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Post by harvey on May 29, 2016 23:14:37 GMT
I haven't been on the saving stream website tonight and looking at the secondary market for the last couple of hours but if it's sticking it could just be that it's a bank holiday weekend it's late on a Sunday night and people are up to other things because it's not a normal sort of Sunday evening.
By way of example I'm normally as sober as a newt but it's a bank holiday tomorrow and I've got nothing on and I'm ashamed to admit I may have had one too many.
I wouldn't draw any conclusions from the action being slow tonight.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on May 29, 2016 23:32:54 GMT
I haven't been on the saving stream website tonight and looking at the secondary market for the last couple of hours but if it's sticking it could just be that it's a bank holiday weekend it's late on a Sunday night and people are up to other things because it's not a normal sort of Sunday evening. By way of example I'm normally as sober as a newt but it's a bank holiday tomorrow and I've got nothing on and I'm ashamed to admit I may have had one too many. I wouldn't draw any conclusions from the action being slow tonight. Be careful... Too much to drink and the next thing you know you'll be on the SM... investing in PBL20 
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Post by harvey on May 29, 2016 23:38:07 GMT
Yes don't you know. And with my positive available balance it's a real risk that I might fall victim to the temptation of seeing availabilty on the secondary market I can actually grab without turbocharging my fingers.
With that risk weighing heavily on my mind I shall go to bed.
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mikes1531
Member of DD Central
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Post by mikes1531 on May 30, 2016 2:02:03 GMT
... and I've got nothing on ... Don't get carried away now!
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oldgrumpy
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Post by oldgrumpy on May 30, 2016 8:02:27 GMT
... a but it's a bank holiday tomorrow and I've got nothing on and I'm ashamed to admit I may have had one too many. Don't get carried away now! Any more of that malarchy and those policemen will carry you away! 
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shimself
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Post by shimself on May 30, 2016 9:47:06 GMT
The old T&Cs apply to all investments made when they applied, which is definitely this one when it was first offered. The status of investments made on SM isn't clear hi shimself , what part of the above T&C states your opinion? I'm not a lawyer. However my understanding is that it's a general principle of law, a deal is a deal, and both parties have to agree (or at least have not to object) before it can be changed, doubly so where the change disadvantages one party but not the other, trebly so where one party is a company and the other parties are lots of ordinary people (as it were consumers). They can write a clause like that, and indeed you can sort of agree to it by dint of investing but it won't be enforceable. Are there any experts (lawyers) around?
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Liz
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Post by Liz on May 30, 2016 9:58:21 GMT
hi shimself , what part of the above T&C states your opinion? I'm not a lawyer. However my understanding is that it's a general principle of law, a deal is a deal, and both parties have to agree (or at least have not to object) before it can be changed, doubly so where the change disadvantages one party but not the other, trebly so where one party is a company and the other parties are lots of ordinary people (as it were consumers). They can write a clause like that, and indeed you can sort of agree to it by dint of investing but it won't be enforceable. Are there any experts (lawyers) around? Plenty of lawyers out there I you are willing to pay  I do think talk of lawyers is a tad bit premature; we haven't even heard from SS yet.
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Post by earthbound on May 30, 2016 10:22:28 GMT
hi shimself , what part of the above T&C states your opinion? I'm not a lawyer. However my understanding is that it's a general principle of law, a deal is a deal, and both parties have to agree (or at least have not to object) before it can be changed, doubly so where the change disadvantages one party but not the other, trebly so where one party is a company and the other parties are lots of ordinary people (as it were consumers). They can write a clause like that, and indeed you can sort of agree to it by dint of investing but it won't be enforceable. Are there any experts (lawyers) around? I hope you are right, i found a few T&Cs changes when reading through them yesterday which i didn't like, along with the 11th may update(changing the way interest is paid on a defaulted loan) which i thought was a bit cynical, and made only to cover their own backs knowing full well that PBL020 was about to default. I agree it would be good if any lawyer out there could give their interpretation. edit..to any lawyers out there.. by the way... im skint
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Post by dualinvestor on May 30, 2016 10:34:17 GMT
I do think talk of lawyers is a tad bit premature; we haven't even heard from SS yet. I don't think shimself or earthbound are seeking a lawyer to sue anyone at the moment they just want someone to give them an opinion as to who owes the participants of PBL20 their money, e.g. Lendy Ltd or the ultimate borrower. This has a great impact on both this loan and any lan made under the old T&Cs still outstanding and tradable on the SM and it will make them and everyone else more comfortable to know the answer. (not that I expect any self respecting lawyer to come on here and give such an opinion for free)
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stokeloans
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Post by stokeloans on May 30, 2016 11:23:49 GMT
Someone just bought £5,000 !!!
I think the same buyer bought a few grand the other day,the name looks familiar
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Post by earthbound on May 30, 2016 11:29:50 GMT
Someone just bought £5,000 !!! I think the same buyer bought a few grand the other day,the name looks familiar Im baffled... 
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Post by brianac on May 30, 2016 13:47:04 GMT
brianac : Thanks for the info. Did you notice how much interest was shown for the part when you put it up for sale yesterday? Did that change overnight? (When SS introduced the ability to withdraw parts from sale, they said that parts would no longer stop accruing interest as soon as they were offered for sale, but we're not sure whether they actually implemented that change. When parts on the SM are sold instantly, it's not possible to determine what is happening with interest accruals. Now that we have some parts that aren't selling instantly, we ought to be able to work out what's happening.) I've now bought a few pence of this loan and immediately put 1p up for sale. It had £70,787 in front of it at the time, and that hasn't changed in the hour since. up until now, hadn't actually realised you could see the accrued interest. Have noted the figures and will compare them tomorrow evening (work tomorrow I'm afraid, no such thing as a bank holiday for me!) and I'll post them. Regards Brian No change in accrued interest, however Sale Queue is now down to 10k2 Brian
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Post by earthbound on May 30, 2016 14:29:08 GMT
Sie Deutsch gesprechen! Ich auch sprechen Deutsch, ich habe Deutsch gelernt seit funfzig jahren ago, und es takes ein surprising lange zeit before es fades zum nowt. Innit. Watch out Mr Mannering we have spies i the camp. Calm Down Jonesie!!! Don"t Panic!!!!  james halten Sie Ihre Stimme nach unten bitte. 
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shimself
Member of DD Central
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Post by shimself on May 30, 2016 14:56:13 GMT
Plenty of lawyers out there I you are willing to pay I do think talk of lawyers is a tad bit premature; we haven't even heard from SS yet. Good heavens no lawyers. Just that earthbound was seeming to suggest that a clause in the T&Cs saying we can break all our promises and obligations and there's nothing you can do about it would be effective
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Post by earthbound on May 30, 2016 16:00:16 GMT
Plenty of lawyers out there I you are willing to pay I do think talk of lawyers is a tad bit premature; we haven't even heard from SS yet. Good heavens no lawyers. Just that earthbound was seeming to suggest that a clause in the T&Cs saying we can break all our promises and obligations and there's nothing you can do about it would be effective I am not in this loan, and haven't been for some time, i sold well before it went into negative territory and it was a pittance (not my cup of tea) , however i am still in 6 loans that were issued under the old T&Cs... at the moment the SM is working well and loan parts are easy to sell, but that may not be the case in the near future, and i may find myself unable to sell a loan part that is on the old T&Cs, and will therefore have to hold to completion, and MAY then find the loan becomes a default loan. If that were to happen, i would like to know where i stand (and i'm sure others would as well) with regards to the T&Cs, Have all loans been transferred over to the new T&Cs??? recent info seems to suggest they may have been.... and unfortunately we cannot use the now defaulted PBL020 as a guide, because by the time this one is sorted (c6 months IMO) all loans on the old T&Cs will have finished and everything will be on the new T&Cs. Can SS change the T&Cs whenever they like??? well it would seem so, because the old T&Cs stated that interest on a defaulted loan would be paid at 1% per month, credited every month, but since the 11th may change, interest is now accrued at 1% per month, IMO this is a distinct change from an old T&C to the new T&Cs ,and the new terms have a distinct hierarchy when it comes to who gets what and in what order, and the interest from default day is way down the list. This is a very important point, are people buying this loan on the SM thinking that interest will continue to be paid on a monthly basis??? I THINK THEY ARE. Going forward.. when all loans are on the new T&Cs, will SS have the right to change the existing T&Cs to suit themselves, whenever they like, or DO they have to abide by the terms that were in place when the loan was funded? Personally i think this is an important issue, i do not want anyone to see this as scaremongering or panic, its not, It may turn out to be an important point if lenders end up with losses they were not expecting.
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