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PBL55
Sept 2, 2015 16:05:08 GMT
Post by savingstream on Sept 2, 2015 16:05:08 GMT
My email also claimed to have created a small auto-deposit, when I had more than sufficient cash in the account. However, on logging in, the loan part is fully paid for from the cash balance and I have no BACS deficit, so something is screwy with the email. One hopes so. I pre-funded £200, and the email tells me I have been allocated £77.78, and they have created an auto-deposit for £37,633.19 to cover the shortfall in my available balance.  That is definitely the best one so far...
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Sept 2, 2015 16:05:19 GMT
My email also claimed to have created a small auto-deposit, when I had more than sufficient cash in the account. However, on logging in, the loan part is fully paid for from the cash balance and I have no BACS deficit, so something is screwy with the email. One hopes so. I pre-funded £200, and the email tells me I have been allocated £77.78, and they have created an auto-deposit for £37,633.19 to cover the shortfall in my available balance. Trust Unc Tone to trump my posT  Better pay up, Toners! 
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sam i am
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Post by sam i am on Sept 2, 2015 16:08:30 GMT
This is now on the live loans page. I didn't pre-fund but based on the comments above it seems that SS didn't allocate the loan according to the method they had described. There is one investor with a £38,888.89 chunk of the loan while others have tiny bits. This isn't how it is supposed to work. The proposed method would have resulted in many investors getting the same amount with some smaller investors getting their (full) lower amount. If allocation is done on a percentage basis then a lot of people will just fund a higher amount than they want in order to allow for scaling back. A strange guessing game will ensue.
Another point to note is that PBL55 has gone live before PBL54. This makes it impossible to set pre-funding for each loan individually as it is impossible to know which one comes next.
Edit: I was distracted while writing this so have crossed with some of the posts above...
Second Edit: A further interesting point comes to mind. From the comments above and assuming the big investor requested £100,000 it would appear that a proportional allocation (as suggested) has been used. Assuming this to be true it means that the allocated percentage is 38.88888%. And given that the loan is for £623,000, we can therefore calculate that the total amount of pre-funding requested was £1.602m.
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oldgrumpy
Member of DD Central
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PBL55
Sept 2, 2015 16:10:44 GMT
Post by oldgrumpy on Sept 2, 2015 16:10:44 GMT
This is now on the live loans page. I didn't pre-fund but based on the comments above it seems that SS didn't allocate the loan according to the method they had described. There is one investor with a £38,888.89 chunk of the loan while others have tiny bits. This isn't how it is supposed to work. The proposed method would have resulted in many investors getting the same amount with some smaller investors getting their (full) lower amount. If allocation is done on a percentage basis then a lot of people will just fund a higher amount than they want in order to allow for scaling back. A strange guessing game will ensue. Another point to note is that PBL55 has gone live before PBL54. This makes it impossible to set pre-funding for each loan individually as it is impossible to know which one comes next. If any others of you find you have recived about 39% of your pre-funding limit, it might suggest that the investor mentioned above has a £100K prefunding figure set. Yep! Guess what. I have looked at my allocation again and it is 38.88875% of my pre-fund setting. That's close!
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PBL55
Sept 2, 2015 16:11:47 GMT
Post by xyon100 on Sept 2, 2015 16:11:47 GMT
Exactly, Sam. And as I don't want any of that swamp, pre funding is off. As usual, the only notice I got of this loan going live was when I logged on here. When the swamp has gone I might set prefunding, to triple what I want. ;-)
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Post by sterilized on Sept 2, 2015 16:12:36 GMT
This is now on the live loans page. I didn't pre-fund but based on the comments above it seems that SS didn't allocate the loan according to the method they had described. There is one investor with a £38,888.89 chunk of the loan while others have tiny bits. This isn't how it is supposed to work. The proposed method would have resulted in many investors getting the same amount with some smaller investors getting their (full) lower amount. If allocation is done on a percentage basis then a lot of people will just fund a higher amount than they want in order to allow for scaling back. A strange guessing game will ensue. Another point to note is that PBL55 has gone live before PBL54. This makes it impossible to set pre-funding for each loan individually as it is impossible to know which one comes next. Edit: I was distracted while writing this so have crossed with some of the posts above... I agree wholeheartedly. Smaller investors should get their full chunk and the big hitters the bits. It's a shambles.
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PBL55
Sept 2, 2015 16:17:09 GMT
Post by sterilized on Sept 2, 2015 16:17:09 GMT
I have had a wicked thought. Maybe the auto deposit amount in their email is a way of telling you that's what you need to set your pre funding level to , to get a decent investment in the loan!!!!!!!!!!
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huxs
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PBL55
Sept 2, 2015 16:17:35 GMT
Post by huxs on Sept 2, 2015 16:17:35 GMT
Agree this does not seem to have worked as it was explained in previous posts, I expected as a small player to get my full allocation not 1/3. Also I now have the bizarre scenario that I have a BAC deficit of £13.25 when the minimum deposit amount is £100 ??
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Liz
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Post by Liz on Sept 2, 2015 16:20:44 GMT
Early days yet , I see on recent investments there was one of £38,888.89 , was that a 3rd of requested amount too ? I'd guess so, as it works back to pre-funding request of £100k. So if we want £1k, we need to set our limit at £3k! If we get more than £1k and fund my a/c by only £1k,then SS will release the extra back into the market. How is it fair that someone got £38k.
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oldgrumpy
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PBL55
Sept 2, 2015 16:27:32 GMT
Post by oldgrumpy on Sept 2, 2015 16:27:32 GMT
So if we want £1k, we need to set our limit at £3k!
On this loan. We'll never know what the total pre-funding is on each individual loan, so can't assess how much to oversubscribe to get our real requirement.
Incidentally I just saw a bit on the market and dived in, but now it appears a few others did the same, so it's overfunded. No doubt I wasn't first in the Q! How long before I am told and my cash comes back into my available balance, I wonder.
PS I don't want the swamp either.
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arbster
Member of DD Central
Posts: 810
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Post by arbster on Sept 2, 2015 16:27:44 GMT
Agree this does not seem to have worked as it was explained in previous posts, I expected as a small player to get my full allocation not 1/3. Also I now have the bizarre scenario that I have a BAC deficit of £13.25 when the minimum deposit amount is £100 ?? I have a similar issue due to having a balance already in my account. How does savingstream propose we address this? Deposit £100 and immediately withdraw the balance? Seems clunky. I'd also like to register my disappointment that the pre-funding was not in line with what had been promised by savingstream for smaller investors. However, I realise that our £100k man might have been disappointed to receive a tiny fraction of his pre-funding bid if it had not been strictly pro-rata. I'll be upping my pre-funding limit and using the SM, like others.
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PBL55
Sept 2, 2015 16:29:03 GMT
Post by sterilized on Sept 2, 2015 16:29:03 GMT
I now see that according to their website this loan is £1800 overfunded !!!!
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PBL55
Sept 2, 2015 16:32:57 GMT
Post by duncandive on Sept 2, 2015 16:32:57 GMT
This is now on the live loans page. I didn't pre-fund but based on the comments above it seems that SS didn't allocate the loan according to the method they had described. There is one investor with a £38,888.89 chunk of the loan while others have tiny bits. This isn't how it is supposed to work. The proposed method would have resulted in many investors getting the same amount with some smaller investors getting their (full) lower amount. If allocation is done on a percentage basis then a lot of people will just fund a higher amount than they want in order to allow for scaling back. A strange guessing game will ensue. Another point to note is that PBL55 has gone live before PBL54. This makes it impossible to set pre-funding for each loan individually as it is impossible to know which one comes next. Edit: I was distracted while writing this so have crossed with some of the posts above... I agree wholeheartedly. Smaller investors should get their full chunk and the big hitters the bits. It's a shambles. Same here... I would have thought for someone to get a £39k slice of a £625k cake (that's over 6%) is rather against what SS had lead us to believe how it would work out. Seems Big Money Wins AGAIN... I wonder if Any of the Smallest Investors actually received their Full Pre-funding amount...?
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Post by pepperpot on Sept 2, 2015 16:33:33 GMT
Total pre-funding demand can be worked it seems, 623k is 38.8% of approx. £1.6m If everyone triples their target, the result will be exactly the same £+p allocation. Best to set it 6x above just to be sure. |
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j
Member of DD Central
Penguins are very misunderstood!
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PBL55
Sept 2, 2015 16:37:26 GMT
Post by j on Sept 2, 2015 16:37:26 GMT
I go away for just an hour or so & pbl54 goes live. I'd switched my pre-funding off last night as I didn't fancy 55. The pre-funding system is a great idea but needs to be more selective (ie on a per loan basis). savingstream can we please have that implemented to allow more versatility?! |
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