oldgrumpy
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Post by oldgrumpy on Sept 18, 2014 17:08:44 GMT
Yep. Checked SS about eight times today - didn't do me any good. I wonder if I'll be online when "my" first toedipping 57ft boat (maybe) gets renewed in the next seventeen days (max). Does anyone know whether SS emails existing lenders before renewal actually hits the screen so they can sit, clicking digit raised?  |
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j
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Post by j on Sept 18, 2014 17:12:34 GMT
I thought SS were implementing a limit on bids for first 24hours?! That's 2 I've missed on in succession  This is one of those situations where 'you can't please all of the people all of the time'. From my point of view, the limit on renewing loans was hugely annoying. As one of the people who took the risk to put in reasonable sums in the early days when others chose to wait and see how things panned out, it was immensely galling to find that I could only recycle small portions of that money into a renewal when it came up due to the limits. As such, I think having a limit on new loans but not on renewing ones is a reasonably equitable way forward - it gives at least some chance to the original lenders to recycle whilst any more recent lenders will get the chance when (if  )any new loans appear. Despite finding it annoying when it happened, I never actually complained, but I'll bet a number of the other early investors did. And any new lenders who happen to log in and see the renewals, even in the first 24 hours during which they aren't advertised by SS, still have the opportunity to grab a slice then and knock out some of the original investors who haven't been able to log in quickly enough. Whilst I understand both your bias & the partial validity of the point you make RR, I & many others can use that argument for other platforms that we supported in the very early days when they struggled to fill their loans until others piled in & we are now restricted to limits on many loans we'd like to invest more in. I still believe a reasonable limit for the first 24 hours is the fairest way. All the p2p platforms require a larger lender base, if they don't grow that, they cannot improve & expand. A fairer bidding system that give a chance to a wider number of lenders is certainly part of that, is it not.
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j
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Post by j on Sept 18, 2014 17:14:27 GMT
I thought SS were implementing a limit on bids for first 24hours?! That's 2 I've missed on in succession It's 5 I've missed in succession! If only I didn't have to go to work... I know! Working fo r a living is a bit of a b****r 
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j
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Post by j on Sept 18, 2014 17:19:02 GMT
Edit £6.99 up for grabs if your quick Have SS dropped the £100 minimum investment (except when buying the whole of the last bit)? The £6.99 available has dropped to £5.57 as it looks like someone has bought a part worth £1.42. Maybe savingstream would like to comment on placing limits again. I recall that they tried it on one or two loans a few months ago & it worked OK. I think I managed to get in one & missed on another but, it did provide a leveler playing field in that you had a half-decent chance of getting a stake
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ramblin rose
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Post by ramblin rose on Sept 18, 2014 17:25:58 GMT
This is one of those situations where 'you can't please all of the people all of the time'. From my point of view, the limit on renewing loans was hugely annoying. As one of the people who took the risk to put in reasonable sums in the early days when others chose to wait and see how things panned out, it was immensely galling to find that I could only recycle small portions of that money into a renewal when it came up due to the limits. As such, I think having a limit on new loans but not on renewing ones is a reasonably equitable way forward - it gives at least some chance to the original lenders to recycle whilst any more recent lenders will get the chance when (if )any new loans appear. Despite finding it annoying when it happened, I never actually complained, but I'll bet a number of the other early investors did. And any new lenders who happen to log in and see the renewals, even in the first 24 hours during which they aren't advertised by SS, still have the opportunity to grab a slice then and knock out some of the original investors who haven't been able to log in quickly enough. Whilst I understand both your bias & the partial validity of the point you make RR, I & many others can use that argument for other platforms that we supported in the very early days when they struggled to fill their loans until others piled in & we are now restricted to limits on many loans we'd like to invest more in. I still believe a reasonable limit for the first 24 hours is the fairest way. All the p2p platforms require a larger lender base, if they don't grow that, they cannot improve & expand. A fairer bidding system that give a chance to a wider number of lenders is certainly part of that, is it not. Indeed it is, which is why I support the limit on any new boat loans if and when they arrive, which it is hoped that they will now that the less clement season is approaching. It's a question of finding a middle way to try and keep both sets of people happy to some extent. It's a similar argument for larger v. smaller lenders, which I recall discussing a few months ago on another thread. If you place a limit on all boat loans, then the larger lenders will find themselves with effectively their whole portfolio in PBLs which isn't really fair on them. If you have no limits on any of them, the smaller lenders will only really have real opportunities to invest in the PBLs leaving them in the same situation, which isn't really fair on them either. Having limits on some of them and not on others seems to give some chance of fairness to all. SS have chosen to have the limits on the new loans and not on the renewals, but perhaps there are other ways. Like I said at the start 'you can't please all of the people all of the time'. Edit: Meant to add to this, that FS have been using a very similar, but perhaps even better, model, but which doesn't allow much opportunity at all for new lenders to get in on a renewing loan, unlike here where anybody can invest if they log in at the right time. They allow all original lenders the opportunity to roll over their investment (sometimes including interest if they believe there won't be full take-up) in renewing loans and only any untaken portion gets made available to new lenders. All new loans have limits unless they are particularly large (quite often very low indeed) to enable new lenders to get involved.
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spockie
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Post by spockie on Sept 18, 2014 17:43:16 GMT
It's 5 I've missed in succession! If only I didn't have to go to work... I know! Working fo r a living is a bit of a b****r I keep looking for a way for somebody to pay me to sit and home and contemplate the world/cuddle the cats/fiddle around with my p2p portfolio, but haven't found it yet. Best hope is 'retirement', but the retirement age will probably be about 80 by the time I get there.
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j
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Post by j on Sept 18, 2014 18:22:51 GMT
I know! Working fo r a living is a bit of a b****r I keep looking for a way for somebody to pay me to sit and home and contemplate the world/cuddle the cats...... I've already tried that with my other half but she's always been far too clever for me 
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ilmoro
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Post by ilmoro on Sept 18, 2014 18:54:06 GMT
Yep. Checked SS about eight times today - didn't do me any good. I wonder if I'll be online when "my" first toedipping 57ft boat (maybe) gets renewed in the next seventeen days (max). Does anyone know whether SS emails existing lenders before renewal actually hits the screen so they can sit, clicking digit raised? Think its pretty simultaneous! Seem to remember getting the email from the one I was in earlier this week, logging on immediately and it was pretty much all available (Dont quote me as several boats have floated under the bridge since). That said, very much depends on how efficient your provider is, as was discussed on a previous thread when people had varying timings on their emails.
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star dust
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Post by star dust on Sept 18, 2014 19:22:30 GMT
Yep. Checked SS about eight times today - didn't do me any good. I wonder if I'll be online when "my" first toedipping 57ft boat (maybe) gets renewed in the next seventeen days (max). Does anyone know whether SS emails existing lenders before renewal actually hits the screen so they can sit, clicking digit raised? Think its pretty simultaneous! Seem to remember getting the email from the one I was in earlier this week, logging on immediately and it was pretty much all available (Dont quote me as several boats have floated under the bridge since). That said, very much depends on how efficient your provider is, as was discussed on a previous thread when people had varying timings on their emails. I had been out, logged in and noticed they had both appeared in the pipeline. Not relisted at that point, no emails. Went and did something else, next I see both listed one almost half sold, checked my emails later and I had received the first one but had deposited and purchased a bit of both before the second email arrived. So, not sure if SS stick to the exact same procedure each time, but in any event speed always seems to be of the essence. I think if you notice the email straightaway and act on it you're in with a reasonable chance of purchase, but as I discovered the other day more than half an hour or so and you've probably missed out.
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debeast
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Post by debeast on Sept 19, 2014 8:28:02 GMT
I thought SS were implementing a limit on bids for first 24hours?! That's 2 I've missed on in succession It's 5 I've missed in succession! If only I didn't have to go to work... Mobile site for SS is ok . You can do it on a toilet break :-D
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j
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Post by j on Sept 19, 2014 17:04:03 GMT
It's 5 I've missed in succession! If only I didn't have to go to work... Mobile site for SS is ok . You can do it on a toilet break :-D If you get the timings with breaks out of sync & a boaty loan can disappear in 30-60mins, it doesn't make any difference. We either accept fact that some of us will miss more than catch or, savingstream can introduce the limit on both new loans & renewals
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Liz
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Post by Liz on Sept 19, 2014 23:45:50 GMT
They could reduce the interest rate on boats to 9%!!!!
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j
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Post by j on Sept 20, 2014 16:47:50 GMT
They could reduce the interest rate on boats to 9%!!!!  
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mikes1531
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Post by mikes1531 on Sept 20, 2014 17:53:00 GMT
They could reduce the interest rate on boats to 9%!!!! I really don't think they should consider this. The long term future of SS depends on them having money available on short notice whenever a borrower comes along, so they need to be giving their investors as much encouragement as they can. Without significant investor support, they'd likely find theselves in the position that AC seem to be in now, with every loan requiring massive underwriting. I don't know what AC have to pay to their underwriters, but I expect that the huge amount of underwriting they need is costing them a packet.
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merlin
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Post by merlin on Sept 20, 2014 19:28:48 GMT
They could reduce the interest rate on boats to 9%!!!! I really don't think they should consider this. The long term future of SS depends on them having money available on short notice whenever a borrower comes along, so they need to be giving their investors as much encouragement as they can. Without significant investor support, they'd likely find themselves in the position that AC seem to be in now, with every loan requiring massive underwriting. I don't know what AC have to pay to their underwriters, but I expect that the huge amount of underwriting they need is costing them a packet. In the case you quote of underwriters and AC , IMO it is not AC that is hurting it is the lenders who are being offered significantly lower rates to compensate. This could develop into a form of the proverbial Catch 22 with ever decreasing returns and a spiral dive to disaster. Similarly for SS if boat loans go down to 9%.
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)any new loans appear. Despite finding it annoying when it happened, I never actually complained, but I'll bet a number of the other early investors did. And any new lenders who happen to log in and see the renewals, even in the first 24 hours during which they aren't advertised by SS, still have the opportunity to grab a slice then and knock out some of the original investors who haven't been able to log in quickly enough.
