jonbvn
Member of DD Central
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Post by jonbvn on Aug 20, 2015 13:03:15 GMT
On the face of it, this scheme appears very equitable.
I will be interested to see how it works in practice.
A few questions:
1. Is it possible to switch pre-funding on & off &/or reduce/increase the amount to suit my cash flow?
2. If I pref-fund a loan, which I sell on the SM immediately, will the BACS funding deficit be cancelled?
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adrianc
Member of DD Central
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Post by adrianc on Aug 20, 2015 13:08:20 GMT
A few questions: 1. Is it possible to switch pre-funding on & off &/or reduce/increase the amount to suit my cash flow? It's the second link down under the "Account" menu on the site.
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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 20, 2015 13:09:14 GMT
Shame some aggrieved lenders took their money elsewhere, never to return, on Tuesday afternoon (only jesting chaps/chapesses, honest  ) Well, if you read my posts I didn't actually say that anywhere, but I was certainly aggrieved by a lack of response from SS to the capping issue and a run of server meltdowns, furthermore, most of those complainants were the ones that couldn't invest so their money was 'rejected' not voluntarily removed. Hopefully this will deal with the angry mob, the smug lot, and the nasty party all in one fell swoop  I wasn't referring to you, sorry it looked that way because it was in response to your post but that was because you raised the point that it will make it very attractive to more lenders now. And all very tongue in cheek anyway
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Post by wiseclerk on Aug 20, 2015 13:10:10 GMT
savingstream, what about the foreign investors that fund their account via Transferwise. Will they only have the option to use this if they keep enough money in their account balance? I am not sure I fully understand what will happen, if a bid is made with prefunding in my account. But pre-funding will address the feeding frenzy that is currently happening with new loans.
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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
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Post by ilmoro on Aug 20, 2015 13:12:26 GMT
Whats to stop someone clicking £100k for pre-funding then only BACS what they want to fund in a loan later? Would assume that sort of behaviour would result in facility being removed from the culprit same as the instant credit is removed if people treat it as a short term lending facility from SS & delay BACS transfer unreasonable time/dont make it. Sure SS will be on the alert for manipulation, got to assume lenders will follow rules until proved otherwise.
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Post by nickthefool on Aug 20, 2015 13:19:44 GMT
Does anyone know how to get to the Account - My Details page when logged in via an iPhone? I can get to Account but then cannot see a link to My Details anywhere on it. Log in then go to www.savingstream.co.uk/detailsNot elegant but it works and I can't see another way to do it.
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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 20, 2015 13:19:36 GMT
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. Ok thanks, I misunderstood how it worked then. I've been considering all this while hanging out some washing and realised you were quite right in the first place - sorry about that - I'm about to go and correct that post. When I made my original response I was all caught up in the notion that the BACS deficit doesn't appear to be going to be offset automatically by SS after the event, when loan parts are sold, that I'd ignored the fact that they did state that any funds in the account will be used first and any shortfall will be auto credited. It's any funds arriving AFTER the autocredit and not from a bank that we need them to re-think about using to offset BACS deficit. As you were corporal
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Post by savingstream on Aug 20, 2015 13:22:01 GMT
savingstream, what about the foreign investors that fund their account via Transferwise. Will they only have the option to use this if they keep enough money in their account balance? I am not sure I fully understand what will happen, if a bid is made with prefunding in my account. But pre-funding will address the feeding frenzy that is currently happening with new loans. International investors (the number of whom is rising rapidly) can use the facility just as British investors can.
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SteveT
Member of DD Central
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Post by SteveT on Aug 20, 2015 13:24:58 GMT
Does anyone know how to get to the Account - My Details page when logged in via an iPhone? I can get to Account but then cannot see a link to My Details anywhere on it. Log in then go to www.savingstream.co.uk/detailsNot elegant but it works and I can't see another way to do it. Haha, that certainly works to get me to the My Details page (thanks!), but then there is no link to the Pre-Funding level setting page. Do you have the web address for that too?
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Aug 20, 2015 13:28:44 GMT
On the basis that SS will continue to text notifications of loan launches, it would be welcome if they could indicate whether or not there was "additional" availability after pre-funding had been applied and if possible an estimation of the amount. I appreciate that they wouldn't know how much would be quickly moved onto the SM, but it might relieve some of the frantic urge to get to a computer asap.
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adrianc
Member of DD Central
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Post by adrianc on Aug 20, 2015 13:29:43 GMT
Haha, that certainly works to get me to the My Details page (thanks!), but then there is no link to the Pre-Funding level setting page. Do you have the web address for that too? Somewhat surprisingly, it's www.savingstream.co.uk/prefunding
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Post by dodgeydave on Aug 20, 2015 13:33:05 GMT
The one thing i like about Saving Stream is they make errors , read comments on here and try and resolve the problem.
The fact you can switch your pre funding on or off. And alter your investment.
Is in my opinion is a good solution.
Lets see how it works.
It should stop the melt down we have been having when loans are realised
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SteveT
Member of DD Central
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Post by SteveT on Aug 20, 2015 13:34:38 GMT
Haha, that certainly works to get me to the My Details page (thanks!), but then there is no link to the Pre-Funding level setting page. Do you have the web address for that too? Somewhat surprisingly, it's www.savingstream.co.uk/prefundingExcellent, job done. Many thanks!
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stevio
Member of DD Central
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Post by stevio on Aug 20, 2015 13:41:36 GMT
Whats to stop someone clicking £100k for pre-funding then only BACS what they want to fund in a loan later? Would assume that sort of behaviour would result in facility being removed from the culprit same as the instant credit is removed if people treat it as a short term lending facility from SS & delay BACS transfer unreasonable time/dont make it. Sure SS will be on the alert for manipulation, got to assume lenders will follow rules until proved otherwise. Ok, we'll see.....
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Post by nickthefool on Aug 20, 2015 13:49:17 GMT
Haha thanks for the clarification ramblin rose. Nice to know I was right for once, my wife will be surprised to know it can happen stevio see you've been given an answer already, I really dislike the site on my iPhone, don't use it very often but been thinking I should maybe set up some bookmarks to all the pages as that will save having to scroll to the bottom of the screen. |
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