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Post by loftankerman on Jul 3, 2017 11:19:04 GMT
Made a request just after midnight last night and received a confirmation email timestamped 3rd July 00:17. The money was in my account when I looked around noon.
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Post by loftankerman on Jul 1, 2017 18:08:12 GMT
You'll get a percentage of people who aren't on the forum or who want to sell early regardless of perceived risk. I imagine most people who are happy to hold are already at their maximum exposure, so we are probably at the natural limit of the platform based on the current investors. Yeah. I have what for me is a significant sum in this and I'm not trying to sell it. However I'm not inclined to add to my holding.
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Post by loftankerman on Jun 24, 2017 17:10:16 GMT
I thought the update was positive. One thing I don't get is how the council can be so incompetent to take until to November to pass planning permission for something they have apparently requested. Same thing for Bolton I took a short break in Wales in early April, visiting holiday haunts of my childhood in the 1950s. I remarked to an hotel owner that in spite of some new developments in town, the buildings in the old main street didn't appear to have had a coat of paint since then. He bemoaned the uselessness of the council and said the town had 30% unemployment but they'd turned down planning permission for a significant development that would have revived the fortunes of the place. The reason for the refusal was that it would have been of little interest to the impoverished community and would have attracted mostly English people (and their money) which would have been detrimental to the use of the Welsh language.
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Post by loftankerman on Jun 22, 2017 14:38:40 GMT
Dunno. Is three years at college enough to learn to spell mathematics?
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Post by loftankerman on Jun 15, 2017 7:34:04 GMT
I have to admit I have contributed to the glut and now have approximately 50% of my entire stake up for sale. I have about 10% up for sale (less guilty than you are). I'm now considering different strategy. Stop selling, stop looking at pipeline, close my eyes, shut my ears and hope that one day some of them will be repaid I might be wrong, but I see this as the way forward. There is no more easy exit strategy on Saving Stream. There are lots of hopes (e.g. next repayment, next interest run etc.), but in reality the queues get longer and longer. I have nothing up for sale. I decided to reduce my holdings in early April and sold about 60%. Most of it had zero length queues when I sold but a couple took a few days. I'll sit it out the same as you. I have money in another platform where there is no secondary market escape route but I'm not losing sleep over that. They are very transparent and well managed. I was one of the five complainants in the Ombudsman inquiry into Equitable Life so I'm philosophical about waiting years for my money and then not seeing much of it anyway. There's more to life.
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Post by loftankerman on Jun 10, 2017 8:25:26 GMT
Seeing the above reference to Cowes Week sponsorship set another 'Desperation Alert!" alarm bell ringing for me. In January 2000 Equitable Life signed a £4M sole sponsorship deal with the popular TV programme 'Frasier' in an attempt to entice more customers into its plummeting business. Almost laughably the cunning sponsorship plan was picked up on their failure by troubled Brittanic in 2001 who subsequently closed to new business in early 2003. Just saying...
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Post by loftankerman on Jun 3, 2017 17:22:03 GMT
Paul64 , when a SM 'pipeline' looks like it needs a good dose of Movicol, new loans or tranche's are showing signs of struggling to fill for want of an enfranchised liquidity then look no further than poor underwriting, dodgy borrowers, rising defaults, lender rates that no longer match risk, trading floor software that does it's own glitch riven thing and a customer service which can at times promise much but doesn't deliver (even after repeated investor requests). If Lendy wish to offer up DIY recruitment incentives 'how wonderful' but to my mind these comprise an insignificant and unpopular bung in futility rather than offering up what's really needed which is an Investor focused, prudent Management style, not one that revels in spin. I make no apology for being so blunt. After being made redundant in the mid 90s I was led to believe I had secured my future retirement plans by investing my redundancy payment with Equitable Life. When things started to look a bit iffy regarding a case brought against EL by some investors, all were assured that the consequences of losing the case would be insignificant compared to their assets. Their behaviour did change however. The sales rep that I had dealt with from the outset moved on and some new character came on the scene. Far from being available should I wish to talk to him, he was calling me regularly offering great deals if I could just find some money to invest in them. When I declined he was keen to know if I had any friends I thought might be interested. The desperation was evident and they continued to write policies for new investors long after they knew they were dead in the water. Consequently I don't recommend anything to anyone and a whiff of desperation in anything sets alarm bells ringing.
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Post by loftankerman on May 24, 2017 11:02:34 GMT
This seems to be a repeat of a bug that was allegedly fixed some weeks ago. I fell foul of it then.
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Post by loftankerman on Apr 3, 2017 10:05:55 GMT
To be honest, the main issue here IMO is less the cock up and more the fact that rather than creating new transactions to correct the balance on the account they amended the old transactions. No transaction logged against an account should ever be amended and I would hope that a company writing systems who focus on money should be aware of this. Not only is this incorrect procedure and amateurish it also royally f**ks things up for people who have already imported their transactions into 3rd party software for accounting purposes. The corrections should either have been logged as negative interest or a correction on the account on the date the correction actually occurred. I fully agree and stated this earlier in the thread.
Another point worth mentioning is the backdating of the entire interest run, paying the interest on the 1st of the month but inserting the payments in to the account transactions at 00:00am at the start of the last day of the previous month. This also changes already published figures and means that you can receive interest payments on the account which appear before the loan part was bought.
Example: On 31st January at 11:21, PBL150, 151 and 152 went live and I received some prefunded amounts. I received interest for those which was paid on 1st February but back dated in my transactions to 31st January, presumably at 00:00 but, as usual, appearing before all other transactions for that day. Consequently, the January interest for those loan parts appears in my transactions list before I actually purchased them.
I imagine that the inept programmer was intended to insert the interest payments at 00:00 at the start of the 1st of the month. Then at least the interest payment for a loan part could not appear before the part was purchased. (Of course, the payments should not ever be inserted; they should be appended and date stamped with the date and time of the actual transaction.)
I suspect that this one-day error is also the cause of the extra day of interest which we receive on loan parts sold which were bought in a previous month: - If a loan part is bought and sold within the interest month, the calculation is trivial and LfSS get it right (days of interest equals sale date minus purchase date).
- If a loan part bought within the interest month and is not sold, the calculation is trivial and LfSS get it right (days of interest equals days in month minus purchase date plus 1).
- If a loan part bought in a previous month is held for the entire interest month and not sold, the calculation is trivial and LfSS get it right (days of interest equals number of days in month).
- If a loan part bought in a previous month has been sold during the interest month then the calculation is trivial but LfSS get it wrong (days of interest should be sale date minus start of month date). The error is that their start of month date seems to be 00:00 on the last day of the previous month - the same error as the incorrectly inserted interest payments.
And yes, I did say the calculation is trivial in every case - because it is. It takes a special combination of numpty programmer and dumb tester to make a hash of such simple things.
I worked in mainframe design and development and then systems development between 1970 and 2012. I find it hard to believe that this floundering around in software has seen much involvement of real programmers and certainly not system testers. It looks much more like the work of graphics 'designers' who think they understand what goes on under the hood and are happy tinkering away on live systems.
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Post by loftankerman on Apr 1, 2017 12:48:42 GMT
Chatting to my son on Messenger yesterday and he said he'd been given 4 x £1000 loan parts. The positive balance he'd had had gone and been replaced by a £3k+ negative one. He said that so far he's had no reply to his emails. Pretty unimpressive. I had two myself of these rogue events myself. And, No his account wasn't preset to a £1000 default. He dreams of being able to be so free and easy with money.
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Post by loftankerman on Apr 1, 2017 10:54:01 GMT
I had the same problem a while ago on my Windows phone when dealing with my bank. I can't remember what exactly, but it was a setting on my phone that was doing it. I'll try and remember.
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Post by loftankerman on Mar 13, 2017 17:09:54 GMT
I have some money in these and was pondering the amount available on the SM. I had a look at estate agents in the area and found that primelocation.com has them on their site. Unlike the description on SS, they reckon that eleven houses are being built rather than ten. House prices are said to be from £795,000. I found that depressing as they also have what I regards as far more attractive properties for significantly less. I hope the local punters are less discerning than I am.
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Post by loftankerman on Mar 11, 2017 11:17:46 GMT
My deposit was yesterday, around 11am mine too And me, but the cupboard was bare as far as my shopping list was concerned. However my view on life is that you can only really differentiate between good luck and bad luck with about 20 years hindsight. I'll pull it back out and put it where it was going anyway.
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Post by loftankerman on Mar 11, 2017 0:11:33 GMT
My first thought when I saw this going on was that an ex employee from somewhere in the chain is now enjoying the high life on funds diverted via an account in the Caymans.
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Post by loftankerman on Mar 9, 2017 16:00:57 GMT
Starting at about 10:30 am on Wednesday I sold a couple of loan parts, cancelled my pre funding for this loan and just before 11:00 am withdrew all the spare cash from my account. In the afternoon I got an email time stamped 15:34 giving me the advance go live notice for the loan and as usual telling me to check my pre funding. No problems apart from the fact that I have just been told I have got a £1000 allocation and my account stands at -£1000. It doesn't look like I can track changes to pre funding to prove anything, so apart from the 'Contact Us' email that I have already sent, is there much that I could/should do? Thanks. Call them. 0800 779 7706 or +44 2033 033146. Get them to reverse it over the phone and don't let them go until you can see the correct (zero?) balance on your account. Hi, Sorry I didn't see your reply before. Have just called them and was assured the message would be passed to the technical team who'd resolve it. I'm happy enough. Thanks.
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