|
|
Post by magoo68 on May 30, 2016 16:16:20 GMT
It does say "interest will continue to accrue but will not be credited until sale of security completes" in the reasonably obvious red box ......if they miss that, I don't see how that's anyone's fault but their own.
|
|
SteveT
Member of DD Central
Posts: 6,875 
Likes: 7,924
|
Post by SteveT on May 30, 2016 16:18:06 GMT
Have you considered actually asking SavingStream (by sending their Customer Service team an email)? It's surely clear by now that they gave up trying to communicate sensibly via this forum some months ago, and I'm not in the least surprised. The tsunami of nonsense posted across multiple threads this weekend would try the patience of a saint ("Shock News: one P2P loan defaults")
|
|
|
|
Post by earthbound on May 30, 2016 16:44:20 GMT
It does say "interest will continue to accrue but will not be credited until sale of security completes" in the reasonably obvious red box ......if they miss that, I don't see how that's anyone's fault but their own. i agree with you there, i have been baffled to watch lenders buying up 5K parts of this regularly over the last 2 days, the point of the post is about the terms and conditions around it, like you say the big red box states it all clearly, but the T&Cs on this loan when it was issued did not state that, SS moved the goal posts on the 11th may, someone just bought £11k within the last few minutes, why? because it says that the interest will continue to accrue but will not be credited until sale of the security completes. what they fail to say in the big red box is what happens if the security does not sell for enough to cover the accruing interest.
|
|
|
|
Post by brianac on May 30, 2016 16:55:55 GMT
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 Amazingly now actually sold Queue is now 59k26 (I've put the rest up for sale) (And mikes1531 I've noted the interest accrued) Brian
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on May 30, 2016 17:04:06 GMT
No change in accrued interest, however Sale Queue is now down to 10k2 Brian Amazingly now actually sold Queue is now 59k26 (I've put the rest up for sale) (And mikes1531 I've noted the interest accrued) Brian Sorry; I just want to confirm; are you're saying (contradicting the information on the SS website) that while the loan was on the SM, it did receive interest? How long was it on the SM for?
|
|
ben
Posts: 2,020
Likes: 589
|
Post by ben on May 30, 2016 17:06:30 GMT
Think the common opinion on here is just to sell and not hold onto the loan
After 24 pages of pretty much everyone repeating themselfs its time to leave this one and see what happens. The reality is it will not effect any of the other loans and providing SS have been truthful about the provison fund it will not break SS. I am not that intrested in the default in itself as it is expected more how SS will handle it. Time will tell to see what SS do but this thread is starting to get a bit pointless.
|
|
|
|
Post by brianac on May 30, 2016 17:17:41 GMT
Amazingly now actually sold Queue is now 59k26 (I've put the rest up for sale) (And mikes1531 I've noted the interest accrued) Brian Sorry; I just want to confirm; are you're saying (contradicting the information on the SS website) that while the loan was on the SM, it did receive interest? How long was it on the SM for? no, I'm noting the interest accrued up to now, likley it will sit on the SM for several days at least, and I'll post an update <in a few days> noting whether interest accrued has increased, overnight on the last sale there was no increase, but that would have only been a few pence, over several days it would be more substantial in short I'm saying it didn't but am going through exercise again to confirm HTH Brian
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on May 30, 2016 17:18:23 GMT
Guys, what are you doing? I leave you on your own for a few days, . . . and . . . . armageddon!!!  |
|
adrianc
Member of DD Central
Posts: 10,022
Likes: 5,148
|
Post by adrianc on May 30, 2016 17:33:24 GMT
|
|
bob76
Posts: 103
Likes: 22
|
Post by bob76 on May 31, 2016 5:18:47 GMT
The reality is it will not effect any of the other loans and providing SS have been truthful about the provison fund it will not break SS. Provision fund or not, it will not break SS. They have made no commitments of covering all losses, and defaults are part of P2P lending. I am assuming a significant portion of the loan will be recovered, but investors may lose a bit of money and/or interests for a while. Even if this happens, this will not "break" SS.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
|
Post by littleoldlady on May 31, 2016 7:55:29 GMT
If insufficient is recovered to repay the capital and SS use the PF is would be reasonable for them not to cover all the loss if that left the PF in a weak position re the other loans. This would be interesting as SS would effectively need to decide on a "likely" or "anticipated" default rate, like some other platforms. Even if they did not announce the rate it could be inferred.
(This assumes that Lendy are somehow not liable for the full amount despite the fact that this loan is under the old T&C)
|
|
|
|
Post by Deleted on May 31, 2016 9:02:12 GMT
I struggle between "the PPI generation", head in hands. Which part of 12% interest and the risk attached didn't you understand? Chill guys, life without risks is life without flavour. You don't start living until you are outside your comfort zone. If you want to lose more money come over to the AIM market and I can show you how to lose money hand over fist. BTW, not an investor in loan 20,  |
|
shimself
Member of DD Central
Posts: 2,563
Likes: 1,171
|
Post by shimself on May 31, 2016 9:11:14 GMT
I don't like it, the apparent attempt to change the rules behind our backs, a default of over 2M at 70%LTV isn't bombproof and Lendy would have to swallow the loss I think, I'm off. The good news, my entire holding sold in minutes. The good news is when the funds have been transferred to your bank account! You were right of course. I wish to announce the aformentioned good news.
|
|
|
|
Post by magoo68 on May 31, 2016 9:18:28 GMT
I struggle between "the PPI generation", head in hands. Which part of 12% interest and the risk attached didn't you understand? Chill guys, life without risks is life without flavour. You don't start living until you are outside your comfort zone. If you want to lose more money come over to the AIM market and I can show you how to lose money hand over fist. BTW, not an investor in loan 20, GLIF could teach 'em a thing or 2 about losses 
|
|
adrianc
Member of DD Central
Posts: 10,022
Likes: 5,148
|
Post by adrianc on May 31, 2016 9:42:47 GMT
The good news is when the funds have been transferred to your bank account! You were right of course. I wish to announce the aformentioned good news. <waves goodbye> Now, where were we?
|
|
