lofty
Posts: 101
Likes: 104
|
Post by lofty on Jun 6, 2016 6:34:14 GMT
I wonder if a couple of hit hitters have over-ordered on the two recent loans, and now don't have the funds to clear. Hence a dump of their older loans to cover their positions?
|
|
lofty
Posts: 101
Likes: 104
|
Post by lofty on Jun 2, 2016 12:51:04 GMT
Another question to add :- E. Should the PF cover any parts of the loan bought after it defaulted? Easy answer would be 'No' but then SS couldn't claim that nobody had lost money so not so straight forward. Thats a good question. I think its a perfectly reasonable line to say to people, "hey, you could see the loan had defaulted and yet you still chose to invest, you knew the risk", I also think that investors prior to the default have a valid claim to getting their share back first. But, immediately contradicting myself, the red banner does say interest will continue to accrue, so some people may claim that the procedure regarding a default was not spelled out. As you said SS would like to carry on saying that no investor has lost money, so lets see how they use the word discretionary. P.S. I have no involvement in this loan, so I'm neutral in this. Highly opinionated, but neutral...
|
|
lofty
Posts: 101
Likes: 104
|
Post by lofty on Jun 1, 2016 13:38:23 GMT
Correction to my previous post - interest on PBL020 wasn't paid to day but WAS paid on 27th May - apparently the date of default. My fault for not scrolling down far enough to see this... Yup same here. I rarely check "my account" but do usually keep an eye on the balance so I think I would have noticed had this gone on the 27th. More likely that this was actually paid today, but back dated on the 27th. Anyway, I got my interest for this loan - which, if I'm honest, I wasn't really expecting. Now how to spend it? well there's 55K available in Red Square. Hmmm, maybe not.
|
|
lofty
Posts: 101
Likes: 104
|
Post by lofty on May 29, 2016 13:54:55 GMT
I bought 1p last night in order to be fully informed what will happen to my tiny loan ;-) all to find out how SS handle this matter. That may explain why the number of investors seems to be increasing at the moment. 1p I can understand to satisfy curiousity, but some people are still pouring hundreds into this default. Surely people can't be #that# desperate to invest? Anyway, I suspect all the gory details will be posted on this forum, so I'll save my 1p for those Glasgow properties if they ever arrive...
|
|
lofty
Posts: 101
Likes: 104
|
Post by lofty on May 26, 2016 11:06:35 GMT
This might have an interesting effect on anyone out there who've got a couple of bots running and haven't seen their email this morning. They might be in for a jolly nasty surprise when they get home tonight. It's tempting to dump a load of less desirable loans onto the market
|
|
lofty
Posts: 101
Likes: 104
|
Post by lofty on May 23, 2016 10:08:20 GMT
Thanks Steve,
any thoughts on multiple personal accounts. I have read the t&c's but don't see anything about it not being ok...
Not tried that so suggest you drop SS Customer Service an email to check. I think they'd at least have to use different email addresses. [Thinking about it, I suspect you'd be limited to one per person, otherwise everyone could run multiple accounts to receive double allocations of smaller new loans] Oh, I'm pretty sure that already happens!
|
|
lofty
Posts: 101
Likes: 104
|
Post by lofty on May 15, 2016 8:37:24 GMT
Standing orders will work with most as an alternative to direct debit. I'm wondering what you want from the direct debit system that a standing order doesn't deliver? Satisfying requirements to get interest on current accounts is the main one
I would be putting money into P2P anyway so it would be a genuine usage. If there are sites that accept DD for monthly contributions I will gravitate my money towards them.
I also have a need for a number of Direct Debits for the better current account interest rates. I often use Paypal as it uses direct debit for its bank payments. You can also hook it to several bank accounts. Occasionally handy if I need to bump up the direct debits when switching accounts - I think they tend to look for 'active' rather than 'regular'. Does mean having to buy something, but not a problem if you've got a wife who likes shoes...
|
|
lofty
Posts: 101
Likes: 104
|
Post by lofty on May 14, 2016 16:25:16 GMT
Personally, I'm trying to take advantage of this situation. As I see it people are oversubscribing and then being forced to sell other stuff on the SM. This gives me the opportunity to diversify. I can see it being a pain if you're new to SS or not sat next to a computer when the SM goes into overdrive, but as my missus is watching a repeat of the Eurovision semi finals I AM sat upstairs next to the computer - and its exactly where I'm staying
|
|
lofty
Posts: 101
Likes: 104
|
Post by lofty on May 14, 2016 15:00:07 GMT
I've gone on a spending spree this morning as its the first time I've seen the secondary market this active. This left me with a negative balance which I've addressed by selling some loan parts and doing a payment to cover the rest. From what others have said this won't be processed until Monday morning as its a manual process, so I'm in the red until then. However, it should still register in their account on the time it was sent (+-2 hours if I understand the FP system) hence as far as I'm concerned I've done my bit so my investments should be safe and interest payments made on Saturday and Sunday night valid.
On a mildly related point, if checks are only done on Monday morning with regard to deposits I can see a system possibly open to abuse - buy a load of stuff on a Saturday, get interest for sat and sun night and then dump it on the secondary market early Monday morning before the deposits are processed. Personally, I'm not going to bother because the risk of SS spotting this (which speaking as a software engineer should be easy to trace in the backend) and suspending my account doesn't warrant the effort for a couple of quid. But if someone out there has a couple of hundred K in their account then utilising the negative balance facility to its max for two days interest might be tempting. Ditto for any 13 year old oikes out there playing games on the system who want to gain a couple of pennies for a pick-and-mix (I know, I know, I'm out of touch with how a 13 year old spends their money nowadays) . Rant over.
|
|
lofty
Posts: 101
Likes: 104
|
Post by lofty on May 14, 2016 6:37:32 GMT
Does anyone have any experience of the 1% reward offering for introducing a friend or family?
The terms and conditions say a 'spouse' is not valid, how do SS do checks on this because if I refer a parent then they will also have the same surname, is that going to flag something dodgy to the people at SS? And yes I'd like to refer my Mum - her tax position is much more favourable than me...
A second question is what is considered a first investment? From my experience on the SM, getting a nice juicy amount in one go is pretty much imposssible - let alone the first. Frequently you attempt to buy one amount and it gets chopped down to mere pennies. I'd be a tad annoyed if my 1% reward was on one of these paltry investments. I could attempt to stack the odds in my favour by selling some of my loan parts and getting the timing right, but surely offloading from one account to another and then getting cashback from those very two accounts would set off alarms somewhere? Wouldn't this be classified as abuse of the scheme? Particularily if I did the same trick to get those loan parts back at some point?
Putting something is the pipeline loans might yield something better, but from what I read on these forums these tend to be oversubscribed and so this could also be chopped down significantly.
Lastly it mentions paying after 3 months of a valid investment. Does that mean that the specific original invested loan part has to be held for 3 months? No guarantee that will happen as loans can be paid at a moments notice - it also hinders trading on the SM.
Opinions, thoughts, experiences welcome.
Cheers
|
|
lofty
Posts: 101
Likes: 104
|
Post by lofty on May 2, 2016 9:42:18 GMT
I'm pretty new to Saving Stream (a week), so far I quite like what I see, and would now like to build a relatively rapid portfolio. This is where my questions lie. The activity on the secondary market seems intense - how on earth can these loans come and go that fast? Are there really that many investors out there sat poised staring at their screens or have they got some kind of bot running?
I've managed to grab a couple of loans and on a recent one I accidentally overbought and put myself into a negative balance. I got the 48 hour notice
warning and so I then funded the account (which came through the next morning, despite being a weekend) instead of selling up immediately. So question here
is what's the penalty for going overdrawn? If we can go over is it a standard or frowned upon mechanism of buy as much as is available and then pay? With
overnight interests being paid before settling the account isn't this open to abuse?
What is the point in buying loan parts of <£1? As they don't seem to combine in your portfolio (yes, I am the proud owner of a 37p and a 45p in a loan) isn't interest going to get lost because the loan part is too small to accrue any interest on its own?
Ideally, my portfolio will be as diverse as possible, but at a quick glance the same loans seem to keep appearing and disappearing. Obviously not all loans are equal, but when all things are balanced out shouldn't there be a wider variety of loans being sold?
I'm new here, so my apologies if these questions are all discussed in other posts on the forum - which as a side note is nice to see is quite active - it goes some way to settling my unease about making my first investments through this site.
Cheers
|
|