tony
Posts: 136 
Likes: 91
|
Post by tony on Feb 3, 2015 16:29:26 GMT
With the ever growing number of investors which to be expected now that a Provision Fund is being established, coupled with fewer loans becoming "live", will the small investor have increasing difficulty in finding a loan which is still open for funding? Yesterday both BL23 and BL24 were fully funded within minutes presumably by large investors, perhaps institutional or corporate, who monitor the SS website continuously. I access the website immediately after receiving an email from SS advising me that a new loan has become live but even then I discover that I am too late.
Another concern that have is that it is now difficult to contact SS in order to speak to someone about my account. Yesterday I phoned them and was told by the girl who answered that she would have to get a senior person to phone me back - they didn't. I phoned again this morning and this time I spoke to a bloke who apologised and said that he would send a reminder and mention that I had to chase them - it is now 1630 and still no call. How different from the early days when one of the two SS founders answered the phone and immediately answered my queries.
I am wondering whether SS are no longer interested in small investors like myself - I have only around £8000 invested. I can invest only small amounts of capital throughout the year but I do reinvest my monthly interest and any paid up front interest as soon as it is available.
I suppose there is one advantage of having fewer new loans becoming live - I could invest funds in SS, which I normally keep in a "contingency fund" easy access account earning around 1.1% interest, so that if I needed money I could sell a part loan and would not have to wait long for the funds to reach my bank account.
|
|
|
|
Post by savingstream on Feb 3, 2015 16:40:58 GMT
Hi Tony, apologies for your support experience today. Both directors have been in a day long meeting with Grant Thornton today. We will address all support issues upon our return this afternoon/evening.
|
|
Investor
Member of DD Central
Posts: 662
Likes: 590
|
Post by Investor on Feb 3, 2015 16:41:39 GMT
With the ever growing number of investors which to be expected now that a Provision Fund is being established, coupled with fewer loans becoming "live", will the small investor have increasing difficulty in finding a loan which is still open for funding? Yesterday both BL23 and BL24 were fully funded within minutes presumably by large investors, perhaps institutional or corporate, who monitor the SS website continuously. I access the website immediately after receiving an email from SS advising me that a new loan has become live but even then I discover that I am too late. Another concern that have is that it is now difficult to contact SS in order to speak to someone about my account. Yesterday I phoned them and was told by the girl who answered that she would have to get a senior person to phone me back - they didn't. I phoned again this morning and this time I spoke to a bloke who apologised and said that he would send a reminder and mention that I had to chase them - it is now 1630 and still no call. How different from the early days when one of the two SS founders answered the phone and immediately answered my queries. I am wondering whether SS are no longer interested in small investors like myself - I have only around £8000 invested. I can invest only small amounts of capital throughout the year but I do reinvest my monthly interest and any paid up front interest as soon as it is available. I suppose there is one advantage of having fewer new loans becoming live - I could invest funds in SS, which I normally keep in a "contingency fund" easy access account earning around 1.1% interest, so that if I needed money I could sell a part loan and would not have to wait long for the funds to reach my bank account. Size of investor has little or no bearing at SS, access to a computer and keeping as eye on email and SMS seem to be the primary requisites. I have always found the team very responsive, however with the skiing break and the flurry of activity yesterday I can appreciate it may have been a hectic time, am sure things will revert back to normal. Don't forget that your 'contingency fund' is likely FCSC backed, your SS 'savings' are not. Also the current fluidity on the SM would make your transfer to SS certainly workable, but the SM fluidity can change and you could have a contingency fund that is not 'easy access'
|
|
|
|
Post by yorkshireman on Feb 4, 2015 14:10:46 GMT
Not just SS, most P2P platforms are becoming small investor “unfriendly”
Whilst I appreciate they are commercial businesses and not charities the whole ethos of P2P is being undermined and I can see a situation in the not too distant future where the big boys will get the choice investments and we will be left with the cr*p as we are now seeing on FC.
Once again “money talks” and Joe Public will be shafted.
Sounds Familiar?
|
|
|
|
Post by stuartassetzcapital on Feb 4, 2015 14:54:18 GMT
We believe that retail money and institutional money can co-exist well. Without going into details here this is a key direction you will see us taking. Small investors deserve a great service and great return!
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Feb 4, 2015 19:21:38 GMT
We believe that retail money and institutional money can co-exist well. Without going into details here this is a key direction you will see us taking. Small investors deserve a great service and great return! I just don't see it, the small investor 100,000(potential), investor investing 10,000, is 1,000,000,000. Ps tried to register with AC 3 times and the site couldnt verify my identity, yet SS,TC,RS, Wellesley, and zopa can verify my details.
|
|
|
|
Post by yorkshireman on Feb 4, 2015 19:33:03 GMT
Small investors deserve a great service and great return! It's all well and good saying that but in practice will we actually get both? Actions speak louder than words.
|
|
bugs4me
Member of DD Central
Posts: 1,845
Likes: 1,478
|
Post by bugs4me on Feb 4, 2015 20:35:07 GMT
Small investors deserve a great service and great return! It's all well and good saying that but in practice will we actually get both? Actions speak louder than words. Yes it is possible provided the value of the flow of loans is in direct proportion. So if institution money equals that available from the private lender/investor and the value of loans available effectively doubles or at least stays somewhere in balance then there shouldn't be a problem. However, that's often not the case as those institutions are a demanding bunch of critters and require some sort of preferential treatment. Maybe first bite of the cherry or the whole cherry so the loan doesn't even get offered. If though a platform could pull off this juggling act then I'd eat my hat but from very limited experience elsewhere, the private lender/investor is no longer seen on the same level.
|
|
jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,806
Likes: 3,237
|
Post by jonno on Feb 5, 2015 9:52:05 GMT
We believe that retail money and institutional money can co-exist well. Without going into details here this is a key direction you will see us taking. Small investors deserve a great service and great return! Cue the Thunderbirds theme as the ilmoro hat gets yet another fly past
|
|
tony
Posts: 136
Likes: 91
|
Post by tony on Feb 9, 2015 16:34:52 GMT
Hi Tony, apologies for your support experience today. Both directors have been in a day long meeting with Grant Thornton today. We will address all support issues upon our return this afternoon/evening. Thanks - you kept your promise. In response to my query asking how can I check which part fund I have elected to receive interest upfront, you suggested that I check to see which loan parts are available for me to sell - part loans for which I have received interest upfront will not be listed. That would be fine if only I could find out how to access this information! I can find no link to this page or indeed any info concerning the procedure involved in selling a part fund (not that I want to at the moment)
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Feb 9, 2015 16:50:50 GMT
Hi tony (assuming you speak to people who say, "Hi!" to you, rather than "good morning," or "G'day," or "Yer all right?" etc)  Go to Dashboard. Click "view details". Click on a loan. Scroll down. If no instructions for selling appear, you will have had upfront interest, and are stuck in it for the duration  (as I am in Loan 006) |
|
unmadem
Member of DD Central
Posts: 377
Likes: 181
|
Post by unmadem on Feb 9, 2015 17:17:30 GMT
Hi Tony, apologies for your support experience today. Both directors have been in a day long meeting with Grant Thornton today. We will address all support issues upon our return this afternoon/evening. Thanks - you kept your promise. In response to my query asking how can I check which part fund I have elected to receive interest upfront, you suggested that I check to see which loan parts are available for me to sell - part loans for which I have received interest upfront will not be listed. That would be fine if only I could find out how to access this information! I can find no link to this page or indeed any info concerning the procedure involved in selling a part fund (not that I want to at the moment) I had suggested that a flag is added to show this p2pindependentforum.com/post/36901. Hopefully savingstream will respond and implement this.
|
|
tony
Posts: 136
Likes: 91
|
Post by tony on Feb 9, 2015 20:37:46 GMT
Hi tony (assuming you speak to people who say, "Hi!" to you, rather than "good morning," or "G'day," or "Yer all right?" etc) Go to Dashboard. Click "view details". Click on a loan. Scroll down. If no instructions for selling appear, you will have had upfront interest, and are stuck in it for the duration (as I am in Loan 006) Hi, oldgrumpy! Thanks - I eventually found it just before you posted. I have suggested to Tim that SS write a step by step guide and explain the terminology as it crops up. I doubt if I am the only senile old fool whose investment experience is limited to building societies, banks and savings in the tin box under the bed.
|
|
(as I am in Loan 006)