cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jun 11, 2016 9:24:55 GMT
Along similar lines, does anyone know how the Q&A works on the SS website under each loan, ive used it 3 times over the last week, asking simple questions about specific loans ie the huddersfield loan. i left a message and all 3 times they have not been answered and are no longer there to view.  It is just a contact form; SS should reply to your question to that specific loan via e-mail (from experience, I've always had a reply within 24hrs). It seems the intention from SS was be to publish the Q&A on that same loan page; SS did do so once with DFL01, but don;t seem to bother anymore.
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Post by earthbound on Jun 11, 2016 9:31:24 GMT
Along similar lines, does anyone know how the Q&A works on the SS website under each loan, ive used it 3 times over the last week, asking simple questions about specific loans ie the huddersfield loan. i left a message and all 3 times they have not been answered and are no longer there to view. It is just a contact form; SS should reply to your question to that specific loan via e-mail (from experience, I've always had a reply within 24hrs). It seems the intention from SS was be to publish the Q&A on that same loan page; SS did do so once with DFL01, but don;t seem to bother anymore. Ahh thanks.. i just left the question, thinking they would put the answer back up there for all to see as you say re DFL01. something else learned. 
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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 Jun 11, 2016 9:47:01 GMT
According to SS it applies to negative term loans as well. If interest isnt paid for extension, loan would be defaulted. No idea why they dont amend term displayed but then we know terms on many of the loans pre pbl74 are potential inaccurate. I never knew that.. So are you saying, to the best of your ( superior  ) knowledge, that all the "negative duration" loans (even the Garden Centre, up until the default) have had the interest sent from the borrowers? Not going to change my opinion of negative loans, as I still view them as the riskier loans on the platform, but it does make me wonder why SS don't amend the indicated remaining term. Yes, based on response from SS
'Loans with negative terms: Investors continuing to receive interest from borrower, credited monthly.'earthbound try usuing support@savingstream.co.uk rather than contact form or Q&A. I made 3 queries, recently, ones on q&a have yet to receive reply.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jun 11, 2016 9:59:53 GMT
I never knew that.. So are you saying, to the best of your ( superior ) knowledge, that all the "negative duration" loans (even the Garden Centre, up until the default) have had the interest sent from the borrowers? Not going to change my opinion of negative loans, as I still view them as the riskier loans on the platform, but it does make me wonder why SS don't amend the indicated remaining term. Yes, based on response from SS
'Loans with negative terms: Investors continuing to receive interest from borrower, credited monthly.'earthbound try usuing support@savingstream.co.uk rather than contact form or Q&A. I made 3 queries, recently, ones on q&a have yet to receive reply. Thanks ilmoro I have e-mailed SS but have no doubt that the response I will get will only confirm what you have already been told. When they do reply, I will ask why they don't update the term when they receive the interest; as it stands, the negative "Remaining duration" means very little.
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Post by earthbound on Jun 11, 2016 10:05:42 GMT
I never knew that.. So are you saying, to the best of your ( superior ) knowledge, that all the "negative duration" loans (even the Garden Centre, up until the default) have had the interest sent from the borrowers? Not going to change my opinion of negative loans, as I still view them as the riskier loans on the platform, but it does make me wonder why SS don't amend the indicated remaining term. Yes, based on response from SS
'Loans with negative terms: Investors continuing to receive interest from borrower, credited monthly.'earthbound try usuing support@savingstream.co.uk rather than contact form or Q&A. I made 3 queries, recently, ones on q&a have yet to receive reply. Thanks.. i think i now know why i never get a reply from SS. 
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Post by earthbound on Jun 11, 2016 10:09:10 GMT
Interesting speculative post elsewhere from a platform rep, Reckons SS may be in the process of reducing lenders rates, hence the 'up to 12%' and the monthly 1% things added to each individual loan.... any thoughts anyone?
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Jun 11, 2016 10:10:08 GMT
Interesting speculative post elsewhere from a platform rep, Reckons SS may be in the process of reducing lenders rates, hence the 'up to 12%' and the monthly 1% things added to each individual loan.... any thoughts anyone? Where?
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Post by earthbound on Jun 11, 2016 10:15:06 GMT
Interesting speculative post elsewhere from a platform rep, Reckons SS may be in the process of reducing lenders rates, hence the 'up to 12%' and the monthly 1% things added to each individual loan.... any thoughts anyone? Where? From here and a few post's below. p2pindependentforum.com/post/120564/thread
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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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Likes: 11,097
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Post by ilmoro on Jun 11, 2016 10:19:08 GMT
Yes, based on response from SS
'Loans with negative terms: Investors continuing to receive interest from borrower, credited monthly.'earthbound try usuing support@savingstream.co.uk rather than contact form or Q&A. I made 3 queries, recently, ones on q&a have yet to receive reply. Thanks.. i think i now know why i never get a reply from SS. Maybe, I have had replies on Q&A queries. SS seem to be selective in what they answer & no logic to it. I intend to chase my outstanding tickets next week to find out there is a specific issue currently
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Jun 11, 2016 10:22:07 GMT
Thanks I've just been having a good look at the SS website and everything is now " up to" ("up to 1% monthly return" & "up to 12% interest per year"), which I don't think was on the website before (no " up to"). That post is speculative (from a rival rep ), and I'm guessing SS have simply had to amend their landing page with " up to" because in the event of a default, and the interest is not recovered then you won't get the advertised 12% interest per year on that loan. Something I think the FCA would insist on doing... and maybe in anticipation that the Garden Centre sale won't recover the necessary funds to cover the interest
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Post by earthbound on Jun 11, 2016 10:23:11 GMT
ilmoro Thanks.. i think i now know why i never get a reply from SS. Maybe, I have had replies on Q&A queries. SS seem to be selective in what they answer & no logic to it. I intend to chase my outstanding tickets next week to find out there is a specific issue currently It would be a good move IMO if SS started to utilize the Q&A , especially if they left the Q's & A's up there for all to see. Maybe a good calming measure.
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Post by earthbound on Jun 11, 2016 10:27:08 GMT
Thanks I've just been having a good look at the SS website and everything is now " up to" ("up to 1% monthly return" & "up to 12% interest per year"), which I don't think was on the website before (no " up to"). That post is speculative (from a rival rep ), and I'm guessing SS have simply had to amend their landing page with " up to" because in the event of a default, and the interest is not recovered then you won't get the advertised 12% interest per year on that loan. Something I think the FCA would insist on doing... and maybe in anticipation that the Garden Centre sale won't recover the necessary funds to cover the interest Having read the post, i was wondering whether they were considering the FS style of loans, up to 15% inc bonus's for the dodgier loans (dodgier loans is personal opinion) and down to 10% for the solid low LTV% loans.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Jun 11, 2016 15:03:32 GMT
Just got an e-mail from SS to say that "The borrower is paying the interest on a rolling basis in this instance".
My query was not specific to any loan, just all negative duration loans.
I've sent a reply to ask why the term (the remaining term) is not updated to indicate the above.
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mikes1531
Member of DD Central
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Post by mikes1531 on Jul 23, 2016 17:56:17 GMT
Yes, based on response from SS
'Loans with negative terms: Investors continuing to receive interest from borrower, credited monthly.'Just got an e-mail from SS to say that "The borrower is paying the interest on a rolling basis in this instance".My query was not specific to any loan, just all negative duration loans. I've sent a reply to ask why the term (the remaining term) is not updated to indicate the above. The cynic in me is suggesting that SS could be being economical with the truth -- for loans written under the old Ts&Cs, as far as we investors are concerned, SS/Lendy is the borrower. Has anyone ever asked SS specifically about PBL074? (That's the only loan with a negative remaining term that AFAIK was written under the new Ts&Cs.) If the ultimate borrowers really are paying interest monthly, why aren't savingstream making that very clear on the website, rather than letting the info out only when asked, and then only to the individual who asked? Surely this information would be most encouraging to SS investors. And why aren't SS adjusting the remaining terms to accurately reflect how far behind, if at all, the borrowers are. cooling_dude: Did you ever get an answer to your follow-up question?
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Post by harvey on Jul 23, 2016 19:20:21 GMT
Yes indeed. If end Borrowers have agreed extensions with saving stream and paid the interest for those extensions upfront then they aren't in negative day territory at all and by having those original loan terms quoted on the website that is unfairly treating investors who are trying to sell the loan parts on the secondary market because it means they show as being overdue when in fact they are not, and obviously that will put people off.
This is an important issue and I think it needs to be clarified.
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) knowledge, that all the "negative duration" loans (even the Garden Centre, up until the default) have had the interest sent from the borrowers?
