mosaic
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Post by mosaic on Apr 20, 2017 15:11:36 GMT
I'm still showing a negative balance due to an altered/removed/ non-recorded transaction. I only held 12% loans during March. My balance was correct as at 14:33 on 1st April when Lendy asked me to resolve my negative balance of £X. I sent the exact amount requested the same day, yet my account shows it is negative. I have made multiple attempts asking support to resolve the issue. I only want to know why there is a negative balance and not a guesswork reply. Liz how did you manage to get Lendy to look further?
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mosaic
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Post by mosaic on Mar 7, 2017 20:01:04 GMT
Being a bit of a smart a** but ....
20. Within five working days of a loan being defaulted it will be placed within the Default Loans section of the platform.
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mosaic
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Post by mosaic on Feb 10, 2017 18:00:40 GMT
I find INPL on the SM a nice feature, I often buy a few bits and bobs when reviewing the pipeline. I certainly would not have done if I had to transfer the cash in first.
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mosaic
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Post by mosaic on Jan 19, 2017 21:14:20 GMT
ablender. Looks like you are looking at the valuation for the R******* whereas the valuation for the C***** refers to M*** D****** as the borrower.
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mosaic
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Post by mosaic on Jul 5, 2016 17:57:44 GMT
Fair enough, I see your particular point now, though I would have thought that investor A's money would be ring fenced completely and that the issue would be how is B's payment funded, such that the process complies with FCA rules?
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mosaic
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Post by mosaic on Jul 5, 2016 17:43:07 GMT
The problem with SS's implementation as I understand it is that they allow funds to leave the platform that have not yet cleared from the other party. So if I were to buy loan parts on the aftermarket I do not have to have cash in the platform in order to do so. It becomes an automatic credit to the account, without any warning, for me to settle in the future. Yet those funds are immediately released to the seller who is then free to withdraw them from the platform. If I never transfer in funds to settle that purchase then funds have left the platform with no replacement, a categoric breach of the client money regulations. The same occurs with the drawdown of a loan where funds are released to the borrower that have not yet been credited by lenders. In those instances client money is leaving the client money account that shouldn't be. In effect it is someone else's money being used to fund the withdrawal. For example: If lender A has £1,000 cash in the client money account, lender B has a £100 loan part, and lender C has £0 invested. Were lender C to buy the loan part from lender B without first depositing funds and then lender B withdraws that £100 from the platform before lender C has made a deposit, it is in effect lender A's money that has been withdrawn. They have £1,000 cash according to the platform but there is only £900 in the client money account. That situation is a huge no no with the FCA. It's possible that SS have some clever work around that ultimately gets around all the other regulations, such as platform money and client money not being mixed in the same account and platforms not investing in their own loans, that the FCA will ultimately be happy with. It's also possible that they do not and will be told to change when inspected by the FCA and possibly even sanctioned. Until they either change their practice or the FCA inspect it we'll be left guessing. I'm a bit confused. A has £1000 of value in the loan parts B has £100 of value C has £0 of value B sells his £100 to C who has not yet paid and B withdraws their £100 A has £1000 of value in loan parts B has £0 value C has £0 value but owes £100 There is still a loan part with no owner with value £100 in the 'Client Fund' which is available for purchase by C or someone else at a cost of £100. This is the same as it would be if a prefund were undertaken that left a loan part of £100 in 'Client Fund'. 'A' has not lost anything.
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mosaic
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Post by mosaic on Apr 28, 2016 19:23:50 GMT
Am I missing the point?
Surely we don't earn interest until the part has been paid for?
Seems simple enough if we only get interest on the money we have invested at the same rate across all loans.
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mosaic
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Post by mosaic on Apr 4, 2016 18:47:57 GMT
I believe that FS display the users full login name of people investing in a loan, which is why for the moment I am not lending on their platform
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