locutus
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Post by locutus on Aug 6, 2015 12:12:37 GMT
Quick question. If I am overweight in loan 1 and want to move £100 to loan 2 (as soon as it appears on the market), what is the best way to do so? Do I need to sell parts in loan 1 first or can I instant fund my account for £100, invest £100 in loan 2 and then once my loan 1 parts have sold, withdraw £100 from the cashier function leaving my account in balance again.
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SteveT
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Post by SteveT on Aug 6, 2015 12:17:01 GMT
2nd option is best, provided you have the cash needed to transfer in temporarily, or you risk missing out on the new loan
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locutus
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Post by locutus on Aug 6, 2015 12:19:33 GMT
2nd option is best, provided you have the cash needed to transfer in temporarily, or you risk missing out on the new loan Sorry - I wasn't clear. For the 2nd option, I meant just use the instant fund facility without actually transferring in my own funds.
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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 Aug 6, 2015 12:24:50 GMT
2nd option is best, provided you have the cash needed to transfer in temporarily, or you risk missing out on the new loan Sorry - I wasn't clear. For the 2nd option, I meant just use the instant fund facility without actually transferring in my own funds. You would need to email SS to ask them to reconcile the surplus in your account after the sale with the resulting BACS deficit. The withdrawal in the cashier menu is only to external accounts.
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11025
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Post by 11025 on Aug 6, 2015 12:24:55 GMT
You can do that , providing you sell your existing loans immediately and advise SS to take the bacs deficit from your balance , if not you will need to transfer money in.
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Post by pepperpot on Aug 6, 2015 12:48:15 GMT
I see funding a bacs deficit with a sale as a slight abuse of the system kindly offered by SS, tying up their time with a manual process. If I put money into a new loan I fund it straight away (unless it's a weekend in which case I'll schedule the transfer for the Mon) then reduce an over weight loan at a later date.
Maybe an automated version of this will be a feature of the new site.
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sam i am
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Post by sam i am on Aug 6, 2015 16:07:09 GMT
Funding a loan with a slightly later sale of a different loan may be a bit of a cheeky thing to do but I'm not sure it would take up more SS time. If I fund a loan and then sell a different loan immediately afterwards then SS has to reconcile my payment in and then make a payment out (assuming I do not want to end up with a higher balance). Offsetting the BACS deficit against the available funds may actually be easier as it is just one process.
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Investor
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Post by Investor on Aug 6, 2015 16:55:16 GMT
I see funding a bacs deficit with a sale as a slight abuse of the system kindly offered by SS, tying up their time with a manual process. If I put money into a new loan I fund it straight away (unless it's a weekend in which case I'll schedule the transfer for the Mon) then reduce an over weight loan at a later date. Maybe an automated version of this will be a feature of the new site. With you on that Pepperpot but I would suggest that this is a little more than a slight abuse. Would appear that there is then an expectation of the sale going through to fund the BACS deficit. Whilst we all accept that liquidity on the SM is currently strong this should not be taken as a given. Investing in a loan that you cannot fund without the SM sale and leaving the risk of the sale to sit with SS is in my mind a wholly unacceptable way of approaching any P2P investment. What next 'Dear SS, I am waiting for a sale on the SM in my Ablrate account to fund the BACS commitment I have made on your site'. I know SS can unwind an unfunded BACS deficit and re-introduce that loan part but this is in my belief, very unacceptable behaviour.
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locutus
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Post by locutus on Aug 6, 2015 18:17:54 GMT
Thanks all. Just to be clear, I wouldn't dream of doing this without funds in place. However, if I only want to move money from one loan to another, by the time transfers in and out of my bank account have been actioned and cleared, it is just as easy to reconcile a surplus and deficit within SS. Of course, this all assumes the loan parts sell within a couple of hours or so which would be my expectation.
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