ablender
Member of DD Central
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Post by ablender on Oct 3, 2016 16:09:33 GMT
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. Ah!! No, not oil. I heard it is diamonds.
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Oct 3, 2016 17:15:11 GMT
Unlikely to be anyone on this forum. Unless they have inside knowledge that oil has been discovered there., Ah!! No, not oil. I heard it is diamonds. No, I'm guessing as it's a garden centre more likely to be saffron, or, a crop of something illegal 
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jsmithe
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Post by jsmithe on Oct 5, 2016 12:14:56 GMT
I've been watching for interest on how the default will pan out, not really involved apart from 1p.
Someone just took 5k!
What is going on with all these buyers?
A cynical person might say they are fake accounts trying to clear the loan using INPL and not paying later, I have no idea and am not saying that but it all seems very interesting.
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Post by buttchopf23 on Oct 5, 2016 14:37:20 GMT
Inpl is not working on this loan
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mikes1531
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Post by mikes1531 on Oct 5, 2016 19:38:17 GMT
A cynical person might say they are fake accounts trying to clear the loan using INPL and not paying later, I have no idea and am not saying that but it all seems very interesting. Inpl is not working on this loan To amplify buttchopf23's comment... At some point, the website was tweaked so that you can't buy parts in a defaulted loan if the purchase would give you a negative balance. SS appear to be holding £32,414 of PBL020. That's the difference between the amount that's shown as available to buy and the length of the queue you'll be at the end of if you offer a part for sale. That number's been unchanged for at least a little while.
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Liz
Member of DD Central
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Post by Liz on Oct 5, 2016 19:42:24 GMT
A cynical person might say they are fake accounts trying to clear the loan using INPL and not paying later, I have no idea and am not saying that but it all seems very interesting. Inpl is not working on this loan To amplify buttchopf23 's comment... At some point, the website was tweaked so that you can't buy parts in a defaulted loan if the purchase would give you a negative balance. SS appear to be holding £32,414 of PBL020. That's the difference between the amount that's shown as available to buy and the length of the queue you'll be at the end of if you offer a part for sale. That number's been unchanged for at least a little while. Saves themselves a bit of interest they aren't going to pay 
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jsmithe
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Post by jsmithe on Oct 5, 2016 19:56:59 GMT
Interesting, all legit then, which leaves the question: why?
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adrianc
Member of DD Central
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Post by adrianc on Oct 5, 2016 20:54:51 GMT
Interesting, all legit then, which leaves the question: why? As somebody wise once said, never ascribe to malice that which can be adequately explained by wuckfittery...
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 5, 2016 20:56:41 GMT
Interesting, all legit then, which leaves the question: why? Abuse!. People would buy loan parts (presumably their own), then fail to correct the negative balance so SS ended up taking back the loan parts and now holds 32k as a result.
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adrianc
Member of DD Central
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Post by adrianc on Oct 6, 2016 7:18:14 GMT
Interesting, all legit then, which leaves the question: why? Abuse!. People would buy loan parts (presumably their own), then fail to correct the negative balance so SS ended up taking back the loan parts and now holds 32k as a result. I think he meant "Why buy PBL20, now that you have to buy it with +ve balance, not INPL?"
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jsmithe
Member of DD Central
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Post by jsmithe on Oct 6, 2016 10:05:13 GMT
Interesting, all legit then, which leaves the question: why? Abuse!. People would buy loan parts (presumably their own), then fail to correct the negative balance so SS ended up taking back the loan parts and now holds 32k as a result. Have we not decided that a negative balance is not possible for this loan?
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jsmithe
Member of DD Central
Posts: 74
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Post by jsmithe on Oct 6, 2016 10:07:36 GMT
Abuse!. People would buy loan parts (presumably their own), then fail to correct the negative balance so SS ended up taking back the loan parts and now holds 32k as a result. I think he meant "Why buy PBL20, now that you have to buy it with +ve balance, not INPL?" I did, why do it when there is a very good chance of losing some/all your money and not getting interest paid?
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Post by martin44 on Oct 6, 2016 10:39:56 GMT
I think he meant "Why buy PBL20, now that you have to buy it with +ve balance, not INPL?" I did, why do it when there is a very good chance of losing some/all your money and not getting interest paid? I cannot think of any sane reason why anyone would buy into this, we obviously need a psychologist to intervene and explain why some punters are clearly mad. 
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james
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Post by james on Oct 6, 2016 11:29:28 GMT
It certainly would be very interesting to know the reasons!
Have Saving Stream/Lendy paid any of their interest on this loan since their borrower was declared in default?
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Post by martin44 on Oct 6, 2016 12:18:43 GMT
james , quite agree, it would be very interesting to speak to anyone who has invested since default to know their reasoning, i can only think that they pop onto the SS website, read the red box and invest , without any due diligence, and will be expecting to get their interest, i would be very surprised if any forum member was invested, other than token amounts to follow it's progress. We also seem to be seeing the same situation with pbl's 56 and 64 , after all the negativity around these loans, they appear only momentarily on the SM and investors snap them up. 
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