adrianc
Member of DD Central
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Post by adrianc on Aug 18, 2015 16:14:11 GMT
70k available. Must have held some back. Now -£35k To be fair, Liz, there was some available in one of the older loans when I looked - 49p in 006, due in a month. Oh, wait. There's a grand in 004a, which this morning's update tells us will be repaid as soon as they find alternative financing. Oops. My bad. It's now £25. Crazy. Hey, SS... Does the imbalance between supply of money and demand for it say anything about your fixed interest rate's viability?
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
Likes: 302
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Post by merlin on Aug 18, 2015 16:16:42 GMT
The problem is a supply/demand issue. Definitely appears to be. The poll in the main forum here had me dipping my toe. I got a couple of little nibbles fairly quickly, and all looked rosie. Since then, nothing. Then... this morning's status update. Half the loans are due to repay any second flat. But... JOY! three new loans...! Just looking at the loans page shows the size of the impending problem, even ignoring any money that's waiting to be invested. Today's new loans - £1.35m. Gone in minutes. Loans currently showing as overdue - £1.7m Loans currently showing as due within one month - £7.5m This is gonna hurt... You have covered my sentiments almost perfectly and particularly those about the effect of impending loan repayments. The cash I already have uncommitted in SS I will now pull out as the chances of using it to fund a loan are now zero. In the mean time I will be expecting cash back on loans 11, 12, 14 and 21 shortly followed by a whole load more on loan 6 and the Superyacht. Given the way the wind is currently blowing it looks highly probable that I will have to withdraw that as well. I am far from unique in this situation and my guess is that their are plenty of other investors with a similar problem and are now wondering what they are going to do. It certainly does not make much sense to leave the money in SS's client account rotting with no where to go!
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Post by solicitorious on Aug 18, 2015 16:20:36 GMT
In their haste to get these loans out, SS have even failed to label them correctly... Oh, I see they are monitoring this thread. That little screwup has now been corrected...
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
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Post by ramblin rose on Aug 18, 2015 16:23:26 GMT
ramblin rose - Do you work for Saving Stream's PR department ? Not in any way, and have been extremely vocal in my criticism at times. I just am not finding this making me angry. I miss some new loans at the moment - it doesn't upset me. I've been lending since the very start and haven't ever found SS don't care, which is why I'm confident they'll get it sorted. I'm confident I'll be able to get into new loans when it is. If it isn't this month or next, and if I'm lucky enough to have money to lend in the meantime, I'll lend it somewhere else. As a new poster you may not realise that I also like FS, have always found they care and stuck with them in the same way through their same debacle. It is natural that people trying desperately to lend to a platform that's not coping with increased demand vent their anger and frustration on this forum - I do it myself on many occasions over various matters with all the platforms I lend through as longer term forum members will know. Just so happens that on this occasion I'm not falling prey to those particular emotions, and am taking a calmer view. Happy for the rest of you to vent. For the record, I work for nobody at all other than myself.
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Liz
Member of DD Central
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Post by Liz on Aug 18, 2015 16:23:48 GMT
Now where to invest??? I Already got fed up with TC.
On another note if 1000 people deposit and get nothing, withdraw their money, then that is a lot of admin and cost to SS, just maybe that will sparks them into action.
I really think a limit of £2-5k is fair in the first 12 hours, or even 2-5 hours.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
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Post by sqh on Aug 18, 2015 16:24:04 GMT
Congratulations savingstream, I think you've just created a record on this forum for "most users online", first time over 200. Probably, due to lenders logging on to vent their anger at your server performance. Not really the sort of record you want. In future, I suggest you announce new loans on this forum 30 minutes before sending an email and SMS, That way you would have a lot more happy investors, with complimentary feedback. |
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blata
Posts: 77
Likes: 62
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Post by blata on Aug 18, 2015 16:24:35 GMT
Have a large amount invested but after today's farce I will slowly be removing all of it unless some simple solutions are implemented, which have already been discussed so will not go on.
Come on Saving Stream sort yourself out?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
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Post by ilmoro on Aug 18, 2015 16:32:47 GMT
This is actually quite funny to watch now. Everytime an overfunding gets unwound a bit becomes avaliable, everyone charges over and the loan is immediately overfunded again. This could go on for hours  Reminds me of the old style Scooby Doo where they get chased from side to side, in varying different orders. |
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
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Post by ilmoro on Aug 18, 2015 16:39:36 GMT
Congratulations savingstream, I think you've just created a record on this forum for "most users online", first time over 200. Probably, due to lenders logging on to vent their anger at your server performance. Not really the sort of record you want. In future, I suggest you announce new loans on this forum 30 minutes before sending an email and SMS, That way you would have a lot more happy investors, with complimentary feedback. Number of first time posters, generally negative, is also noticeable. Grumps is missing all the fun, though theres probably one very relieved keyboard/tablet thats avoided a banana battering today
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jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,808
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Post by jonno on Aug 18, 2015 16:39:19 GMT
ramblin rose - Do you work for Saving Stream's PR department ? Not in any way, and have been extremely vocal in my criticism at times. I just am not finding this making me angry. I miss some new loans at the moment - it doesn't upset me. I've been lending since the very start and haven't ever found SS don't care, which is why I'm confident they'll get it sorted. I'm confident I'll be able to get into new loans when it is. If it isn't this month or next, and if I'm lucky enough to have money to lend in the meantime, I'll lend it somewhere else. As a new poster you may not realise that I also like FS, have always found they care and stuck with them in the same way through their same debacle. It is natural that people trying desperately to lend to a platform that's not coping with increased demand vent their anger and frustration on this forum - I do it myself on many occasions over various matters with all the platforms I lend through as longer term forum members will know. Just so happens that on this occasion I'm not falling prey to those particular emotions, and am taking a calmer view. Happy for the rest of you to vent. For the record, I work for nobody at all other than myself. Sorry Rose, but I can't fully agree. MT are a much newer platform and following some scrummaging in the early stages, it didn't take Ed & Co long to sort it all out. I know SS is larger in scale but I think they've had more than long enough to sort this lot out.Deeply worrying conduct from a company with whom I've trusted a lot of money.
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registerme
Member of DD Central
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Post by registerme on Aug 18, 2015 16:42:39 GMT
Is it stating the obvious to point out that the more people who are annoyed / frustrated enough by this to move off of SS, the more scope there is for the remainder to get invested? Whilst I'd like an elegant solution to the problems we're seeing, SS' emphasis on being small and lean leads me to suspect that they'll try to ride it out, and if they lose some customers then that's the cost associated with their business model. They have to prioritise. If I were them I'd be concentrating on a) new loans of sufficient quality and size to roughly meet existing demand and b) the trust structure.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
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Post by ramblin rose on Aug 18, 2015 16:49:19 GMT
Not in any way, and have been extremely vocal in my criticism at times. I just am not finding this making me angry. I miss some new loans at the moment - it doesn't upset me. I've been lending since the very start and haven't ever found SS don't care, which is why I'm confident they'll get it sorted. I'm confident I'll be able to get into new loans when it is. If it isn't this month or next, and if I'm lucky enough to have money to lend in the meantime, I'll lend it somewhere else. As a new poster you may not realise that I also like FS, have always found they care and stuck with them in the same way through their same debacle. It is natural that people trying desperately to lend to a platform that's not coping with increased demand vent their anger and frustration on this forum - I do it myself on many occasions over various matters with all the platforms I lend through as longer term forum members will know. Just so happens that on this occasion I'm not falling prey to those particular emotions, and am taking a calmer view. Happy for the rest of you to vent. For the record, I work for nobody at all other than myself. Sorry Rose, but I can't fully agree. MT are a much newer platform and following some scrummaging in the early stages, it didn't take Ed & Co long to sort it all out. I know SS is larger in scale but I think they've had more than long enough to sort this lot out.Deeply worrying conduct from a company with whom I've trusted a lot of money. Fair enough - I'm not suggesting everyone should be calm. Just explaining why I'm happy enough for now in response to a suggestion that I'm working for SS and posting in an underhand manner. As I lend with MT too, I hope you're right. We can't know until the big money hits MT but hopefully they've made it adequately expandable. It's taken until now, from late 2013 for all this to get out of hand at SS, during which time bidding has worked well, with the notable exception of the negative availability and resulting delay to sellers of subsequent parts receiving their funds (which, does make me annoyed and is unacceptable because it's been going on for a VEEEEEERY long time). Maybe my faith in SS getting it sorted is misplaced, but experience tells me otherwise.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
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Post by ramblin rose on Aug 18, 2015 16:51:40 GMT
Is it stating the obvious to point out that the more people who are annoyed / frustrated enough by this to move off of SS, the more scope there is for the remainder to get invested? Whilst I'd like an elegant solution to the problems we're seeing, SS' emphasis on being small and lean leads me to suspect that they'll try to ride it out, and if they lose some customers then that's the cost associated with their business model. They have to prioritise. If I were them I'd be concentrating on a) new loans of sufficient quality and size to roughly meet existing demand and b) the trust structure. There is also the small matter of the new platform that we've been promised / threatened with. The optimist in me hopes that's going to solve some of the problems, but the realist side is a bit fearful.
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sam i am
Member of DD Central
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Post by sam i am on Aug 18, 2015 16:58:22 GMT
Disgusting - took a 15 minutes break from trying to break in and everything gone (again - lost out on last one 50 (?) too). Why oh why send out the bloody email so all the rich b***ds can throw in their >£50k wads? Full marks to sites like FS who put a 24 hour limit on new bids and have servers that can cope. I feel your pain, but feel obliged to point out that the exact same fiasco went on for many, many months with FS before they got their act together, so they perhaps aren't the best comparison. Even the introduction of bidding limits didn't stop it until they eventually, after many attempts, got the IT sorted. It took more than simple addition of capacity - they had to re-implement the platform software. So, whilst I do agree they have it right now, it wasn't always that way. Maybe that's why I've got a bit more patience about this than most - I've seen much worse and am confident they'll get it sorted. Rose, I'm with you on this one. There are a number of issues with SS and let's hope they get them sorted but I will stick with them for now. Something to do with not cutting your nose off to spite your face.
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Post by yorkshireman on Aug 18, 2015 17:08:25 GMT
The bottom line is that SS are totally unprofessional, what sort of a firm, other than FC, launches £1.3 million + worth of loans with a website that is not fit for purpose? That’s not sour grapes at being unable to invest in these loans, just an accurate reflection of an organisation that we entrust with our money.
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Reminds me of the old style Scooby Doo where they get chased from side to side, in varying different orders.
