BACS Funding Deficit / Account Balance Offset Live

Very good news, but they might have told us.

I wish I'd taken a page print or clicked it or something, 'cause it was definitely there but I may not be remembering it precisely as it was. It was on the dashboard 'overview' tab and had an appearance like the '(view details)' shown against the Total live loan parts: row, and I think was either against the BACS funding deficit: row or the Available funds: row. I didn't click it because I was unsure what it would do exactly, and I had already made the transfer. On setting up my withdrawral and going back to the overview tab it had disappeared. The only other thing to add was that my balance and deficit were an exact match, so would have zeroed my account.

savingstream have been on this board since I posted, they haven't said it was in my dreams so I presume it wasn't - perhaps as webwiz suggested they can confirm, or inform investors in some other way.

It's under dashboard next to BACS funding deficit:

"Offset deficit with available funds"

I use firefox

You can easily test this. Just make a deposit of £100 so you go into deficit. Then reload page and you will see the option. Exercise it and it will clear your deposit from available funds and your deficit. Interestingly, none of this appears in the Transactions log.

It is amazing that a facility much demanded has been introduced with no fanfare or announcement of any sort.

I started using SS cautiously and suspiciously. As time has gone by they have gone steadily up in my estimation and they are now my favourite platform, even though I know things can still go pear shaped.

After you "deposit" £100 you will have available funds of £100.39 and a deficit of £100. Click on the new option and it will go back to where it was at the beginning, available funds of £0.39 and no deficit.

There was a small flurry of activity on the SM about 15 mins ago so I thought I'd try out the new functionality.  I deposited £1000 and bought a couple of loan parts.  I then put up two loan parts for sale both at £500.

I noticed the same thing as ianj.  After the first £500 sold there was no option to offset.  But when the second £500 sold it appeared.

The offset then worked as intended.

So this is an improvement but as pointed out above it is not as useful as it could be.  It didn't worry me today as I was just rebalancing (and for that it worked a treat).  But I can easily imagine a scenario where I would want my investment to be part funded by BACS and part funded by sales.

I hope SS can adjust the functionality to cope with this.