seeingred
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MoneyThing (MT) in Administration
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Nov 15, 2016 16:51:56 GMT
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Post by seeingred on Nov 15, 2016 16:51:56 GMT
It is actually "more haste less speed". As for valuations, they arguably need to be tightened up all over P2P.
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seeingred
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Post by seeingred on Nov 15, 2016 11:14:03 GMT
As a newcomer on here (but not new to P2P) I began investing in SS at a time of severe famine on the SM - end of September. Days went by and there was nothing.
I grabbed what I could in a lengthy ffff (almost anything!) and this included 056 and 064 both of which looked OK from updates. At the time I trusted SS updates. I also got many small loan parts of all the Gloucestershire loans but only totalling around 2000 - peanuts.
Despite what I now know about persons involved in 056 and 064 (thank you oldgrumpy), and my increasing suspicions about all the Gloucestershire loans, I have been amazed that all these continue to sell on the SM. Last night there was nothing of 056 or 064 on the SM. Ditto a few of the G loans. It lasted only a few minutes.
I got rid of all my Gloucestershire and Somerset holdings some time ago at a time of temporary famine - most sold within a day.
I was left with 29p of 038 stuck on the SM - that was the total of 038 on the SM at the time and the rest of my loan part was sitting with SS not in my balance. Someone added more to the queue so I bought £2 of 038 (which included my 29p) and that completed the sale of my loan part - I then sold my new £2 loan part next day.
I wondered at the time if it was 'legal' to buy back just my 29p so releasing all my loan part as cash, but I left it until someone else added another loan part for sale. Then I invested in some farmland......There was variously either over £50,000 or nothing of it for sale.
If selling a large loan part (say £5000) at a time of famine - if you are quick - it seems likely you can buy back £3000 when £2000 has sold, then put the £3000 back up for sale - thus both releasing £2000 as cash and preserving your place in the queue (at a time of famine you can be the only loan part up for sale).
SS has worked well for me so far but as investors become more aware and wary I can't see current ease of selling dubious loans on the SM continuing, especially if good new loans become available - even at lower rates. I'd prefer a good 10% loan to a dubious 12% one. On MT, Tranche B of a certain loan quickly sold out at 13% despite warnings it was far more risky than Tranche A.
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seeingred
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Post by seeingred on Nov 14, 2016 18:45:17 GMT
I have quite a few large property loans in FC (silly of me I know) and most go negative. Interest continues to be paid (eventually) but not at any punitive or increased rate. This encourages borrowers to be lazy in repaying.
Not so at MT - witness the 18% recently for a short term (14 day) tide-me-over loan which was extended once, and then again. Suits me to have the 18%. Just a pity FC don't do it.
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seeingred
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Post by seeingred on Nov 14, 2016 18:37:51 GMT
My query was related to the change of wording in an existing update. The original wording 'signed the lease' I recollected was about three weeks ago (when I invested more funds) and the new wording is also 'dated' 3 weeks ago. (At least it was last time I looked.) For me, time only moves in one direction, inexorably. I often wish it didn't.
If it was a newly signed lease for retail, and a more modern update, then maybe it should have been dated more recently?
I only asked the question to clarify what I thought I recollected.
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seeingred
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Post by seeingred on Nov 14, 2016 13:27:27 GMT
There has been discussion elsewhere as to the credibility of valuations. On the DFL002 thread I raised the issue of this morning's mass update appearing to show that a previous update was materially incorrect - the latest update for DFL002 says the commercial client is ready to sign the lease.
Yet a previous update (some weeks ago) (pasted from ilmoro's list of updates) stated
Commercial tenant has signed the lease and begins work on the fit out next week.
Do updates come with their own belief index?
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seeingred
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Post by seeingred on Nov 14, 2016 12:23:12 GMT
Looking through the email I received today giving many updates, I was struck by DFL002 - the commercial tenant is ready to sign the lease. This is dated three weeks ago on the DFL002 listing (but no actual date when it was first posted)
My recollection from some weeks ago is that this update said that the commercial tenant had signed the lease. The project therefore looked to be going well so I invested some more funds. Maybe I am thinking of a different project - is there one with similar wording about a commercial tenant having signed, and begun the fit-out work?
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seeingred
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Post by seeingred on Nov 11, 2016 11:52:54 GMT
I have also found this forum very helpful, esp the SS thread.
Agreed, MT are almost instant in their handling of deposits but that is an administrative point only. The real confidence must come with long term trust in valuations, esp when things go wrong. Valuations are what we fall back on.
Every internet discussion forum has its nutcases and no-hopers. This forum is one of the most useful I have used. Long may sharing of DD and other information continue. I can contribute occasionally in areas where I have particular knowledge. Other people do likewise. Everyone benefits.
Ultimately it helps to keep everyone on their toes.
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seeingred
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Post by seeingred on Nov 11, 2016 0:26:18 GMT
I have been out tonight so missed all the fun. Got rid of most of my 064 which I thought would never happen, so put my last loan part up for sale. I don't mind taking calculated risks when I am in possession of all the facts but the lack of meaningful and timely updates just leads to suspicion. I'm now wondering why no one seems to want the Essex loans, , those updates need refreshing, or they did the last time I looked. The last few months have been one promise after another.
I built up a sizeable holding in SS during the last few weeks, in 80 different loans, many well into four figures but for the first time have withdrawn some funds for use in MT.
I am new on here but the two factors that stand out as needing improvement are updates (even FC are better) and valuations, having some regard for the standing and history of borrowers, as these factors can be relevant in assessing the likelihood of a forced and/or rapid sale at some future date.
With thanks for all the tips and advice , especially the detailed DD via CD - and explanations of how the selling queues work. The forum has saved me quite a lot of time.
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seeingred
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Post by seeingred on Nov 8, 2016 13:59:20 GMT
I was just following through the logic. I couldn't quite believe what I was being told. Better be careful not to entice though: clause 14.2.15 We may end your membership of Saving Stream at any time and for any reason, including but not limited to: if you use the Saving Stream platform or any information accessible on or obtained from it for the purpose of canvassing or soliciting any person or enticing any person away from Saving Stream.
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seeingred
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Post by seeingred on Nov 8, 2016 13:46:05 GMT
a) You'd have perpetrated a fraud, whilst ... b) To open the "bogus" account, you'd have had to verify your identity and address ... Not necessary to open a bogus account. Any genuine investor with a sizeable portfolio could buy the £23,000, and by not paying (change of heart) , have it put to the back of the queue. Then another 50,000 could be offered for sale, (and bought but not paid for) by other genuine investors. In time SS would own all of the expensive baby. I meant expensive baby white elephant by the way.
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seeingred
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Post by seeingred on Nov 8, 2016 13:37:34 GMT
OK, I see the logic but I don't quite believe it - how can SS maintain this if a lot of people didn't pay for part loans bought on the SM?.
At the moment - I checked several times - 23668 for sale and 23617 ahead in the queue 9if I were to list another part loan of my own for sale). So SS own all of £51.
What is to stop anyone with an established portfolio buying 23,000, not paying for it, getting it put to the back of the queue and their own loan parts for sale becoming those first in the queue for sale?
Anyone like to offer to buy £23,000 of 064?
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seeingred
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Post by seeingred on Nov 8, 2016 12:59:13 GMT
So if 2 million were to be put up for sale, if 1000 investors were to buy £2000 each, and didn't pay for it within the 48 hours, SS would take it all and be left holding an expensive baby?
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seeingred
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Post by seeingred on Nov 8, 2016 12:50:25 GMT
... Keep the faith. Someone just bought £10,000 of 064 loan parts. Not mine unfortunately. Mind you, if they are not paid for, they will return to the queue? ... Yes - the back of the queue. Thank you for answering the question I was about to ask. So at least I have only 20k ahead of me now? But if the 10,000 are not paid for (if the buyer doesn't resolve a negative balance), sellers don't get their money so their loans get penalised by being returned to the back of the queue? Are loan parts not notified as sold to a seller until they are paid for?? They come off the 'remaining' total as soon as someone buys them.
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seeingred
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Post by seeingred on Nov 8, 2016 12:35:53 GMT
I bought a bit of 064 six weeks ago - it looked almost OK then. I believed the updates. I guess I won't lose more than half of my investment? seeingred : Are your parts in the sale queue? Someone bought £10k this morning, and there were a few £k bought yesterday. If you want to get out, this may be your opportunity. A little bit of lost interest while waiting for a buyer is a lot better than some lost capital (not to mention the interest 'accrued' during the potentially lengthy recovery process that you wouldn't get either). Cross posted. I didn't think it was worth putting mine in the queue, it was so large, and in any case if the 10,000 is not paid for it will return? I've put a few parts up for sale just now. Thanks for the advice......a bit of lost interest I can live with.
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seeingred
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Post by seeingred on Nov 8, 2016 12:27:16 GMT
Why all the gloom and doom? Look to the positives in life - the rose-tinted glint on porcine beings as they glide serenely across a sunlit sky. Keep the faith. Someone just bought £10,000 of 064 loan parts. Not mine unfortunately. Mind you, if they are not paid for, they will return to the queue?
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