|
|
Post by dualinvestor on Dec 14, 2016 21:14:08 GMT
Doesn't really matter what we say SS will lend other people's money into propositions where, in at least one case, it has a problem at rates lower than just two months ago, at no risk to themselves. Exposes the cant and hypocrisy of the claim lower rates were to encourage better quality loans. and what you've just said perfectly expresses why my SS portfolio has been reduced by 80% since it's peak in April 2016. I think it also expresses some of the sentiments of the FCA interim report published last week and ultimately will be seen, with hindsight, as very delaterious for the platform.
|
|
SteveT
Member of DD Central
Posts: 6,875 
Likes: 7,924
|
Post by SteveT on Dec 15, 2016 8:03:28 GMT
As usual, it seems that Saving Stream cannot win. When their pipeline dries up for a week or two then people moan. When they bring forward some new pipeline loans (even at rates below the 12% some seem to regard as their fundamental human right) then others moan. AC, MT and others have been launching broadly similar loans at rates below 12% for ages, so it's hard to justify why SS should not do the same.
Golden rule: If you don't like a loan at the rate offered, keep your money in your pocket. Of the new loans listed, I'll willingly bid for a stake in one, maybe have a nibble of another and leave the rest alone. If I wasn't already near fully invested then I might take a different view but happily I can afford to pick and choose.
|
|
|
|
Post by Deleted on Dec 15, 2016 8:32:52 GMT
As usual, it seems that Saving Stream cannot win. When their pipeline dries up for a week or two then people moan. When they bring forward some new pipeline loans (even at rates below the 12% some seem to regard as their fundamental human right) then others moan. AC, MT and others have been launching broadly similar loans at rates below 12% for ages, so it's hard to justify why SS should not do the same. Golden rule: If you don't like a loan at the rate offered, keep your money in your pocket. Of the new loans listed, I'll willingly bid for a stake in one, maybe have a nibble of another and leave the rest alone. If I wasn't already near fully invested then I might take a different view but happily I can afford to pick and choose. A point I tried to raise somewhat less eloquently earlier in the discussion. I understand SS perhaps fall short on communication and there is a feeling the rates aren't directly linked to risk but to my untrained eye their offerings aren't dissimilar to elsewhere at similar rates!
|
|
|
|
Post by GSV3MIaC on Dec 15, 2016 8:39:16 GMT
SteveT .. Is the one you'd bid for the one we were previously holding at MT at a higher rate?
|
|
stokeloans
Member of DD Central
Posts: 402
Likes: 485
|
Post by stokeloans on Dec 15, 2016 8:40:02 GMT
As usual, it seems that Saving Stream cannot win. When their pipeline dries up for a week or two then people moan. When they bring forward some new pipeline loans (even at rates below the 12% some seem to regard as their fundamental human right) then others moan. AC, MT and others have been launching broadly similar loans at rates below 12% for ages, so it's hard to justify why SS should not do the same. Golden rule: If you don't like a loan at the rate offered, keep your money in your pocket. Of the new loans listed, I'll willingly bid for a stake in one, maybe have a nibble of another and leave the rest alone. If I wasn't already near fully invested then I might take a different view but happily I can afford to pick and choose. I'm more concerned by the quality (or rather lack of) of the loans than the headline interest rate.That's why I won't be investing
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Dec 15, 2016 8:50:38 GMT
SteveT .. Is the one you'd bid for the one we were previously holding at MT at a higher rate? Yup. The MT loan was a short term bridge to development finance so the rate, whilst nice, probably isn't a fair comparison.
|
|
micky
Member of DD Central
Posts: 669
Likes: 572
|
Post by micky on Dec 15, 2016 8:54:37 GMT
Re-Welsh Castle- I'm of the mind that if someone still owes capital/interest to another platform that they should be blacklisted until all debts are proven to be cleared. Any thoughts?
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Dec 15, 2016 9:03:24 GMT
Re-Welsh Castle- I'm of the mind that if someone still owes capital/interest to another platform that they should be blacklisted until all debts are proven to be cleared. Any thoughts? The relevant post further up this thread mentions that the overdue sum relates to "44 days pre-drawdown interest plus bonuses". I know very little about the loan in question but imagine that's a few thousand at most, liability possibly disputed between borrower and platform if it related to a pre-drawdown incentive. Sounds like capital and interest for the period of the loan term was repaid in full.
|
|
|
|
Post by dodgeydave on Dec 15, 2016 9:05:30 GMT
As usual, it seems that Saving Stream cannot win. When their pipeline dries up for a week or two then people moan. When they bring forward some new pipeline loans (even at rates below the 12% some seem to regard as their fundamental human right) then others moan. AC, MT and others have been launching broadly similar loans at rates below 12% for ages, so it's hard to justify why SS should not do the same. Golden rule: If you don't like a loan at the rate offered, keep your money in your pocket. Of the new loans listed, I'll willingly bid for a stake in one, maybe have a nibble of another and leave the rest alone. If I wasn't already near fully invested then I might take a different view but happily I can afford to pick and choose. And surely the idea of a forum is people can make personal comments.
|
|
bababill
Member of DD Central
Posts: 529
Likes: 245
|
Post by bababill on Dec 15, 2016 9:58:41 GMT
Golden rule: If you don't like a loan at the rate offered, keep your money in your pocket. Of the new loans listed, I'll willingly bid for a stake in one, maybe have a nibble of another and leave the rest alone. If I wasn't already near fully invested then I might take a different view but happily I can afford to pick and choose. Please for any newbies reading, my humble advice is not to follow this 'golden rule.' For example, you might like the 'student accommodation' loans but just not like the 11% rate. Go-ahead pre-bid on the loan and fill your boots. All the loans are cross-collaterised so you are not really taking any extra risk. Then very very often other student loans do come up on the secondary market and that is when you can make further bids. Just the other day £15,000 came on the market for a reasonable length of time. I think another 10k or so came on the market the next day but I am not 100% sure. It's better to earn 11% for the short term then nowt at all. If for some reason, the SM freezes up and you cant sell the 11% loan nothing is really lost except your 12% loans will be cancelled. I don't expect the devils paradise to freeze up this side of Christmas anyhow. For the record and full transparency, I do not hold any of the these loans.
|
|
fp
Posts: 1,008
Likes: 853
|
Post by fp on Dec 15, 2016 10:38:04 GMT
I think its more a case of not liking the rate being paid comparative to the risk involved.
I said quite a while ago that I was of the opinion that new lower rates will be based on investor appetite rather than the risk involved. The smaller the loan, the lower than rate, as it will take less uptake to fill the loan, Hopefully they will struggle to fill these loans and then they may start to think about increasing the rates on offer in line with the risk involved.
I may invest in the student loan, but the others are not for me, I would even go as far as saying that from where i'm situated in South Yorkshire, the castle is too close for me to fit the required barge pole between me and it.
|
|
|
|
Post by GSV3MIaC on Dec 15, 2016 10:46:09 GMT
Pity MT can't find the funds to hang on to some of these (this is the second refugee IIRC), but again we have the 'too much concentration in one borrower' issue with really big loans. At least it's on for more than 9% !!
I fear we are starting to see the start of the flood of cheap(er) money into P2P, from not very discriminating (or maybe just 'less discriminating than me') investors, which has driven rates down at ZOPA, RS, FC, AC, etc.
|
|
elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
|
Post by elliotn on Dec 15, 2016 11:05:44 GMT
White elephant, flood lands, asbestos, over valued. Leaving three worthy of some consideration. Well that's the new bunch of loans suitably annihilated ..... just have to work out which ones you're talking about now! So far I'm only prefunding the student flats .... sob My stab - Castle, Gainsborough, Suffolk , Edgbaston. There are suspicions the Castle may overlap with the over valued venn diagram too. Edit - btw Nirish, this is where one exercises their 'SS Barge Pole'  .
|
|
|
|
Post by 101proof on Dec 15, 2016 11:13:23 GMT
Got plenty of student accomodation holdings already and with the rates on offer for the rest, I think I`ll just send the money over to Parmenion instead
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Dec 19, 2016 12:07:33 GMT
|
|
.
