lofty
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Lendy (L) in Administration
ID required?
Jul 2, 2016 6:10:39 GMT
Post by lofty on Jul 2, 2016 6:10:39 GMT
The sort of people are people like me - no mortgage since 1993, last purchase on credit in mid '70s, never had a credit card in my life. In other words no credit = no credit rating. I nearly always have to send in ID. I've got a couple of credit cards and I'm on the electoral roll etc but still been asked to send docs. Don't really understand it as banks and credit card companies never do this for me when opening accounts online as Experian/Equifax are checked instead. Obviously it's a different story when opening accounts on the high street in person. I'm guessing P2P companies are being overly cautious. I suspect this is nowt to do with credit checks but more to do with anti money laundering checks lots of companies are now required to do. I've setup a number of investments over the years and have myself occasionally been asked to send in ID - there seems to be a bit of a pattern with the bank (or credit) account I use to initially fund it. If the name or the address of the card/account holder isn't the same as what you've entered then it might look suspicious. I once funded an account from a foreign bank account in my wifes name - took about a million emails to sort out, but they eventually allowed me access. Also, these details now (at least I think they do) need passing over to HMRC, so again they may be asking for proof for this reason (supplying our NI number would be simpler, but I guess overseas investors wouldn't have this)
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lofty
Posts: 101
Likes: 104
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Lendy (L) in Administration
ID required?
Jun 30, 2016 14:15:46 GMT
Post by lofty on Jun 30, 2016 14:15:46 GMT
Anyone else getting a black & white banner at the top of their SS pages saying something about an email being sent, to produce ID documents? What's that all about? I haven't had an email asking for ID info/documents. I asked the same thing, so I contacted SS and got the following reply Hi *********, We sent out a verification of identification email to some of our investors. Some of which were worried about it being a scam so we sent out another email confirming that it wasn't, nothing to worry about. Kind regards, Customer Services Team Saving Stream
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lofty
Posts: 101
Likes: 104
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Post by lofty on Jun 29, 2016 14:14:43 GMT
At the risk of being contrary to others here, but the quality of the borrower surely isn't the most important factor when deciding whether a loan should be offered or not. At the end of the day our security is the property itself, thats the thing that's got to be right. Sure if they go bankrupt, fly off to another country, etc. then it will make things more inconvenitent and prolonged before we get our money. What would be interesting is to know how much interest SS are charging them - we get a flat rate of interest, but we know SS don't - they could be making a mint of this loan. All that said, I'm a hypocrite. I've got rid of my parts in this loan. Better safe than sorry. Sorry 'Lofty' but I don't fully agree with you. Of course the value of the property is very important to us, but I also believe the quality of the borrower should be properly checked by SS. After all, we can find details about borrowers quite easily on the 'Interweb', so why can't SS?? Or maybe they do and do not consider it important. In which case I'm on my own here and should shut up and sit quietly in the corner!! I've spent most the the last week with half the population disagreeing with me, so its nice and refreshing to see it being done politely and constructively. I guess my point is that Lendy may have done the same searches and that they've taken this into account when offering a rate to the borrower. For all we know they could be stinging him with a 30% odd rate. As every loan we get is the same percentage (despite the potential risk), it does ask the question do we have a right to know what they are charging? This may give us an idea as to how much DD they've done.
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lofty
Posts: 101
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Post by lofty on Jun 28, 2016 20:35:26 GMT
Yup, its a balanced piece with good insight. I hadn't really considered the Scottish and NI angle on this before. Far better than emails from other platforms I'm invested in, which have either been silent or dumbed down to the level of "don't you worry your pretty little head"
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lofty
Posts: 101
Likes: 104
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Post by lofty on Jun 28, 2016 14:16:05 GMT
I must say, if 'cooling dude's' information is correct with regard to this borrower (and I have no reason to doubt it) I am rather surprised SS agreed to the deal. Maybe SS would like to explain their side of the story. At the risk of being contrary to others here, but the quality of the borrower surely isn't the most important factor when deciding whether a loan should be offered or not. At the end of the day our security is the property itself, thats the thing that's got to be right. Sure if they go bankrupt, fly off to another country, etc. then it will make things more inconvenitent and prolonged before we get our money. What would be interesting is to know how much interest SS are charging them - we get a flat rate of interest, but we know SS don't - they could be making a mint of this loan. All that said, I'm a hypocrite. I've got rid of my parts in this loan. Better safe than sorry.
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lofty
Posts: 101
Likes: 104
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Post by lofty on Jun 28, 2016 13:52:22 GMT
A quick check through and search hasn't thrown up any appropriate results, so I apologise if this has been requested before. Now that we have the option to Cancel the sale of loan parts, any chance we can have a Cancel All option too, either for all parts applied to each loan individually or for all parts that are up for sale? The FFF era has left me (and I'm sure others) with gazillions of small loan parts which can take eons to cancel individually, having to return to the 'Selling Loanparts' page after each cancellation event. Disclosure: both terms gazillions and eons were remotely embellished to emphasise a pointPerhaps an option to consolidate loan parts would be even more helpful? I like both ideas, but I can see the second one being a minefield to implement. How do you handle the 7 day rule? How do you handle the 48hrs INPL feature? Maybe if the new loan part was treated as if it were bought on the SM, so the 7 day rule kicked in again? Also, if you could merge maybe we wouldn't see so many tiny loan parts left on the SM because they'd be mergeable (not really a problem with the SM at the moment though)
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lofty
Posts: 101
Likes: 104
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Post by lofty on Jun 26, 2016 20:38:58 GMT
Before thinking about ways to add liquidity, maybe we need to look at what's on the SM and why. Firstly, why is there so much on the SM? I'd have thought by not accruing any interest this would have discouraged investors putting loans up for sale, especially where there's a long queue and relatively little movement. In fact by leaving these stuck on the queue we are in fact adding to the illiquidity. So why is it there? Possible options include (but not limited to) Investors have over-stretched. Until recently prefunding was somewhat of a game and I'm sure some people got horribly stung. Worries about the economy. I think we all know what I'm talking about. Where is George anyway? Worries about the platform. *cough* Garden centre *cough*. Supply outstriping demand. 9 london properties, hints at big things coming next week. Numerous payments due. Hints at things coming next week... The new seven day rule. Possibly forcing a clear out of older loans. People are unaware about the non-interest. I see in another thread there's a discussion about this very point. Warning message seems clear to me. You don't. Second question to consider is in who's interest is it to get the market moving. I remember only a month ago when people on this forum were moaning about the SM being barren (yes, I was probably one of them), that would have been a big hinderance to attract new investors and so SS must be relatively comfortable with the current situation. And to immediately contradict myself, having a highly liquid market was surely a good USP for SS. Next, what should be considered as an appropriate sale time for a loan. Sure its nice when you can offload in seconds, but the flip side of this is the inability to buy stuff that you want. So then, suggestions about actions. Its been mentioned about discounts - I can see the attraction, but if people are genuinely worried about extending their commitments at the moment are they going to change their mind for just a small percentage? On another site I've seen stuff with the discount applied effectively just acting as a mechanism to push up the sale queue, isn't this kind of devaluation going to mean that eventually you'd only ever be able to sell if you gave a discount. With all loans at the same interest rate the incentive to buy a loan at full price isn't as attractive as a discounted one. Maybe some kind of buyback scheme from SS, whereby they would purchase the loan back at either a fixed discounted price or at the sacrifice of all outstanding interest? I haven't done my sums here, or have any idea about the financial practicality from SS perspective (I doubt they would be too pleased if they had to buy back the whole of the current SM - actually thinking about it, this is a silly idea) SS subterfuge. If "someone" were to buy all the loan parts and slowly release them back onto the market in drips and drabs we investors might then beleive that the market is liquid again, regain confidence, and carry on as before. Again, I don't know anything about the financial feasibility of this (legal or moral for that matter). Well that was a longer post than I intended. I was originally just going to post "dunno"
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lofty
Posts: 101
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Post by lofty on Jun 25, 2016 14:37:18 GMT
Only £2 sold in the last 10 days, so why risk potential interest by listing this on the SM, when it has zero chance of selling? I also hope Brexit, hasn't spooked investors. There's an lot of stuff generally on the SM at the moment, all of it quite slow moving, so I wonder if investors are actually aware that loans gather no interest whilst on sale? If you'd come from other platforms where interest still accrues you might not have read the message when selling too closely.
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lofty
Posts: 101
Likes: 104
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Post by lofty on Jun 23, 2016 19:47:28 GMT
Approx £3m on the SM not including pebble 20. It will be interesting to see if we vote to remain and SM reduces quickly or we vote to leave and it increases. I plan to stay up all night watching the results come in (yes, I know, I lead a sad tragic life), so I will also be keeping an eye on the SM. My honest feeling is that it's going to have little effect other than ruin the F5 key on my keyboard
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lofty
Posts: 101
Likes: 104
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Post by lofty on Jun 15, 2016 16:30:51 GMT
Be careful if selling 096 - the queue is £10k longer than what's actually for sale. This is an old problem which I thought had been solved, but obviously not. SS are aware - not sure if they did anything, but mine went through within about an hour - and that was with some periods of zero availability and hence people not buying. I've just checked and the £10k difference is still there for 096 and may be there for others. Yeah - I just spotted that too. I have sent them an email. I thought it was just me. Closed browser, cleared cookies, tried other loan parts. Turns out that for once it wasn't my fault
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lofty
Posts: 101
Likes: 104
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Post by lofty on Jun 15, 2016 10:15:54 GMT
It wasn't a moan - just general "sh*t happens" statement. Yes there were many comments about the SM being a feast and famine type thing, but this is the first time I've experienced it for myself.
I am curious (but not worried) about how long things will take to settle down though as I haven't such a big surplus before.
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lofty
Posts: 101
Likes: 104
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Post by lofty on Jun 14, 2016 18:25:46 GMT
As I write nearly £1 million on the SM. Is this the start of the rush to the exit? I doubt it, it's just 1/12th of what people need to fund 'The Nine' (love that phrase) .. presumably a lot more has been sold and is now burning holes in pockets, waiting for the Nazgûl to stick their heads above the parapet. There's still some of today left, but I'm not going to hold my breath, nor refrain from buying anything sensible on the SM. 8>. Must be burning like crazy for someone. They've bought 700 odd quid in the garden centre today. Why?
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lofty
Posts: 101
Likes: 104
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Post by lofty on Jun 14, 2016 16:35:44 GMT
Why couldn't the secondary market have looked like this when I started a month ago? All that patience, just sitting there, poised like a coiled cat, mouse-finger at the ready. I should have just waited - could have got all diversified in just one afternoon.
So, how long will it take to settle down?
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lofty
Posts: 101
Likes: 104
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Lendy (L) in Administration
Gut feeling
Jun 13, 2016 6:58:02 GMT
t likes this
Post by lofty on Jun 13, 2016 6:58:02 GMT
Do you ever invest/liquidate holding on hunch/gut feeling? One lot I got rid of was simply that, a gut feeling. It was a group of loans that just didn't quite feel right. Ideally we should all here be quite cold and calculating, look at the valuations, exit routes and reason for finance. But that isn't always easy, would you also be influenced by some kind of moral code? For example a beautiful piece of greenbelt near where you live, conversion of a much-loved local community pub, or a puppy abattoir ?
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lofty
Posts: 101
Likes: 104
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Post by lofty on Jun 12, 2016 13:59:31 GMT
In my humble opinion I don't think it'll have too much of a effect on the types of investments we have around here. At least in the short term. My reasoning is that we have a housing shortage and this will continue regardless of this vote. (you can also say the same for cemeteries :-) So developments will continue. In the longer term, who knows - we'll have to cross that bridge when when get to it.
Possibly more of immediate impact might be the effect on the FTSE. Will anyone with a substantial investments in stock and shares pull out temporarily and hold their sums in p2p sites until things settle down?
P.S. Brexit or not? Difficult decision. If only both sides would stop peddling BS and talk to us electorate like grown ups.
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