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Post by bracknellboy on Sept 8, 2015 6:44:37 GMT
Have stood aside from SS while waiting for the trust structure to be put in place. Registered over the weekend and made my initial (small) deposit. Now faced with the challenge of how do I use SS efficiently. Some questions that spring to mind:
- New loans. Have seen all the stuff on pre-funding, so I guess I'm OK with that. For new loans yet to arrive, set 'targets' by way of pre-funding against individual loans and cross your fingers on what you'll actually get a chunk of. From what I've read: is the aggregate of your pre-funding requests limited to your BACS deficit plus funds in the account amount ?
- SM: Looks as if the SM is good for selling but sparse for buying. What is hte best way of using the SM for purchasing - does it really only work if you can sit at a keyboard and monitor loan part availability (either through the forum posts or SS iteself)? Or is there anyway of getting 'alerts' to loan availability ?
P.S. Was there a conclusion as to whether the trust structure is being retrospectively applied or only applying to new loans ?
Edit: Reconciliation: I've noted comments about issues/discrepencies e.g. parts sold/bought etc. Is this an on-going problem ?
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adrianc
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Post by adrianc on Sept 8, 2015 7:07:11 GMT
From what I've read: is the aggregate of your pre-funding requests limited to your BACS deficit plus funds in the account amount ? No, that's just suggestions. The amount you can promise faithfully to pre-fund is limited to how ambitious you feel, or £250k x the number of pre-fundable loans, whichever is lower.
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Post by supernumerary on Sept 8, 2015 7:27:13 GMT
- SM: Looks as if the SM is good for selling but sparse for buying. What is hte best way of using the SM for purchasing - does it really only work if you can sit at a keyboard and monitor loan part availability (either through the forum posts or SS iteself)? Or is there anyway of getting 'alerts' to loan availability ? From my own observations and my opinion, there are no set times during the day for sales on the secondary market. It is all hit and miss, so if you want to buy just keep your Saving Stream Account open and refresh periodically on the computer. You either 'catch one' or your don't, but eventually you will get something... The pipeline loans when going live, shake up the secondary market and that is when there is an enormous sell off on the secondary market. IMHO, it is best NOT sitting there at a key board refreshing all day, just be patient and review your account as and when you are on the computer for other reasons. Eventually through patience, IMHO, you will get the amount of money out lending on Saving Stream. I hope that is helpful.
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Post by pepperpot on Sept 8, 2015 8:58:35 GMT
Have stood aside from SS while waiting for the trust structure to be put in place. Registered over the weekend and made my initial (small) deposit. Now faced with the challenge of how do I use SS efficiently. Some questions that spring to mind: - New loans. Have seen all the stuff on pre-funding, so I guess I'm OK with that. For new loans yet to arrive, set 'targets' by way of pre-funding against individual loans and cross your fingers on what you'll actually get a chunk of. From what I've read: is the aggregate of your pre-funding requests limited to your BACS deficit plus funds in the account amount ? - SM: Looks as if the SM is good for selling but sparse for buying. What is hte best way of using the SM for purchasing - does it really only work if you can sit at a keyboard and monitor loan part availability (either through the forum posts or SS iteself)? Or is there anyway of getting 'alerts' to loan availability ? P.S. Was there a conclusion as to whether the trust structure is being retrospectively applied or only applying to new loans ? Edit: Reconciliation: I've noted comments about issues/discrepencies e.g. parts sold/bought etc. Is this an on-going problem ? As adrianc says, you can set any limit you want, but if you fail to fulfill the pledge a few times you might be kicked out. I've pretty much given up on grabbing SM bits, not worth the effort in a meaningful way. The amount of times I've seen something that has gone by the time I've completed step one of the deposit... I like having hair too much to pull it all out because of a missed op. Simple browser extensions, 'check4change' et al, might work if your still keen. Deal flow is starting to look a bit better so new loans are probably the best way to go - over exposure for a short time to get a chunk in, as it is extremely easy to sell for diversity later if the loan is only a month or two old. Trust structure afaik is being applied to all loans, maybe savingstream could confirm. Reconciliation (-ve availability) is still an issue, but if you are stuck in a selling glitch just pop an email to support@ noting the loan ID (found in the selling confirmation email + on your selling/sold list) and it's usually sorted manually in a few hours, they've had lots of practice so are now quite slick dealing with it! A new website is on the way which should cure this, fingers crossed.
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Investor
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Post by Investor on Sept 8, 2015 9:18:20 GMT
Reconciliation (-ve availability) is still an issue, but if you are stuck in a selling glitch..... Although once you have been with SS for a year or two, and are British you will no longer see this as as SS Glitch but start refering to it as a Deliciously Eccentric Quirk of SS.
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SteveT
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Post by SteveT on Sept 8, 2015 9:20:34 GMT
At least half of my SS loan book has come from SM purchases. The best time to pick these up (ie. to diversify into existing loans) is just after a large new loan has launched, when lots of people are looking to rebalance. If you want to build up a significant SS position across multiple loans then this will be the week to do it! If SS launch 4 loans in short succession, as they've suggested this morning, then I'd expect much of the rest of the loans list to turn green, at least briefly. Stick some cash in your account in advance (so you can act immediately), list your target loan numbers on a Post-It note and and wait for a bite.
In quieter "new loan activity" periods the SM offers much leaner pickings. However, several times I've acquired useful pieces by checking in late evening or very early morning, before others have logged in and noticed new parts for sale.
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Liz
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Post by Liz on Sept 8, 2015 9:23:13 GMT
True.
I will be selling some PBL 51 as soon as the new loans go live, I have 10k too much.
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SteveT
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Post by SteveT on Sept 8, 2015 9:32:41 GMT
True. I will be selling some PBL 51 as soon as the new loans go live, I have 10k too much. Someone got lucky during that server meltdown then! Let me know if you'd like me to help out with any excess PBL52 (all gone by the time I fought my way in that afternoon). 
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mv
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Post by mv on Sept 8, 2015 10:07:43 GMT
If you are committed to buying (say...£1000 of parts) on the SM, it may be worth making the deposit (not with real money-yet) before the launch of a loan(s).
That way you don't have to faff when the parts pop up (the opportunity is often lost whilst adding funds to your account).
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webwiz
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Post by webwiz on Sept 8, 2015 11:31:31 GMT
If you are committed to buying (say...£1000 of parts) on the SM, it may be worth making the deposit (not with real money-yet) before the launch of a loan(s). That way you don't have to faff when the parts pop up (the opportunity is often lost whilst adding funds to your account). This only works if you can predict the launch timing within the window allowed for rectifying the BACS deficit.
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mv
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Post by mv on Sept 8, 2015 11:42:40 GMT
If you are committed to buying (say...£1000 of parts) on the SM, it may be worth making the deposit (not with real money-yet) before the launch of a loan(s). That way you don't have to faff when the parts pop up (the opportunity is often lost whilst adding funds to your account). This only works if you can predict the launch timing within the window allowed for rectifying the BACS deficit. With multiple loans allegedly launching today now would be a good bet though!
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paulg
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Post by paulg on Sept 8, 2015 11:58:55 GMT
If you are committed to buying (say...£1000 of parts) on the SM, it may be worth making the deposit (not with real money-yet) before the launch of a loan(s). That way you don't have to faff when the parts pop up (the opportunity is often lost whilst adding funds to your account). But that won't work if you have also 'Prefunded' the loan that's launched, as the deposit you've made will be partly or completely swallowed up by your prefund allocation.
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arbster
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Post by arbster on Sept 8, 2015 18:56:08 GMT
As a fellow "idiot", I have a question about interest accrued against sold loan parts. Today I sold a loan part for PBL11. I was last credited interest on this part on 31/08. Will I receive interest for the period 01/09 - 07/09 at the end of the month?
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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 8, 2015 19:04:35 GMT
As a fellow "idiot", I have a question about interest accrued against sold loan parts. Today I sold a loan part for PBL11. I was last credited interest on this part on 31/08. Will I receive interest for the period 01/09 - 07/09 at the end of the month? Yes
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Investor
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Post by Investor on Sept 8, 2015 20:29:48 GMT
Succinct but accurate. For clarity you will receive interest up till the day you put the loan part up for sale, not until the day the loan part is sold. Although it is rare, if your loan part takes a day or more to sell, the interest accrued between the day you put it up, and the date it is sold, is paid into the SS Christmas party fund/provision fund/goes to charity*
*delete as applicable.
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