star dust
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Post by star dust on Mar 30, 2015 18:01:38 GMT
Perhaps I'm just blind, or perhaps I've missed a more recent update, but I see nothing in the 27/Mar update that indicates that the borrower has agreed to pay the extra PBL006 and SY interest monthly. Should I be looking somewhere else? I calculate SS would have to pay out just under £20k if PBL019 cancelled. I see about 3.65 months has elapsed since the loan appeared -- though I can't remember how long it took before it was fully funded -- and there's 0.5% cashback accrued on that loan as well. (SS have said here in the P2PIF that they would pay both accrued interest and any cashback offered if a loan were to be cancelled.) 4.15% of the £480k loan would be £19.9k. Don't know about that mikes1531 but it's in the update ilmoro posted on the 27/Mar thread here "PBL 006 – We extended this loan by 3 months to allow the client to arrange repayment. Interest is being paid by the client and will be paid to investors on a monthly basis as usual. SUPERYACHT LOAN - We extended this loan by 3 months to allow the client to arrange repayment. Interest is being paid by the client and will be paid to investors on a monthly basis as usual. "
As for PBL 019, this is on top of the £10k already paid out on it's precursor PBL 09!
in Edit - said x posted with geoff and too slow then got CloudFlare and couldn't post edit - I give up!
2nd Edit to remove inappropriate smilie!
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tony
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Post by tony on Apr 2, 2015 10:44:21 GMT
We could certainly do with more comprehensive information in the weekly updates including an explanation of what seems to me to be discrepancies. I have just noticed that the remaining term for PLB14 is given as 19 days on the loan listing whereas in the last update we are told that payment is expected in May. Is this another unannounced extension?
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star dust
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Post by star dust on Apr 27, 2015 17:24:02 GMT
So today (25th March) we have: PBL 021 - extended a further 31/32 days , shouldn't PBL 021 loan parts purchased with upfront interest prior to 25 March (when the loan was extended) be saleable by now? It doesn't seem that mine are.
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star dust
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Post by star dust on May 1, 2015 8:51:13 GMT
I am somewhat loath to start a new thread, but I don't believe there ever was one about loan extensions, and I thought it might be useful to keep some tabs on which loan has been extended when. Please add or correct, these are just the ones I think I know about. So today (25th March) we have: PBL 06 - second extension for a further 90 days PBL 08 - extended for a further 60 days SY - extended for a further 80 days, following a previous 8? day extension. PBL 021 - extended a further 31/32 days and BTW there is a five figure sum of PBL06 on the SM right now, and No, it's not mine  . Edit 21/04/2015 : As noted on another thread the expected extension of PBL 014 for a further 90 days. Just noticed that sometime between 27 April (when it had 13 days left) and today 1 May PBL21 has been extended to 100 days remaining, so cira another 3 months.
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star dust
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Post by star dust on Jun 2, 2015 8:20:06 GMT
A rather surprising extension of PBL 04a noted today 02/06/2015. More extensions today 24/06/2015 - guess the boat won't be used this summer!
PBL 06 - second extension for a further 90 days on 25/03/2015; third extension by 27 days on 24/06/2015.
SY - extended for a further 80 days, following a previous 8? day extension on 25/03/2015; extended 90 days on 24/06/2015.
PBL 021 - extended 31/32 days 25/03/2015 - extended a further 90 days c. 01/05/2015
PBL 014 - extended a further 90 days 21/04/2015
PBL 04a - extended 90 days on 02/06/2015
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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 Jun 2, 2015 9:35:47 GMT
A rather surprising extension of PBL 04a noted today, I thought it was going to morph with PBL 04b into a new loan? PBL 06 - second extension for a further 90 days on 25/03/2015 PBL 08 - extended for a further 60 days on 25/03/2015 SY - extended for a further 80 days, following a previous 8? day extension on 25/03/2015 PBL 021 - extended 31/32 days 25/03/2015 - extended a further 90 days c. 01/05/2015 PBL 014 - extended a further 90 days 21/04/2015 PBL 04a - extended 90 days on 01/06/2015Frankly we're just guessing as to whats going on. This weeks update was pointless when it came to existing loans as Ive noted elsewhere. Even when we are told about extensions, we have to work out start & end dates for ourselves. Take the Superyacht for instance. A 3 month extension was anounced in March taking it to mid-Jun, then they said they had interest for another months extension. An additional month taking it to July? Or just confirming theyd had the interest to cover that month? Consultation of the website & use of fingers & toes confirmed the latter but it was an arbitary statement, not repeated this month or for any other loan so just proved confusing. So from a bright start, SS comms have just dwindled to pointless in about 6 months.  Incidently, you still have PBL8 in your list which repaid
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star dust
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Post by star dust on Jun 2, 2015 13:20:00 GMT
Frankly we're just guessing as to whats going on. This weeks update was pointless when it came to existing loans as Ive noted elsewhere. Even when we are told about extensions, we have to work out start & end dates for ourselves. Take the Superyacht for instance. A 3 month extension was anounced in March taking it to mid-Jun, then they said they had interest for another months extension. An additional month taking it to July? Or just confirming theyd had the interest to cover that month? Consultation of the website & use of fingers & toes confirmed the latter but it was an arbitary statement, not repeated this month or for any other loan so just proved confusing. So from a bright start, SS comms have just dwindled to pointless in about 6 months. Incidently, you still have PBL8 in your list which repaid I wouldn't go as far as saying the update (comms) is pointless, but they could certainly give it a more thorough proofing, and better explanations/ notifications when things change. Talking of checking..............ho hum.......have removed PBL08, although in a way it has effectively been extended through PBL036.
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paulg
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Post by paulg on Jun 24, 2015 19:36:09 GMT
I see Superyacht and PBL006 have both been extended to the end of September now.
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tony
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Post by tony on Jun 25, 2015 7:41:29 GMT
As I have posted previously, the loan end dates quoted by SS are meaningless and you certainly shouldn't invest funds if you need them repaid on the original loan end date. At the moment there is a fair chance of being able to sell them in order to access your money but that is nor guaranteed to always be the case. Between the irregular updates you only get to know that a loan has been extended by noting that the end date has suddenly changed on the loan listings page or on your dashboard - no email from SS advising you of the change so you can find yourself expecting to be repaid on the date quoted on the last update received.
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bg
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Post by bg on Jun 25, 2015 8:01:25 GMT
As I have posted previously, the loan end dates quoted by SS are meaningless and you certainly shouldn't invest funds if you need them repaid on the original loan end date. At the moment there is a fair chance of being able to sell them in order to access your money but that is nor guaranteed to always be the case. Between the irregular updates you only get to know that a loan has been extended by noting that the end date has suddenly changed on the loan listings page or on your dashboard - no email from SS advising you of the change so you can find yourself expecting to be repaid on the date quoted on the last update received. This is very worrying. Things are OK now as demand is so high it is easy to liquidate - but that can change very quickly if confidence in the platform falls.
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webwiz
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Post by webwiz on Jun 25, 2015 17:57:49 GMT
It would be prudent to treat SS as a "thin ice" platform. How else can you get 12% with reasonable risk? I recommend deciding on your total potential investment in SS, dividing by 20 and spreading your investment over 20 loans. You could then suffer a total loss on 3 loans and still be ahead. A total loss is unlikely as there should be something to come back even in the worst case, excluding outright fraud. And there is a (rather small) provision fund. So you might break even with several partial losses. You can work your way towards the 20 by investing more than a twentieth initially and selling part on the SM as new loans arrive.
Note that this presumes that a loss on a loan is borne by only the lenders in that loan. This has still not been clarified AFAIK. It also assumes that investors's interests will somehow be protected in the event of platform collapse.
Keep your fingers crossed!
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Post by chrisuk on Jun 25, 2015 22:17:51 GMT
At present (at least until Saving Stream change the system so that we are not giving all our money to Lendy) I consider investing with Saving Stream as a bit of a gamble. Therefore I am being very careful with how much I invest. I know they are regulated by the FCA, but because of a previous bad experience I now consider the FCA to be a rather useless organisation.
As with all investments not protected by the FSCS do not invest more than you can afford to lose. It's also worth remembering that the FSCS only cover you for for £85,000 if your money is with a bank or building society. Every other investment is only covered for £50,000. I discovered this to my cost when I was advised by a FCA regulated Financial Advisor to invest £75,000 of my life savings into a bond that went bust. I only received £50,000 in compensation. I am a lot wiser now!
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j
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Post by j on Jun 25, 2015 23:19:05 GMT
At present (at least until Saving Stream change the system so that we are not giving all our money to Lendy) I consider investing with Saving Stream as a bit of a gamble. Therefore I am being very careful with how much I invest. I know they are regulated by the FCA, but because of a previous bad experience I now consider the FCA to be a rather useless organisation. As with all investments not protected by the FSCS do not invest more than you can afford to lose. It's also worth remembering that the FSCS only cover you for for £85,000 if your money is with a bank or building society. Every other investment is only covered for £50,000. I discovered this to my cost when I was advised by a FCA regulated Financial Advisor to invest £75,000 of my life savings into a bond that went bust. I only received £50,000 in compensation. I am a lot wiser now! I'm not too sure if even £5 is covered by FCA when investing with SS etc,let alone £50k? Correct me if I'm wrong by all means
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jonah
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Post by jonah on Jun 26, 2015 3:59:29 GMT
At present (at least until Saving Stream change the system so that we are not giving all our money to Lendy) I consider investing with Saving Stream as a bit of a gamble. Therefore I am being very careful with how much I invest. I know they are regulated by the FCA, but because of a previous bad experience I now consider the FCA to be a rather useless organisation. As with all investments not protected by the FSCS do not invest more than you can afford to lose. It's also worth remembering that the FSCS only cover you for for £85,000 if your money is with a bank or building society. Every other investment is only covered for £50,000. I discovered this to my cost when I was advised by a FCA regulated Financial Advisor to invest £75,000 of my life savings into a bond that went bust. I only received £50,000 in compensation. I am a lot wiser now! I'm not too sure if even £5 is covered by FCA when investing with SS etc,let alone £50k? Correct me if I'm wrong by all means You are correct j as far as I know. The 50K limit covers iirc the loss from a regulated provider going bang, such as a S&S is a provider, if the funds can't be retrieved due to data loss. This doesn't cover capital loss due to poor returns on the underlying products. I believe that this does not apply at all to p2x. Beyond any PF which may or may not help, it's all up in the air. Personally I had taken a similar approach to webwiz with Ss although I was quite that pessimistic. In part this was due to my low target and also due to liking a lot Jess than 20 loans. My diversity is therefore less than ideal here. I will be looking to be strict on the max on platform until the 'all eggs in on basket' is is fixed, at which point I would be inclined to double that maximum. A tweak to the PF would generate further, smaller increases.
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Post by chrisuk on Jun 26, 2015 9:39:41 GMT
Sorry, I appear to have caused some confusion.
Lendy/SavingStream is regulated by the Financial Conduct Authority but is NOT protected by the Financial Services Compensation Scheme. This means IF Lendy/SavingStream goes bust there is a strong possibility we could lose ALL our money.
That is what I meant when I suggested you should not invest more than you can afford to lose.
When Lendy/SavingStream change their system so that we are lending to individual borrowers and NOT to Lendy that should make the platform safer.
I'm not suggesting that SavingStream is dangerous. In fact I'm thrilled with the returns so far, and I love the simplicity of the platform and the liquidity of the secondary market. I'm just saying 'be careful'.
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