iRobot
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Post by iRobot on Nov 20, 2022 13:55:37 GMT
Will be interesting to see how long it takes for my Denbar loan to appear on the Secondary Market. I don't understand why it hasn't. Yesterday (Sat 19/11), in the early evening I noted that the following were listed: A****s Place, B*******d, | 40056 | A****s Place, B*******d, | 39884 | A****s Place, B*******d, | 40234 | A******n D***e, B********e,
| 47898 | C****h S****t, W********n, | 41293 | C***t R**d, P******y,
| 49788 | TA - L*****d R**d, | 40996 | TA - L*****d R**d, | 46874 | TA - O***y, S****k IP6, | 48646 | TB H**h P**k, H*****n, | 45673 | TB - L*****d R**d, | 36982 | TB - L*****d R**d, | 37018 | Y***s C***e, L****n,
| 49950 |
So at that point there were 9 distinct loans, three of which had multiple listing with a total of 13 loan parts available. On that basis alone, istm that billt 's loan part should have made it on to the listing. (Based on what we think we know and understand - which presumes 10 of those loan listing weren't billt 's already.) Then at around 20:45 that evening I noted that 4 loan parts have been removed, presumably sold. This left the following on display: A****s Place, B*******d,
| 40056 | A****s Place, B*******d,
| 39884 | A****s Place, B*******d,
| 40234 | C****h S****t, W********n,
| 41293 | TA - L*****d R**d,
| 40996 | TA - L*****d R**d,
| 46874 | TA - O***y, S****k IP6,
| 48646 | TB H**h P**k, H*****n,
| 45673 | TB - L*****d R**d,
| 36982 |
That remainder represents 6 distinct loans, two with multiple listings and a total of 9 loan parts showing. If the previous example somehow excluded billt 's loan part, you'd imagine that setup would have allowed their loan part join the party - and if not theirs, then somebody's. What really struck me as odd though was that of the 4 loans removed at c. 20:45 yesterday evening, the following two reappeared when I looked this morning (Sun 20/11) at around 09:30. C***t R**d, P******y, | 49788 | Y***s C***e, L****n, | 49950 |
So not just two listings for previously listed loans, the same two loan parts as had been on the previous evening. I don't understand how billt 's L*****d R**d loan part could not have been listed in that window, even if it couldn't at other times... # A****s Place, B*******d, has three loan parts listed suggesting the maximum part listing for either of the L*****d R**d tranches hasn't been reached # at one point, there were only 9 loan parts in total being listed, so even if all 9 were billt 's, their L*****d R**d part should be list-able # that loan parts already on the SM can be delisted overnight and then relisted suggests there is nothing wrong with the mechanics of listing loans. somo - any thoughts, please? (Appreciate it was mentioned there'd be an explanation in the next Lenders' newsletter this December, but that explanation is going to have to be a lot more comprehensive and significantly clearer that explanations provided to date.) billt - feel free to mention the above if you take this further with SoMo.
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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 Nov 20, 2022 13:55:46 GMT
Will be interesting to see how long it takes for my Denbar loan to appear on the Secondary Market. It is already there but if the present regime prevents more than 1/2 listings, whilst it might appear only £5,000 / £10,000 is for sale there may be £100,000’s waiting to sell not appearing. Thankfully I’m not in this loan but if I was I’d be complaining to the Ombudsman, as the terms of the loan have been materially change to the detriment of investors. Dont think it falls under the remit of the Ombudsman ... SOMO isnt engaged in a regulated activity in this respect
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Post by davefoz on Nov 20, 2022 14:01:44 GMT
It is already there but if the present regime prevents more than 1/2 listings, whilst it might appear only £5,000 / £10,000 is for sale there may be £100,000’s waiting to sell not appearing. Thankfully I’m not in this loan but if I was I’d be complaining to the Ombudsman, as the terms of the loan have been materially change to the detriment of investors. Dont think it falls under the remit of the Ombudsman ... SOMO isnt engaged in a regulated activity in this respect Whilst it’s not regulated I still believe consumers have a degree of protection. I could be wrong, but this appears to be a material misrepresentation of the original investment.
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billt
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Post by billt on Nov 20, 2022 15:04:01 GMT
In the interest of clarity, gave instruction to sell Denbar 5k and Hook 5k on the 18/11, quite happy to wait and see how long it takes for them to be listed and hopefully sell,
More concerned about the 8 loans that I have in default and the 10k rolled interest.
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Greenwood2
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Post by Greenwood2 on Nov 20, 2022 16:04:19 GMT
In the interest of clarity, gave instruction to sell Denbar 5k and Hook 5k on the 18/11, quite happy to wait and see how long it takes for them to be listed and hopefully sell, More concerned about the 8 loans that I have in default and the 10k rolled interest. I assumed mine was bought back by Somo and then added to the listing on the PM by them, both tranches are on the PM as well as the SM. I didn't think it had a chance of selling in the normal way on the SM, too many higher rate competing loans and several other Debar loans of both tranches ahead of me. Maybe I was just lucky, but it sold within a day (weekday). Anyone else successfully sold?
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iRobot
Member of DD Central
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Post by iRobot on Nov 20, 2022 18:47:28 GMT
In the interest of clarity, gave instruction to sell Denbar 5k and Hook 5k on the 18/11, quite happy to wait and see how long it takes for them to be listed and hopefully sell, More concerned about the 8 loans that I have in default and the 10k rolled interest. As I understand it, it's normal practice for SoMo to halt interest whilst a loan is on the SM. Presumably this is only whilst the loan part is visibly listed on the SM? Would seem a bit harsh to withhold interest when there's no chance to sell due to lack of visibility, especially if: - the seller doesn't know where they are in the queue
- how fast the queue is moving
- or even why there is a queue in the first place (not really why... not fully...)
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Nov 21, 2022 6:36:49 GMT
There are only 8 loans on the SM at the minute so I guess all loans should be visible whatever the criteria.
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billt
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Post by billt on Nov 21, 2022 10:09:25 GMT
just looked 1008hrs there are 13 loans on the secondary market, none of them mine.
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Post by Ace on Nov 21, 2022 10:14:05 GMT
just looked 1008hrs there are 13 loans on the secondary market, none of them mine. Including one I elected to buy over an hour ago.
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Post by Ace on Nov 21, 2022 12:07:19 GMT
just looked 1008hrs there are 13 loans on the secondary market, none of them mine. Including one I elected to buy over an hour ago. Which I've now been told had already been sold to someone else. It's a poor system that doesn't remove entries from the SM automatically when they have been sold.
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Post by overthehill on Nov 21, 2022 12:20:03 GMT
Including one I elected to buy over an hour ago. Which I've now been told had already been sold to someone else. It's a poor system that doesn't remove entries from the SM automatically when they have been sold.
It's the same when buying on the primary market, there is a indefinite delay before you know if the transaction has completed or failed, pre-database days also known as pre-ACID days, not that type of acid !
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Post by scotty on Nov 21, 2022 13:14:11 GMT
In the interest of clarity, gave instruction to sell Denbar 5k and Hook 5k on the 18/11, quite happy to wait and see how long it takes for them to be listed and hopefully sell, More concerned about the 8 loans that I have in default and the 10k rolled interest. I'd contact customer services billt, I've had no problem listing and selling loans on the secondary market in the last week. As far as I can tell, all the loans for sale are visible.
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Post by Ace on Nov 21, 2022 18:33:29 GMT
Currently 19 loans on the SM including 4 duplicates.
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billt
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Post by billt on Nov 22, 2022 10:02:36 GMT
3 of mine now on there
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Post by davefoz on Nov 22, 2022 10:03:43 GMT
I note all loans bar this one have now disappeared off the primary market. Will they magically appear again once this has sold Could be a while
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