stevio
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Post by stevio on Nov 16, 2016 8:19:23 GMT
The tied up capital is easily released by buying back those annoying few pennies. You can then dump them straight back on the SM. ...so long as your balance isn't -ve by even 1p... Sorry, should know this but to confirm, 7 day wait period to sell not applicable to purchased loans if have positive balance? So can use this to buy and resell small amounts left to sell on your loans for sale?
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adrianc
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Post by adrianc on Nov 16, 2016 8:27:45 GMT
...so long as your balance isn't -ve by even 1p... Sorry, should know this but to confirm, 7 day wait period to sell not applicable to purchased loans if have positive balance? So can use this to buy and resell small amounts left to sell on your loans for sale? If your balance is £0.00 or positive, then you can sell loan parts the instant you've bought them. If your balance is negative, even by a penny, you have to wait seven days after the purchase of a loan part to sell that part.
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twoheads
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Post by twoheads on Nov 16, 2016 9:02:35 GMT
If your balance is £0.00 or positive, then you can sell loan parts the instant you've bought them. If your balance is negative, even by a penny, you have to wait seven days after the purchase of a loan part to sell that part. ...And that's a full seven days (168 whole hours) from the date and time of purchase. The 'age' of a loan part can show as seven even before the 168 hours have elapsed because, I believe, the 'age' is the number of daily interest payments (i.e. the number of times midnight has occurred since purchase). I ran into this inconsistency about seven days ago!
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adrianc
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Post by adrianc on Nov 16, 2016 9:12:04 GMT
I ran into this inconsistency about seven days ago! "About seven days"? Or exactly 168 hours?
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twoheads
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Post by twoheads on Nov 16, 2016 21:41:53 GMT
"About seven days"? Or exactly 168 hours? Can I tell you next week?
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sl75
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Post by sl75 on Nov 21, 2016 15:08:09 GMT
I wondered at the time if it was 'legal' to buy back just my 29p so releasing all my loan part as cash, but I left it until someone else added another loan part for sale. Then I invested in some farmland......There was variously either over £50,000 or nothing of it for sale. I have done this too. When selling a large loan part which includes an odd few pence, often the whole pounds are quickly snapped up leaving the odd few pence unsold for ages. The tied up capital is easily released by buying back those annoying few pennies. You can then dump them straight back on the SM. I've seen other references to this practice in the forum but I cannot recall the thread(s). Perfectly 'legal' in my opinion.
In my experience, perfectly "legal", but also completely unnecessary... I've never known the last few pence remain unsold for any significant length of time (always been same day, or in the case of late evening sales, overnight), and in any case, due to the system allowing temporary negative balances, I can buy other loan parts with the proceeds even without waiting for the last few pence of the previous sale to complete. Sometimes the few pence will hang around until someone else offers units for sale, but even the "rarest" loans usually have availability added at least once a day (and they're the ones that someone's most likely to grab the last few pence on its own).
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r00lish67
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Post by r00lish67 on Nov 26, 2016 9:43:23 GMT
Hi savingstream , thanks for the latest on these loans. Although it hopefully sounds like they will be resolved soon, can you advise as to whether the borrower has been servicing the interest repayments incurred after going into negative territory whilst refinancing is underway, given their bankrupt status? If not, where is the money coming from? |
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ianj
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Post by ianj on Nov 26, 2016 17:20:04 GMT
So, the borrower now has an entry in The Gazette; petition filed back in April. Either this wasn't conveyed to savingstream (this would have been passed on as SS always keep us fully informed on all matters pertinent to lender's investments)  , or I haven't been paying sufficient attention for the last six months! Now that the borrower has equaled hubby's achievement and they can boast of a matching set of "His & Her's" Bankrupcy orders, I guess the the PG probably has less value than a chocolate coin, and one might also pause to question where any refinancing might be coming come from! Anyone eventually left holding these loans might take comfort that SS reported, some time back, that "we have at least 2 buyers ready in the wings", so maybe there are vultures eyeing a possible opportunity! Puzzling Sight In Gloucestershire  Ah, could be pigs in disguise!  |
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Nov 26, 2016 17:35:10 GMT
So, the borrower now has an entry in The Gazette; petition filed back in April. Either this wasn't conveyed to savingstream (this would have been passed on as SS always keep us fully informed on all matters pertinent to lender's investments) , or I haven't been paying sufficient attention for the last six months! Now that the borrower has equaled hubby's achievement and they can boast of a matching set of "His & Her's" Bankrupcy orders, I guess the the PG probably has less value than a chocolate coin, and one might also pause to question where any refinancing might be coming come from! Anyone eventually left holding these loans might take comfort that SS reported, some time back, that "we have at least 2 buyers ready in the wings", so maybe there are vultures eyeing a possible opportunity! Puzzling Sight In Gloucestershire It has been discussed, and SS responded to a members e-mail ( HERE) 2 batches of loans and 2 separate companies here (maybe more) and both companies have their accounts overdue; many connected companies, that use the security address, have now folded The person in question who has gone bankrupt has resigned from both companies (in fact one of the companies has no current directors  ) but she is still 100% shareholder of both
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oldgrumpy
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Post by oldgrumpy on Nov 26, 2016 17:51:12 GMT
"we have at least 2 buyers ready in the wings"
Another of SS's deleted updates.
Here are recent updates which SS has now decided we don't need to see remember.
11/11 Investment funds still expected soon; however we have encouraged the borrower to market the property for sale on an accelerated basis. 24/10 Due to delays with the purchaser, we have asked the borrower to seek bridging finance elsewhere. The broker estimates mid November, otherwise we have at least 2 buyers ready in the wings.
Here is one which we are allowed to see: 29/4 "Expecting repayment within the next month. Part sale of business site agreed with enough to clear our finance".
What a good job investors here record everything P2P platforms say, especially SS. p2pindependentforum.com/thread/2635/savingstream-loans-updates-useful-links?page=1
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ianj
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Post by ianj on Nov 26, 2016 18:11:20 GMT
So, the borrower now has an entry in The Gazette; petition filed back in April. Either this wasn't conveyed to savingstream (this would have been passed on as SS always keep us fully informed on all matters pertinent to lender's investments) , or I haven't been paying sufficient attention for the last six months! Now that the borrower has equaled hubby's achievement and they can boast of a matching set of "His & Her's" Bankrupcy orders, I guess the the PG probably has less value than a chocolate coin, and one might also pause to question where any refinancing might be coming come from! Anyone eventually left holding these loans might take comfort that SS reported, some time back, that "we have at least 2 buyers ready in the wings", so maybe there are vultures eyeing a possible opportunity! Puzzling Sight In Gloucestershire It has been discussed, and SS responded to a members e-mail ( HERE) Told you I might not have been totally on the ball here! I'd already sold up by then (hubby's 'previous' had all six loans flagged for early exit), but like to abreast of platform performance, as well as individual loans, so thanks for the detail.
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fp
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Post by fp on Nov 26, 2016 18:11:32 GMT
"we have at least 2 buyers ready in the wings"
Another of SS's deleted updates.
Here are recent updates which SS has now decided we don't need to see remember.
11/11 Investment funds still expected soon; however we have encouraged the borrower to market the property for sale on an accelerated basis. 24/10 Due to delays with the purchaser, we have asked the borrower to seek bridging finance elsewhere. The broker estimates mid November, otherwise we have at least 2 buyers ready in the wings.
Here is one which we are allowed to see: 29/4 "Expecting repayment within the next month. Part sale of business site agreed with enough to clear our finance".
What a good job investors here record everything P2P platforms say, especially SS. p2pindependentforum.com/thread/2635/savingstream-loans-updates-useful-links?page=1 Maybe Lendy properties limited is buying them all.....
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stevio
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Post by stevio on Nov 26, 2016 21:44:28 GMT
"we have at least 2 buyers ready in the wings"
Another of SS's deleted updates.
Here are recent updates which SS has now decided we don't need to see remember.
11/11 Investment funds still expected soon; however we have encouraged the borrower to market the property for sale on an accelerated basis. 24/10 Due to delays with the purchaser, we have asked the borrower to seek bridging finance elsewhere. The broker estimates mid November, otherwise we have at least 2 buyers ready in the wings.
Here is one which we are allowed to see: 29/4 "Expecting repayment within the next month. Part sale of business site agreed with enough to clear our finance".
What a good job investors here record everything P2P platforms say, especially SS. p2pindependentforum.com/thread/2635/savingstream-loans-updates-useful-links?page=1 Maybe Lendy properties limited is buying them all..... Hope they haven't been getting advice from the Somerset guy on how buy properties 😉
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Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Nov 30, 2016 11:14:02 GMT
Thanks all for great insight. I already had reduced my holdings in all those loans but yesterday in the repayment frenzy I get rid of them all.
A bit of cash now sitting idle on my account waiting for some new loans.
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Post by Whitbourne on Nov 30, 2016 23:27:04 GMT
Maybe I'm naive, but it seems truly remarkable that after all these warning signs (well, more than signs - big flashing red lights and sirens going off) it is STILL possible to sell these on the SM and find ready buyers. I sold mine long ago thanks to the excellent DD on this forum, but as I write there is only one loan on the SM, all the others have sold.
For me that is a great advantage of SS. I know that could change in a flash, but for the time being the transparency and liquidity of the SM give me a lot of comfort.
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) but she is still 100% shareholder of both
