Old or New Structure?

Pretty sure it was on the old site - it has been mentioned by someone just after the new site went live that this doesn't seem to have been carried through.

It was definitely on the old site, but I haven't seen it on the new. 

So much for transparency. I hope they bring this column back.

SS have stated that the existing loan is under the new structure. Update 15/11. So your additional points are very pertinent. I suspect it is detailed in the loan contract which SS T&Cs state will be shown each time you invest/purchase/sell a loan part ... anyone ever seen one?

I think the FAQ statement is wrong or badly worded as the new T&Cs state 'Once you have paid funds into your Saving Stream lender account or used the Auto Deposit Function in accordance with clause 3 and selected loan requests and agreed to transfer funds to those loan requests using the tick box, you automatically enter into a Loan Contract with the borrower for the loan part and your money is then transferred from your Saving Stream lender account to the Saving Stream account of the borrower' (Also out of date as auto deposit doesnt exist on new site)

I suspect the 'forgotten' was tongue in check. Provision fund details are at the bottom of the How it Works/FAQ page (link at bottom of all pages) savingstream.co.uk/how-it-works#faq. 2% minimum of total live loan book.

Im afraid thats something that they arent very good at staying on top of. The old website had the original FAQs & T&Cs, that were largely inaccurate as they related to the boat loans structure/operation, long after they ceased to offer boat loans. So Im afraid it might be a case of




[Possibly slightly unfair, BUT 2000 post so had to get the pig in somewhere ... or he might have got stroppy and the consequences of having a stroppy pig sat on your helmet are not worth contemplating ]

SS may say "2% minimum", but I've never seen it be more than 2%.  ISTM that SS don't operate their PF in the same way as other platforms do.  Elsewhere, money is contributed to the fund as loans are made, and stays there until it is needed, so the fund would increase as long as losses don't exceed new contributions.  SS seem to put 2% in when a loan is made -- and take 2% out whenever a loan is repaid!  Doing that, the PF is growing only because the loan portfolio is growing.  It isn't the least bit clear to me what exactly would happen if SS were to need to use the fund.  Would they top it up afterwards?  If they don't, and the shortfall covered by the PF is more than 2% of the defaulted loan, then the PF wouldn't still be at 2% of the remaining loan book.  So what would they do then?

On a separate but related issue, savingstream don't seem to accept that the numbers at the bottom of their 'How It Works' page need updating every time the amount in the PF changes, or whenever they make a new 'largest loan'.  The loan shown at the bottom of the page now (PBL025) was superseded as SS's largest loan when PBL035 was made, and that was over six months ago.  And the difference between the recovery shown as being required with and without the PF is 14.5% of the OMV, which implies that the PF contains 14.5% of £4.79M, which is £695k.  That number is considerably out of date as well.  This problem has been pointed out to SS in the past -- more than once, IIRC -- but they've never updated the website page to reflect the situation current at the time.