mikes1531
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Post by mikes1531 on Feb 15, 2017 21:48:53 GMT
I thought that you kept the interest up to the point where you put in on the SM, not up to then point it sells. You do (unless you cancel the SM listing before the end the month) - all this kerfuffle about the new negative loan rules I forgot about the SM, which still presumably applies This could become a policy with considerable impact if SM liquidity drops significantly when the changes come into effect. Up to now, investors didn't have to worry very much about how much interest they might lose when putting parts on the SM because it rarely took long to sell a part. If the typical time from offering to selling stretches to a week or more, SS may need to rethink this policy, which made some sense when SS effectively were funding SM sales via INPL but might not after INPL is gone and all SM purchases are funded by cash sitting in the SS client account.
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mikes1531
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Lendy (L) in Administration
PBL 040
Feb 15, 2017 20:48:30 GMT
twoheads likes this
Post by mikes1531 on Feb 15, 2017 20:48:30 GMT
There's no point in trying to sell PBL020 parts, simply because they aren't being bought. I put a part up for sale on 5/Oct, and it's still in the queue. I am sorry to hear that you have a vested interest in PBL020. To reiterate, I wish you the best possible result with PBL020.
twoheads: Thanks for your good wishes, though I really don't deserve them. I wasn't holding any PBL020 when it acquired its red box -- I think I had some before that, but I must have sold my holding at some point -- but I bought some subsequently so that I could sell a bit in order to monitor the movement of the sales queue. The part I put up for sale on 5/Oct was all of 1p! At this point I have 3x1p in the sale queue and a further 3p in my account that I could sell. I'm not losing any sleep over my investment! I do hope the investors who are holding the other £1.7M of parts of this loan do get out reasonably OK, and it will be informative for all of us to see how the PF is used to ease the pain of the shortfall, which I expect to be significant.
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mikes1531
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Post by mikes1531 on Feb 15, 2017 19:13:49 GMT
Today between 12:27 and 13:51 my internet was down. During that time: PBL101 and 102 had 30 days removed from negativity... (if you see what I mean: they went from -45 days to -15 days). PBL089 similarly went from -103 to -73. Presumably some interest has been paid? We can hope so. The question is when. Recently? Or some time ago, and SS are only now getting around to updating the period for which interest hasn't been paid?
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mikes1531
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Post by mikes1531 on Feb 15, 2017 18:41:49 GMT
Because they want to start spending their inheritance NOW? I don't buy that. Maybe just the cynic in me. I'd say people do this sort of thing all the time. They take out payday loans so they can spend their next paycheck before they get it. Those in a better financial position do the same, but they use credit cards. (I know there are better rates available for those who can be bothered to look for them and act on what they find, but those who don't do this probably are paying credit card interest rates that aren't so very different from FS rates.) And businesses also do it all the time -- they call it invoice factoring. A couple of ventures doing this on a P2P basis used to be Market Invoice and Platform Black.
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mikes1531
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Post by mikes1531 on Feb 15, 2017 18:12:35 GMT
I'd be amused to know how many people "read it" the way I did and glitched for a second, and how many people read it the correct way . registerme: I didn't notice anyone responding to this request, but I'll belatedly say that I had the same reaction that you did.
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mikes1531
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Post by mikes1531 on Feb 15, 2017 16:43:54 GMT
I skipped this one because it was not clear to me why they needed to take out an expensive loan if they believed the big bucks inheritance was only a few months away. Because they want to start spending their inheritance NOW?
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mikes1531
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Post by mikes1531 on Feb 14, 2017 20:29:10 GMT
On a broader point, I've found monthly interest totals tp be pretty erratic since Oct last year. Some months coming in at 35% of previous average, and only partially recouped the next month. jo: Monthly interest totals? At FS? Where are you seeing those?
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mikes1531
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FundingSecure (FS) in Administration
Overdue loans
Feb 14, 2017 20:20:33 GMT
Post by mikes1531 on Feb 14, 2017 20:20:33 GMT
It appears for the last 3 months we've been awaiting Housing Association funds - what irks is that after all this time, we don't know what the delay is being caused by. And the delay is now apparently significant enough for them to need to seek alternative financing, which kind of sounds more like "fallen through" than delay.. ISTM that if the Housing Assn. support was withdrawn the project would collapse completely, with very negative consequences for this loan. Am I being to pessimistic?
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mikes1531
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Post by mikes1531 on Feb 14, 2017 20:03:25 GMT
I don't know of anyone has crunched any numbers on this - but does anyone know if renewed loans are marginally more likely to fail than initial loans? In my head, I feel like they should be as something is dragging on for longer than the expected period. Anyone doing a statistical analysis would have to be careful not to include loans that are renewed from the 'initial loans' category so as not to skew the results. My own feeling is that if a borrower puts up more money in order to renew -- as opposed to just signing up for a bigger loan in order to roll up the interest -- they really must want to redeem their security. If they didn't, wouldn't they give up on it before putting more money in? So I take a paid-for renewal as a positive sign. But I haven't a clue whether the track record supports this position.
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mikes1531
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Post by mikes1531 on Feb 14, 2017 19:53:35 GMT
Italian books safe. Under FS control in their watehouse. Not in US consignment. I thought fundingsecure told us early on that they wouldn't be taking possession of the books but that they would be stored in a specialist storage facility equipped with appropriate temperature/humidity/security controls. Am I misremembering?
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mikes1531
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Post by mikes1531 on Feb 14, 2017 19:48:14 GMT
Also, seems that no-one is hopeful that the increase in value announced a while back is going to help us avoid a good bath??? ISTM that if the value really had increased as indicated, the overdue loan would have been resolved by now. So the fact that it hasn't isn't an encouraging sign.
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mikes1531
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FundingSecure (FS) in Administration
SM and Interest
Feb 14, 2017 19:44:02 GMT
Post by mikes1531 on Feb 14, 2017 19:44:02 GMT
Have you had a reply on this yet? www.fundingsecure.com/myaccount/secondary-market/8790976060Just looked at this page on the SM. Every £25 part (despite a small variation in active days) comes up at a price of £26.01 yet almost all have a different indicative return. Great if your part is at the top and appears to be a better deal, but not so great for everyone else at the same price. I tried doing the same using larger parts where possible, and they all came up the same too, so it doesn't appear to be due purely to rounding. This is down to the loan parts having been put on sale on different days. Check the calculation of effective rate on the website secondary market page. A denominator uses days left in the calculation. stub8535 : I don't think that's the explanation. Yes, the calculation uses the days remaining, so a part of a given size that's put up for sale today will show a different effective rate today than a part put up for sale tomorrow will show when it's first put up for sale. However, the effective rate for the part that's put up for sale today will have its effective rate recalculated when midnight comes and tomorrow arrives. Someone who looks at the SM tomorrow will see effective rates that all should be based on the same number of days left because that's a characteristic of the loan so that all loan parts of that loan have the same number of days left. As I indicated in my earlier posting... The first response I received when I raised the issue with fundingsecure was... ... it looks like FS have identified the problem but need to work out how to resolve it.
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mikes1531
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FundingSecure (FS) in Administration
SM and Interest
Feb 12, 2017 4:00:57 GMT
Post by mikes1531 on Feb 12, 2017 4:00:57 GMT
The first response I received when I raised the issue with fundingsecure was... That was on 3/Feb, and I've heard nothing further.
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mikes1531
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Post by mikes1531 on Feb 12, 2017 3:49:38 GMT
Just curious. What is the difference between the update on 6/1/17 and the update on 10/2/17? I'm just guessing, but if the receivers aren't Scottish lawyers they may have to gather together info first and then pass it to the lawyers.
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mikes1531
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FundingSecure (FS) in Administration
Overdue loans
Feb 12, 2017 3:44:07 GMT
Post by mikes1531 on Feb 12, 2017 3:44:07 GMT
I wouldn't mind if penalty interest began to accrue from the due date, but there seems to be zero incentive for FS borrowers to pay up as promised. I echo your comments. No incentive for borrower to pay on time(i.e. no late penalty higher interest rate) Just because FS don't pay us investors higher interest when a loan becomes overdue doesn't mean they aren't charging borrowers a bit extra. Maybe someone here has seen an actual FS loan agreement to know what it says about this, but we're just guessing without that info. Having said that though, this may be standard practice for pawn loans, and that's where FS started, so perhaps they don't charge default interest.
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