Update on Dozens' fixed-interest bonds and protection

I don’t think I have ever checked an app as much dozens, waiting for that magic moment…

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Most of you here will have received a £2 top-up today in your account from Dozens

It has been a little while since we offered this so just to remind you, here (from the comment above) was the offer:

You should also have received a push notification about this in the app, and an email, as promised.

There’s been a great deal of work on the app, and changes to the business thanks to the successful crowdfunding, since this was discussed. We do hope that all this exciting development will give you an even better experience with our app, and that new fixed-interest bonds will be available to everyone shortly.

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I got an email and … nothing. I mean, I know it’s only £2.00, but what gives?

Sorry about that. Have you contacted customer service?

No, I was hoping you would say something along the lines of “it’s a phased rollout” or something.

Ugh.

Doing it now.

Sorry, no. We sent thousands and we’ve had only a tiny handful of issues so they’ll need to look into your case for you.

It’s nice to be special! :slight_smile:

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Le sigh. Still waiting on that £2. Your “payments team” is not instilling me with confidence, @robert! I was told to expect an email from them, and haven’t had a sniff. Not even one saying “we’re looking into it, bear with”.

I don’t want to be special any more.

Oh, you will always be special. :slight_smile:

I’ll chase the team, but I am sure it is literally about to be done.

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Hi @Robert :wave:t2:

Any news on the bonds and the “Invest” section of the app? Seems to have languished and not done much since the crowdfunding was announced!

Appreciate it has probably been very busy at Dozens HQ!

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Hi, I understand smaller amounts will be prioritised on the bond issuance. But how small is ‘small’? If I bid £1,000 for example, is that likely to be accepted? £5,000? Not really bothered for only £100 as that will only get a £5 return over the year.

There’s more detail on how the bond worked first time here

Essentially, they add up the bids, starting with the lowest bid, until the bond is subscribed, so you’re less and less likely to have a successful bid the higher your bid.

Also, once up and running properly, it should be more regular - monthly, I believe - so you could save £100 one month, £1000 another month etc.

Hi Ian - we cannot know in advance or advise on that.

As we explain in the post @gaoler helpfully shared, we sort ALL bids into ascending order from £100 up. That way we allocate the available issuance to as many different customers as possible. We do not set a cut off amount, this is simply a result of what bids are made by customers in that month.

For example, let’s say we issue £1m of bonds in an issuance.

If 10,000 customers all bid £100 then that would share the £1m equally. In practice not everyone will take part, and some will bid higher amounts.

So if 1000 customers bid £100, then there would still be £900k available to share between everyone else. In that case we start allocating the £200 bids, and so on. However, if they all bid £1000 then this would use the whole allocation.

While buying a single bond at £100 generates £5 in interest over 12 months, the idea is to be able to do this regularly, not just when you have large lump sums. If a customer were to buy £100 each month, over 12 months that would result in a lump sum of £1200, plus interest on each of those bonds being paid every month.

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Thanks, encouraging to see the average successful bid was over £1,000 in the first pilot. I didn’t realize we’d be able to do monthly bids, I had the impression the bonds issuance would be less frequent than that.

There has been a bit of a gap while we worked on some app upgrades and dealt with some process changes after our crowdfunding campaign, but our intention is to make this a regular offering so customers have options on a regular basis

Hi @robert - do we have an idea as to when the bonds will be re-started now that the crowdfunding has completed?

Considering the initial bonds were from 1/3/19, those that joined and missed the dates for that issuance have now waited more than 3 months with promises that they will be coming but no real information on when that will be happening. There does appear to be a lack of progress or drive to actually get the bonds available for people.
It does feel that the bonds were used as a marketing ploy to get their 10000+ customers but they were not in a position where they were ready to take on new customers and deliver on the marketing messages they used.
Will we actually see these bonds? and will we see them soon? (It would be helpful to actually have some dates rather than we are working on it or that they are coming)

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Well, they did credit our accounts with money for missed interest.

Oh, and if you’re a shareholder:

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For me the frustrating thing with the bond delays is not so much lost interest, its when they do become available I will have a larger lump sum to invest than if I had been able to spread bond purchases over several months. Buying a larger amount in one go gives less flexibility if/when I need to withdraw.

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