niceguy37
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Post by niceguy37 on May 14, 2018 11:59:18 GMT
I have a couple of loans up for sale as I want to repurchase the same inside my new IFISA, and they both got quite a bit closer to the front of the queue, so as already suggested I suspect that a fair amount was reinvested and then immediately put up for sale again May I ask how you can tell what your position is the queue is?
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niceguy37
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Post by niceguy37 on Apr 27, 2018 14:20:15 GMT
The problem with allowing a premium on the secondary market is that value is sucked out of the system by traders at the expense of genuine lenders. (Traders make money buying and selling, but this means there is less money made by genuine long-term lenders, who then have to pay a premium for the more desirable loans to get them from traders.)
At present you can buy something on the secondary market at par, easily re-investing returned interest or other funds as they become available, and be confident that the loans are, defaults aside, good value. But as soon as there is selling at a premium the big boys with very deep pockets will buy up the best loans, and then try to unload them shortly afterwards at a premium.
Personally I'm in favour of a fair-for-all system that gives lenders a good return on their investment without too much workload, borrowers access to finance at fair rates, and MoneyThing a reasonable profit.
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niceguy37
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Assetz Capital (AC)
709
Apr 26, 2018 20:01:44 GMT
Post by niceguy37 on Apr 26, 2018 20:01:44 GMT
puddleduck - I think you're misunderstanding. The investment accounts ignore your MLA as they have no idea how to interpret what your intention is. They look after themselves in isolation and your MLA operates solely on your buy / sell instructions. If a new loan is launched and your GBBA decides to invest £100 and you place a £100 buy order in the MLA then the system will process each individually. So if the maximum allocation per lender account is £90 then in that scenario you would end up with £90 in your GBBA and £90 in your MLA due to investing via accounts, conceivably ending up with £180 vs £90 for someone investing only via the MLA. That's not very fair and would cause issues with some features we're looking to add later in the year such as bespoke investment accounts where you could create multiple copies of an account to game the system. So we'll be switching to a strict per lender account allocation with the next update to the marketplace. In the above scenario where each lender is allocated £90 if you invested only via the MLA you would get £90, whereas if the GBBA wanted to invest as well (and it will continue to ignore any MLA instructions) then you would get £45 in the GBBA and £45 in the MLA. That is fairer for all lenders and prevents the gaming of the system in that way. chris I think this will be a problem for me. For example I've £10K in MLA and £10K in GBBA2. In my GBBA I expect an even spread of loans across all eligible loans. Then I hand-pick some loans for the MLA based on my interpretation on the quality of their security. IIUC this is the current situation. Now when your new algorithm comes along, my MLA purchasing of preferred loans will be reduced, and my GBBA will also buy less of these loans because of my holdings in the MLA. So my GBBA will be left with a disproportionate amount of the less-desired loans. I could live with slower MLA purchases but will not be happy about the unbalanced GGBA loan portfolio. I regard my MLA and my GBBA as two separate investments, and expect them to invest independently. I appreciate that you don't want people gaming the system, but if you allow lenders multiple accounts of each type then it's at that point that it would be best to set out loan purchase portions. i.e. If a lender opens 3 MLA's for example, then add them together when apportioning him/her some of an in-demand loan.
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niceguy37
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Post by niceguy37 on Apr 26, 2018 15:34:44 GMT
Well done on getting the IFISA launched. It looks good and I hope it clears some of the SM backlog. Being able to transfer money from a non-isa to isa account is a handy feature, and I'm sure it will help you avoid a deluge of bank withdrawals and deposits. May I suggest that on the IFISA -> Move Funds -> Move Funds In page you show the remaining IFISA limit? I know this is shown on the bank deposit page but it would be useful here as well. Obviously it's not the highest priority, but when things have settled down SophieThing
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niceguy37
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MoneyThing (MT) in Administration
IFISA
Apr 25, 2018 11:25:04 GMT
Post by niceguy37 on Apr 25, 2018 11:25:04 GMT
I also preregistered on Jan 18th (the day MoneyThing sent the email saying they were now accepting pre-registrations) and received a confirmation email back - no email or register button for me either. The £20k burning a hole in my current account is going to end up on another platform soon! I also pre-registered on 18 Jan, and got the confirmation email, and have yet to hear from them. I've nothing under the "Account" tab, but I see if you go to their home page (click on the MoneyThing logo on the top left, then "Lend", then "IFISA" then there is the option to "Register as a lender". I'm just about to try it. No - it doesn't work. I'm going to email them to enquire.
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niceguy37
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Post by niceguy37 on Apr 19, 2018 14:17:47 GMT
I voted "Yes", as I thought it a very reasonable request.
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niceguy37
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Assetz Capital (AC)
449 vote
Apr 17, 2018 16:17:09 GMT
Post by niceguy37 on Apr 17, 2018 16:17:09 GMT
... I wonder what proportion of lenders understand this. I wish AC did not have votes and made the decisions themselves. I must admit I've wondered how useful voting is compared to the time it takes. For me the main issue is that the platform has (or should have) experience, expertise and much-more-direct access to both the facts and the borrower. I suppose the issue is in cases where we are looking at debt forgiveness. At least we don't have Funding Knight's system, which IIUC, requires a unanimous vote, which is not likely.
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niceguy37
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Post by niceguy37 on Apr 13, 2018 10:45:19 GMT
A loss is disappointing but very impressed with that update. I hope MT bring some other opportunities to invest soon, with £5m on the secondary market it seems that most people have reached their limits. Really in the case of certain other platforms this type of information should be provided before giving people a vote. I am not convinced that the AC & LY model of giving some limited information and asking us to vote, with little idea of the implications, is really the best way forward for MT. MT's model says that it will make the decisions on our behalf. So far, I haven't had a problem with any decisions they have made, so at the moment I am happy to get MT to make the decision they believe best. I agree that I trust MT to make these decisions, particularly as I view that they are better informed and more experienced than most lenders. And they are less likely to get emotional about things, as sometimes happens.
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niceguy37
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MoneyThing (MT) in Administration
IFISA
Apr 13, 2018 9:53:43 GMT
elliotn likes this
Post by niceguy37 on Apr 13, 2018 9:53:43 GMT
I've just noticed a new "ISA Updates" tab under the top line "Support" tab. There are no entries under "ISA Updates" as yet, but it's a start.
I do hope they manage to open their IFISA soon, before lender's money is attracted away to those platforms already offering IFISA's.
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niceguy37
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Post by niceguy37 on Apr 13, 2018 8:07:33 GMT
What's on the SM?...answer...Quite a lot! I just checked and the amount queued now stands at £4,332,474.00. Of the 10 biggest loans on offer by value (totalling £3,575,733), only £800 has moved today. Whether this market paralysis down to the change in T&C's?..Or sudden lack of confidence due to rising defaults?..I don't know. What I do know is, I have more confidence in a Platform that has a functioning Secondary Market. It would be good to know what SophieThing and the other Things think. Is it a concern and are there any plans for future changes? Defaults, the ill-thought introduction of new T&C, COL's seizure must all have contributed to stagnation. The absence of new loans since early March is not encouraging. Repayments, some decent new loan offers and good communications are needed to stir up activity. Or getting the IFISA launched. For a tax-payer it's hard for MT to offer the same returns as IFISA's on other platforms.
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niceguy37
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Post by niceguy37 on Apr 12, 2018 11:33:06 GMT
It seems the market is stuck again.
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niceguy37
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Post by niceguy37 on Apr 12, 2018 9:53:34 GMT
Thanks Chris. A very efficient and speedy response!
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niceguy37
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Post by niceguy37 on Apr 12, 2018 8:54:20 GMT
chris Please could the system record the account details (account holder's name, account number, sort code, default reference?) so we don't have to type it in? I think it would be helpful if this was the account that funds originated from, as a security precaution, and only changeable by AC themselves in exceptional circumstances. As it stands if someone can log into my account they can easily sell up and withdraw the lot to any account they like.
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niceguy37
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Post by niceguy37 on Apr 10, 2018 8:53:38 GMT
I think it's a smart move on AC's part to persuade lenders to start their 2018/18 IFISA's with AC. Or was it just dumb to terminate the last offer on 4 Apr? I think they thought people would understand that they could put their 18/19 money ready in anticipation. I dont think many people were convinced it worked like that - hence the change in heart? Personally, I think they were focused on securing 2017/18 IFISA investments. Then, having seen it's success, decided to entice lenders to start their 2018/19 IFISA's with AC, knowing that unless things get quite bumpy most lenders will probably continue with AC for the rest of 2018/19. But I believe you are right in that they thought people would realise they could load up their QAAs and then transfer to their 2018/19 IFISAs. In the end, though, it's not bad marketing to extend the offer for those who didn't quite make the deadline. And I'm intending to take advantage of the offer.
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niceguy37
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Post by niceguy37 on Apr 9, 2018 21:44:50 GMT
I think it's a smart move on AC's part to persuade lenders to start their 2018/18 IFISA's with AC.
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