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Post by dualinvestor on Oct 24, 2016 17:32:59 GMT
Suspect it means the borrower has sent SS a copy of a refinance offer he has received. This particular borrower? Mmmm! No doubt SS knows more about him now than when the loan began .... don't they? Everything is OK then.  They must do after all they appointed Receivers over the associated loan only a month ago 
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Post by harryvederci on Nov 5, 2016 12:27:38 GMT
director changes, both borrower company and 'tenant'
I think its called going down with the ship
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seeingred
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Post by seeingred on Nov 5, 2016 12:50:52 GMT
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seeingred
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Post by seeingred on Nov 8, 2016 12:27:16 GMT
Why all the gloom and doom? Look to the positives in life - the rose-tinted glint on porcine beings as they glide serenely across a sunlit sky. Keep the faith. Someone just bought £10,000 of 064 loan parts. Not mine unfortunately.  Mind you, if they are not paid for, they will return to the queue? |
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seeingred
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Post by seeingred on Nov 8, 2016 12:50:25 GMT
... Keep the faith. Someone just bought £10,000 of 064 loan parts. Not mine unfortunately. Mind you, if they are not paid for, they will return to the queue? ... Yes - the back of the queue. Thank you for answering the question I was about to ask. So at least I have only 20k ahead of me now?  But if the 10,000 are not paid for (if the buyer doesn't resolve a negative balance), sellers don't get their money so their loans get penalised by being returned to the back of the queue? Are loan parts not notified as sold to a seller until they are paid for?? They come off the 'remaining' total as soon as someone buys them.
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adrianc
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Post by adrianc on Nov 8, 2016 12:52:44 GMT
Yes - the back of the queue. Thank you for answering the question I was about to ask. So at least I have only 20k ahead of me now? But if the 10,000 are not paid for (if the buyer doesn't resolve a negative balance), sellers don't get their money so their loans get penalised by being returned to the back of the queue? Are loan parts not notified as sold to a seller until they are paid for?? They come off the 'remaining' total as soon as someone buys them. The seller gets their money as soon as the part is bought, no matter how the buyer funds it. If the buyer then runs a -ve balance, that's against SS, not against the seller. If the part is then repossessed, it's repossessed by SS, and put on the SS-selling back of the queue, not returned to the seller.
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star dust
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Post by star dust on Nov 8, 2016 12:54:12 GMT
Yes - the back of the queue. Thank you for answering the question I was about to ask. So at least I have only 20k ahead of me now? But if the 10,000 are not paid for (if the buyer doesn't resolve a negative balance), sellers don't get their money so their loans get penalised by being returned to the back of the queue? Are loan parts not notified as sold to a seller until they are paid for?? They come off the 'remaining' total as soon as someone buys them. No, the sellers still get the money and the loan parts belong to SS and so are sold last behind everyone else's. SS own a chunk of PBL20 no doubt in part due to something like this. If you then list something for sale you will see that the queue is less than shown, the difference being the amount belonging to SS but still up for sale. In fact SS's loan parts move to the back of the queue everytime someone else puts more up for sale until everything sells out! X-posted with adrianc
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seeingred
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Post by seeingred on Nov 8, 2016 12:59:13 GMT
So if 2 million were to be put up for sale, if 1000 investors were to buy £2000 each, and didn't pay for it within the 48 hours, SS would take it all and be left holding an expensive baby?
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adrianc
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Post by adrianc on Nov 8, 2016 13:09:51 GMT
So if 2 million were to be put up for sale, if 1000 investors were to buy £2000 each, and didn't pay for it within the 48 hours, SS would take it all and be left holding an expensive baby? Yep. Let's say only half of that £2m is bought. So the person at the back of the queue is now £1m from the front. When SS repossess that £1m, it goes back on sale - but behind the £1m that's already there. So that last-in seller is now £1m from the front, rather than £2m. Also, because there's £1m being sold by SS and £1m by "real people", if somebody else goes to put their own parts for sale, they'll be £1m from the front, too, not at the back. So, before any of SS's £1m repo is bought, ALL "real sellers" have to sell their parts. You can easily see how much SS is selling - look at the Available Loans page. There's £2m shown. Now go to put your own part for sale. The queue is shown as £1m. So £1m must be being sold by SS.
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twoheads
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Post by twoheads on Nov 8, 2016 13:34:32 GMT
Thank you for answering the question I was about to ask. So at least I have only 20k ahead of me now? But if the 10,000 are not paid for (if the buyer doesn't resolve a negative balance), sellers don't get their money so their loans get penalised by being returned to the back of the queue? Are loan parts not notified as sold to a seller until they are paid for?? They come off the 'remaining' total as soon as someone buys them. No, the sellers still get the money and the loan parts belong to SS and so are sold last behind everyone else's. SS own a chunk of PBL20 no doubt in part due to something like this. If you then list something for sale you will see that the queue is less than shown, the difference being the amount belonging to SS but still up for sale. In fact SS's loan parts move to the back of the queue everytime someone else puts more up for sale until everything sells out! X-posted with adrianc I must be missing something here.
Imagine I'm selling a loan part with a large sale queue which is not moving.
All I have to do is create a 'bogus' SS account and buy the value of the queue plus my selling loan part, remembering never to actually pay for the purchase in my bogus account.
That gets my loan part (in my real account) out of the sale queue in an instant and I pay nothing, leaving SS with the problem.
While this is completely dishonest, these comments imply that it is possible.
Surely this cannot be done? Surely SS have protected themselves against this eventuality?
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seeingred
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Post by seeingred on Nov 8, 2016 13:37:34 GMT
OK, I see the logic but I don't quite believe it - how can SS maintain this if a lot of people didn't pay for part loans bought on the SM?.
At the moment - I checked several times - 23668 for sale and 23617 ahead in the queue 9if I were to list another part loan of my own for sale). So SS own all of £51.
What is to stop anyone with an established portfolio buying 23,000, not paying for it, getting it put to the back of the queue and their own loan parts for sale becoming those first in the queue for sale?
Anyone like to offer to buy £23,000 of 064?
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SteveT
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Post by SteveT on Nov 8, 2016 13:39:20 GMT
a) You'd have perpetrated a fraud, whilst ...
b) To open the "bogus" account, you'd have had to verify your identity and address ...
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adrianc
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Post by adrianc on Nov 8, 2016 13:45:03 GMT
What is to stop anyone with an established portfolio buying 23,000, not paying for it, getting it put to the back of the queue and their own loan parts for sale becoming those first in the queue for sale? Anyone like to offer to buy £23,000 of 064? If you buy a big wodge of loan part, then refuse to pay for it and it's repossessed, then you'll get a big red mark on your SS account. Really take the mick, and you'll quickly find your account closed down. savingstream.co.uk/termsPoint 14
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seeingred
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Post by seeingred on Nov 8, 2016 13:46:05 GMT
a) You'd have perpetrated a fraud, whilst ... b) To open the "bogus" account, you'd have had to verify your identity and address ... Not necessary to open a bogus account. Any genuine investor with a sizeable portfolio could buy the £23,000, and by not paying (change of heart) , have it put to the back of the queue. Then another 50,000 could be offered for sale, (and bought but not paid for) by other genuine investors. In time SS would own all of the expensive baby. I meant expensive baby white elephant by the way.
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SteveT
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Post by SteveT on Nov 8, 2016 13:49:02 GMT
Except that SS might just spot that and withdraw their future INPL privileges rather quickly, don't you think?
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