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Post by savingstream on Dec 17, 2013 8:35:38 GMT
Thanks for everybody's comments.
The Saving Stream website is now undergoing a complete re-design to address all of the issues raised to date.
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Post by batchoy on Dec 17, 2013 9:07:53 GMT
The site appears to have been taken down completely for at least the next 24hours, so tough luck on anyone who wants to look at their account over the next day or so.
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debeast
(o)(o)
Posts: 238 
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Post by debeast on Dec 17, 2013 9:31:44 GMT
Thanks for everybody's comments. The Saving Stream website is now undergoing a complete re-design to address all of the issues raised to date. Its a start. Be sure to re read all the forum posts from ribs summary onwards and address each though (on your knees may help?) /beastie
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Post by batchoy on Dec 17, 2013 9:51:24 GMT
Thanks for everybody's comments. The Saving Stream website is now undergoing a complete re-design to address all of the issues raised to date. Its a start. Be sure to re read all the forum posts from ribs summary onwards and address each though (on your knees may help?) /beastie you might also want to consider looking at the Lending Marine site as well to just to make sure that the two hang together properly and there isn't a 75% hole in the interest earned on loans, and your Facebook page.
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Post by mrclondon on Dec 17, 2013 18:49:22 GMT
Whilst many us continue to pester SS to get their act together and are guarding our £££, quite a few are already sufficently confident that they can see past the short cuts and rough edges and have invested £££, and one poster on the zopa forum has already committed a 5 figure sum after what he/she claims was a lengthy phone call with SS. Whilst this posters' views are interesting, SS's own actions on the moneysavingexpert forum rather cast a cloud over new posters who popup with a positive spin on things. Unlike this individual I'm not a fan of conducting due diligence over the phone, so last Friday I made SS an offer to visit them in person, and to report my findings on here & on the zopa forum.
I'm pleased to say that SS have accepted the offer, and I will by visiting them at the end of the month.
I will go through the forum threads here and on the zopa forum carefully to compile a list of subject areas to discuss, but my main target is to satisfy myself
a) That there exists an adequate "paper" trail to convince me that (a random) 3 of the currently open loans are "real" which includes seeing details of the loan application, valuation, storage records, loan agreement etc
b) That the superyacht exists and there is a high net worth lender behind it.
c) That "James Marshall" exists. Deliberate use of inverted commas. What I want to see is evidence of an investor in February 2013
d) The current status under the FCA interim registration process
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alison
Member of DD Central
Sanctuary!!
Posts: 356 
Likes: 99
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Post by alison on Dec 17, 2013 18:59:26 GMT
Whilst many us continue to pester SS to get their act together and are guarding our £££, quite a few are already sufficently confident that they can see past the short cuts and rough edges and have invested £££, and one poster on the zopa forum has already committed a 5 figure sum after what he/she claims was a lengthy phone call with SS. Whilst this posters' views are interesting, SS's own actions on the moneysavingexpert forum rather cast a cloud over new posters who popup with a positive spin on things. Unlike this individual I'm not a fan of conducting due diligence over the phone, so last Friday I made SS an offer to visit them in person, and to report my findings on here & on the zopa forum. I'm pleased to say that SS have accepted the offer, and I will by visiting them at the end of the month. I will go through the forum threads here and on the zopa forum carefully to compile a list of subject areas to discuss, but my main target is to satisfy myself a) That there exists an adequate "paper" trail to convince me that (a random) 3 of the currently open loans are "real" which includes seeing details of the loan application, valuation, storage records, loan agreement etc b) That the superyacht exists and there is a high net worth lender behind it. c) That "James Marshall" exists. Deliberate use of inverted commas. What I want to see is evidence of an investor in February 2013 d) The current status under the FCA interim registration process Well done MRC - very proactive. I look forward with interest to your findings. I only have a very small toe in that stream but would like to think it is not at risk and that SS might be a credible home for a few more toes! 
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bugs4me
Member of DD Central
Posts: 1,845
Likes: 1,478
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Post by bugs4me on Dec 17, 2013 19:46:30 GMT
Whilst many us continue to pester SS to get their act together and are guarding our £££, quite a few are already sufficently confident that they can see past the short cuts and rough edges and have invested £££, and one poster on the zopa forum has already committed a 5 figure sum after what he/she claims was a lengthy phone call with SS. Whilst this posters' views are interesting, SS's own actions on the moneysavingexpert forum rather cast a cloud over new posters who popup with a positive spin on things. Unlike this individual I'm not a fan of conducting due diligence over the phone, so last Friday I made SS an offer to visit them in person, and to report my findings on here & on the zopa forum. I'm pleased to say that SS have accepted the offer, and I will by visiting them at the end of the month. I will go through the forum threads here and on the zopa forum carefully to compile a list of subject areas to discuss, but my main target is to satisfy myself a) That there exists an adequate "paper" trail to convince me that (a random) 3 of the currently open loans are "real" which includes seeing details of the loan application, valuation, storage records, loan agreement etc b) That the superyacht exists and there is a high net worth lender behind it. c) That "James Marshall" exists. Deliberate use of inverted commas. What I want to see is evidence of an investor in February 2013 d) The current status under the FCA interim registration process Good for you and I hope you can drill down and get some positive answers back. Hopefully their web site will be up and running shortly. After everything that's been said and some of the pathetic responses from SS here and there I believe they could just have a good idea. The biggest problem is the cavalier way they went about it. Did they really think they could just set up a web site offering P2P or P2B and the money would come flowing in. Answer - probably. These guys strike me a being very naive although one of them currently has a string of directorships to his name so he should be a bit more up to speed with this. As I say, maybe a good idea trying to get out. Good luck with your mission.
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Post by batchoy on Dec 17, 2013 20:29:17 GMT
I'm pleased to say that SS have accepted the offer, and I will by visiting them at the end of the month. I will go through the forum threads here and on the zopa forum carefully to compile a list of subject areas to discuss, but my main target is to satisfy myself a) That there exists an adequate "paper" trail to convince me that (a random) 3 of the currently open loans are "real" which includes seeing details of the loan application, valuation, storage records, loan agreement etc b) That the superyacht exists and there is a high net worth lender behind it. c) That "James Marshall" exists. Deliberate use of inverted commas. What I want to see is evidence of an investor in February 2013 d) The current status under the FCA interim registration process I wish you luck in your endeavour and look forward to seeing the results. Above all the issues raised and despite publicly available data about the directors my greatest concern is their apparent naivety when it comes to basic business matters, and their apparent lack of recourse to appropriate legal advice as evidenced by what appears to be the wholesale lifting of other people's T&Cs for both SS and LM.
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andy2001
Member of DD Central
Posts: 361
Likes: 34
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Post by andy2001 on Dec 17, 2013 22:09:50 GMT
The site is back online. Looks a lot better in Chrome than Internet Explorer.
The Chrome version now has 3 testimonials one is still from JAMES MARSHALL. one of the others say
"I have my entire ISA invested in Saving Stream, and it's now earning every month the same as it would do in a year in my ISA"
Is it possible to have this in an ISA at the moment I was not aware that it was.
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Post by batchoy on Dec 17, 2013 22:28:16 GMT
"I have my entire ISA invested in Saving Stream, and it's now earning every month the same as it would do in a year in my ISA" Is it possible to have this in an ISA at the moment I was not aware that it was. There was a lot of pre-autumn statement hype about it but as far as I am aware it never happened, so Mr Young may get a rude awakening when he comes to do his tax return. The site is better but there are still contradictions. On the one hand they have explained the 75% blackhole in the interest payments by stating "Saving Stream t/a Lendy Ltd makes it's profit from the difference in interest rate that is charged to its borrowers and the rate that it pays it's investors. We typically lend to borrowers at 4% / month and borrow money from investors at 1% a month." which would indicate that you are lending to Lendy Limited not investing in loans, but then they state "Saving Stream is a trading name of Lendy Ltd the OFT regulated parent company. Lendy Ltd uses in house capital to initially fund the loans it makes. Once these loans are live, Lendy Ltd then offers these loans to their investors via the Saving Stream platform to release capital" My feeling is that they still really don't know what their model is or if they do they either don't know how to explain it in a consistent manner or are trying to sell it as a P2P scheme when potentially it isn't
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Post by mrclondon on Dec 17, 2013 23:10:09 GMT
Two quick comments
1) "I have my entire ISA invested in Saving Stream, and it's now earning every month the same as it would do in a year in my ISA"
Terrible wording given ISA's can not invest in this asset class at present. Maybe somebody did say those words, but they might have meant "Instead of investing in an ISA, I've invested the entire amount in ..."
2) Light grey text on white is unreadable for many with poor eyesight - there isn't enough contrast to make out the characters.
To give credit where its due, to turn round a website restyle so quickly is impressive.
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bugs4me
Member of DD Central
Posts: 1,845
Likes: 1,478
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Post by bugs4me on Dec 17, 2013 23:20:05 GMT
Two quick comments
1) "I have my entire ISA invested in Saving Stream, and it's now earning every month the same as it would do in a year in my ISA"
Terrible wording given ISA's can not invest in this asset class at present. "Instead of investing in an ISA, I've invested the entire amount in ..."
2) Light grey text on white is unreadable for many with poor eyesight - there isn't enough contrast to make out the characters.
To give credit where its due, to turn round a website restyle so quickly is impressive.
Yes the ISA quote is a bit unfortunate. Shame about the light grey on white but that is easily rectified. It's not that difficult to redesign a website - depending on detail, which the SS aka Lendy site does not fall into that category of difficulty, then you're looking at 2-3 hours top whack. I suspect they spent a bit more time on trying to get the T&C's to stack up rather than the overall website. Still, have a good time in Portsmouth - hope it's worthwhile.
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Post by jevans4949 on Dec 17, 2013 23:44:03 GMT
... by stating "Saving Stream t/a Lendy Ltd makes it's profit ... 1) Should be "Lendy Ltd t/a Saving Stream" 2) Should be "... makes its profit ....". "it's" is only ever short for "it is" Get your English right, chaps!
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mikes1531
Member of DD Central
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Post by mikes1531 on Dec 18, 2013 1:45:17 GMT
I'm pleased to say that SS have accepted the offer, and I will by visiting them at the end of the month. I wish you luck in your endeavour and look forward to seeing the results. I wish you success as well, and await your findings. PS. While you're asking about James Marshall, you ought to ask about Edward Young as well and how he managed to invest his ISA in SS, unless the situation has been explained here before you see SS. To that end, I think I'll start a new thread on that subject and see what input we get from SS.
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Post by uncletone on Dec 18, 2013 9:46:19 GMT
Get your English right, chaps! Under the menu "Company": "Abouts us".
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