foxy
Quick learner?
Posts: 18 
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Post by foxy on Apr 11, 2015 17:35:37 GMT
Hi to everyone
Having got increasingly fed up with pityfull high street and isa rates I have decided to dip my toe into the p2p market. Have chosen SS as my first try. Only a small amount at first and then we will see. So I have made a few small investments today. The live loans page changes frequently so I assume this is due to people selling into the secondary market?
I have not fully invested my desposit and see that I can still 'cash in' the amount not deposited but I cant see anywhere that I too can decide to cash in on my investment ahead of the full term. Now of course I dont want to yet but I would like to know where I can, if and when I need to
Thanks
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Post by mrclondon on Apr 11, 2015 17:53:27 GMT
Hi to everyone Having got increasingly fed up with pityfull high street and isa rates I have decided to dip my toe into the p2p market. Have chosen SS as my first try. Only a small amount at first and then we will see. So I have made a few small investments today. The live loans page changes frequently so I assume this is due to people selling into the secondary market? I have not fully invested my desposit and see that I can still 'cash in' the amount not deposited but I cant see anywhere that I too can decide to cash in on my investment ahead of the full term. Now of course I dont want to yet but I would like to know where I can, if and when I need to Thanks Hi foxy, and welcome to the forum. Yes, the live loan page changes frequently as people put existing loan parts (or bits thereof) up for sale, and as others eagerly snap up those parts. The liquidity is so good infact that some people use SS as an extension of their bank current account, putting small amounts of loans up for sale as and when a topup up to their current account is needed. (Although worth noting bank withdrawals can vary between instant and 2 days depending on staff availability to process them - SS are a small team). Now you have invested in some loans, if you follow the menu routing Account - Dashboard and then te 'Live Loan Parts" tab you'll see the list of loan parts you own. Click on one of them, and scroll down the resulting page to see a box and button to sell all or part of that loan part. The loan part will get added to the oustanding availability on the live loan page (first in, first out queue as you would expect) but note that intrest accruel ceases the moment you put a loan part up for sale. This isn't normally a problem as most parts sell the same day ... but the defaulted PBL 007 shows this is not always the case.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323
Likes: 897
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Post by JamesFrance on Apr 11, 2015 17:54:59 GMT
Select Account, Live loan parts, then click on the loan you want to sell and scroll down the page until you see a sell button, then choose the amount you want to sell.
Oops, post crossed with MRCL.
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foxy
Quick learner?
Posts: 18
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Post by foxy on Apr 11, 2015 18:22:59 GMT
Brilliant, sorted, thanks.
so if what I am seeing on the loans page is part loans up for sale, is there somewhere else where new deals appear or do they just tip over onto the loans tab from the pipeline tab?
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SteveT
Member of DD Central
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Post by SteveT on Apr 11, 2015 18:35:16 GMT
Saving Stream issue texts & emails when they make a new loan "live" but, unless you're very quick off the mark in logging in and investing, the smaller ones can sell out in a matter of minutes. The bigger ones can have availability for many weeks.
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SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
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Post by SteveT on Apr 11, 2015 18:39:10 GMT
On the plus side, unlike with other platforms, you don't need to worry about having money standing idle waiting for a new loan to be launched. You can "add money" to your account immediately on the SS website, then buy the new loan, and they give you 24 hours to actually transfer funds in by Faster Payments from your bank account.
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foxy
Quick learner?
Posts: 18
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Post by foxy on Apr 11, 2015 18:42:16 GMT
Fine, excellent advice again, but having the money already deposited and waiting is only a timings issue surely as it doesn't earn anything when it's idle in your ss account, any more than sat in your own current account?
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Post by pepperpot on Apr 11, 2015 18:48:55 GMT
Brilliant, sorted, thanks. so if what I am seeing on the loans page is part loans up for sale, is there somewhere else where new deals appear or do they just tip over onto the loans tab from the pipeline tab? Hi foxy, Yep, got it in one - there's just the one list that shows any availability, be it in a new loan or secondary sales. Slightly surprised SS is your first port of call in P2P, it's more commonly one of the big 3 (Ratesetter, Zopa, Funding Circle) then branching out into the smaller/specialist platforms. If you don't mind me being curious and intrusive... how did you come across SS?
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SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
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Post by SteveT on Apr 11, 2015 19:01:30 GMT
I guess it depends on your current account. Mine pays me 4% provided I maintain a £4-5k balance in it so I'd rather have my "pending" cash sat there than uninvested in SS earning nothing.
Be aware also that, currently at least, you are actually lending to Lendy Ltd (aka Saving Stream) on every loan rather than lending to the end borrower, regardless of which specific loan you're buying into, so it actually makes less difference how much you have in each individual loan than it does on other platforms. This means it can sometimes be worth overbuying when a new smaller loan is listed (knowing this should be very liquid on the SM) and then diversifying into other new loans later.
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foxy
Quick learner?
Posts: 18
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Post by foxy on Apr 11, 2015 20:44:20 GMT
Brilliant, sorted, thanks. so if what I am seeing on the loans page is part loans up for sale, is there somewhere else where new deals appear or do they just tip over onto the loans tab from the pipeline tab? Hi foxy, Yep, got it in one - there's just the one list that shows any availability, be it in a new loan or secondary sales. Slightly surprised SS is your first port of call in P2P, it's more commonly one of the big 3 (Ratesetter, Zopa, Funding Circle) then branching out into the smaller/specialist platforms. If you don't mind me being curious and intrusive... how did you come across SS? I just googled p2p and all the three biggies were there and some others. Had looked at this route before a few times. All seemed to be paying 4,5,6% but there also was ss giving 12% and also I liked the idea their loans were secured. I just jumped in, maybe too quickly but it seemed the risk was relatively low and rewards relatively high? Time will tell
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