oldgrumpy
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Post by oldgrumpy on Feb 4, 2015 12:17:00 GMT
They probably manually update those figures on the account. My two BACS transfers for Loans 23 and 24 were done by "faster banking" on 2 Feb and still show as a BACS deficit. I expect they haven't done anyone's yet.
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Post by duncandive on Feb 4, 2015 12:30:00 GMT
Edit: meant to add, welcome to the SS forum  You will find that the SS experience is not always so hair-raising, although I must say you jumped in to one of the smaller and riskier platforms for your first p2p experience  (Most people start with the comfort of the larger, better established and comparitively worry-free outfits  ) Hmm always good to read comments from members with experience gained of multiple years of involvement in P2P. I'm rather new too. Just cellebrated my first month with SS. I hadn't thought that I 'jumped in to one of the smaller and riskier platforms for MY first p2p experience '. Hmmm now not sure if I should be worried about that or not  Any way, I also still have a BACS deficit showing from Monday. Funny thing is that a BACS I did last night has cleared,still leaving the one from Monday showing... I guess that would suggest they are still working through all the results from Mondays hectic business.. So far I have found them Very Quick to deal with any issues that I have created for myself.. I kind of like what feels like a personal touch to the way my contacts have been handled so far.
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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 Feb 4, 2015 13:29:42 GMT
Edit: meant to add, welcome to the SS forum You will find that the SS experience is not always so hair-raising, although I must say you jumped in to one of the smaller and riskier platforms for your first p2p experience (Most people start with the comfort of the larger, better established and comparitively worry-free outfits ) Hmm always good to read comments from members with experience gained of multiple years of involvement in P2P. I'm rather new too. Just cellebrated my first month with SS. I hadn't thought that I 'jumped in to one of the smaller and riskier platforms for MY first p2p experience '. Hmmm now not sure if I should be worried about that or not Well, time marches on and as the platform grows it becomes less and less risky. And risks are of course percieved differently by each of us, so it's not a fixed thing you can quantify. The returns are high here, and we'd all be liars if we tried to claim it isn't that which attracts us all, at least in the first instance. But there is no such thing as a free lunch in the world of finance. Markets are not as efficient as many like to think, but none the less, there is always a reason for a higher return. Whether it's a real reason or a perceived reason is open to debate, of course.
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Post by Deleted on Feb 4, 2015 13:33:08 GMT
There seems to me no rhyme or reason to the speed at which things happen on SS. Which makes me think a lot of this is done manually and isn't automated.
With the BACS credits, sometimes the funding deficit disappears within hours, soemtimes it takes a day or 2 and I can remember an occasion when I had to chase SS about it and I think they said it had been missed or overlooked.
Another example, I made 2 withdrawals on Monday. Roughly, one withdrawal request was processed and in my bank account within 12 hours or so while the other took 48 hours to arrive. What causes a bit of concern/worry was the withdrawal I made second (several hours after the first) was in my bank yesterday but the first request wasn't. It turned up today.
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star dust
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Post by star dust on Feb 4, 2015 14:08:05 GMT
They still beat any other P2P site I invest in hands down on transfers in and out as far as I am concerned, so I don't worry too much about the odd delays.
It seems to me that both processes are manual and require an SS presence, I am sure with increasing numbers of investors they may be looking to automation though.
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ianj
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Post by ianj on Feb 4, 2015 14:17:23 GMT
Several hours is nothing to worry about - it can often take a day or two to show up at SS. Personally I start to worry and send emails after a couple of days, which I've done on just a couple of occasions, but there has never actually been a problem - just the occasional tardiness at doing what needs doing at the SS end. The experience of a friend underlines RR's comment and the fact that the process is manual. He made a deposit followed by an investment and made the appropriate BACS transfer. A few days later, when he was becoming concerned that there was still a Dasboard BACS deficit showing, he received an email from SS requesting he make a transfer to cover his investment. Fortunately, he was able to convince SS that the transfer had been made and they eventually 'found his money'. Hopefully this also demonstrates that SS won't strip lenders of their investments without investigation.
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Grezza
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Post by Grezza on Feb 4, 2015 14:36:00 GMT
A couple of minutes ago my Bacs defecit cleared!!!! Yay!!!!
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Post by duncandive on Feb 4, 2015 15:05:16 GMT
A couple of minutes ago my Bacs defecit cleared!!!! Yay!!!! Same here Looks like they are managing to catch up after Mondays flood of investments... I wonder if any of PBL's 16,17,18,19,20 and 22 will 'Drawdown' this week as expected.
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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 Feb 4, 2015 16:12:44 GMT
I wonder if any of PBL's 16,17,18,19,20 and 22 will 'Drawdown' this week as expected. Just a guess on my part, but dealing with some of these and trying to shepherd them through may be what's caused a delay in the admin work this week.
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Post by duncandive on Feb 4, 2015 19:05:43 GMT
I wonder if any of PBL's 16,17,18,19,20 and 22 will 'Drawdown' this week as expected. Just a guess on my part, but dealing with some of these and trying to shepherd them through may be what's caused a delay in the admin work this week. That makes good sense, so that added to Mondays frenzy, is it any wonder things like BACS have taken a little while to be confirmed. As long as things keep getting done in time I will stay a Happy Bunny. And if the loans do 'Drawdown' some time this week, I'm sure there will be a lot of smiles at SS as well as with us investors
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will
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Post by will on Feb 4, 2015 19:47:57 GMT
I wonder if any of PBL's 16,17,18,19,20 and 22 will 'Drawdown' this week as expected. Just a guess on my part, but dealing with some of these and trying to shepherd them through may be what's caused a delay in the admin work this week. Well, my BACS deficit, at last, cleared away this past hour. So, as you say, RR, they've just been a bit busy this time around. Setting up our bullet-proof safety net no doubt?
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rogerbu
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Post by rogerbu on Feb 6, 2015 13:00:08 GMT
Like others, I transferred £200 via BACS to SS on the 2nd Feb. The outstanding BACS showed £200
On the 4th it showed the outstanding Bacs to be £0. So far so good!
On the 5th it showed BACS outstanding of £200 ?
Today I have the SS email smacking my botty for not doing the BACS transfer.
Checked with the bank - all happened ok, no reject.
Emailed SS - Outstanding BACS has gone back to £0.
This seems to be a very flaky manual process!
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Post by chrisuk on Feb 6, 2015 14:41:23 GMT
Debit Card payments? Something for the future hopefully.
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paulg
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Post by paulg on Feb 6, 2015 15:49:04 GMT
Like others, I transferred £200 via BACS to SS on the 2nd Feb. The outstanding BACS showed £200 On the 4th it showed the outstanding Bacs to be £0. So far so good! On the 5th it showed BACS outstanding of £200 ? Today I have the SS email smacking my botty for not doing the BACS transfer. Checked with the bank - all happened ok, no reject. Emailed SS - Outstanding BACS has gone back to £0. This seems to be a very flaky manual process! So SS is a smaller operation with hybrid manual/auto systems that are sometimes a bit flaky. But it has low overheads, is responsive to hiccups and pays 12% from the day our money goes into it. It has an instant account crediting system and a free secondary market, and investments can be liquidated and repaid pretty quickly. There are other platforms (of which I know nothing) that I guess are more slick and pay a lot less, and there's nothing to stop us investing in both. But I agree with the KISS comments in other posts, and all my P2P investments are with SS (wisely or unwisely). And when my relatively inaccessible ISA matures in a few weeks time - that's going into SS too! This P2P model really isn't broken - just different - so let's keep it as it is.
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You will find that the SS experience is not always so hair-raising, although I must say you jumped in to one of the smaller and riskier platforms for your first p2p experience 
(Most people start with the comfort of the larger, better established and comparitively worry-free outfits 
)
