david42
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Post by david42 on May 25, 2017 16:09:45 GMT
There are three drawbacks with using Autobid on FC that have not been mentioned: 1. Autobid misses out on the best loans, because manual bidders buy these very quickly but Autobid runs quite slowly. 2. Before I left FC, one way of getting rid of dodgy loans was to sell them at par so that Autobid would blindly buy them. So autobidders were expected to end up with the worst loans. You might be able to avoid this at the expense of increased cash drag by telling Autobid to use only the primary market. 3. Autobid buys loans at the prices you set, regardless of whether the same loan is available more cheaply.
So autobidders are at a disadvantage to manual bidders. If the average of all investors were still 7%, autobidders must expect to do rather worse. In the days when I used FC, manual bidders were generally beating the average by around 3% - meaning the Autobidders must be doing significantly worse to make the average 7%.
FC has the advantage that the risk is more predictable than on any other platform because of the large number of loans and the full history published in the loan book. If Autobid was able to acheive the average performance of the loan book, I would be more interested.
I apologise if FC have found ways to fix the issues with Autobid in the two years since I last looked at FC.
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david42
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Post by david42 on May 25, 2017 13:20:07 GMT
jonahI see that the eMoneyUnion availability tracker has been reading 0 for a couple of weeks. Is that a genuine reading or has it stopped working? I don't use eMoneyUnion, so I cannot confirm the position. Is there any impact from the migration of eMoneyUnion to JustUs? Thank you for creating these valuable charts. The Lendy chart is my standard reference tool.
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david42
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Post by david42 on May 25, 2017 9:24:58 GMT
I've been quoted a fee of £2.77. That's about 7% of my remaining capital which I just can't get my head around and my email has been replied to explaining it's because of the 2 years interest I've received? Does this make sense? The early access terms are specified here. There is a worked example here. In your case Ratesetter retrospectively works out what your £40 would have earned if you had put it on shorter term markets for the previous two years, and charges you the difference between that amount of interest and the interest you actually received. This approach makes it particularly expensive to exit near the end of the contract term, which you are trying to do. The Ratesetter sellout terms do not give you any benefit for the fact that the contracts could easily be funded at half the interest you are receiving. But you would have to pay the difference if the current funding costs were higher than the rates on your contracts. As I understand it, Ratesetter sellout terms are deliberately mean to discourage opportunistic trading and short term investors. So don't expect to apply a fairness test to the terms.
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david42
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Post by david42 on May 23, 2017 21:37:23 GMT
Has anyone seen this bug before? Two loan parts in the same loan both partly sold. Screengrab removed as it identifies a secured building (now that someone correctly has reported it)
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david42
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Post by david42 on May 23, 2017 16:05:49 GMT
Thanks v much, will have a look (currently on Vyke). Last time I tried for First Direct I think there was lack of reliable caller ID and when I 'fessed up I was on wifi she demanded I call when back in UK. 5% saver too 😭. Localphone lets you set the caller ID to any telephone number where you can receive calls. Localphone rings the number to verify it when you set it up. I have been using Localphone for several years, including calling multiple banks, but not First Direct. I don't know Vyke. It seems to offer a similar service to localphone. The Vyke FAQ says "when you call or SMS from your SIM profile your number will display as the caller ID", so it should have satisfied the bank.
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david42
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Post by david42 on May 22, 2017 17:58:11 GMT
Don't do calls as rates are extortionate from here & banks have refused wifi calls for security! If you have a good internet connection, have you looked at Localphone.com? Calls from your PC to UK landlines are 0.5p per minute. Although they go over the internet from your end, the recipient gets a normal phone call. I find call quality less reliable than a landline but better than a mobile. I have had no trouble telephoning banks via Localphone.com
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david42
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Post by david42 on May 18, 2017 14:27:39 GMT
Having been investing on this platform for 6 months my repayment statics are now:
10 loans repaid early, average 44 days early. 17 loans repaid within 2 days of the correct time. 14 loans repaid late. Average 8 days late. Maximum 21 days late 15 loans overdue. Average 16 days overdue. Maximum 50 days overdue. Oh dear!
So 6 months into using the platform I am still no clearer whether my return will be nearer +40% pa or -60% pa. My results will be dominated by the outcome of the 15 overdue loans.
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david42
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Post by david42 on May 14, 2017 9:36:38 GMT
Who shouldn't we tag? Paul64 ? Is it so difficult to comply with a simple polite request? Hi all, I am away a few days next week so please do not tag me etc. If you need a response please go via the preferred support@ route. Have good weekends. Paul
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david42
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Post by david42 on May 11, 2017 9:22:31 GMT
Thank you for explaining, charles. I confirm that I can now login.
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david42
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Post by david42 on May 10, 2017 19:36:29 GMT
Same problem here. The login screen is displayed, but it does not let me in. charles is there a fault?
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david42
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Post by david42 on May 9, 2017 7:54:46 GMT
ablrate , in your e-mail of 28th March, you say "If you have already made a withdrawal, you will already be verified…". I made several withdrawals (to the same account) up until the 13th March, but was told tonight that I need to verify. Did your e-mail mean a withdrawal after the 28th March? I had a similar experience. They delayed a withdrawal recently saying I needed to verify my bank account, although I had not changed my bank account. So your theory sounds plausible to me.
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david42
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Post by david42 on May 7, 2017 23:09:44 GMT
Queue changes (combined for PBL103, DFL001, DFL002 and DFL004) 04/05/2017 Jumped up by £20,768.22 05/05/2017 Jumped up by £11,724.11 06/05/2017 Jumped up by £20,579.83 07/05/2017 Jumped up by £19,079.99 (upto now) Are you aware of Jonah's availability tracker, which tracks secondary market availability for us?
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david42
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Lendy (L) in Administration
Paid in full!
May 5, 2017 18:36:28 GMT
Post by david42 on May 5, 2017 18:36:28 GMT
Congratulations to Lendy for getting a full recovery from one of the more problematic loans.
This is very encouraging given the nervousness many of us are feeling when we see number of loans with recovery challenges. This is one of many loans that I had bottled out of given the lack of credible updates from Lendy. If Lendy can indeed demonstrate that they are able to acheive a full recovery from the vast majority of their loans, we would all be a lot more comfortable, and I would be pleased to reverse the reduction in my Lendy investment.
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david42
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Post by david42 on May 5, 2017 18:10:16 GMT
I had hoped for such a service. Unfortunately the two platforms with the most potential to offer this did not get anywhere: - Investup was formed with the intention of being an aggregator, and offering an ISA. They had proposed to charge 0.5% for a self select ISA. I get the impression that the aggregation software did not work, and it all went very quiet. The platform is now part of Rebuilding Society.
- Greyfriars / SIPPclub used to offer a self select SIPP that worked. One might have hoped they would use that experience to create an ISA along similar lines. Unfortunately Greyfriars have now pulled out of the P2P SIPP market and told their existing customers to go away.
I have not heard of anyone planning to offer a self select ISA multi platform service. I would be prepared to pay an additional fee for an umberella ISA service that enabled me to quickly transfer my ISA money between multiple platforms. Maybe someone will build such a service once the P2P ISA market stabilises and once the bigger players have their ISAs in place. A hopeful start is that several platforms are deciding to buy their ISA service from the same operator.
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david42
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Post by david42 on May 5, 2017 15:13:32 GMT
One of my loans was due to repay on 28th March. It is still marked as Late. It does not look very hopefull. I have not had any email from The Money Platform.
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