost everybody who sells out of a loan before its end date. After all, if people were confident the loan would be repaid successfully then why would they be selling it and denying themselves a period of interest. I cannot believe there is anybody on here who on finding out a loan could turn bad has not put it up for sale in a rush. Eg. Somerset.
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GeorgeT
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Post by GeorgeT on May 5, 2017 14:48:35 GMT
1. I define high class select loans as those paying 12% with very long unexpired terms. Investor appetite as evidenced by activity on the SM seems to support my definition. Therefore there is no inconsistency in my comments. 2. my way is right and your way is wrong. 1. I would consider your definition to be 'popular' loans and not a definition of 'high class' loans, as such I cannot agree that 'activity on the SM seems to support (your) definition'. I think there is a very critical difference between those two but as always am happy to agree to disagree on that point. I would point out that I believe using your definition you have just informed the community that 2 of the 3 loans that this thread refers to are in fact 'high class' loans. 2. You are missing the key point in that you do not appear to have any consistency in 'your way'. In no way was I implying that your way was wrong as I am not sure which of your multiple 'ways' you are referring to. Merely pointing out, along with others and also with a that you are either hypocritical or just so inconsistent that it becomes difficult to follow your train of thought. I get you. In a way I am saying that the terms 'bad loan' and 'high class loan' are not mutually exclusive. I can see it sounds muddled but I am using bad loan to define the borrower/security etc. and I am using high class loan to define the liquidity, remaining term and interest rate. An example I would give would be the Alpine themed house by the famous waterway. A 'bad loan' but also a 'high class loan' - (by my definitions).
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GeorgeT
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Post by GeorgeT on May 5, 2017 14:38:27 GMT
I would be funding this quite well if it were offered at 12%. In every case on MT, I have been unable to invest as much as I would like. Start with say a bidding limit of £40k? You might be surprised. There's quite a lot of money exiting other places at present. What is the correct remaining day to sell on MT? Currently - With 3 days to run, unless a formal extension has been agreed and notified, in which case 'rollover'. So far I feel confident enough to hold almost to term end on this platform. There is very little, if any, rubbish on MT and the SM is usually bare. Therefore I think you could sell out with just 1 day to run if desired but I would suggest 3 remaining days to be on the safe side. EDIT - I upped 25k to 40k after thought to try and get it filled quicker for MT. The goal posts on optimum sell out times will shift as the platform grows and this potential loan could impact on that.
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GeorgeT
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Post by GeorgeT on May 5, 2017 14:26:27 GMT
I would be funding this quite well if it were offered at 12%.
In every case on MT, I have been unable to invest as much as I would like.
Start with say a bidding limit of £40k? You might be surprised.
There's quite a lot of money exiting other places at present.
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GeorgeT
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Post by GeorgeT on May 5, 2017 13:17:27 GMT
Latest tranche live.
I asked for £300 and got £300.
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GeorgeT
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Post by GeorgeT on May 5, 2017 13:14:46 GMT
Also hard to envisage how this aligns with the quote last week from GeorgeT "Yes it is true I have decided to reduce my exposure on this platform and I am in the process of doing that and I will be only holding very high class, select loans from now on". One may erroneously get the impression that he holds onto his loans for a significantly longer period than he holds onto his strategies. 0 for me too on these 3, and hope just maybe one day us ol' timers can enjoy a pint over reading the 'why have I been burnt' posts from some people using the 'I'll just flog it on the SM' strategy A couple of points, 1. I define high class select loans as those paying 12% with very long unexpired terms. Investor appetite as evidenced by activity on the SM seems to support my definition. Therefore there is no inconsistency in my comments. 2. Your 2nd paragraph could be interpreted as wishing that investors who do not adopt the same strategy as yourself lose their money. In fact your use of the word 'hope' implies a firm wish and requires little interpretation. I would suggest that ought to be against forum rules. It also sounds rather pompous and suggests a degree of arrogance, i.e. my way is right and your way is wrong. For the record, in many years of investing, and 4 years in P2P I have never lost a penny of interest, let alone capital. I always withdraw my interest in full every month and, as I have stated previous, have now received more in interest from Lendy over the last 3-4 years than my total current investment here. Accordingly, your wish will will never come true so you will have to hope for some other misfortune to befall others in order to enjoy your pint. Those points aside, I wish successful investing to you and everybody else, regardless of personal strategy.
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GeorgeT
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Post by GeorgeT on May 5, 2017 11:12:44 GMT
Money in my bank and received 2 confirmation emails telling me.
I never received the usual confirmation email to confirm I had submitted a withdrawal request in the first place but I had 2 emails telling me it had been processed this morning which indeed it has.
All's Well That Ends Well.
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