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Post by gaspilot on Sept 8, 2015 6:03:23 GMT
With the new pre-funding model I have been given a BACS funding deficit of £585.11.
I have transferred £1000 to my saving stream account to (hopefully) get some other loans in the near future.
Now, what do I put in the deposit funds tab?
Do I put £1000 and create a BACS funding deficit of £1585.11 or do I make a 'deposit' of (£1000-£585.11) = £414.89?
Or do I leave the dust to settle and hope they notice the £1000 transfer and adjust accordingly?
It all depends on their actual processes and how much of it is manual.
I'm tempted to do the latter and wait for 24 hours.
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SteveT
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Post by SteveT on Sept 8, 2015 6:08:57 GMT
With the new pre-funding model I have been given a BACS funding deficit of £585.11. I have transferred £1000 to my saving stream account to (hopefully) get some other loans in the near future. Now, what do I put in the deposit funds tab? Do I put £1000 and create a BACS funding deficit of £1585.11 or do I make a 'deposit' of (£1000-£585.11) = £414.89? Or do I leave the dust to settle and hope they notice the £1000 transfer and adjust accordingly? It all depends on their actual processes and how much of it is manual. I'm tempted to do the latter and wait for 24 hours. You really should be transferring the exact sum indicated by your BACS funding deficit, so that the SS system can reconcile it with your account deficit. If you want then to add further funds into your account (which is not strictly necessary before a loan launches) then follow the Deposit Funds process first, which creates another (or larger) BACS deficit figure. If you've transferred a different sum from that shown by your BACS deficit, a quick email to support@savingstream.co.uk may be wise and should sort it out.
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Post by gaspilot on Sept 8, 2015 7:28:21 GMT
Many thanks SteveT. Email sent with an explanation. |
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Post by supernumerary on Sept 8, 2015 7:50:47 GMT
With the new pre-funding model I have been given a BACS funding deficit of £585.11. I have transferred £1000 to my saving stream account to (hopefully) get some other loans in the near future. Now, what do I put in the deposit funds tab? Do I put £1000 and create a BACS funding deficit of £1585.11 or do I make a 'deposit' of (£1000-£585.11) = £414.89? Or do I leave the dust to settle and hope they notice the £1000 transfer and adjust accordingly? It all depends on their actual processes and how much of it is manual. I'm tempted to do the latter and wait for 24 hours. You have described an interesting scenario, which will be interesting to know the end result. I hope you will update us all on the outcome. As a way of illustrating my approach. After yesterdays PBL44, the sum in my account needed to be rounded up, so that could pre fund another pipeline loan. I have done both stages 1 and 2 on the Deposit page and have prefunded for the Scottish Land loan that is in the pipeline with all my available funds (BACS deficit included). That way I am not facing your dilemma... 
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SteveT
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Post by SteveT on Sept 8, 2015 7:58:22 GMT
I think life would become a little simpler if there was an option to offset your cash balance against your BACS funding deficit even when the former is LESS than the latter.
That way, for example, if you had £100 cash and were allocated £500 in a new loan, you could click a button to offset them, reducing the BACS deficit to £400, and then transfer £400 from your bank account.
Edit: actually the system does this automatically for cash on hand when a loan launches. But what I really want is the option to sell a few other bits to reduce the BACS deficit before transferring in the rest as cash.
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pom
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Post by pom on Sept 8, 2015 9:06:28 GMT
I'm wondering how much of a mess it'll end up when we end up with multiple PF loans going live and even more if it's before previous BACS payments have been received.... think there's going to have to be a lot of manual reconciliation!
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chrisf
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Post by chrisf on Sept 8, 2015 9:23:21 GMT
With the new pre-funding model I have been given a BACS funding deficit of £585.11. I have transferred £1000 to my saving stream account to (hopefully) get some other loans in the near future. Now, what do I put in the deposit funds tab? Do I put £1000 and create a BACS funding deficit of £1585.11 or do I make a 'deposit' of (£1000-£585.11) = £414.89? Or do I leave the dust to settle and hope they notice the £1000 transfer and adjust accordingly? It all depends on their actual processes and how much of it is manual. I'm tempted to do the latter and wait for 24 hours. I am in exacty the same boat, and I am assuming that once the cash I transferred yesterday afternoon hits my account, and my 'Available Funds' become greater than or equal to my 'BACS funding deficit', then an offset button will appear which I can use to clear my BACS deficit from my available funds. If not, I will fire off an email. Has anyone had their transfer from yesterday appear yet? I thought it usually showed up around 9-10am?
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SteveT
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Post by SteveT on Sept 8, 2015 9:29:37 GMT
My current dilemma: I bought some newer SM parts yesterday, creating a £1500 BACS deficit which I then sent as a transfer from my bank account. This morning I've sold some older parts on the SM and so I now have more cash on hand in SS than my £1500 BACS deficit (still to be reconciled against yesterday's transfer), which means I'm now offered the option to clear my current deficit from available cash. But if I do that, will the £1500 I transferred yesterday still appear automatically in my account as cash?
I'm minded to leave well alone until yesterday's BACS deficit is reconciled against my bank transfer, but God only knows what happens if another new loan launches in the next couple of hours...
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jonah
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Post by jonah on Sept 8, 2015 10:12:39 GMT
I sold some yesterday, bought some in hull and some on SM. given the potential multiple new loans today which I have PF targets on all, I expect my total to vary wildly this week.
my plan is to transfer the new deficit number to SS today, whatever that number may be, at around 4:30. That way it hits their 5pm timeline but hopefully after the various sales have been sorted.
of course, if they have an early sale tomorrow that may mess up the numbers, but then a second transfer should cope their. Fingers crossed.
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ilmoro
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'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 Sept 8, 2015 10:56:23 GMT
One thing that could possibly do with a tweak is that the BACS deficit is treated as cumulative for the purpose of offset rather than being made up of constituent parts. eg. BACS defecit of £50 created for Hull then an additional £100 by SM purchase. Sold some parts which covered Hull defecit but couldnt offset & then send £100 as system was looking for full £150. Not sure how SS reconciliation would handle this. Previous would require 2 transfers for the correct amounts as seperate BACS defecits but that may have changed in light of above.
Also everyones plans & machinations on funding will all be skewed if 11, 12, 14 actual repay bunging cash into accounts/SM demand. Ideally SS would coordinate the two (Pig comfortable in his repose on that)
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chrisf
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Post by chrisf on Sept 8, 2015 13:04:35 GMT
With the new pre-funding model I have been given a BACS funding deficit of £585.11. I have transferred £1000 to my saving stream account to (hopefully) get some other loans in the near future. Now, what do I put in the deposit funds tab? Do I put £1000 and create a BACS funding deficit of £1585.11 or do I make a 'deposit' of (£1000-£585.11) = £414.89? Or do I leave the dust to settle and hope they notice the £1000 transfer and adjust accordingly? It all depends on their actual processes and how much of it is manual. I'm tempted to do the latter and wait for 24 hours. I am in exacty the same boat, and I am assuming that once the cash I transferred yesterday afternoon hits my account, and my 'Available Funds' become greater than or equal to my 'BACS funding deficit', then an offset button will appear which I can use to clear my BACS deficit from my available funds. If not, I will fire off an email. Has anyone had their transfer from yesterday appear yet? I thought it usually showed up around 9-10am? Phew, my deposit went in at 2pm and everything worked exactly as I'd hoped above
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Post by gaspilot on Sept 9, 2015 7:49:04 GMT
Here's my update to the original dilemma.
The £1000 was credited to my account and the BACS deficit treated accordingly leaving me with the correct amount of credit in my account.
It worked as I would have hoped. I didn't create a manual deposit. I waited for the sum to be credited. All's well that ends well!
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