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Post by saraph on Oct 15, 2016 11:29:02 GMT
I had like 150 GBP on my account and after prefunding 3 loans there's -150. Why didn't it simply spend 150 and what will happen now?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Oct 15, 2016 11:32:27 GMT
I had like 150 GBP on my account and after prefunding 3 loans there's -150. Why didn't it simply spend 150 and what will happen now? First time on SS? SS has a INPL (invest now pay later) system. It means you can invest without any funds, and resolve any negative balances later. So your funding presumably totalled £300 (£100 in each tranche?), and SS have taken that amount from your account. You now have to resolve the negative balance. Either... 1. Sell £150 worth of loan parts on to the SM (note; you can't sell loan parts gained within 7 days on the SM while you have a negative balance) 2. Send SS £150 3. Send a grovelling e-mail to SS; it's only £150, so I'm sure they will be happy to resolve the issue by simply canceling your investments Make sure you thoroughly research a platform before you invest in it - a good start is the FAQs at the top pf this board 
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Post by saraph on Oct 15, 2016 11:43:19 GMT
I had like 150 GBP on my account and after prefunding 3 loans there's -150. Why didn't it simply spend 150 and what will happen now? First time on SS? SS has a INPL (invest now pay later) system. It means you can invest without any funds, and resolve any negative balances later. So your funding presumably totalled £300 (£100 in each tranche?), and SS have taken that amount from your account. You now have to resolve the negative balance. Either... 1. Sell £150 worth of loan parts on to the SM (note; you can't sell loan parts gained within 7 days on the SM while you have a negative balance) 2. Send SS £150 3. Send a grovelling e-mail to SS; it's only £150, so I'm sure they will be happy to resolve the issue by simply canceling your investments Make sure you thoroughly research a platform before you invest in it - a good start is the FAQs at the top pf this board Indeed, thanks for the answer. I read in forum's FAQ that those 150 would be sold back automatically with no interest paid (can't sell on secondary market yet), but will I be penalized for this in any way? Also, is it "safe" to just leave the prefunding on even though I'm in nagative balance now and don't plan to deposit for a month?
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
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Post by cooling_dude on Oct 15, 2016 11:52:34 GMT
First time on SS? SS has a INPL (invest now pay later) system. It means you can invest without any funds, and resolve any negative balances later. So your funding presumably totalled £300 (£100 in each tranche?), and SS have taken that amount from your account. .............. Indeed, thanks for the answer. I read in forum's FAQ that those 150 would be sold back automatically with no interest paid (can't sell on secondary market yet), but will I be penalized for this in any way? Also, is it "safe" to just leave the prefunding on even though I'm in nagative balance now and don't plan to deposit for a month? Yes; if you don't resolve the negative balance the £150 will be automatically placed on the SM, but this is not ideal, and not SS take a dim view when investors don't resolve their negative balances. I don't think that you will be penalised; presumably, this is your first time investing and is only a small amount. I do, however, think it is best if you e-mail SS; it's an honest mistake and I'm sure they will understand If you haven't got a portfolio of loans on SS, I would advise you to set all your pre-funding to '0', and only pre-fund when you send funds. Once you have a portfolio you can buy and sell on the SM (if the SM is liquid).
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ablender
Member of DD Central
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Post by ablender on Oct 15, 2016 11:56:44 GMT
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cooling_dude
Bye Bye's for the PPI
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Likes: 4,298
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Post by cooling_dude on Oct 15, 2016 11:58:50 GMT
What you talking about 
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ablender
Member of DD Central
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Post by ablender on Oct 15, 2016 12:00:15 GMT
What you talking about The images look like the same person to me, or do I need to go to spec savers?
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
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Post by cooling_dude on Oct 15, 2016 12:01:40 GMT
What you talking about The images look like the same person to me, or do I need to go to spec savers? Unless I am very much mistaken, saraph avatar is a much less talented actor that goes by the name of Sly
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Post by saraph on Oct 15, 2016 12:03:24 GMT
What you talking about Maybe he thinks Schwarzenegger and Stallone are the same guy?
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ablender
Member of DD Central
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Post by ablender on Oct 15, 2016 12:03:43 GMT
The images look like the same person to me, or do I need to go to spec savers? Unless I am very much mistaken, saraph avatar is a much less talented actor that goes by the name of Sly Then spec savers for me. I have been delaying it for a year and a half.
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Post by GSV3MIaC on Oct 15, 2016 13:57:38 GMT
I had like 150 GBP on my account and after prefunding 3 loans there's -150. Why didn't it simply spend 150 and what will happen now? 'Only invest what I've actually got' is a facility that I have asked for, but it doesn't yet exist. As CD says, SS will sell what you don't pay for, but you will lose brownie points.
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Post by saraph on Oct 15, 2016 14:17:02 GMT
I had like 150 GBP on my account and after prefunding 3 loans there's -150. Why didn't it simply spend 150 and what will happen now? 'Only invest what I've actually got' is a facility that I have asked for, but it doesn't yet exist. As CD says, SS will sell what you don't pay for, but you will lose brownie points. Even if they don't touch my brownie points, it still feels like more steps need to be taken than necessary.
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jsmithe
Member of DD Central
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Post by jsmithe on Oct 15, 2016 14:22:59 GMT
INPL is useful however.
You can get an extra day of interest on your current account or extra interest on SS for a day.
Also, you only have to sell to cover the negative (which might be less than the amount you pre-funded, saves having to sell and risk funds not being allocated).
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Oct 15, 2016 14:30:07 GMT
INPL is useful however. You can get an extra day of interest on your current account or extra interest on SS for a day. Also, you only have to sell to cover the negative (which might be less than the amount you pre-funded, saves having to sell and risk funds not being allocated). I love INPL; it makes diversifying easier and because we're not always 100% sure what allocation we're going to get, I don't need to preempt it by sending unnecessary money However, I think its days are numbered; too many people gaming the system. Furthermore, I honestly think the FCA are going to ask to have the feature removed; I mean... investing money you don't have is dangerous...
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mikeh
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Post by mikeh on Oct 15, 2016 14:34:32 GMT
'Only invest what I've actually got' is a facility that I have asked for, but it doesn't yet exist. As CD says, SS will sell what you don't pay for, but you will lose brownie points. Even if they don't touch my brownie points, it still feels like more steps need to be taken than necessary. It's simple enough. Don't prefund more than you are prepared to invest immediately.
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