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Post by overthehill on Mar 15, 2023 18:03:34 GMT
Here we go again, about the 4th time it's happened. I buy a piece of a loan with 60k available, I send money, no response from SOMO except for the loan allocation pending email and no sign of my money arriving in my account. The amounts left in other available loans change as expected but not my loan, it's stuck at 60k
I'm beginning to think I should take the hint and not bother.
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rscal
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Post by rscal on Mar 16, 2023 6:55:52 GMT
Here we go again, about the 4th time it's happened. I buy a piece of a loan with 60k available, I send money, no response from SOMO except for the loan allocation pending email and no sign of my money arriving in my account. The amounts left in other available loans change as expected but not my loan, it's stuck at 60k
I'm beginning to think I should take the hint and not bother. You need to leave the money on the site to be successful as 60K was only 12 loan parts so it isn't surprising there. You are likely to have more success by depositing money and looking for secondary loans - of which there are plentiful. Now when I get redemptions (i.e. cash in the wallet) I go straight to look at that 'pool'. BTW there seems to be a interest drag on redemption dates to - but there's nothing you can do about that.
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rscal
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Post by rscal on Oct 1, 2023 17:40:02 GMT
Here we go again, about the 4th time it's happened. I buy a piece of a loan with 60k available, I send money, no response from SOMO except for the loan allocation pending email and no sign of my money arriving in my account. The amounts left in other available loans change as expected but not my loan, it's stuck at 60k
I'm beginning to think I should take the hint and not bother. You need to leave the money on the site to be successful as 60K was only 12 loan parts so it isn't surprising there. You are likely to have more success by depositing money and looking for secondary loans - of which there are plentiful. Now when I get redemptions (i.e. cash in the wallet) I go straight to look at that 'pool'. BTW there seems to be a interest drag on redemption dates to - but there's nothing you can do about that. Just quoting myself: there's a consistent 7 SIX days lost interest between redemption and payout (if you doubt this look at the actual future redemption date of any loan and compare that with the number of days stated to that date - it is seven less.) As a response it becomes advisable to go for six months (26/25 weeks) or above unless discount is available. Even selling your short-dated loan on the SM makes a bit more sense now, since in theory your loans then never 'redeem' while you hold them!
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dh1
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Post by dh1 on Oct 1, 2023 18:50:48 GMT
I've found that when I'm a bit pressed for time - ie wanting to invest but sending the money just now (during working hours) - a quick email to SOMO asking them to expedite getting the money into the account works a treat. I suspect that a quick phone call would have the same effect. This isn't guaranteed to solve the problem discussed above but it has consistently helped me out.
Yes, I know we shouldn't have to do it but it just smoothes things out a bit and may end up as a win/win.
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Greenwood2
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Post by Greenwood2 on Oct 2, 2023 9:17:32 GMT
You need to leave the money on the site to be successful as 60K was only 12 loan parts so it isn't surprising there. You are likely to have more success by depositing money and looking for secondary loans - of which there are plentiful. Now when I get redemptions (i.e. cash in the wallet) I go straight to look at that 'pool'. BTW there seems to be a interest drag on redemption dates to - but there's nothing you can do about that. Just quoting myself: there's a consistent 7 days lost interest between redemption and payout ( if you doubt this look at the actual future redemption date of any loan and compare that with the number of days stated to that date - it is seven less.) As a response it becomes advisable to go for six months (26/25 weeks) or above unless discount is available. Even selling your short-dated loan on the SM makes a bit more sense now, since in theory your loans then never 'redeem' while you hold them! I just tried a couple of current loans (2727, 2729) and the difference between the start and end dates agree with the term in days (if my sums are right).
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rscal
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Post by rscal on Oct 2, 2023 13:44:52 GMT
Just quoting myself: there's a consistent 7 days lost interest between redemption and payout ( if you doubt this look at the actual future redemption date of any loan and compare that with the number of days stated to that date - it is seven less.) As a response it becomes advisable to go for six months (26/25 weeks) or above unless discount is available. Even selling your short-dated loan on the SM makes a bit more sense now, since in theory your loans then never 'redeem' while you hold them! I just tried a couple of current loans (2727, 2729) and the difference between the start and end dates agree with the term in days (if my sums are right). Look at the SM this morning: 2383 End date '23/11/2023' '46' days. but 30+23 = 53. 2394 End date '28/11/2023' '51' days, but 30+28 = 58. (That's what I'm getting at)
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Greenwood2
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Post by Greenwood2 on Oct 2, 2023 14:49:15 GMT
I just tried a couple of current loans (2727, 2729) and the difference between the start and end dates agree with the term in days (if my sums are right). Look at the SM this morning: 2383 End date '23/11/2023' '46' days. but 30+23 = 53. 2394 End date '28/11/2023' '51' days, but 30+28 = 58. (That's what I'm getting at) The new loans I checked looked right, so would seem to be an error in the calculation of number of days left on the SM. Not that they are likely to be redeemed on the exact day. I assume interest is calculate from the date of purchase until the loan is actually redeemed. If I get a chance I'll check an SM purchase and see what happened.
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