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Post by chrisuk on Sept 5, 2015 11:05:32 GMT
I apologise for being a bit thick but I'm still slightly confused with the 'pre-funding' procedure.
For example, if I decided to pre-fund the Land In Hull for £100, would I have to make a BACS transfer before, after, or when the loan goes live and I know how much I have been allocated?
Thank you,
Chris
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Post by pepperpot on Sept 5, 2015 11:33:08 GMT
I apologise for being a bit thick but I'm still slightly confused with the 'pre-funding' procedure. For example, if I decided to pre-fund the Land In Hull for £100, would I have to make a BACS transfer before, after, or when the loan goes live and I know how much I have been allocated? Thank you, Chris When the loan goes live on the system we will all be allocated some or all of our desired pre-funding. If you have a balance sufficient to cover the amount it will take it from there first, otherwise a bacs deficit is automatically created for the shortfall (or the full amount if your balance is zero) which then needs to be followed up with a transfer within 24hrs. The auto created bacs deficit is effectively step 1 of the 2 step deposit method.
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indy
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Post by indy on Sept 5, 2015 11:34:58 GMT
I apologise for being a bit thick but I'm still slightly confused with the 'pre-funding' procedure. For example, if I decided to pre-fund the Land In Hull for £100, would I have to make a BACS transfer before, after, or when the loan goes live and I know how much I have been allocated? Thank you, Chris You do a BACS transfer after the loan has gone live you have 48hrs to do this. If you do not fund your account within this time the loan part goes back up for sale.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Sept 5, 2015 11:54:42 GMT
I guess Monday is going to be just about the busiest day of the year for SS if what they have said in the latest General Update happens. Lots of money pouring in from loans settling and I hope lots of new loans being posted. Could get very interesting one way and another and very necessary to check all the transactions are as they should be.
Keep up the good work SS, and make Monday a day to remember for al the right reasons!
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kermie
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Post by kermie on Sept 5, 2015 13:45:48 GMT
I guess Monday is going to be just about the busiest day of the year for SS if what they have said in the latest General Update happens. Lots of money pouring in from loans settling and I hope lots of new loans being posted. Could get very interesting one way and another and very necessary to check all the transactions are as they should be. Keep up the good work SS, and make Monday a day to remember for al the right reasons! I think Monday will be chaos. We will either see lots of lenders very unhappy again because they did not "game" the system, and hence only got 5% of their pre-fund levels, and/or we'll see lots of lenders panic-selling to cover their pre-fund debts because they triple-triple-triple overcooked it. Whilst I think SS have responded generally well to the recent feedback, no lender now has any clue what to set their pre-funding levels at in order to get what they want. This makes cash-flow management quite hard. My approach has been to set them at levels I believe I can afford, perhaps after a small amount of selling-down of other loans. I don't particularly want to end up in a position where I select a pre-fund £100K just to get £1k and end up having to grovel to SS when I can't find the cash. I look forward to this different kind of scrum on Monday! :-)
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jonah
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Post by jonah on Sept 5, 2015 18:53:32 GMT
What level for large (eg Scotland) and small eg others....
Personally I've made sure that my total isn't too large that I couldn't fund it all (I not aiming for all of the new loans) if I had to, but there is a little scaling factor.
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Post by ladywhitenap on Sept 6, 2015 7:17:52 GMT
A further suggestion to the pre-funding page info please. Could the % pre funding of each loan be stated. I feel that those who want to try and manage their pre funding levels on a loan by loan basis could benefit from this information.
If there is a downside to this - I've note realised it (yet)!
LW
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jonah
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Post by jonah on Sept 6, 2015 7:36:28 GMT
The problem with showing the level of PF is that people will use that to tweak their level, which changes the total, which people then tweak again. It becomes an endless loop.
not saying it can't be done, just that it will generate server load etc.
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Post by ladywhitenap on Sept 6, 2015 7:41:57 GMT
Hi Jonah, I realise it will be iterative and needs recalculation for each access but that should not be a huge processing load.
LW
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webwiz
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Post by webwiz on Sept 6, 2015 7:47:44 GMT
This idea might work for underfunded loans but for overfunded ones the total would just escalate upwards as everyone increased their level to try and get a bigger slice.
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SteveT
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Post by SteveT on Sept 6, 2015 7:53:44 GMT
This idea might work for underfunded loans but for overfunded ones the total would just escalate upwards as everyone increased their level to try and get a bigger slice. ... until SS start insisting on "proof of funds" to validate the requested figure or, much more simply, that cash be transferred into the account before a loan launches. I cannot see how the current un-capped % allocation process combined with the current 48 hour BACS credit process is sustainable for long, but hey ho.
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jonah
Member of DD Central
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Post by jonah on Sept 6, 2015 8:56:37 GMT
I agree with SteveT and think the having a visible PF funding level would accelerate the issue. One alternative.... a PF limit based on current loan levels. So anyone can put up to say 1k, but above that level you can only PF to the amount you already have in against your total current loans. It prevents people putting in 100k bids to get a few hundred, doesn't stop new members or people's scaling and allows BHs to bid large if they want. The 1k figure might not be the right tipping point but the principle could work. |
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Post by xyon100 on Sept 6, 2015 9:39:59 GMT
This idea might work for underfunded loans but for overfunded ones the total would just escalate upwards as everyone increased their level to try and get a bigger slice. ... until SS start insisting on "proof of funds" to validate the requested figure or, much more simply, that cash be transferred into the account before a loan launches. I cannot see how the current un-capped % allocation process combined with the current 48 hour BACS credit process is sustainable for long, but hey ho. I was actually surprised to find we could grab chunks of loan without the funds on the account in the first place. Obviously having idle funds sitting on SS is not ideal, but I find it difficult to see a solution for the current situation where the less loan available, the more will be pre-funded with no intention of actually paying for the speculative amount requested.
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Post by mrclondon on Sept 6, 2015 11:03:28 GMT
... until SS start insisting on "proof of funds" to validate the requested figure or, much more simply, that cash be transferred into the account before a loan launches. I cannot see how the current un-capped % allocation process combined with the current 48 hour BACS credit process is sustainable for long, but hey ho. I was actually surprised to find we could grab chunks of loan without the funds on the account in the first place. Obviously having idle funds sitting on SS is not ideal, but I find it difficult to see a solution for the current situation where the less loan available, the more will be pre-funded with no intention of actually paying for the speculative amount requested. One option would be for the prefund selectors to be capped at say 10% of funds currently on SS subject to a minimum cap of say £1000 to allow newbies good access. This is similiar to how AC operated their shadow bid accounts in days long past where the credit limit was set as 25% of the current AC balance. My proposed 10% of funds coupled with SS intention of making no more than 3 loans a day live means the prefund would be limited to 30% of the current SS balance. savingstream really does need to give some thought as to how to deal with this gaming of the prefund levels .... unsurprisingly I have upped my own prefund requests for the smaller pipeline loans to way above what I actually want.
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oldgrumpy
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Post by oldgrumpy on Sept 6, 2015 11:44:27 GMT
I was actually surprised to find we could grab chunks of loan without the funds on the account in the first place. Obviously having idle funds sitting on SS is not ideal, but I find it difficult to see a solution for the current situation where the less loan available, the more will be pre-funded with no intention of actually paying for the speculative amount requested. really does need to give some thought as to how to deal with this gaming of the prefund levels .... unsurprisingly I have upped my own prefund requests for the smaller pipeline loans to way above what I actually want. It seems churlish to complain when SS are doing their utmost to provide features we ask for... quickly. Anyway, an observation rather than a complaint, seeing as people are contemplating increasing pre-fund figures on the basis that they will only get x% of what they want. I find the pre-funding drop down menu excellent, apart from the fact that following £100 steps to £1000, the next step up is doubled to £2000, then £3000 etc. Those steps are too big. At least could we have £500 steps up to (say) £5000? Even better, would it be so very difficult to allow us just to place our own figure in (in round figure £100 steps, no shrapnel)?
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