scraggs
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Post by scraggs on Dec 9, 2015 19:42:18 GMT
There's a 5pm cut-off so any transfers made after 5pm Tuesday (say) won't be reconciled until Thursday morning. My deposit yesterday lunchtime was reconciled first thing this morning. The latest was done yesterday afternoon and it's not been put in today.
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Investor
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Post by Investor on Dec 9, 2015 22:33:45 GMT
Investor : Why is the total pre-funding number for PBL072 shown in the table at the beginning of this thread flagged as being an "Estimated Value"? Thanks, wasn't in this loan and thought it was originally 100% payouts on PF with £7419 left over as this was what came up on the SM seconds after launch. Have amended it now
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ablender
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Post by ablender on Dec 9, 2015 22:51:59 GMT
Is anyone else having deposits taking well over a day to be added to their accounts ? It appears to be happening lots now to me I think it is normal. I tend to send them an email every time that I transfer money just to let them know. I never had trouble.
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Liz
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Post by Liz on Dec 9, 2015 22:56:40 GMT
I think we should just let ss decide if they have a good machine or not yes it is painfull at times but all in all it's very exciting to use this platform and that is what get my blood flowing I love the excitement of not knowing what I'm going to get and when I'm going to get it where els can you get that and get 12.68 PC compounded a year im sure ss are doing there math on things when they take loans on and if things shift I'm sure they will slow things down to cope lets just enjoy the game , i did send ss message about my opinion on pre funding and for me the 10 PC of holding would work fine for me but all in all part of this platform is the excitement do you really want to loose this ? Nope, I definitely don't want to loose it *Lose
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pom
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Post by pom on Dec 10, 2015 8:06:25 GMT
Investor : Why is the total pre-funding number for PBL072 shown in the table at the beginning of this thread flagged as being an "Estimated Value"? Thanks, wasn't in this loan and thought it was originally 100% payouts on PF with £7419 left over as this was what came up on the SM seconds after launch. Have amended it now I think that 7k was pre-funding excess sold even as the pre-funding was still being allocated - saw something similar the day before
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Post by Deleted on Dec 10, 2015 16:52:28 GMT
Having received my congratulations from SS on being awarded my paltry amounts on todays loans, there are only two sensible options. 1. Quit altogether. Or 2. Game the system. So from now on, at least in the smaller loans, I'll request 10x what I want. Once everyone starts doing that, I'll move up to 20x, or more...and anything unwanted can simply be sold on immediately. Where does it end? Why not just request a million? (Would I get 1 day's interest if I sell the next day?) The only sensible way forward is a requirement to have the funds in your account beforehand (with a day's notice given), and for everyone to be awarded a minimum £100 slice ( or equal amounts of less if the loan is smaller). SS have to decide whether they want everyone on board, or just the ultra-rich. Or what if trading in new loans was suspended for 48 hours so people weren't able to sell the surplus they don't want in a new loan, or can't pay for, within 48 hours of a pre-fund allocation. Forced with having to pay for their allocation in full ( by selling other loan parts to that value or investing new money) or losing it altogether, it might reduce the game players. i.e. stop people being able to sell something until they've paid for it - and if they don't pay for their full allocation they lose the lot. Most people are realising they have to over pre-fund massively in the hope of getting any worthwhile slice and it's just going to escalate as more start playing the game - and it seems to me it's the ability to sell off what you don't want in an instant on the SM without ever having to pay for it that's enabling this practice. The early investors, just ordinary Joes, who were here when SS was small, new and did boat loans, helped get SS off the ground and make it successful. Now it feels a bit like we are being squeezed out and having to play games with clever , big money men, who are playing the system and almost abusing it, just to keep a toe in.
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paulg
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Post by paulg on Dec 10, 2015 17:55:43 GMT
Or what if trading in new loans was suspended for 48 hours so people weren't able to sell the surplus they don't want in a new loan, or can't pay for, within 48 hours of a pre-fund allocation. Forced with having to pay for their allocation in full ( by selling other loan parts to that value or investing new money) or losing it altogether, it might reduce the game players. There have been others in the last day or two suggesting this sort of time restriction on selling parts of an over pre-funded loan allocation in an attempt to limit the pre-fund gaming, and they sound very laudable, but it would be just too easy to get round. e.g. Sell off existing loan parts (perhaps built up specifically for the purpose) to pay for the whole new allocation, and then sell the excess on this allocation to fund the next over-egged pre-fund allocation, and so on. I'm all for keeping things simple, but if you have to introduce restrictions you must be sure that you don't make life more complicated for the innocent whilst watching others waltz round them.
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ablender
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Post by ablender on Dec 10, 2015 18:38:49 GMT
Just leave things as they are.
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Post by Deleted on Dec 10, 2015 18:54:46 GMT
Just leave things as they are. That seems a bit defeatist to me. There's a clear problem here and people are playing the system to their advantage and others' disadvantage. And it seems it's the 'bad guys' who are benefiting and the 'good guys' who are suffering. Some say if you can't beat them join them, play the game yourself, pre-fund 10 or 20 times what you really want, get up at 3 in the morning if you want to buy anything on the SM ... I don't think this is satisfactory. In my opinion it's a sign that something needs tweaking or this will run out of control.
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Post by ogwellian on Dec 10, 2015 21:04:58 GMT
Like it as it is.
Getting fed up with depositing money into FS and MT, missing out and withdrawing again.
To give full credit to MT, it usually arrives back in my bank the same day.
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ablender
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Post by ablender on Dec 10, 2015 23:46:59 GMT
Just leave things as they are. That seems a bit defeatist to me. There's a clear problem here and people are playing the system to their advantage and others' disadvantage. And it seems it's the 'bad guys' who are benefiting and the 'good guys' who are suffering. Some say if you can't beat them join them, play the game yourself, pre-fund 10 or 20 times what you really want, get up at 3 in the morning if you want to buy anything on the SM ... I don't think this is satisfactory. In my opinion it's a sign that something needs tweaking or this will run out of control. I do not agree that there is a problem. At least not in the way that is being depicted here. Yes it can be challenging to get what you want and it can be frustrating, but any system will have its rules. The people who you are criticising are playing by the rules and the rules allows anyone to probed as much as they want. Do you want to pre-fund 10 or 20 times, why not 100 times. Go ahead, do it, but trying to put limits or taking a very good thing such as being able to pre-fund before transferring the money is madness. This is one of the strong points of this platform. Re the SM I managed to buy more than I anticipated and without the help of automated systems, so it is not impossible. What do you want, a system like in FC. I have parts for sale at a discount and have been there for weeks now and still haven't sold. Do you expect me to discount more like the -20% that FC dreamt of? No way. Time to sleep now.
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adrianc
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Post by adrianc on Dec 11, 2015 8:41:05 GMT
Just leave things as they are. That seems a bit defeatist to me. There's a clear problem here and people are playing the system to their advantage and others' disadvantage. And it seems it's the 'bad guys' who are benefiting and the 'good guys' who are suffering. Some say if you can't beat them join them, play the game yourself, pre-fund 10 or 20 times what you really want, get up at 3 in the morning if you want to buy anything on the SM ... I don't think this is satisfactory. In my opinion it's a sign that something needs tweaking or this will run out of control. Go back a step. Don't look at the detail, but the bigger picture. There is a long-standing imbalance of supply and demand. Just look at what happened when the last pre-pre-fund loans went live. The site broke, and a LOT of people complained they'd got zero. If a small loan goes live, it's inevitable that there's going to still be unmet supply - even if there's 1,000 of the 5,500 lenders stick their mitts up for a pre-fund, a £300,000 loan can ONLY ever spread to £300 per lender average. If every lender wants a bit, that's just over £50/each. If everybody pre-funds a grand on average, that's 5% of what you pre-fund. You can't say "Everybody gets a minimum £100 part", because that'd be nearly twice the total loan size. So how does that imbalance get addressed? Because there is no way to vary price on the SM, demand cannot be reduced that way. Would introducing premiums fix it? Or would it introduce a new problem, in the form of flippers? So increase supply. Look at what happens when there's been a new big loan. The SM gets busy, and parts hang around a bit, because demand has been met. Look at what happened when supply outstripped demand significantly, in the aftermath of the launch of a whole raft of the early pre-fund loans, back in late September. The SM was groaning at the seams. There were days when the loan list on the old site was almost entirely green, with most loans having positive availability. And that was when the old site meant that demand could be more easily met by supplying short. Except SS say that they're getting all the loans of the right quality through that they can. Pipeline loans disappear because they've not met the acceptable standard. This is GOOD. If a loan's not good enough, I don't want it. Yes, I could do all that DD myself (except, obviously, I can't, because I don't have access to all the info SS does), but I'd far rather invest through a platform that I can trust to do proper DD. SS have only had one go south (so far - touch wood), and the LTV and security meant that one was rescued. That, afaic, is a good thing, and if it means that demand outstrips supply, then that's a platform that's got a basically good long term prospect, so long as they don't muck it up by ill-judged "fixes".
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pom
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Post by pom on Dec 11, 2015 11:05:33 GMT
Not sure there was ever a specific thread....from what I recall they changed the listing to indicate it was in default and it kept trading on the SM and interest kept being paid until it was recovered, all pretty boring really
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Investor
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Post by Investor on Dec 11, 2015 11:06:39 GMT
Is there a thread or report about the one that went south please? I'd be interested to read about how it played out. or if you prefer to go straight to the outcome p2pindependentforum.com/post/50585/threadAs Pom suggested it was not a big event. SS decided to let it go into default and follow the process rather that just pay it off and deal with the default from their own funds just to show us all how well their recovery process would play out.
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pom
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Post by pom on Dec 11, 2015 11:13:36 GMT
Is there a thread or report about the one that went south please? I'd be interested to read about how it played out. or if you prefer to go straight to the outcome p2pindependentforum.com/post/50585/threadAs Pom suggested it was not a big event. SS decided to let it go into default and follow the process rather that just pay it off and deal with the default from their own funds just to show us all how well their recovery process would play out. Oops not only was there a thread but I participated in it....well I rest my case that it was pretty boring 
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