Liz
Member of DD Central
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Post by Liz on Sept 30, 2016 16:47:52 GMT
These two are keen 30/09/2016 c*********s £19,800.00 30/09/2016 m**************l £19,700.00 I know right  Down to only £65K
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
Posts: 787 
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Post by skippyonspeed on Sept 30, 2016 17:11:22 GMT
These two are keen 30/09/2016 c*********s £19,800.00 30/09/2016 m**************l £19,700.00 Perhaps they're Liverfool FC supporters 
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Forward
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Post by Forward on Sept 30, 2016 18:03:45 GMT
These two are keen 30/09/2016 c*********s £19,800.00 30/09/2016 m**************l £19,700.00 Perhaps they're Liverfool FC supporters Na, it’s Big Sam trying to hide a few brown envelopes 
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Forward
Member of DD Central
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Post by Forward on Sept 30, 2016 18:18:19 GMT
These two are keen 30/09/2016 c*********s £19,800.00 30/09/2016 m**************l £19,700.00 I know right Down to only £65K Definitely strange activity, makes you wonder if they know something Hope nobody takes it all  i’ll miss it, been there so log it’s like an old friend… This has to be a wind up another 9k gone... 30/09/2016 A**************3 £9,990.00
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Post by martin44 on Oct 3, 2016 7:06:23 GMT
Some poor soul felt it prudent to buy £14.5k yesterday. |
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james
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Post by james on Oct 3, 2016 11:47:46 GMT
I wonder whether both the the buyers and the sellers are being treated fairly? You know, that whole Treating Customers Fairly FCA requirement.
At the moment it appears that at least some sellers think that the buyers are not getting what they think they are expecting to be getting. But if the buyers know more than the sellers - like say if they stand to receive months of interest for a holding of only a few days and have inside information to this effect - then it would be the sellers who are perhaps not being treated fairly.
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Post by gaspilot on Oct 3, 2016 12:23:09 GMT
I wonder whether both the the buyers and the sellers are being treated fairly? You know, that whole Treating Customers Fairly FCA requirement. At the moment it appears that at least some sellers think that the buyers are not getting what they think they are expecting to be getting. But if the buyers know more than the sellers - like say if they stand to receive months of interest for a holding of only a few days and have inside information to this effect - then it would be the sellers who are perhaps not being treated fairly. If this loan eventually repays fully with all the interest paid (and that's a big IF) will the interest paid on sold parts work any differently to other loans? Presumably the seller will accumulate the interest from default to putting the loan up for sale and the purchaser will get the interest from purchase to payback. Does anybody see things differently to that?
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james
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Post by james on Oct 3, 2016 12:27:27 GMT
I wonder whether both the the buyers and the sellers are being treated fairly? You know, that whole Treating Customers Fairly FCA requirement. At the moment it appears that at least some sellers think that the buyers are not getting what they think they are expecting to be getting. But if the buyers know more than the sellers - like say if they stand to receive months of interest for a holding of only a few days and have inside information to this effect - then it would be the sellers who are perhaps not being treated fairly. If this loan eventually repays fully with all the interest paid (and that's a big IF) will the interest paid on sold parts work any differently to other loans? Presumably the seller will accumulate the interest from default to putting the loan up for sale and the purchaser will get the interest from purchase to payback. Does anybody see things differently to that? As I understand it the position has changed at various times and I simply don't know what might be done to this one in these circumstances. But then, I haven't privately asked Saving Stream or anyone else that might have garnered me an answer containing information not broadly publicly known or just not broadly known among potential buyers and sellers, like the sale agreed notice, not any longer thing.
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mikes1531
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Post by mikes1531 on Oct 3, 2016 13:08:22 GMT
If this loan eventually repays fully with all the interest paid (and that's a big IF) will the interest paid on sold parts work any differently to other loans? Presumably the seller will accumulate the interest from default to putting the loan up for sale and the purchaser will get the interest from purchase to payback. Does anybody see things differently to that? As I understand it the position has changed at various times and I simply don't know what might be done to this one in these circumstances. But then, I haven't privately asked Saving Stream or anyone else that might have garnered me an answer containing information not broadly publicly known or just not broadly known among potential buyers and sellers, like the sale agreed notice, not any longer thing. I think james's first sentence is the key. There's no point in asking SS what they're going to do after the property is sold and the proceeds are known. Even if they gave an answer now, they might change their mind and do something different when the time comes. So what would be the point in obtaining an answer now?
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arbster
Member of DD Central
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Post by arbster on Oct 3, 2016 13:55:04 GMT
The site says that interest continues to accrue as normal but will only be paid when the asset is sold. As far as I can see, this leaves savingstream with no option but to pay interest in proportion to the time the loan parts are held, as with all other loans on the platform.
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mikes1531
Member of DD Central
Posts: 6,453
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Post by mikes1531 on Oct 3, 2016 14:08:59 GMT
The site says that interest continues to accrue as normal but will only be paid when the asset is sold. As far as I can see, this leaves savingstream with no option but to pay interest in proportion to the time the loan parts are held, as with all other loans on the platform. : The red notice I see does not include the words "as normal". And I don't see any mention of interest accruing in the loan's updates. What have I missed?
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nick
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Post by nick on Oct 3, 2016 15:18:36 GMT
The site says that interest continues to accrue as normal but will only be paid when the asset is sold. As far as I can see, this leaves savingstream with no option but to pay interest in proportion to the time the loan parts are held, as with all other loans on the platform. I agree, the warning that interest accrues but is not paid until recovery is makes very clear that interest accrues to the buyer - I can't see any scope for mis-interpretation? The interest accruing could be easily checked by anyone who has bought a loan part recently........
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arbster
Member of DD Central
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Post by arbster on Oct 3, 2016 15:43:49 GMT
The site says that interest continues to accrue as normal but will only be paid when the asset is sold. As far as I can see, this leaves savingstream with no option but to pay interest in proportion to the time the loan parts are held, as with all other loans on the platform. I agree, the warning that interest accrues but is not paid until recovery is makes very clear that interest accrues to the buyer - I can't see any scope for mis-interpretation? The interest accruing could be easily checked by anyone who has bought a loan part recently........ It also seems to be a fair assumption that seller of parts will have "locked in" a chunk of accrued interest to the point of sale of the part, as per un-defaulted loans.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Oct 3, 2016 15:49:19 GMT
The site says that interest continues to accrue as normal but will only be paid when the asset is sold. As far as I can see, this leaves savingstream with no option but to pay interest in proportion to the time the loan parts are held, as with all other loans on the platform. I agree, the warning that interest accrues but is not paid until recovery is makes very clear that interest accrues to the buyer - I can't see any scope for mis-interpretation? The interest accruing could be easily checked by anyone who has bought a loan part recently........ Unlikely to be anyone on this forum. Unless they have inside knowledge that oil has been discovered there.
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james
Posts: 2,205
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Post by james on Oct 3, 2016 15:58:39 GMT
The key thing I was on about was TCF, not the finer details.
I don't know what will happen to the interest on this one and I'm pretty much certain that Saving Stream doesn't either, even if they think they do, unless their plan is to pay it all whatever happens, not out of protection pot money. And even in that case I'm not sure that the FCA would let them.
I'm probably going to miss at least some areas of uncertainty but here are a few that come to mind:
1. Accrues doesn't necessarily mean paid if proceeds are insufficient
2. Is Saving Stream obliged by the corporate guarantee that is no longer offered, to pay, given that the terms they now seem to be relying on to disavow it seemed to be present at the time it was given?
3. Is there an obligation to pay interest out of protection pot money? To those who had the loan before the announcement of the change in practice who thus had a change to their expected return after lending? To those who bought after the change was announced? Or some other combination?
4. Is there any precedence between lenders in who gets paid how much and/or when?
5. Then there have been various changes to resale accrual and maybe some contractual nits to pick in there that I just haven't looked at.
Any of those has the potential for Financial Ombudsman Service and then maybe money claim activity depending on how things are handled and what the results of the various actions are. I simply don't know what will happen. Way too many things in there that I can see going one way initially then going to the FOS or courts and being reversed. And some of the buys seem to be large enough for people to have a solid financial incentive to take those approaches.
So far as TCF goes my opinion is that to the extent it might be getting considered, it's not being done in a way that I think is treating the customers fairly. My guess is that it's the buyers who are going to end up suffering (or suffering most), particularly any who conflate "accrued" with "will be paid", but I'm not sure of that... but it seems clear from the recent posts here that some seem to be thinking accrued means will be paid.
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Down to only £65K
i’ll miss it, been there so log it’s like an old friend…
