|
Post by Duane Dibley on Oct 18, 2014 15:21:15 GMT
Woo Hoo! - got my missing £80.88 credited to my acccount. Funnily enough it didn't show up as a correction or with any explanation on my statement, oh no the £19.12 credit on the 7th September was simply changed to £100. Good job I'd remembered to print out my statement or I'd think I was going mad. So I'm still none the wiser as to what £19.12 means. Maybe it's some secret code number, the cube root of the highest prime number of the value of Roman Abramovich's latest super yacht which is coming up for auction a week on Monday. Or maybe it's a sign that the world is coming to an end just before quarter past seven on the Friday before Christmas. Well I'm not taking any chances, I've got my cellar stocked with bottles of Irn-Bru and tins of Heinz beans and sausages. Yes, beans AND sausages. Together. In a tin. Unbelievable. So thanks for the tip off Saving Stream. While everyone else is panicking over their Christmas shopping me and you will be allright in our bunkers. Maybe once the rest of civilisation is destroyed I'll actually be able to get in to a new boaty loan. I do occasionally have money not appearing for one or other of my sold loan units, but an email to support@savingstream.co.uk has always got it sorted really quickly in my case. Fantastic. I'm really pleased to hear that you're having problems Ramblin. Nothing personal of course, but it's always nice to know we're not alone in this world. Though I'm not yet convinced that it should be up to us to point out their errors. If Saving Stream know there secondary market system isn't working properly then I'd have thought it should be up to them to fix it or take it offline until it is. But I'm a bit old-fashioned like that. Dear Duane Dibley, very sorry to hear of your woes, however there must be an issue with your method of contact as this is the first time we have been notified of your issue. Please email us at support@savingstream.co.uk or use our contact form to report any account issues in future. How very dare you. It's not my method of contact. It's your method of contact. Your website. Your contact form. Your problem. I am perfectly capable of clicking on a big blue button that says 'Submit'. Though it is rather, no in fact it's very annoying that we have to log out to access the contact form. It's almost like you don't want investors to be able to contact you. Thanks for sorting it out though.
|
|
|
Post by Duane Dibley on Sept 28, 2014 18:26:11 GMT
Is it me? Seriously, is it me?
Am I the only one to have problems with with the SM? It seems that every time I use it there's an issue, the wrong initial interest added, incorrect final interest, missing capital, every time there seems to be something. It can't just be me surely. Is it?
The latest instance goes right back to the beginning of the month. On the 3rd September I put a £100 unit of PBL 1 up for sale, nice and straightforward, the next day it had sold, so far so good I hear you say, but no £100 appearing in my balance, oh no I hear you say where is it? Where indeed, God only knows.
There's more, four days later £19.12 is credited to my account. What? £19.12? That can't be right can it? Yes £19.12. Nineteen pounds and twelve new pence. Where's that come from? No idea. £19.12? £19.12?? Really? Where's the missing £80.88? I give up.
As per usual emails are ignored and the £80.88 still hasn't turned up.
So someone please put me out my misery and for my long-term sanity please tell me it's not just me, that I'm not alone, say it ain't so Joe, say it ain't so.
|
|
|
Post by Duane Dibley on Aug 21, 2014 22:47:08 GMT
Dear Duane Dibley, Saving Stream has no cash flow problems, (do investors really need to see bank balance figures?). We process a high value of deposits and withdrawals on a daily basis which I am sure other forums members/investors can attest to. Please raise your account issue through the standard support channel and we will deal with your issue as quickly as possible. Hmmm well you would say that wouldn't you? I remain unconvinced however, others can draw their own conclusions. What 'standard support channel' would that be, other than email, telephone or letter? How soon is 'as quickly as possible'? 5 days, 10 days, 20 days, 30 days? For many years I've been arbing and bonus-bagging from dozens of bookmakers all over the world. You always know when a bookmaker is in trouble, they'll delay and obfuscate over withdrawals, ignore emails, ask for more information, procrastinate and dawdle, then they'll have another unbelievable offer or great odds to attract new customers and new money simply to pay off the old and the whole sequence starts again. The next thing of course is that the bookie goes bust and the customers lose all their deposits. I wonder whether Charles Ponzi ever bought a boat.
|
|
|
Post by Duane Dibley on Aug 21, 2014 19:43:50 GMT
It's been five days now since I requested a withdrawal and still no sign. Even if it's done on Monday it will mean it's over a week - not good enough really in my opinion. I hope it's not a sign of things to come, in the past Saving Stream were amongst the best platforms for customer service, now they're amongst the worst. I suspect it's because they've grown at such an unexpected rate that they can no longer cope with the administrative side of the business. Over 10 days now and still nothing. Emails ignored. Phone calls unanswered. Now we'll see whether they respond to my written complaint. I do wonder whether Lendy have got a cash-flow problem, this was a rather large withdrawal and I've had a couple of smaller ones processed successfully since. Hopefully now they've had an influx of cash through PBL007 they'll have sufficient funds to process all outstanding withdrawals.
|
|
|
Post by Duane Dibley on Aug 19, 2014 19:51:29 GMT
I just sold a loan part to re-invest in no. 7 and it has gone wrong. Its showing as 100% sold, but still for sale. Sent off a couple of emails to them so lets hope. I'm guessing yours is the loan part that has 84p left to sell... That was mine. Ended up having to buy it back myself to free up the rest of the loan part. Also had the exact opposite of Notaclue, had a loan part showing as 0% sold but wasn't available for sale. Wonder if it was the same loan, mine was the 2006 Luxury Widebeam. All quickly sorted after an email however.
|
|
|
Post by Duane Dibley on Aug 15, 2014 18:27:39 GMT
It's been five days now since I requested a withdrawal and still no sign. Even if it's done on Monday it will mean it's over a week - not good enough really in my opinion.
I hope it's not a sign of things to come, in the past Saving Stream were amongst the best platforms for customer service, now they're amongst the worst. I suspect it's because they've grown at such an unexpected rate that they can no longer cope with the administrative side of the business.
|
|
|
Post by Duane Dibley on Aug 10, 2014 19:27:38 GMT
We still go back to the point of how SS would deal with a proper default. Yes, they will try & sell the property/boat/etc to recover monies but, after fees & so on, if what is left does not cover lenders' money PLUS interest, will Lendy cover the shortfall (I remember in Ts & Cs it says they will). If that is the case, what happens if Lendy itself goes under? I'm too tired now but I think I'll re-read the terms tomorrow morning to remind myself! Anyone else more certain of them is welcome to add their thoughts on here We discussed the default scenario recently in the thread linked to here. As you will see there, the T's & C's DON'T say they will cover the shortfall, but SS have stated (not just hinted, but not guaranteed) that they will. They haven't popped up to clarify whether this is still their intention, and it is a matter of trust, which understandably, many will consider isn't an adequate state of affairs. Anyone who has the time or inclination to read around that thread, will also see that I think, but can't be certain, we have already had the situation occur where they have done so already. I'm less clear about what has been said or written about what happens if Lendy goes under. That for me, as stated above, is the risk in lending here. I know it was discussed and we had the answer sometime months ago, but I can't remember where. I do remember that my personal conclusion was that I still attached some risk to it in my mind. It was one thing Saving Stream paying out a few grand for a speedboat that went into default when the business was a few months old and trying to attract new customers, it's another thing entirely for them to pay out a couple of £million should one of the property loans go tits up. Anyone who is investing in SS on the basis that Lendy themselves will cough up should things turn sour are heading for rather a nasty surprise, in my opinion.
|
|
|
Post by Duane Dibley on Aug 10, 2014 9:50:29 GMT
Would you buy loan parts on the secondary market for a loan in default if you know this to be the case? Some people would. I put the last of my loans parts of Bourne 43 up for sale last night, and this morning it had all been sold. It just goes to show how high demand for loan parts in S/S really is, that people are prepared to invest for just a handful of days with the higher risk of default that that entails. Personally I don't see the point in holding loans to term, there's no default interest and even if the loan is renewed you can't rollover your holdings. I know S/S have said previously that should a loan default they would reimburse investors from their own funds, but why put it to the test?
|
|
|
Post by Duane Dibley on Aug 4, 2014 22:05:23 GMT
Very disturbing news james. I don't suppose I can counter-sue the regulator for omitting to regularly, perhaps monthly, remind all lenders and P2x platforms of this draconian rule? Hardly draconian. The Consumer Credit Act has been around for about 40 years. If they can't get their paperwork right then what else are they getting wrong?
|
|
|
Post by Duane Dibley on Aug 4, 2014 19:47:34 GMT
As far as I am aware SS don't send email alerts out on roll-overs. However, they have posted their intentions to roll loans over on here a couple of times, and if you have any funds in the loan you get an email alert that its repaid just before it goes live again. The email sent to current investors made no mention that the loan was being renewed, just that the loan had been repaid and that the funds were 'now available for re-investment in further loans or withdrawal'. So once again investors weren't given the chance to roll-over their investment or invest in the new loan, unless they spend all day in front of a computer with their fingers hovering over the keys on the off chance that the loan would be renewed. Still, diversification is for wimps.
|
|
|
Post by Duane Dibley on Aug 3, 2014 21:24:17 GMT
I'm sure this has been mentioned somewhere & I just missed it but, when is this revamp anticipated? It's not yet announced but I'm expecting it to be announced soon. Is that the unofficial announcement of the official announcement? I can hardly wait for the official announcement of the official announcement.
|
|
|
Post by Duane Dibley on Jul 8, 2014 19:50:04 GMT
Still nothing.
Wonder what his excuse is this time, the dog ate his chequebook?
Time to bail out of this one I reckon.
|
|
|
Post by Duane Dibley on Jul 5, 2014 17:43:07 GMT
The only option left to those not happy with this divisive proposal is to put their loan parts back up for sale. And that's exactly what I'll be doing at 23:59 on the 7th July. Why the should other people get 1% cashback on the back of my investment? Your original post implied you had invested the funds from the repaid boat loan into PB005 early on the 1st July. Given the later clarification from SS "ANY FUNDS invested in this loan from 1st July 2014 to 7pm on 7th July 2014 will receive the EXTRA 1% CASHBACK." (see bottom of previous page on this thread), you would be due cashback on that investement, so I'm not sure what your concern is - can you clarify ? Without going into details about my actual investments, suffice to say that your assumption that that I invested repaid funds from the Bayliner loan into property loan 5 is correct. Simply because I wasn't allowed to rollover maturing funds into the new loan and so the only option was to invest in property loans or withdraw the funds. However most of my funds invested in property 5 were made prior to July 1st so won't qualify for cashback. Hope that clarifies my position. In any case, the message from SavingStream is clear, don't invest in property loans when they first go live but wait until they are closer to being filled and benefit from the increased cashback. Sometimes loyalty doesn't pay.
|
|
|
Post by Duane Dibley on Jul 4, 2014 16:40:24 GMT
Is the borrower still having 'an issue' with their electronic banking?
They could have written a cheque and hand-delivered it by now.
|
|
|
Post by Duane Dibley on Jul 3, 2014 18:16:33 GMT
The only option left to those not happy with this divisive proposal is to put their loan parts back up for sale.
And that's exactly what I'll be doing at 23:59 on the 7th July.
Why the should other people get 1% cashback on the back of my investment?
|
|