arbster
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Post by arbster on Sept 21, 2015 16:47:34 GMT
I think the "dagnabbit" was for the subject line of the email.
The details provided do specify that the majority of loans will transfer, but you do ask a very valid point about how people know what's what during the transition period.
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SteveT
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Post by SteveT on Sept 21, 2015 16:54:53 GMT
Taking the wording of the savingstream announcement at face value, I'm assuming the new T&Cs apply to any loans launched on the platform from today onwards. And that, whilst many of the existing loans (up to and including PBL58) are likely to be transferred into the same structure in due course, the existing T&Cs remain applicable to these loans until we're informed otherwise. |
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pikestaff
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Post by pikestaff on Sept 21, 2015 16:57:07 GMT
Until now I've avoided SavingStream, because I would have been lending to a company with minimal resouces that was making promises it could not possibly afford to keep. Now I just might, but I will wait until I know whether their application for full authorisation by the FCA has been successful.
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mikes1531
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Post by mikes1531 on Sept 21, 2015 17:17:27 GMT
Taking the wording of the savingstream announcement at face value, I'm assuming the new T&Cs apply to any loans launched on the platform from today onwards. And that, whilst many of the existing loans (up to and including PBL58) are likely to be transferred into the same structure in due course, the existing T&Cs remain applicable to these loans until we're informed otherwise. That would be my guess as well. But are the old Ts&Cs still available on the website? And with there being no distinction on the SS website between the primary and secondary markets -- which isn't a problem in itself -- how will anyone buying parts know whether they are buying Trust loans or Lendy loans?
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SteveT
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Post by SteveT on Sept 21, 2015 17:40:43 GMT
A simple solution would be to add the letter T to loans covered by the new Trust structure (eg. PBL59-T)
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ilmoro
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'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 Sept 21, 2015 17:41:39 GMT
Taking the wording of the savingstream announcement at face value, I'm assuming the new T&Cs apply to any loans launched on the platform from today onwards. And that, whilst many of the existing loans (up to and including PBL58) are likely to be transferred into the same structure in due course, the existing T&Cs remain applicable to these loans until we're informed otherwise. That would be my guess as well. But are the old Ts&Cs still available on the website? And with there being no distinction on the SS website between the primary and secondary markets -- which isn't a problem in itself -- how will anyone buying parts know whether they are buying Trust loans or Lendy loans? Would that be shown in the loan agreement which will apparently provided each time you invest or purchase a loan part ie reference to SSSH? Unfortunately the link to the loan contract that was to be included in the T&Cs in the draft version hasnt materialised in the final version so cant check.
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Post by solicitorious on Sept 21, 2015 17:55:14 GMT
A simple solution would be to add the letter T to loans covered by the new Trust structure (eg. PBL59-T) I would expect and demand that SS upload some sort of document demonstrating that a loan has been assigned to the trust. While a suffix to the loan name would also be convenient, it is not a substitute for transparency and professionalism.
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registerme
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Post by registerme on Sept 21, 2015 17:58:47 GMT
If they're going to take that approach it would be better to append a label to those loans not under the new structure. Eventually they'll wither off the vine...
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shimself
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Post by shimself on Sept 21, 2015 18:34:31 GMT
Is the plan still to move them -- except for those about to be repaid -- across to the new trust structure? - If not, what Ts&Cs do apply to those loans not in the trust?
- How does a website user know which loans are in the trust and which are not?
1 Yes but slowly one at a time except if nearly run their course, see email from SS 2 Until that time same as they were yesterday 3 Today none are. I agree what about the not-drawn-down loans. I trust SS to mark up loans to make it obvious.
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jonah
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Post by jonah on Sept 21, 2015 19:49:43 GMT
If they're going to take that approach it would be better to append a label to those loans not under the new structure. Eventually they'll wither off the vine... PBT instead of PBL is another option. Can't call them pebbles though 
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Post by savingstream on Sept 22, 2015 6:31:40 GMT
Until now I've avoided SavingStream, because I would have been lending to a company with minimal resouces that was making promises it could not possibly afford to keep. Now I just might, but I will wait until I know whether their application for full authorisation by the FCA has been successful. We have our landing spot in Q1 2016. All is in order and we are ready for it.
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Post by chrisuk on Sept 22, 2015 7:28:14 GMT
Until now I've avoided SavingStream, because I would have been lending to a company with minimal resouces that was making promises it could not possibly afford to keep. Now I just might, but I will wait until I know whether their application for full authorisation by the FCA has been successful. Please don't get too excited by 'full authorisation by the FCA'. The FCA is quite an incompetent organisation and are no help at all if a regulated business goes under.
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boundah
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Post by boundah on Sept 22, 2015 11:26:46 GMT
As a new lender I'd quite like some answers from SS on the questions posted here re the Trust structure. Specifically: I've assembled a mixture of 2nd-hand and new loans over the last week - if I bought them on the secondary market, do the new or old terms apply? And if they are a mix, how can I tell whether they are via the Trust or not?
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Post by meledor on Sept 22, 2015 12:02:27 GMT
As a new lender I'd quite like some answers from SS on the questions posted here re the Trust structure. Specifically: I've assembled a mixture of 2nd-hand and new loans over the last week - if I bought them on the secondary market, do the new or old terms apply? And if they are a mix, how can I tell whether they are via the Trust or not?
The email that went out yesterday states the new structure applies to loans written from today onwards. Any loans that you bought last week will be under the old structure.
Saving Stream further state "Most existing loans will be transferred to the new structure after a period of consultation and consideration. We may not transfer those loans ending soon as it may not be worthwhile/commercial to do so." So I take it that we will be notified in due course when loans are assigned under the new structure.
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Post by savingstream on Sept 22, 2015 12:04:55 GMT
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