sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 16, 2015 20:49:45 GMT
Listing your parts on the SM may not be a smart move. Interest payments stop, and you can't buy them back without buying all the other parts listed before yours. Can you explain how that works? Interest payments stop just because you've listed them for sale? What's the difference between buying back parts ahead of yours, and your own? When you put a loan part up for sale you stop getting interest, as stated on the screen, "......... Interest will cease to accrue on your loan part at the point at which you confirm you wish to sell it." Buying parts is FIFO. If someone has listed £1k for sale before you list £2k for sale, then you have to buy all £3k to redeem your £2k. At least this is how I believe it should work. There have been instances where buying the precise amount of a listed loan part, may jump the queue.
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Post by solicitorious on Mar 16, 2015 23:21:42 GMT
Thanks.
As for the first point, presumably if your parts sell within hours or minutes then it of no practical significance? Would only become an issue if your selling parts were hanging around for days or weeks?
On your second point, If you sold say £3k, and there was parts for sale in front of you, if you had a change of heart and bought back £3k the same day, would you lose interest?
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Mar 16, 2015 23:34:21 GMT
Thanks. As for the first point, presumably if your parts sell within hours or minutes then it of no practical significance? Would only become an issue if your selling parts were hanging around for days or weeks? On your second point, If you sold say £3k, and there was parts for sale in front of you, if you had a change of heart and bought back £3k the same day, would you lose interest? The first point speaks for itself. Re, the second point, you would get no interest for the parts put up for sale, but you would get interest for the £3k you bought. So you own £6k but get interest on £3k.
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webwiz
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Post by webwiz on Mar 17, 2015 8:51:54 GMT
It's quite simple. You don't get interest on loans while they are up for sale on the SM (which has always, so far, been a very short time.) If you are buying and selling in the SM concurrently (not something I would advise) it's just the same. If you put some up for sale and change your mind you just have to buy the same amount not necessarily the same part.
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Post by xyon100 on Mar 17, 2015 10:28:11 GMT
Probably. The amount of parts available for sale does seem to be continuing to drop. I'm certain they will. I don't believe there is any serious danger of losing money here; it's a small loan - any shortfall in sales value would be very small. It would be easily covered. And they did. And they can't have missed the default notice.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 17, 2015 10:40:23 GMT
I'm certain they will. I don't believe there is any serious danger of losing money here; it's a small loan - any shortfall in sales value would be very small. It would be easily covered. And they did. And they can't have missed the default notice. Hope the person who picked up 10k yesterday didnt!
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mikes1531
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Post by mikes1531 on Mar 17, 2015 15:53:57 GMT
And they did. And they can't have missed the default notice. Hope the person who picked up 10k yesterday didnt! Even if they didn't find out until after the maturity date, I don't think they'd have any trouble selling the parts on -- despite having a 'Remaining term' that's negative!
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ianj
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Post by ianj on Mar 18, 2015 15:46:59 GMT
Thanks for your comments, we have now made it more obvious that this loan is now in default and that investors will continue to earn interest on this loan on a monthly basis until disposal of security has taken place.  I have discovered that your emboldened default notice is being treated by the Adblock Plus add-on (' Blocks advertising, banners and other unwanted stuff on websites') I have installed in Firefox. You may wish to adjust how this information is displayed to ensure it can't be missed. EDIT: I've just noticed that Adblock Plus also blocks the default notice reproduced in the original post and in the quote above.
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oldgrumpy
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Post by oldgrumpy on Mar 18, 2015 15:53:11 GMT
That's odd. Must be you have put on stricter settings than I because I have adblock (as you can see) on default settings and I see the warning OK. Attachments:
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bugs4me
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Post by bugs4me on Mar 18, 2015 15:56:29 GMT
Showing fine here with adblock enabled - using Waterfox 64 bit and Firefox 32 bit
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Steerpike
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Post by Steerpike on Mar 18, 2015 16:08:15 GMT
No problem with FF or PaleMoon.
Perhaps a custom filter for default.png?
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ianj
Member of DD Central
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Post by ianj on Mar 18, 2015 16:17:53 GMT
I reset Firefox recently and downloaded Adblock again, so it is up to date, v2.6.8. I don't recall doing anything to amend the default settings during/after installation, but then the memory isn't what it was!  |
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tony
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Post by tony on Mar 19, 2015 11:32:33 GMT
SS know it will default because they have been in contact with the borrower for weeks. The weekly update from Feb 6th said " We are going to be working with this client to provide us with an exit from this loan. Brokers are confident that a commercial facility will be in place by the end of the term". By keeping the system simple they have time to concentrate on the important things. I have always had difficulty in reconciling the "remaining term" with the original length of the loan as stated when it was offered up for funding. I have had loans which I expected to be repaid on a given date, at the time I invested, only to find that the "remaining term" is still some way off - a bit disconcerting when I needed to get my hands on my lolly. In a separate thread, I asked if anyone knew why Super Yatch 35 was not listed in recent weekly updates but had had no helpful responses - this is one where I need access to my funding as soon as the loan is repaid. It is due to be repaid in 14 days time but the absence of a mention in the updates concerns me. I hope another default is not looming!
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oldgrumpy
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Post by oldgrumpy on Mar 19, 2015 12:06:55 GMT
Didn't I read somewhere long ago that Super Yacht man is one of the platform's sponsors? I bet he rolls it over again (the loan, that is!  ) |
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 19, 2015 12:13:57 GMT
Didn't I read somewhere long ago that Super Yacht man is one of the platform's sponsors? I bet he rolls it over again. Depends whether he wants to use his boat over the summer I would guess. If not maybe SS can offer cheap cruises as a perk for lenders 
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