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 Mar 5, 2015 19:43:43 GMT
I hope you don't mind me coming in on this thread, as a complete newbie to P2P in general I haven't actually signed up to anyone at the moment. With SS are the loans that I would be investing in be all of the same length or do they vary, I was looking at the Funding Secure site and their loans seem to be for a 6 month period, just wondered if SS are the same. Assuming I fund my SS account with a set amount ready for action and for whatever reason I'm unable to lend it all can I retrieve that money easily. Their web site seems very slim in information of how the whole process works for newbies like myself, perhaps I need to sign up first and then more info will be forthcoming. Any extra info/advice would be welcome Paul Standard loans are 7 months, 6months+1month to sort out any issues but there have been a few for 12 months and recently a few 3-4 months incl a few extensions. You dont have fund your account & then wait for action as they have an instant credit system whereby you nofify them how much you wish to deposit and that sum is available invest immediately. Then within 24hrs you do a FP/Bacs transfer of the actual cash to cover the amount. Transfers out are by FP & generally take 24hrs. Loans are infrequent currently but there is a very active SM. You do have to be fairly quick when loans are listed as they tend to go quite quickly, not quite as quick as FS or MT, but for new investors they also present an opportunity to grab bits of older loans as people tend to sell down holdings of these to invest in the new. Sign up for text alerts on new loans. Edit: Or alternatively - what kermie said slightly better 
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kermie
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Post by kermie on Mar 5, 2015 19:49:26 GMT
I hope you don't mind me coming in on this thread, as a complete newbie to P2P in general I haven't actually signed up to anyone at the moment. With SS are the loans that I would be investing in be all of the same length or do they vary, I was looking at the Funding Secure site and their loans seem to be for a 6 month period, just wondered if SS are the same. Assuming I fund my SS account with a set amount ready for action and for whatever reason I'm unable to lend it all can I retrieve that money easily. Their web site seems very slim in information of how the whole process works for newbies like myself, perhaps I need to sign up first and then more info will be forthcoming. Any extra info/advice would be welcome Paul You're most welcome. This forum is pretty relaxed and friendly. Length of loans: mostly 6 or 7 months, sometimes 12 months, typically no longer than 12. It can vary, and of course occasionally loans get extended towards the end of their term. If that happens SS is normally pretty good about allowing you to optionally roll-over or get out. Withdrawals: Fairly simple, but can take a couple of days to reach your bank account again. There is an active market if you want to sell your loan parts - of course that liquidity is not guaranteed since it requires a purchaser...but at the moment it's very easy to sell. I recommend signing up - that commits you to nothing. If/when you sign up, you will occasionally find loan parts available for purchase, although they get snapped up quickly....so your best bet is to purchase recent loans - they are announced via email. You can make deposits on an "IOU" basis - you promise to make the deposit, that is then added to your account immediately, and tallied up with the funds when they actually arrive within 24 hours. This makes it possible to snap up new loans as soon as they appear even if you have no cash in your SS account (there can be a mad dash for them when they are announced). You must follow-up with the real deposit pretty quick-smart though. There is now also a Weekly Update to give you an idea of what state all the loans are in - including the future pipeline. EDIT: paulgul got three replies within minutes - proof positive of the welcoming nature of this forum!
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mikes1531
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Post by mikes1531 on Mar 5, 2015 19:59:29 GMT
I hope you don't mind me coming in on this thread, as a complete newbie to P2P in general I haven't actually signed up to anyone at the moment. With SS are the loans that I would be investing in be all of the same length or do they vary, I was looking at the Funding Secure site and their loans seem to be for a 6 month period, just wondered if SS are the same. Assuming I fund my SS account with a set amount ready for action and for whatever reason I'm unable to lend it all can I retrieve that money easily. Their web site seems very slim in information of how the whole process works for newbies like myself, perhaps I need to sign up first and then more info will be forthcoming. Any extra info/advice would be welcome Welcome to the forum, Paul. Most SS loans are for six months, but occasionally there are shorter and longer ones available. If you have online banking facilities, you don't really need to pre-fund your SS account. They have an 'instant deposit' facility whereby you make a promise to fund and they'll credit your account immediately. You then have 24 hours to get the money to them. Sending a Faster Payment usually works fine afterwards. If you don't pay, then they'll reverse the transaction(s) you've made -- and probably ban you from future instant deposits. When loan parts appear on the market they can disappear so quickly that even instant deposits aren't fast enough, so you might wish to have some spare funds in your account so that you can buy available parts without having to ask for an instant deposit. I have no recent experience with making a withdrawal, but I don't remember reading any complaints here in the forum. You could try searching the archive in case I've missed something, and perhaps someone who's made a withdrawal recently will tell us of their experience. I think most of the info on the website is available only to those who have signed up, so I'd suggest you do that and see what more you can learn. You won't need to put any money in until you're happy and want to invest. Have fun! PS. Must learn to type faster!
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Mar 5, 2015 20:12:05 GMT
I hope you don't mind me coming in on this thread, as a complete newbie to P2P in general I haven't actually signed up to anyone at the moment. With SS are the loans that I would be investing in be all of the same length or do they vary, I was looking at the Funding Secure site and their loans seem to be for a 6 month period, just wondered if SS are the same. Assuming I fund my SS account with a set amount ready for action and for whatever reason I'm unable to lend it all can I retrieve that money easily. Their web site seems very slim in information of how the whole process works for newbies like myself, perhaps I need to sign up first and then more info will be forthcoming. Any extra info/advice would be welcome Welcome to the forum, Paul. Most SS loans are for six months, but occasionally there are shorter and longer ones available. If you have online banking facilities, you don't really need to pre-fund your SS account. They have an 'instant deposit' facility whereby you make a promise to fund and they'll credit your account immediately. You then have 24 hours to get the money to them. Sending a Faster Payment usually works fine afterwards. If you don't pay, then they'll reverse the transaction(s) you've made -- and probably ban you from future instant deposits. When loan parts appear on the market they can disappear so quickly that even instant deposits aren't fast enough, so you might wish to have some spare funds in your account so that you can buy available parts without having to ask for an instant deposit. I have no recent experience with making a withdrawal, but I don't remember reading any complaints here in the forum. You could try searching the archive in case I've missed something, and perhaps someone who's made a withdrawal recently will tell us of their experience. I think most of the info on the website is available only to those who have signed up, so I'd suggest you do that and see what more you can learn. You won't need to put any money in until you're happy and want to invest. Have fun! PS. Must learn to type faster! Never worry about 'butting in' on a thread - it's vital that you do  . All I'd really add to the deposit side of the discussion is that you MUST do the virtual deposit part of the money deposit process as it's needed by SS to marry up with your real transfer. You can do them in either order though. On the withdrawal side. It can take up to a day or two; some new lenders get worried when it doesn't happen immediately, but as SS are a small outfit they sometimes are away from the office for a day or two and so things don't then happen instantly. The flip side of that is that sometimes they do! By coincidence, my mother has experienced a hiccup with a withdrawal in the past day or so, which isn't yet resolved, and that was in trying to have money withdrawn to a building society. That is because her individual account number with the BS has to be used as the reference for the withdrawal (in the same way that your SS acc no has to be used as a reference for your deposit) but the SS withdrawal doesn't enable individual reference numbers to be entered - they always use the same text. I believe most BS use that sort of mechanism; I guess most people have used bank accounts to withdraw to up until now, as I have. Other than that, no problems at all.
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oldgrumpy
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Post by oldgrumpy on Mar 5, 2015 20:26:59 GMT
"...All I'd really add to the deposit side of the discussion is that you MUST do the virtual deposit part of the money deposit process as it's needed by SS to marry up with your real transfer..."
What Rosie is getting at is: if you tell them you want to deposit £500, don't go and do a transfer of £672.19 because you just won the pools; the SS credit hamsters get their knickers in a twist. It must actually be £500 
There are several loans (apparently) about to come on stream .... our fingers (or bananas!) are raised in anticipation.
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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 Mar 5, 2015 20:46:20 GMT
Never worry about 'butting in' on a thread - it's vital that you do . Also dont be alarmed by the fact your getting advice from a man with a pig on his head and a bunch of bananas (his least threatening persona) that's just how we roll in the world of independent P2P finance. After all in the proper banking world it would be a talking duck billed platypus
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Grezza
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Post by Grezza on Mar 5, 2015 20:46:35 GMT
Hi Paul, finding this forum is the best thing you could have done imho, screeds of useful info, and plenty of goodwill and humour! Read as much as possible about all the platforms, especially threads where other newbies are asking questions. Also sign up to some of the platforms if you are planning to diversify, and poke around a bit, I can't think of any off hand that commit you to anything......except maybe a few mails reminding you that you haven't funded your account yet!! Good luck!
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Mar 5, 2015 20:51:28 GMT
Never worry about 'butting in' on a thread - it's vital that you do . Also dont be alarmed by the fact your getting advice from a man with a pig on his head and a bunch of bananas (his least threatening persona) that's just how we roll in the world of independent P2P finance. It's the purple facial hair that I find more worrying than the cute pig on the head. Grumps in his hairy persona is, by comparison, quite cuddly and unthreatening. (But then I did used to work with tigers and the like  )
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Post by solicitorious on Mar 5, 2015 20:52:08 GMT
"...All I'd really add to the deposit side of the discussion is that you MUST do the virtual deposit part of the money deposit process as it's needed by SS to marry up with your real transfer..."
What Rosie is getting at is: if you tell them you want to deposit £500, don't go and do a transfer of £672.19 because you just won the pools; the SS credit hamsters get their knickers in a twist. It must actually be £500
There are several loans (apparently) about to come on stream .... our fingers (or bananas!) are raised in anticipation.
I don't think I've ever received an email from them on anything, and checking my account I can't even see where my email contact info is stored! Any ideas? 
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Mar 5, 2015 21:03:42 GMT
"...All I'd really add to the deposit side of the discussion is that you MUST do the virtual deposit part of the money deposit process as it's needed by SS to marry up with your real transfer..."
What Rosie is getting at is: if you tell them you want to deposit £500, don't go and do a transfer of £672.19 because you just won the pools; the SS credit hamsters get their knickers in a twist. It must actually be £500
There are several loans (apparently) about to come on stream .... our fingers (or bananas!) are raised in anticipation.
I don't think I've ever received an email from them on anything, and checking my account I can't even see where my email contact info is stored! Any ideas? Nope - just use it to log-in with, so you'd need to contact them to change it I guess. If you have a plusnet hosted email address that could explain why you don't seem to get emails - see this general thread about the problem and I think a possible work-around. Otherwise, you must have not made it onto a list somewhere - there are emails every time you make an investment, get one paid back, new loans going live, etc.
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paulgul
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Post by paulgul on Mar 5, 2015 21:12:03 GMT
Well thanks for all the replies, certainly a lot of info there, good to be a part of a very friendly and helpful forum even if a certain member does have a pig on his head - no accounting for taste I think I'll sign up for SS and dip my toe in the water with some small investments to start with, I may also sign up with FS as well at a later date to see how things go. Cheers, Paul |
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mikes1531
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Post by mikes1531 on Mar 5, 2015 21:39:22 GMT
All I'd really add to the deposit side of the discussion is that you MUST do the virtual deposit part of the money deposit process as it's needed by SS to marry up with your real transfer. You can do them in either order though. : Perhaps I'm just being thick, but what did you mean by "the virtual deposit part of the money deposit process"? AFAIK, all you have to do is first ask for a credit to be added to your account and then follow that with a funds transfer from your bank account -- for the exact same amount as noted by oldgrumpy, and using the reference number supplied by FS on the deposit request page. Are you sure you're not thinking of FS, where deposits are credited only after they receive a bank transfer -- and it really helps if you warn them in advance of the transfer you're sending by using their notice of deposit process?
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Post by solicitorious on Mar 5, 2015 22:18:35 GMT
@ramblin rose
That explains it. Thanks.
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bugs4me
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Post by bugs4me on Mar 5, 2015 22:29:16 GMT
All I'd really add to the deposit side of the discussion is that you MUST do the virtual deposit part of the money deposit process as it's needed by SS to marry up with your real transfer. You can do them in either order though. <snip> Are you sure you're not thinking of FS, where deposits are credited only after they receive a bank transfer -- and it really helps if you warn them in advance of the transfer you're sending by using their notice of deposit process? - hijacking a thread here but I've had deposits credited at FS before they've left my bank.
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oldgrumpy
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Post by oldgrumpy on Mar 5, 2015 23:44:26 GMT
"...All I'd really add to the deposit side of the discussion is that you MUST do the virtual deposit part of the money deposit process as it's needed by SS to marry up with your real transfer..."
What Rosie is getting at is: if you tell them you want to deposit £500, don't go and do a transfer of £672.19 because you just won the pools; the SS credit hamsters get their knickers in a twist. It must actually be £500
There are several loans (apparently) about to come on stream .... our fingers (or bananas!) are raised in anticipation.
I don't think I've ever received an email from them on anything, and checking my account I can't even see where my email contact info is stored! Any ideas? Can't explain your problem here, but I've had 249 email messages form SS since I signed up on 6 March 2014.
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. All I'd really add to the deposit side of the discussion is that you MUST do the virtual deposit part of the money deposit process as it's needed by SS to marry up with your real transfer. You can do them in either order though.
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