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Post by earthbound on Jun 7, 2016 22:31:03 GMT
Slightly worried if I'm honest. Definitely the roughest and trickiest patch SS has been in since it's formation three or so years ago. Changes in terms and conditions immediately before a major default , further changes today in terms of the advertised interest details on the website , unanswered questions in terms of the Lendy involvement and situation with the garden centre , several very dodgy looking new loans going up recently such as Hastings and the graveyard , and all backed by a quite deafening silence from saving stream for a week now. Those events in a short space of time can do nothing to improve confidence and can only harm it. My position is that I'm putting no new money here and as things mature I'm going to run down slightly and reduce my exposure to this platform. In all honesty it's for the best because I ended up liking saving stream so much in terms of the flat rate and simplicity that I'd ended up with a slightly bigger slice of my Investments on this platform in relation to others so a little bit of rebalancing prompted by recent events is no bad thing. Worried is too strong a word but slightly concerned and watching events closely is closer to the mark. concerned is also my opinion, there has been some slightly unsavoury info that has been unearthed over the last week or so, some of it directed towards FCA rules, personally? i'm not of a mind to bail out, but im also not of a mind to invest further, the SS apostles may well quote otherwise, but thats up to them, watching closely is good advice.
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jimbob
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Post by jimbob on Jun 7, 2016 22:33:14 GMT
Worried ? I was able to sell out of a loan <i>after</i> it defaulted ! Delighted more like  I've reviewed my holdings, and topped up. |
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sam i am
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Post by sam i am on Jun 7, 2016 22:38:05 GMT
I put a significant amount on the SM on Monday morning. Does that worry you? No... Why should it? ...because it could have looked like I was clearing out.
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Post by earthbound on Jun 7, 2016 22:47:46 GMT
...because it could have looked like I was clearing out. If you were clearing out amounts totaling £20k+ in one loan, then it certainly did look like clearing out, i was on the SM yesterday and today seeing just that . in several loans, Since the pbl020 default, activity on the SM has increased substantially, is that because of the pbl020 default? i do not know, but.. i spend 95% of my investment time on the SM, and there has been a noticeable increase in activity since the well known default.
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sam i am
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Post by sam i am on Jun 7, 2016 22:52:11 GMT
I have been far more active on the SM over the last few days and it has nothing to do with the loan in default. It has everything to do with the fact that there were two £1m+ (i.e. proportionally allocated) loans released on Friday which were the first such loans in nearly three weeks. It has been the first opportunity for any serious diversification and re-balancing in this time.
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Post by harvey on Jun 7, 2016 22:53:30 GMT
Worried ? I was able to sell out of a loan <i>after</i> it defaulted ! Delighted more like I've reviewed my holdings, and topped up. With respect I'm struggling to understand your logic here. What I mean is you have a platform that has performed brilliantly for 2 or 3 years and then suddenly there is a quite large default with a lot of uncertainty about the outcome of that and that prompts you to invest more? No offence intended,this is a lighthearted post, but your thinking does puzzle me slightly. That said,I was on the secondary market today out of interest and I noted that somebody bought £8,000 in PBL20. I thought that very strange. I guess it all goes to show how different we are and how different our risk appetite is.
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Post by earthbound on Jun 7, 2016 23:07:49 GMT
I have been far more active on the SM over the last few days and it has nothing to do with the loan in default. It has everything to do with the fact that there were two £1m+ (i.e. proportionally allocated) loans released on Friday which were the first such loans in nearly three weeks. It has been the first opportunity for any serious diversification and re-balancing in this time. you have 48hrs to clear your deficit from loans issued on friday, that does not offer an excuse as to why the SM has seen offerings of 20k in loans on monday and today.
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jimbob
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Post by jimbob on Jun 7, 2016 23:15:28 GMT
Worried ? I was able to sell out of a loan <i>after</i> it defaulted ! Delighted more like I've reviewed my holdings, and topped up. With respect I'm struggling to understand your logic here. What I mean is you have a platform that has performed brilliantly for 2 or 3 years and then suddenly there is a quite large default with a lot of uncertainty about the outcome of that and that prompts you to invest more? No offence intended,this is a lighthearted post, but your thinking does puzzle me slightly. That said,I was on the secondary market today out of interest and I noted that somebody bought £8,000 in PBL20. I thought that very strange. I guess it all goes to show how different we are and how different our risk appetite is. I can't sell out of distressed loans on any other platform, indeed there are often "30 day rules" from the due date. So I'm glad SavingStream offers the flexibility to sell what and so forth you like. I'm keeping my eye on some other loans, and not just PBL20 mind but the very decent secondary market liquidity is a good sign in my eyes - and quite alot of stuff came up which allowed me to further diversify than I was already.
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sam i am
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Post by sam i am on Jun 7, 2016 23:30:06 GMT
I have been far more active on the SM over the last few days and it has nothing to do with the loan in default. It has everything to do with the fact that there were two £1m+ (i.e. proportionally allocated) loans released on Friday which were the first such loans in nearly three weeks. It has been the first opportunity for any serious diversification and re-balancing in this time. you have 48hrs to clear your deficit from loans issued on friday, that does not offer an excuse as to why the SM has seen offerings of 20k in loans on monday and today. I cleared my deficit in the early hours of Monday morning. However I could easily have waited until later on Monday to clear it without fear of any repercussions beyond possibly a chasing email. I suspect some lenders may stretch it a bit further. Even if this is not the explanation I'm not worried because the amounts being traded are tiny compared with the size of the platform. In the past I have seen much bigger tranches being bought and sold.
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Post by earthbound on Jun 7, 2016 23:39:13 GMT
sam i am you have 48hrs to clear your deficit from loans issued on friday, that does not offer an excuse as to why the SM has seen offerings of 20k in loans on monday and today. I cleared my deficit in the early hours of Monday morning. However I could easily have waited until later on Monday to clear it without fear of any repercussions beyond possibly a chasing email. I suspect some lenders may stretch it a bit further. Even if this is not the explanation I'm not worried because the amounts being traded are tiny compared with the size of the platform. In the past I have seen much bigger tranches being bought and sold. I can only assume then that you bought it friday, paid for it early hours monday , and for some strange reason became very active on Monday and "I put a significant amount on the SM on Monday morning."... puzzled.
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Post by Deleted on Jun 8, 2016 0:16:36 GMT
It is absolutely true that the size of the SM is tiny and in the past we had really a lot more on sale all the time...
Liquidity is not an issue at all here today.
THe only thing you should focus on is the real value of the security (i.e. the valuation documents). Those are the key that you should look in real depth to enter only loans where your confidence level is adequate.
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sam i am
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Post by sam i am on Jun 8, 2016 6:54:43 GMT
I cleared my deficit in the early hours of Monday morning. However I could easily have waited until later on Monday to clear it without fear of any repercussions beyond possibly a chasing email. I suspect some lenders may stretch it a bit further. Even if this is not the explanation I'm not worried because the amounts being traded are tiny compared with the size of the platform. In the past I have seen much bigger tranches being bought and sold. I can only assume then that you bought it friday, paid for it early hours monday , and for some strange reason became very active on Monday and "I put a significant amount on the SM on Monday morning."... puzzled. No. I didn't pay in cash. I settled my account with SM sales in the early hours of Monday morning. Then I was done. But there are over 8,000 investors on SS, some of whom are much bigger hitters than me. It's entirely possible that one or two of them did similarly to me but settled a bit later. Edit: There will also be a ripple effect. Those who were actively buying big chunks on the SM on Monday may well have been selling other big chunks on Tuesday.
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Post by dualinvestor on Jun 8, 2016 7:09:10 GMT
It is absolutely true that the size of the SM is tiny and in the past we had really a lot more on sale all the time... Liquidity is not an issue at all here today. THe only thing you should focus on is the real value of the security (i.e. the valuation documents). Those are the key that you should look in real depth to enter only loans where your confidence level is adequate. Indeed at the present time Liquidity is not a problem including some significant purchases in a defaulted loan. There was also liquidity in the Madoff funds in fact a significant excess of demand to supply right up to the day that the scandal broke. This is not to compare the two situations but to demonstrate that liquidity does not indicate security.
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pom
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Post by pom on Jun 8, 2016 7:59:26 GMT
With respect I'm struggling to understand your logic here. What I mean is you have a platform that has performed brilliantly for 2 or 3 years and then suddenly there is a quite large default with a lot of uncertainty about the outcome of that and that prompts you to invest more? Past performance is no indicator of future... and quite frankly in p2p you should be thinking about WHEN stuff fails not IF. So it's far more important how a platform deals with defaults than how many times they pick good loans As for the original question, if you have more in any platform than you can afford to lose/have tied up for an unknown time period then really you should have been worried before.
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Steerpike
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Post by Steerpike on Jun 8, 2016 8:31:02 GMT
The bright shiny pristine rally car now has flecks of mud and obvious dents and the driver who it was believed could walk on water has been shown to be just another guy.
Recently I have been engaged in trimming and culling and investment is now about 20% below peak.
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