am
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Post by am on May 27, 2016 14:51:03 GMT
The recent activity shows purchases of £5k, £3k and £1k (different individuals), so it seems that some people are desperate to get their capital invested.
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goopy
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Post by goopy on May 27, 2016 14:55:56 GMT
I may be an old synic but is it a coincidence that SS changed their procedures for a loan in default only a couple of weeks before this loan defaulted?
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nick
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Post by nick on May 27, 2016 14:57:42 GMT
I don't think that is correct. The issue with the old T&C's is that investors were not only exposed to the credit risk of the underlying loan (because whilst the loan was to Lendy, they passed on credit risk to the investor ie if the notional underlying loan was not repaid by the borrower, Lendy would transmit the loss to its lender) but also to Lendy's own credit risk (ie if Lendy went bust for any other reason, borrower would suffer loss as the loan was to Lendy). The new T&C's obviously cuts out Lendy's credit risk from the equation (although there is still platform risk). It would seem very generous of SS to subsequently assume all the credit risk of the loan under the old T&C's, this is certainty not in the old T&C's themselves and I'm struggling to find any communication from SS with this pledge - but maybe I haven't looked hard enough......
'Old
Lendy Ltd was responsible for covering all repayments and shortfalls as it acted as both the borrower and the lender to SS lenders.'p2pindependentforum.com/post/59555/threadThe third point (as mentioned in a previous post) is that if there is a default on the loan and the sale of the asset does not cover the the full repayment due to the saver/lender then Saving Stream will cover any shortfall. The saver/lender's return is a set arrangement with Saving Stream and is not dependant on whether the sale of the asset that a loan is secured against covers the loan + interesp2pindependentforum.com/post/1666/threadThanks ilmoro - I stand corrected. I never picked up on this before. If SS were taking on all the credit risk of loans under the old T&C's, the underlying loan becomes fairly irrelevant (beyond the timing of interest payments in the event of default) very bizarre.......
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Post by earthbound on May 27, 2016 14:58:06 GMT
I don't think that is correct. The issue with the old T&C's is that investors were not only exposed to the credit risk of the underlying loan (because whilst the loan was to Lendy, they passed on credit risk to the investor ie if the notional underlying loan was not repaid by the borrower, Lendy would transmit the loss to its lender)..... My understanding / recollection is different to yours, but I am happy to be corrected or to have it confirmed either way  . Personally speaking I don't think I have any loans left under the old Ts&Cs, but see my previous comment about a lack of clarity around that on the platform / website. EDIT: Crossed with ilmoro 's post . I think you are correct registerme its here. savingstream.co.uk/documents/newstructure.pdfedit. maybe its a doc to keep handy until all the old t&c loans have gone?
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nick
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Post by nick on May 27, 2016 15:00:59 GMT
Does anyone have a copy of the old T&C's?
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ilmoro
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'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 May 27, 2016 15:03:56 GMT
My understanding / recollection is different to yours, but I am happy to be corrected or to have it confirmed either way . Personally speaking I don't think I have any loans left under the old Ts&Cs, but see my previous comment about a lack of clarity around that on the platform / website. EDIT: Crossed with ilmoro 's post . I think you are correct registerme its here. savingstream.co.uk/documents/newstructure.pdfedit. maybe its a doc to keep handy until all the old t&c loans have gone? Always has been, top of updates list, key differences, FAQ has links, both to SS post on the forums. Ill change the links to that though as it looks more official and has the extra bit at bottom. Thanks
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moist
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Post by moist on May 27, 2016 15:17:29 GMT
occupiers of the garden centre went into admin on Tuesday.......
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adrianc
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Post by adrianc on May 27, 2016 15:30:06 GMT
occupiers of the garden centre went into admin on Tuesday....... The loan update suggests that it was SS who put them into admin, after the pending sale fell through and the borrower ran out of ways to repay. The name of the centre does seem rather appropriate.
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Post by pikeman on May 27, 2016 15:32:28 GMT
Anyone know if the interest I earned up to sale of 020 on 17th May will be paid on 1st June or will I have to wait until the property eventually sells.
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Post by grodecki on May 27, 2016 15:39:52 GMT
Under the impression it won't be paid until security of the sale completes.
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moist
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Post by moist on May 27, 2016 15:42:19 GMT
was not trading under the SS given name. Guessing the tenants went pop, triggering this......
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spyrogyra
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Post by spyrogyra on May 27, 2016 15:43:44 GMT
A bigger question is whether SS have been receiving interest for the last few months or they have been paying the interest themselves. The answer would give a better idea of the current LTV. Same information should be available for all other loans with negative days remaining. At least the loans operating under the old t&c. Although such information may scare a great % of the small investors.
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markdirac
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Post by markdirac on May 27, 2016 15:48:58 GMT
I wonder why it is that SS reckon it is better for them to incur fees with administrator, and lawyers, and estate agents etc. in order to sell the property themselves; rather than to leave the borrower to find a buyer themselves. I guess the only reason that the borrower cannot find a buyer is that the property is not now, for whatever reason, worth enough to cover the debt? That is, the valuation and LTV have proved to be overly generous?
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min
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Post by min on May 27, 2016 15:49:48 GMT
Just sold all mine and upped my prefunding for tomorrow's two. No matter the T&Cs I prefer a photo to a big red 'Loan in Default' banner on my loan list!! Put my £50 up for sale - more in hope than expectation as there was already £8K+ for sale - and very surprised that it's gone in 20 minutes. Now over £9K up for sale.
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adrianc
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Post by adrianc on May 27, 2016 15:57:29 GMT
I wonder why it is that SS reckon it is better for them to incur fees with administrator, and lawyers, and estate agents etc. in order to sell the property themselves; rather than to leave the borrower to find a buyer themselves. I guess the only reason that the borrower cannot find a buyer is that the property is not now, for whatever reason, worth enough to cover the debt? That is, the valuation and LTV have proved to be overly generous? A quick google finds an article on a garden forum - they're continuing to trade, just under the administrators. Whether there's more available to subscribers than the brief public snippet, I don't know. Elsewhere on that site, there are reports (readable through Google's cache) that the current company (EW trading as MR) bought the centre last year, and withdraw redevelopment plans in March after planning objections, but were involved in development projects in Canada...
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. Personally speaking I don't think I have any loans left under the old Ts&Cs, but see my previous comment about a lack of clarity around that on the platform / website.
