adrianc
Member of DD Central
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Post by adrianc on Aug 29, 2015 7:56:34 GMT
If... your plumber for that matter kept telling you something was going to happen this week for 8 weeks and the event did not occur you would be annoyed. Round these parts, I'd be surprised if it DID happen in week 9.
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mack
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PBL011
Aug 29, 2015 8:24:44 GMT
Post by mack on Aug 29, 2015 8:24:44 GMT
Exactly why on the spectrum of businesses out there I hope SS does not have the reliability of said plumber keeping customers up to date on (loan) parts.
With the large AUM SS now have there is a need to be precise and informative, small team issues don't cut it. Accurate weekly updates please.
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SteveT
Member of DD Central
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PBL011
Aug 29, 2015 9:23:46 GMT
via mobile
Post by SteveT on Aug 29, 2015 9:23:46 GMT
The difference here is that SS keep paying interest and you can sell out of the loan more or less instantly on the SM. Perhaps SS should be more cautious with their predictions of how long a particular borrower will take to finalise their refinance / repayment but it's hardly unusual on other platforms too. If you're concerned, why not simply sell??
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mack
Posts: 85
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PBL011
Aug 29, 2015 10:04:31 GMT
Post by mack on Aug 29, 2015 10:04:31 GMT
I didn't say there was an issue with the underlying asset or the SS business model. By the way I wish SS every success but I prefer to be a critical investor rather than part of the fan club.
The issue is the weekly reporting and timescales being given. SS are doing very well and with that comes a high level of responsibility to investors. With a loan over running is it wrong to get an update on the "Weekly" update about what the status of the borrower is?
Perhaps we don't need any update on anything at all as they keep paying interest?
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PBL011
Aug 29, 2015 11:06:51 GMT
Post by chrisuk on Aug 29, 2015 11:06:51 GMT
I just think it would be courteous of SS to keep us informed when repayment of loans are delayed. If there is a problem with a loan we should be informed asap. After all, SS have our email addresses and they could post on this forum, it's not that difficult. It is OUR money they are dealing with.
I'm not suggesting for one moment that there is a problem with SS but a few years ago I had a large investment in a fund that got into trouble. The problem was that the investors did not know about it because the Financial Conduct Authority hushed it up to stop a run on the investment. As it turned out all they did was kick the can further down the road. This is why I am a very suspicious investor and I do not have much faith in the FCA and their regulations!!
Chris
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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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PBL011
Aug 29, 2015 13:12:37 GMT
Post by ramblin rose on Aug 29, 2015 13:12:37 GMT
If... your plumber for that matter kept telling you something was going to happen this week for 8 weeks and the event did not occur you would be annoyed. Round these parts, I'd be surprised if it DID happen in week 9.  Topical - I'm currently about to enter week 5 of waiting for a plumber to return 'in a couple of days' to finish a job 
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adrianc
Member of DD Central
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Post by adrianc on Aug 29, 2015 13:20:12 GMT
Round these parts, I'd be surprised if it DID happen in week 9. Topical - I'm currently about to enter week 5 of waiting for a plumber to return 'in a couple of days' to finish a job If it's any consolation, I've not had the bill yet for a concrete floor that was (eventually) poured in May...
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