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Post by gazzer1956 on Nov 11, 2014 21:26:42 GMT
I tried the direct email approach several days ago but no response from savingstream hence trying this method. Like you no response is a turn off for me too and is not the way I expect a company that relies solely on money from people like me and others to operate. I start to question their methods and integrity when basic communication standards are not followed under such circumstances.
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Post by savingstream on Nov 12, 2014 11:49:55 GMT
We are still expecting PBL001 to be repaid in the next day or so. We have not heard anything from the new lenders legal team to lead us to believe anything else. We apologies for the delay and ask you to bear with us whilst we await these funds.
As many of you are aware we have nearly £2m in our client account whilst waiting for PBL009, and PBL11-13 to go live. If we were less scrupulous we would simply use these funds to repay PBL001 and hope that PBL001 repaid before we go live with the others. The fact that we haven't done this should increase investor confidence that we operate to strict guidelines in terms of handling investors funds.
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Post by mogzi on Nov 12, 2014 12:26:00 GMT
We are still expecting PBL001 to be repaid in the next day or so. We have not heard anything from the new lenders legal team to lead us to believe anything else. We apologies for the delay and ask you to bear with us whilst we await these funds. As many of you are aware we have nearly £2m in our client account whilst waiting for PBL009, and PBL11-13 to go live. If we were less scrupulous we would simply use these funds to repay PBL001 and hope that PBL001 repaid before we go live with the others. The fact that we haven't done this should increase investor confidence that we operate to strict guidelines in terms of handling investors funds. Had you done that, it would have breached many rules and regulations. Do you really think it's worth mentioning that because you didn't do something that breaches CASS rules we should respect you more and have more confidence in you??? I'd never expect any platform to do this so should I have more confidence in them too? No. It's a basic regulatory requirement that I expect all P2P platforms to follow.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Nov 12, 2014 12:35:52 GMT
We are still expecting PBL001 to be repaid in the next day or so. We have not heard anything from the new lenders legal team to lead us to believe anything else. We apologies for the delay and ask you to bear with us whilst we await these funds. As many of you are aware we have nearly £2m in our client account whilst waiting for PBL009, and PBL11-13 to go live. If we were less scrupulous we would simply use these funds to repay PBL001 and hope that PBL001 repaid before we go live with the others. The fact that we haven't done this should increase investor confidence that we operate to strict guidelines in terms of handling investors funds. Thank you,but I always assumed PBL stood for PROPERTY Bridging Loan and not PONZI Bridging Loan 
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Post by wildlife2 on Nov 12, 2014 12:46:05 GMT
Well, I'm just grateful to have the chance to be able to get 12% and often cashback as well! 
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Post by gazzer1956 on Nov 12, 2014 13:13:59 GMT
savingstreamAs other people have said communication is vital in cases of delay and as we were informed repayment would be "imminent" and then nothing happened what would you expect us to think. It goes without saying that any communication needs to be based on known information and if you were expecting the funds imminently and they clearly have not arrived within the time frame you expected then as an investor I hope you are doing whatever is necessary to ensure all is well. It is important to remember you may know exactly what is going on - we only know what you tell us. Apart from the regulatory implication, no one would expect you to use other investors funds to repay an existing loan and I would certainly remove all of my funds if I even thought it was a possibility.
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shimself
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Post by shimself on Nov 12, 2014 15:42:54 GMT
.... savingstreamApart from the regulatory implication, no one would expect you to use other investors funds to repay an existing loan .... I can't see anything in the smallprint to say they can't
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bugs4me
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Post by bugs4me on Nov 12, 2014 17:32:55 GMT
.... savingstreamApart from the regulatory implication, no one would expect you to use other investors funds to repay an existing loan .... I can't see anything in the smallprint to say they can't AFAIK, you are required to designate separately funds within a client account for the purpose they were originally intended for and subsequently entrusted to you. Cross contamination is not permitted. Many a member of the legal profession has had his/her knuckles firmly wrapped in the past for not doing this. More than one or two have been on an extended holiday courtesy of HM Government.
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johnfleet
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Post by johnfleet on Nov 12, 2014 17:38:13 GMT
I'd like to add my voice to the calls to SavingStream to improve their communication with investors. How difficult would it be to push out a monthly update letting us know a) what's in the pipeline and b) updating us with progress on outstanding loan redemptions such as PBL001, which I too, have money tied up in. dunno about anyone else but I'm certainly looking at reducing my exposure to SS in favour of the new kid on the block - who so far - and of course it's very early days - seem to handle investor communications rather better...
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mike
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Post by mike on Nov 12, 2014 18:42:52 GMT
savingstream you need to pick-up on the message you are getting here regarding communication. You seem to "go missing" from time to time. You have done well to grow the business with good instant returns and the simplicity of your system. The next major test is how you deal with the current and upcoming PBL's that are reaching maturity. Investors who are familiar with some of the challenges that AC are encountering with similar loans will be playing close attention to how things pan out here. If investors feel that they are left in the dark that can't be a good thing.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 12, 2014 19:26:10 GMT
I'd like to add my voice to the calls to SavingStream to improve their communication with investors. How difficult would it be to push out a monthly update letting us know a) what's in the pipeline and b) updating us with progress on outstanding loan redemptions such as PBL001, which I too, have money tied up in. dunno about anyone else but I'm certainly looking at reducing my exposure to SS in favour of the new kid on the block - who so far - and of course it's very early days - seem to handle investor communications rather better... To be fair they sent out an email update on 1 Nov doing exactly that. See No More Boaty loans for the full text. What is more important is the eratic response to direct mails or queries made using their own feedback form. What they really need is somewhere for Q&A to be posted on the website and updates to loans. While those of us on this forum are spoilt even with the somewhat eratic responses spare a thought for those who aernt and are completely in the dark.
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mikes1531
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Post by mikes1531 on Nov 12, 2014 21:15:09 GMT
We are still expecting PBL001 to be repaid in the next day or so. We have not heard anything from the new lenders legal team to lead us to believe anything else. : Can you say this because they have been in regular contact with you and have been reporting steady progress towards drawdown? Or are you simply saying that you haven't heard anything from them and just are assuming that things are progressing towards a goal that was set some time ago? If the latter, then we all should prepare ourselves to be disappointed when nothing happens in the next day or so.
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Liz
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Post by Liz on Nov 13, 2014 1:37:09 GMT
I'd like to add my voice to the calls to SavingStream to improve their communication with investors. How difficult would it be to push out a monthly update letting us know a) what's in the pipeline and b) updating us with progress on outstanding loan redemptions such as PBL001, which I too, have money tied up in. dunno about anyone else but I'm certainly looking at reducing my exposure to SS in favour of the new kid on the block - who so far - and of course it's very early days - seem to handle investor communications rather better... 100% agreed. SS, if you want to expand the lender base...
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Post by savingstream on Nov 13, 2014 10:12:46 GMT
PBL001: At the risk of repeating ourselves; we have seen confirmation that Kent Reliance is refinancing the borrower and repaying Lendy Ltd. We have also had this confirmed from the borrowers legal team. We have provided a redemption statement to Kent Reliance with the figure we require in order release our legal charge on the property. This is with legals at the moment and we are expecting to be in funds any day 'as informed by our legal team'. If we find out any more or learn anything different we will relay that information to our investors. We ask you to bear with us during this delay, or alternatively there is nothing stopping investors from selling their loan parts. We are still seeing an active secondary market even when overdue.
PBL003: We already have PBL003 in legals with Global Bridging PLC who will be refinancing this loan.
PBL004: We are still considering a renewal and increase of PBL004 upon confirmation of planning permission and new valuation of security.
PBL015 & PBL016 have a completion date of 25/11/2014 so we will hopefully be putting these two live on the platform in the next 7 days.
PBL017: We are still awaiting a valuation for PBL017 as shown by the pipeline update.
In response to investors request for monthly newsletter update, could we remind investors that a monthly update was sent on November 1st (less than 2 weeks ago).
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star dust
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Post by star dust on Nov 13, 2014 10:31:50 GMT
savingstream, thank you for this update, and also the update you provided a fortnight ago at the top of this thread. Is there any news on an expected date for PBL009 to go live, as it appears to have been delayed further? Far be it for me to advise how someone should run their business, but could I suggest that you provide a status type update on your website for the loans you have, perhaps these could detail draw-down dates, or steps towards, and then information on repayment prospects as the term nears it's ending, you could even use the 'Notes' section of each loan which already exists and doesn't give much loan specific information . No doubt you would still face the odd barrage of info requests and criticism here, but it might mitigate it a bit! It would also be accessible to ALL your investors.
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