GeorgeT
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Post by GeorgeT on Apr 20, 2017 22:51:22 GMT
Today I got a pre fund allocation in the new Huddersfield loan. It went live at around lunch time on Thursday.
This put my balance into negative territory.
However I have had a number of loan parts up for sale for a few days which are very close to the front of the queue and quite possibly might sell tomorrow on Friday.
My confirmation of prefund allocation email told me to correct my negative balance within 24 hours.
Should I make a transfer for the full amount by Friday morning to avoid losing my allocation or is it safe for me to wait until Friday afternoon or evening when I might have sold a few things and will therefore be able to transfer a lower amount?
I seem to recall that it used to be 48 hours to settle a negative balance but it appears to me they have tightened up on this and reduced the time people have and obviously I am anxious that I don't lose my allocation - but on the other hand I don't want to have to transfer a lot of money across only to withdraw it again later the same day.
Has anybody on here had experience of this recently?
Many thanks.
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Post by Paul64 on Apr 20, 2017 23:24:41 GMT
First rule is clear any negative balance asap. It's good for you and good for us. We're nice people but there are rules.
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GeorgeT
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Post by GeorgeT on Apr 20, 2017 23:36:40 GMT
First rule is clear any negative balance asap. It's good for you and good for us. We're nice people but there are rules. Yes and I have been a good boy. I have just transferred across an amount equal to my current negative balance so all is done by me. Best to go to bed knowing all is in order. I will make a withdrawal request in a few days when I have, hopefully, sold a few bits. Thank you Paul for your input and advice.
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GeorgeT
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Post by GeorgeT on Apr 20, 2017 23:41:45 GMT
And may I add that I am amazed to see my deposit has been credited to my account in just 5 minutes.
My balance is now 0.00.
Excellent service!
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p2p2p
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Post by p2p2p on Apr 21, 2017 5:17:08 GMT
Paul64 I'm concerned that you are changing the INPL policy I much appreciate with suggestions that balances need to be cleared ASAP, rather than giving a fixed time limit. The company seems to be rushing loans to market, with a few hours notice of new loans in the pipeline, which then go live on non-working days or stall. The faster payments give me more confidence, but I still worry that I see a new loan on Friday night, it goes live Saturday and I have to scramble to find funds by Sunday, dodging my bank's system outages. I'd be a lot happier if you slowed the process down, completing the legals before announcing the loans, so none are pulled at the last minute, and leaving them on the pipeline for a minimum of 3-4 days, with the go live date as a column in the table. Similarly a INPL policy of "end of next working day" would be much clearer. The extra cost of carrying negative balances for a BH weekend is just an expected expense for LL as a market maker, and could be avoided by only sending loans live with a working day to spare, which would be easier for everyone. I don't see that property developers would be inconvenienced by this small delay, and it would give LL a much more professional aspect, as it does feel rather hobbiest at the moment.
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ferdy
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Post by ferdy on Apr 21, 2017 7:17:53 GMT
Today I got a pre fund allocation in the new Huddersfield loan. It went live at around lunch time on Thursday. This put my balance into negative territory. However I have had a number of loan parts up for sale for a few days which are very close to the front of the queue and quite possibly might sell tomorrow on Friday. My confirmation of prefund allocation email told me to correct my negative balance within 24 hours. Should I make a transfer for the full amount by Friday morning to avoid losing my allocation or is it safe for me to wait until Friday afternoon or evening when I might have sold a few things and will therefore be able to transfer a lower amount? I seem to recall that it used to be 48 hours to settle a negative balance but it appears to me they have tightened up on this and reduced the time people have and obviously I am anxious that I don't lose my allocation - but on the other hand I don't want to have to transfer a lot of money across only to withdraw it again later the same day. Has anybody on here had experience of this recently? Many thanks. Does this help?. I just received this from Lendy as I went negative yesterday with DFL022. Dear Mr XXXXXXX,
You currently have a negative balance of £-XXX.00
Please make a bank transfer or sell loan parts to rectify this. Your investments could be cancelled if you do not resolve this matter.
If you have made a bank transfer that has not yet been reconciled, or if you have gone negative in the past 48 hours, please disregard this email as it is sent automatically to all investors currently with a negative balance.
Kind regards,
The Lendy Team
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Post by bonfemme on Apr 21, 2017 7:51:57 GMT
They also state quite clearly on the cashier page:
Please remember that your investments are valid for 48 hours. You must transfer your funds to us within this time to fulfil any investments made. Use the details below to make a payment of xxxxxxx
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ben
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Post by ben on Apr 21, 2017 20:08:10 GMT
proud owner of my first negative balance for pretty much over year. Although I have two lots of two loans good job I have some pennies from BM to cover it.
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gt94sss2
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Post by gt94sss2 on Apr 22, 2017 19:08:04 GMT
I think even where SS say that you should fund a loan in 24 hours (i.e. via pre-funding) in reality they would have to allow a minimum of 2 working days - as even with the 2 hour faster payments window - institutions can (and do) sometimes take the two working days (allowed under the Payment Services Directive) for transferring funds
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spiral
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Post by spiral on Apr 23, 2017 6:43:41 GMT
My cash savings are with RCI bank.
A withdrawal from them takes at least 24 hours.
A withdrawal made before mid afternoon arrives about 5pm the next working day in my linked account. After mid afternoon arrives 5pm the day after that.
Worst case scenario is withdrawing late afternoon on a Thurs. That won't arrive until 5pm Monday.
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