stevio
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Post by stevio on Oct 5, 2015 17:04:00 GMT
SteveT Thanks. I never had the email, being only a (very) new investor at SS Also announced in cashback thread here. One thing that isnt mentioned is it only applies to cleared funds so any investment with an associated BACS deficit at drawdown doesnt qualify for CB Where's it say cleared funds only for cash back?
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ilmoro
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Post by ilmoro on Oct 5, 2015 17:26:18 GMT
Also announced in cashback thread here. One thing that isnt mentioned is it only applies to cleared funds so any investment with an associated BACS deficit at drawdown doesnt qualify for CB Where's it say cleared funds only for cash back? In the polite emails sent out on Friday about outstanding BACS deficits ' Please note that the 0.5% cashback offer is only payable to investors with cleared funds on account. (Cashback offer only applicable on PBL59,60,61)'
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paulg
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Post by paulg on Oct 5, 2015 17:37:29 GMT
PBL 62 & 63 drawn down, and PBL 28 extended for 3 months (not 6).
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webwiz
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Post by webwiz on Oct 5, 2015 18:05:20 GMT
Where's it say cleared funds only for cash back? In the polite emails sent out on Friday about outstanding BACS deficits ' Please note that the 0.5% cashback offer is only payable to investors with cleared funds on account. (Cashback offer only applicable on PBL59,60,61)' How do you interpret that timing wise? If I made a deposit, creating a BACS deficit which I cleared before their next reconciliation would I get CB if: cleared before draw down draw down between deposit and clearing deposited and cleared after draw down
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ilmoro
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Post by ilmoro on Oct 5, 2015 18:23:44 GMT
In the polite emails sent out on Friday about outstanding BACS deficits ' Please note that the 0.5% cashback offer is only payable to investors with cleared funds on account. (Cashback offer only applicable on PBL59,60,61)' How do you interpret that timing wise? If I made a deposit, creating a BACS deficit which I cleared before their next reconciliation would I get CB if: cleared before draw down draw down between deposit and clearing deposited and cleared after draw down I would say the first one, no outstanding deficit for the funds committed to that loan, though I would probably try & argue the second.
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webwiz
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Post by webwiz on Oct 5, 2015 19:15:10 GMT
How do you interpret that timing wise? If I made a deposit, creating a BACS deficit which I cleared before their next reconciliation would I get CB if: cleared before draw down draw down between deposit and clearing deposited and cleared after draw down I would say the first one, no outstanding deficit for the funds committed to that loan, though I would probably try & argue the second. But does no outstanding deficit mean the same as cleared funds on account. All very confusing. Half a percent may not sound very much but it is all many accounts will pay for a whole year's interest (albeit with FSCS)
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SteveT
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Post by SteveT on Oct 5, 2015 19:39:54 GMT
I'm confident that, provided your Faster Payments transfer into Lendy's account had been made before the loans in question drew down (even if it had yet to be reconciled against your BACS deficit) then SS would honour the CB offer. What they're trying to discourage is people "buying" into loans but failing to transfer matching funds in a timely manner. But I suggest not hanging around as draw down was "imminent" some days ago (so any time this side of Xmas!)
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mikes1531
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Post by mikes1531 on Oct 5, 2015 21:28:24 GMT
I'm confident that, provided your Faster Payments transfer into Lendy's account had been made before the loans in question drew down (even if it had yet to be reconciled against your BACS deficit) then SS would honour the CB offer. What they're trying to discourage is people "buying" into loans but failing to transfer matching funds in a timely manner. But I suggest not hanging around as draw down was "imminent" some days ago (so any time this side of Xmas!) In the dim distant past, SS have announced when drawdown was about to occur and stated a time by which parts had to be bought in order to qualify for CB. But that was in their early days and maybe they didn't have to worry about people buying parts and then delaying sending in the funds. Or perhaps they were trying harder not to upset investors whereas now they feel they have enough that they can afford to be a bit more hard-nosed.
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Post by many38 on Oct 6, 2015 10:07:37 GMT
As a new investor in SS I was astounded to see it was possible to have a BACS deficit. I use 4 other P2P sites and all of them require the funds in your account before bidding. Seems as if SS have created an unnecessary problem for themselves with this facility.
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SteveT
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Post by SteveT on Oct 6, 2015 10:13:09 GMT
As a new investor in SS I was astounded to see it was possible to have a BACS deficit. I use 4 other P2P sites and all of them require the funds in your account before bidding. Seems as if SS have created an unnecessary problem for themselves with this facility. I have to disagree; it's a huge competitive advantage and their new loan pre-funding system simply wouldn't function without it. SS have several times raised >£1m in a matter of hours; you're never going to see that much cash sat idle waiting for a new loan to launch.
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ilmoro
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Post by ilmoro on Oct 6, 2015 10:20:39 GMT
As a new investor in SS I was astounded to see it was possible to have a BACS deficit. I use 4 other P2P sites and all of them require the funds in your account before bidding. Seems as if SS have created an unnecessary problem for themselves with this facility. Maybe but from a lender point of view its brilliant. When the loan market is as liquid on popular loans as SS is generally, the ability to react extremely quickly is vital. The system has been running for over a year now and if it was a major problem it would have been removed but they made it an integral part of pre-funding so they must be happy with it. Prefunding has probably prompted the recent spate of chasing; not because of issues with the system itself but because people were requesting more than they actually wanted in an attempt to game the system on more popular loans. If they got more than they wanted I suspect some just didnt send the funds so SS had to cancel their investment. May also be an element of flipping with people investing in loans before midnight and then immediately selling after midnight to get the interest without providing the funds. Edit: I would add that even a debit card payment as offered by some sites isnt as quick, lots of fidderly figures to type, so long may SS continue with this even if I have put up with the odd email, text or call in exchange. Now if they were as quick of the mark with promised updates, drawdowns & redemptions that Id be very happy but hey lets not get greedy
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Post by many38 on Oct 7, 2015 8:56:56 GMT
Interesting points of view stevet & ilmoro. I didn't realise there were chasers and flippers on SS too.
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sqh
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Post by sqh on Oct 7, 2015 15:10:23 GMT
Interesting points of view stevet & ilmoro. I didn't realise there were chasers and flippers on SS too. I imagine there are plenty of ex Flipping Chasers on SS 1. SS too gets released soon.
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j
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Post by j on Oct 30, 2015 15:47:24 GMT
Just got an email that pbl15 has been repaid
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sam i am
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Post by sam i am on Oct 30, 2015 15:57:12 GMT
It's great to see another loan successfully repaid maintaining the Saving Stream clean slate.
But that's another million quid looking for a home.
Let's hope we start to see some movement in the pipeline soon!
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