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Post by Deleted on Aug 20, 2015 11:31:25 GMT
savingstream looks like a great idea although haven't really fully digested yet. However when I looked it was selected at 'no' when I went to change to 'yes' and set an amount a pop-up appeared saying (words to effect) are you sure you want to cancel pre-funding? Presumably that's wrongly worded? Also I didn't have a £10k option, is that 'cause I'm not a big hitter  . Can see options upto £100K Did you scroll down the list?
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ramblin rose
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Post by ramblin rose on Aug 20, 2015 11:31:29 GMT
savingstream looks like a great idea although haven't really fully digested yet. However when I looked it was selected at 'no' when I went to change to 'yes' and set an amount a pop-up appeared saying (words to effect) are you sure you want to cancel pre-funding? Presumably that's wrongly worded? Also I didn't have a £10k option, is that 'cause I'm not a big hitter . Was fine when I did it, so if it was wrong might have been fixed?
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Post by savingstream on Aug 20, 2015 11:31:14 GMT
Should certainly appease at least some lenders  At the moment, many of us have chosen not to abuse the instant deposit mechanism and get you to manually offset BACS deposit shortfalls with the proceeds of loan part sales, although I'm aware some people have been doing that. This system would lead to instant deposits being automatically made at unexpected times (such as when on holiday) and it will be, I assume, very common for lenders to decide to sell some or all of their new purchase immediately after looking at the loan details. Can we assume, therefore, that going forward it's going to be a completely normal, and perhaps automated, process to have the BACS deficit offset by loan part sale proceeds? +1 ! Will be very awkward that I prefund a loan (based on settings) and don't have liquid funds to pay for the BACS deficit or am on an extended holiday.Will the prefund be cancelled by SS and the BACS deficit cancelled, on request (which could be struggle to make as we may not have internet connectivity)? Or would I've to put the loan part on SM and hope that someone will buy it off me. I do not want to cheat SavingStream or others by agreeing to prefund and not being able to do that. We will see how it goes and will keep our eyes open. If you know you are going to be away, let us know, we will deal with it for you.
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Post by biggles on Aug 20, 2015 11:33:08 GMT
"What if I don't have funds available?
If you do not have the required funds available on your account at the launch of a new loan, an auto-deposit will be added to your account for any shortfall. "
What is an auto-deposit? A direct debit?
NB I'm getting seriously fed up with this forum software...
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ramblin rose
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Post by ramblin rose on Aug 20, 2015 11:34:49 GMT
One thing that it doesn't currently include, which might be useful, is the ability to automatically re-invest earnings into the "pre-funding pot". It would if they were going to allow the automatic BACS deficit offsetting that I asked about. I did specify proceeds from loan part sales, but in effect it would be 'contents of account' I would assume.
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SteveT
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Post by SteveT on Aug 20, 2015 11:36:14 GMT
An excellent next step in the platform's development and highly welcome.
The only thing I'd request is some advance warning when multiple new loans are going to launch simultaneously, as happened this week. Whilst I might set my prefunding level at £X and have uncommitted funds available to transfer this sum within 24 hours, if I suddenly need to find 3x £X on the same day then that could be a minor challenge!
That said, such "split loans" to the same borrower are usually on the smaller side so I guess there is likely to be the option immediately to sell any allocation I'm not in a position to fund quickly
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ramblin rose
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Post by ramblin rose on Aug 20, 2015 11:37:47 GMT
+1 ! Will be very awkward that I prefund a loan (based on settings) and don't have liquid funds to pay for the BACS deficit or am on an extended holiday.Will the prefund be cancelled by SS and the BACS deficit cancelled, on request (which could be struggle to make as we may not have internet connectivity)? Or would I've to put the loan part on SM and hope that someone will buy it off me. I do not want to cheat SavingStream or others by agreeing to prefund and not being able to do that. We will see how it goes and will keep our eyes open. If you know you are going to be away, let us know, we will deal with it for you. It's not really just about going on holiday. Some (lots of maybe) people aren't going to want a particular loan and will instantly sell the part. They really don't want to be tranferring money in to fund a BACS deficit, only to be immediately setting a withdrawal request. I'd have thought.
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ramblin rose
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Post by ramblin rose on Aug 20, 2015 11:38:30 GMT
"What if I don't have funds available?
If you do not have the required funds available on your account at the launch of a new loan, an auto-deposit will be added to your account for any shortfall. "
What is an auto-deposit? A direct debit?
NB I'm getting seriously fed up with this forum software...
It's stage 1 of the deposit process you should be using now, which instantly credits your account and creates a BACS funding deficit.
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Post by nickthefool on Aug 20, 2015 11:39:47 GMT
One thing that it doesn't currently include, which might be useful, is the ability to automatically re-invest earnings into the "pre-funding pot". I think that's in by design? The "pre-funding pot" will use any funds you have available on the site, including any earnings, and if you don't have enough, then it'll effectively ask you for a BACS transfer. I think it's a good move - it should relieve some of the pressure on the site when a new loan goes live, and also mean that most people who want to can get involved, while also providing SS valuable info about how much people are willing to invest. As long as people use it honestly, that is. The main issue I can think of initially is abuse (whether intentional, or accidental if multiple loans go live in a short space of time) of the deposit system, which could lead to loans being filled before going live on the site but then significant amounts not being followed up by a bank transfer.
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ilmoro
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Post by ilmoro on Aug 20, 2015 11:40:10 GMT
savingstream. Great idea, solves IT issue and overfunding issues on launches. Only issue I can see is notifying people of participation given there a few people who dont get selected emails or texts (overseas). Also it would make sense to add prefunding setting to dashboard for reference, its currently unclear as stardust has noted given the confirmation says the same whether turning off or on
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ramblin rose
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Post by ramblin rose on Aug 20, 2015 11:41:38 GMT
One thing that it doesn't currently include, which might be useful, is the ability to automatically re-invest earnings into the "pre-funding pot". I think that's in by design? The "pre-funding pot" will use any funds you have available on the site, including any earnings, and if you don't have enough, then it'll effectively ask you for a BACS transfer. They haven't confirmed that yet. As things stand it will work as any instant deposit does now and the BACS deficit will be created, and would have to be manually offset by them on request. That's what I've been asking about. Edit: I realised I was incorrect about this due to having been concentrating on funds arriving after the BACS deficit got created not being used to offset it, and nickthefool was quite right. I've made a correcting response with added waffle further down the thread: p2pindependentforum.com/post/58208/thread
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star dust
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Post by star dust on Aug 20, 2015 11:42:59 GMT
+1 ! Will be very awkward that I prefund a loan (based on settings) and don't have liquid funds to pay for the BACS deficit or am on an extended holiday.Will the prefund be cancelled by SS and the BACS deficit cancelled, on request (which could be struggle to make as we may not have internet connectivity)? Or would I've to put the loan part on SM and hope that someone will buy it off me. I do not want to cheat SavingStream or others by agreeing to prefund and not being able to do that. We will see how it goes and will keep our eyes open. If you know you are going to be away, let us know, we will deal with it for you. Could you put some kind of time limit on clearing a pre-funded BACs, say 3 days, unless notified otherwise by borrowers? For repeat offenders you could always disable it of course 
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registerme
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Post by registerme on Aug 20, 2015 11:42:55 GMT
One thing that it doesn't currently include, which might be useful, is the ability to automatically re-invest earnings into the "pre-funding pot". I think that's in by design? The "pre-funding pot" will use any funds you have available on the site, including any earnings, and if you don't have enough, then it'll effectively ask you for a BACS transfer. I think it's a good move - it should relieve some of the pressure on the site when a new loan goes live, and also mean that most people who want to can get involved, while also providing SS valuable info about how much people are willing to invest. As long as people use it honestly, that is. The main issue I can think of initially is abuse (whether intentional, or accidental if multiple loans go live in a short space of time) of the deposit system, which could lead to loans being filled before going live on the site but then significant amounts not being followed up by a bank transfer. Yeah, I see what you're saying. Perhaps then have two options, one that allows you to pre-fund, but not to exceed funds available on the site, and one that allows you to exceed said limit in the knowledge that you will need to make good with a BACS transfer?
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ramblin rose
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Post by ramblin rose on Aug 20, 2015 11:44:27 GMT
savingstream. Great idea, solves IT issue and overfunding issues on launches. Only issue I can see is notifying people of participation given there a few people who dont get selected emails or texts (overseas). Also it would make sense to add prefunding setting to dashboard for reference, its currently unclear as stardust has noted given the confirmation says the same whether turning off or on It didn't say the same for me. It asked was I sure I wanted to switch it on. Started with 'cancel' until I realised I hadn't clicked the button to say 'Yes' and then it said 'set'. Right early on, as soon as I read about it.
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star dust
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Post by star dust on Aug 20, 2015 11:47:18 GMT
@nancelot and ramblin rose, can see the entire list now thanks, not sure if it was a fix or I wasn't scrolling  , but as ilmoro pointed out it still says 'cancel' whenever you make a change. x posted with ramblin rose but still just says cancel for me no 'set' s at all. Hope I haven't confused it now it will probably say too many changes soon! |
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At the moment, many of us have chosen not to abuse the instant deposit mechanism and get you to manually offset BACS deposit shortfalls with the proceeds of loan part sales, although I'm aware some people have been doing that. This system would lead to instant deposits being automatically made at unexpected times (such as when on holiday) and it will be, I assume, very common for lenders to decide to sell some or all of their new purchase immediately after looking at the loan details. Can we assume, therefore, that going forward it's going to be a completely normal, and perhaps automated, process to have the BACS deficit offset by loan part sale proceeds?
, but as