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Post by earthbound on Jun 1, 2016 9:01:08 GMT
ignore it.. its rubbish.. i planted a pound coin 6 months ago, ive watered it everyday and its on a south facing window sill in my conservatory.. and nowt. Duh. Everyone knows money trees like well-drained soil in partial shade, and hate being over-watered. Get it outside, behind the shed, and water it regularly, but not frequently - I'd suggest immediately after Saving Stream pays interest each month... arbster i dont believe it, your correct, i have been following the old instructions for the cultivation of 'tanners' ... 6 months hard work down the drain.
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johnfleet
Member of DD Central
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Post by johnfleet on Jun 1, 2016 10:30:58 GMT
sadly not!
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Post by earthbound on Jun 1, 2016 10:31:24 GMT
I am not in it either, but it looks like loads of Mays interest is going in... plus some lump sums now.
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11025
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Post by 11025 on Jun 1, 2016 10:38:51 GMT
Nothing for this , so true to the info on the red banner , wonder if this might slow down the appetite for purchase of this loan.
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Post by harvey on Jun 1, 2016 10:50:12 GMT
It's reassuring they had all the money needed to pay everyone the interest this month except for Loan 20.
Legal note. Terms and conditions will be made up as we go along and changed whenever we like it to fit in with what we can do or want to do so any terms and conditions set out on for the loan on a website or send to you in an email at any time please ignore them because if we want to change them the next day we would just go on and do it anyway without telling you.
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investibod
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Post by investibod on Jun 1, 2016 10:52:33 GMT
Thanks. I'd "like" that post but that wouldn't feel right At least we know where SS thinks we stand as far, in this respect, which is in exactly the place that recent T&Cs say we are. [Note: I do not claim to be a lawyer and am asking this in a genuine attempt to get a better understanding of the legal standing.] If this was still under the old T&Cs in that the loan is from the investors to SS, does this mean that SS are now in default by not paying the May interest to their creditors (us the investors)? I do not see that sending out a unilateral change to the terms can change their liabilities. In fact is there an argument in favour of saying that by sending out such an update when they had already decided to default on this loan might be considered to be acting in bad faith? I only have a few pounds in this loan and I picked those up on the secondary market relatively recently, so I might be in a different position from somebody who invested in the loan in the early days.
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jamesc
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Post by jamesc on Jun 1, 2016 11:08:15 GMT
Sorry if duplication but interest has been credited for PBL20 up to date of default but was credited half hour after all other interest I guess some sort of manual intervention needed
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Post by earthbound on Jun 1, 2016 11:18:12 GMT
Thanks. I'd "like" that post but that wouldn't feel right At least we know where SS thinks we stand as far, in this respect, which is in exactly the place that recent T&Cs say we are. [Note: I do not claim to be a lawyer and am asking this in a genuine attempt to get a better understanding of the legal standing.] If this was still under the old T&Cs in that the loan is from the investors to SS, does this mean that SS are now in default by not paying the May interest to their creditors (us the investors)? I do not see that sending out a unilateral change to the terms can change their liabilities. In fact is there an argument in favour of saying that by sending out such an update when they had already decided to default on this loan might be considered to be acting in bad faith? I only have a few pounds in this loan and I picked those up on the secondary market relatively recently, so I might be in a different position from somebody who invested in the loan in the early days. investibod There was a long protracted discussion about this a few days ago, i reckon, especially now we know interest is not being paid on pbl020 since default that we are here. p2pindependentforum.com/post/117371/thread
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johnfleet
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Post by johnfleet on Jun 1, 2016 13:23:53 GMT
Correction to my previous post - interest on PBL020 wasn't paid to day but WAS paid on 27th May - apparently the date of default. My fault for not scrolling down far enough to see this...
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Steerpike
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Post by Steerpike on Jun 1, 2016 13:34:50 GMT
I just received the email from Saving Stream "May's monthly interest" and Thunderbird thinks that it may be a scam, is this an omen?
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spyrogyra
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Post by spyrogyra on Jun 1, 2016 13:36:15 GMT
Sorry, it might be a daft question but I'll ask it anyway. Who paid the interest? Lendy out of their pockets or the borrower? It would be concerning if Lendy is paying interest that is not received from the borrower as it weakens the whole platform. That question is applicable for all other loans with negative days in their term for which we haven't been assured through the updates that the borrower has covered the last interest payments.
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lofty
Posts: 101
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Post by lofty on Jun 1, 2016 13:38:23 GMT
Correction to my previous post - interest on PBL020 wasn't paid to day but WAS paid on 27th May - apparently the date of default. My fault for not scrolling down far enough to see this... Yup same here. I rarely check "my account" but do usually keep an eye on the balance so I think I would have noticed had this gone on the 27th. More likely that this was actually paid today, but back dated on the 27th. Anyway, I got my interest for this loan - which, if I'm honest, I wasn't really expecting. Now how to spend it? well there's 55K available in Red Square. Hmmm, maybe not.
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Post by earthbound on Jun 1, 2016 13:43:24 GMT
Sorry, it might be a daft question but I'll ask it anyway. Who paid the interest? Lendy out of their pockets or the borrower? It would be concerning if Lendy is paying interest that is not received from the borrower as it weakens the whole platform. That question is applicable for all other loans with negative days in their term for which we haven't been assured through the updates that the borrower has covered the last interest payments. spyrogyra somewhere up thread there's a discussion between me and adrianc about the interest, there were no updates about it being an extended loan or any indication that interest had been paid by the borrower, so no-one outside SS office knows. It may be that the interest was being paid on a monthly basis by the borrow, but basically we just don't know. I would guess that SS have been paying it and will expect it back when the asset is sold.
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Post by meledor on Jun 1, 2016 14:30:30 GMT
Thanks. I'd "like" that post but that wouldn't feel right At least we know where SS thinks we stand as far, in this respect, which is in exactly the place that recent T&Cs say we are. If this was still under the old T&Cs in that the loan is from the investors to SS, does this mean that SS are now in default by not paying the May interest to their creditors (us the investors)? I do not see that sending out a unilateral change to the terms can change their liabilities. In fact is there an argument in favour of saying that by sending out such an update when they had already decided to default on this loan might be considered to be acting in bad faith? It might be worth re-reading the old T&Cs and pointing out where you think there has been 'a ...change to the terms' (unilateral or otherwise) in respect of not paying interest on a defaulted loan. I do not see one and therefore I cannot see how SS could possibly be in default - even putting aside the fact that our continuing to use the platform after notification on 11th of May of a change in 'operating procedures' (note the expression - i.e. not T&Cs) is considered acceptance of the change that was made.
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Post by earthbound on Jun 1, 2016 14:40:49 GMT
If this was still under the old T&Cs in that the loan is from the investors to SS, does this mean that SS are now in default by not paying the May interest to their creditors (us the investors)? I do not see that sending out a unilateral change to the terms can change their liabilities. In fact is there an argument in favour of saying that by sending out such an update when they had already decided to default on this loan might be considered to be acting in bad faith? It might be worth re-reading the old T&Cs and pointing out where you think there has been 'a ...change to the terms' (unilateral or otherwise) in respect of not paying interest on a defaulted loan. I do not see one and therefore I cannot see how SS could possibly be in default - even putting aside the fact that our continuing to use the platform after notification on 11th of May of a change in 'operating procedures' (note the expression - i.e. not T&Cs) is considered acceptance of the change that was made.
meledor There's a link here which was an update from SS pointing out the changes to some t&cs savingstream.co.uk/documents/newstructure.pdf
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