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Post by supersop on Feb 2, 2015 16:22:50 GMT
Hi
I've been dipping a cautious toe into SS for just about a month so was excited to receive my first interest payment today. I was at work when the emails came through advising that PBLs 23 and 24 had gone live. Unfortunately too busy at work over the lunchtime period to get online. By the time I got home I was too late to get in on PBL 23 but I put some of another loan (PBL6) up for sale so I could use that and my interest payout to buy into PBL 24.
PBL6 was showing as fully funded again within 15 minutes so I presume that meant somebody had bought the bit I put up for sale.
However it isn't showing up in my funds yet - how long do the two usually take to synchronise? I have made a virtual deposit (but not actually done the BACS transfer) in order to buy a share in #24 before it sells out.
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Steerpike
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Post by Steerpike on Feb 2, 2015 16:27:16 GMT
I think, but I am not certain, that if you commit to funding you have to follow through and cannot offset funds arising from sales against the BACS deficit.
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Post by supersop on Feb 2, 2015 16:30:41 GMT
I did wonder if that might be the case - I have funds available to transfer tonight or tomorrow morning if need be  |
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indy
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Post by indy on Feb 2, 2015 16:34:32 GMT
The loan part I sold earlier today was in my account ready to re-invest within a few minutes.
The loan part has to be completely sold before you get your money.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Feb 2, 2015 16:41:05 GMT
Hi supersop, in normal circumstances the funds from sold loan parts show in your account immediately. However, now and again, and sadly quite often on busy days like today when lots of loans are up for sale, some of the loan parts get double or even trebble purchased. This sends the systems a bit screwy and the accounting goes awry. I've had a succesful sale today, but another one that's gone wrong like yours. The loan I sold a part in has had other parts up for sale several times since mine and gone back to zero available. Now, each new one that goes up seems to be getting allocated against my loan part which might eventually show as all sold if enough more loan parts get put up for sale. You can check where the system thinks your loan part sale is up to by looking under your "Sold/Selling Loan Parts" tab in your account dashboard. In the meantime, email SS to sort it out. They normally get onto it quite quickly, but might just be busy with it all this afternoon  They should also be able to sort out the BACS funding deficit for you manually if you let them know about it - otherwise it will stay. It would be abusing the system to do this regularly, but since you've been forced to do this as a result of a fault in their system, which has been there a very, very long time now and really should have been fixed a long time before now, then I think it's not unreasonable to expect them to do the manual intervention. |
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Post by supersop on Feb 2, 2015 16:41:08 GMT
I'm confused because on the selling/sold loan parts section of my dashboard, my bit of PBL6 is showing as 0% sold. But if I go to the main list of all live loans, PBL6 is showing as fully funded. edit - just read your reply ramblin rose, that makes more sense cheers |
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Post by duncandive on Feb 2, 2015 16:42:14 GMT
I think, but I am not certain, that if you commit to funding you have to follow through and cannot offset funds arising from sales against the BACS deficit. That is my understanding as well. Always best to play on the safe side. Besides might as well invest and earn some pennies over night at least. I'm sure folks would be happy to pick up any bits of 024 (you don't want to keep) on the secondary market.
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Post by supersop on Feb 2, 2015 17:00:28 GMT
Agree it seemed easiest just to transfer the funds, so I'll wait and see what's happened to my bit of PBL6 come tomorrow morning. If it's sold then I can always withdraw the money and be back where I intended to be this afternoon.
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Post by Deleted on Feb 2, 2015 17:11:28 GMT
Hi I've been dipping a cautious toe into SS for just about a month so was excited to receive my first interest payment today. I was at work when the emails came through advising that PBLs 23 and 24 had gone live. Unfortunately too busy at work over the lunchtime period to get online. By the time I got home I was too late to get in on PBL 23 but I put some of another loan (PBL6) up for sale so I could use that and my interest payout to buy into PBL 24. PBL6 was showing as fully funded again within 15 minutes so I presume that meant somebody had bought the bit I put up for sale. However it isn't showing up in my funds yet - how long do the two usually take to synchronise? I have made a virtual deposit (but not actually done the BACS transfer) in order to buy a share in #24 before it sells out. I have exactly the same problem - with PBL06. So it must be a technical problem. I put some PBL06 up for sale today and within minutes it was showing that there was no PBL06 available. However in my dashboard it shows as only 40% sold and hence the funds have not arrived in my available funds. I contacted SS about it earlier. Awaiting a response, I only went to sell it so I could invest in PBL24 as it has much longer to run - but that's just about all gone now so I may end up with nowhere to invest my money. 
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Post by Deleted on Feb 2, 2015 17:24:56 GMT
Grrrr. just thought I'd do a deposit to invest and then balance it off with my loan sale money when SS sorts it. But PBL24 all gone now. Oh well, at least it wasn't a lot of ££ but size of my investment with SS has reduced slightly as a result, until something else comes available.
This problem has occurred with me on at least 1 and I think 2 previous occasions - months ago. I thought it had been sorted. I remember posting about it in the website problems thread some time ago.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Feb 2, 2015 17:32:56 GMT
Grrrr. just thought I'd do a deposit to invest and then balance it off with my loan sale money when SS sorts it. But PBL24 all gone now. Oh well, at least it wasn't a lot of ££ but size of my investment with SS has reduced slightly as a result, until something else comes available. This problem has occurred with me on at least 1 and I think 2 previous occasions - months ago. I thought it had been sorted. I remember posting about it in the website problems thread some time ago. As I noted above, it tends to occur when there's been a multiple buy of a loan part, and the whole accounting system gets messed up. Maybe other occasions too, but that's when I notice it. I'm a regular seller and I'd say about 5% of the time this happens to me. Mostly I'm not in a hurry to sort it, and a few hours or even a day don't matter, but when it does matter it's more than annoying. It's been going on ever since the SM started last May and as the site gets busier and busier it must be getting more and more frequent. Our consolation might be that as it happens more, it must cause more and more work for savingstream to deal with and so they might finally do something about preventing it from happening soon. We can but hope........... 
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Feb 2, 2015 17:40:12 GMT
I only went to sell it so I could invest in PBL24 as it has much longer to run - but that's just about all gone now so I may end up with nowhere to invest my money. There are still a few things being sold so you might still find something to invest in if you keep an eye on the site - currently a few things as I write.
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star dust
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Post by star dust on Feb 2, 2015 18:30:36 GMT
I've still got stuck funds in loan part sales for both PBL06 and the Super Yacht at the moment. I also had some caught in these particular loans earlier this afternoon but they have now unwound. I usually only put things up for sale when there is nothing else available and the loan balance is zero just in case; and things usually work ok. However, I did notice that both loans had negative amounts this morning due to overpurchasing. I thought they had been 'cleared' before I sold the first time, but maybe there was something still awry. It hadn't occurred to me that stuck sales were associated with previous overpurchasing, as although I also sell quite frequently I haven't had problems for quite a few months.
The overpuchasing bug has been around since I started with SS back in April last year.
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Post by Deleted on Feb 2, 2015 18:31:52 GMT
Thanks, I've just managed to invest an equivalent sum of money in another loan that was showing some availability. So I end the day with the size of my interest earning investment intact.
It says we have 24 hours to make the BACS transfer so I will leave that until tomorrow. By which time I will hopefully have got my original money back in my available funds. Then I will be able to do a BACS transfer in, and a withdrawal, for the same amount, with the 2 transactions cancelling eachother out.
I do think the errors that occur on some occasions when trading loan parts acts as a deterrent to doing business on the SM. At least it does for me. I hope SS can get this sorted, especially now the number of investors is growing fast. If they don't, they might find themselves with a lot of admin work to do, manually correcting errors that have arisen due to website glitches.
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Steerpike
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Post by Steerpike on Feb 2, 2015 18:35:32 GMT
Thanks, I've just managed to invest an equivalent sum of money in another loan that was showing some availability. So I end the day with the size of my interest earning investment intact. It says we have 24 hours to make the BACS transfer so I will leave that until tomorrow. By which time I will hopefully have got my original money back in my available funds. Then I will be able to do a BACS transfer in, and a withdrawal, for the same amount. I do think the errors that occur on some occasions when trading loan parts acts as a deterrent to doing business on the SM. At least it does for me. I hope SS can get this sorted, especially now the number of investors is growing fast. If they don't, they might find themselves with a lot of admin work to do, manually correcting errors that have arisen due to website glitches. SS told me that they have a scheduled job that "fixes" these types of issue. I pointed out that a problem I had was not resolved automatically after more than 24 hours and persisted until it was resolved manually. I did not receive a response.
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