webwiz
Posts: 1,133
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Post by webwiz on Sept 22, 2015 11:34:48 GMT
I thought the minimum term was a month?
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star dust
Member of DD Central
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Post by star dust on Sept 22, 2015 11:43:02 GMT
I thought the minimum term was a month? It never went live, it was pulled beforehand. in Edit: it says it lasted 22 days on the repaid loans tab - didn't bother to count them to verify  .
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awk
Posts: 275
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Post by awk on Sept 22, 2015 17:47:47 GMT
Hi,
I wasn't "in" on this particular one, but did those who were get interest for the 22 days between going live and being pulled?
If so, does that mean that SS take the hit, or would they have had some fees to cover it?
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jonah
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Post by jonah on Sept 22, 2015 18:38:43 GMT
I had a nibble. Interest was paid as normal.
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mikes1531
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Post by mikes1531 on Sept 22, 2015 22:29:12 GMT
Do the new Ts&Cs suggest there might be any change in the way SS deal with situations such as this?
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star dust
Member of DD Central
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Post by star dust on Sept 22, 2015 23:01:16 GMT
Do the new Ts&Cs suggest there might be any change in the way SS deal with situations such as this? I don't think it's specifically mentioned, unless I've missed it, but they do say this: "Until the monies in your lender account have been allocated to a loan request no interest will be earned by you or paid to you on monies in your Saving Stream lender account." which imply that once they have been you will get interest, although perhaps not good enough  . The FAQ still state that you will start earning interest on lending straight away too. It is one of their USP's so I would expect that if they intended any changes it should be writ LOUD somewhere, and most certainly on the pre-fund/ Pipeline page. In that eventuality all my pre-funding would be switched off  .
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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 Sept 22, 2015 23:13:41 GMT
Do the new Ts&Cs suggest there might be any change in the way SS deal with situations such as this? There doesnt seem to be anything specifically relating to the cancellation of a loan agreement prior to drawdown. 7.1 says loan contract formed as soon as you invest, 3.1 says interest starts accruing as soon as you invest under the terms of the loan contract, 7.6 says contracts are a minimum of 30days. Unfortunately until we see an actual Loan Contract (which we should do as soon as we invest in a loan written under the new T&Cs 7.4) there isnt any info on what T&Cs borrowers are bound by. Currently docs still state Lendy will cover interest in the event of cancellation but whether that will continue on loans under new T&Cs is unclear, they are under no obligation to do so 9.2. Drawdown seems to be an irrelevant date as loan terms start from launch date so borrower is liable from that date and would presumably be expected to stump up the 30days interest (as they have to on FS) if it didnt go ahead. Bit of a uncertain situation at the moment until we actually see things in action IMO. That said to date SS have been pretty successful at extracting interest from borrowers when necessary unlike another platform.
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Post by savingstream on Sept 23, 2015 6:30:29 GMT
Do the new Ts&Cs suggest there might be any change in the way SS deal with situations such as this? There doesnt seem to be anything specifically relating to the cancellation of a loan agreement prior to drawdown. 7.1 says loan contract formed as soon as you invest, 3.1 says interest starts accruing as soon as you invest under the terms of the loan contract, 7.6 says contracts are a minimum of 30days. Unfortunately until we see an actual Loan Contract (which we should do as soon as we invest in a loan written under the new T&Cs 7.4) there isnt any info on what T&Cs borrowers are bound by. Currently docs still state Lendy will cover interest in the event of cancellation but whether that will continue on loans under new T&Cs is unclear, they are under no obligation to do so 9.2. Drawdown seems to be an irrelevant date as loan terms start from launch date so borrower is liable from that date and would presumably be expected to stump up the 30days interest (as they have to on FS) if it didnt go ahead. Bit of a uncertain situation at the moment until we actually see things in action IMO. That said to date SS have been pretty successful at extracting interest from borrowers when necessary unlike another platform. Payment of interest will continue to accrue from the moment you allocate your funds against a particular loan or as soon as the PF loan goes live. Nothing will change in the operation of your account due to the new model. It is a back-end change to the security holding - Ops will continue as before.
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. The FAQ still state that you will start earning interest on lending straight away too.
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