littleoldlady
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Post by littleoldlady on Dec 16, 2015 23:07:12 GMT
On the old site there were details of the amount in the PF and a stress test. I can't find them on the new site.
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Post by dodgeydave on Dec 16, 2015 23:34:27 GMT
On the old site there were details of the amount in the PF and a stress test. I can't find them on the new site. Go to the bottom of the page . Click on " how it works " And scroll down to bottom of page
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mikes1531
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Post by mikes1531 on Dec 17, 2015 1:57:22 GMT
On the old site there were details of the amount in the PF and a stress test. I can't find them on the new site. Go to the bottom of the page . Click on " how it works " And scroll down to bottom of page But be warned... While the amount shown as being in the PF ought to be correct, the stress test is not. What's shown as the largest loan is no longer the largest loan, and the numbers used to show the impact of the PF are based on what the PF balance was at some time in the past. So the stress test data is old and out of date. This has been pointed out to savingstream on numerous occasions in the forum, but they don't seem to care enough that they're publishing misinformation to do anything about it. Or even to admit here that they can see that it's wrong and will fix it eventually.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Dec 17, 2015 10:42:09 GMT
Thanks guys. I suppose I should really have been able to find it by myself.
I notice that it says Saving Stream investors can make an application to the Provision Fund for compensation if their initial investment cannot be fully repaid due to a shortfall in the sale of the security. Does that mean that the onus is on lenders to make a claim rather than it being done automatically? Or is there some legal or other reason why they have to say that?
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SteveT
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Post by SteveT on Dec 17, 2015 11:12:44 GMT
Thanks guys. I suppose I should really have been able to find it by myself. I notice that it says Saving Stream investors can make an application to the Provision Fund for compensation if their initial investment cannot be fully repaid due to a shortfall in the sale of the security. Does that mean that the onus is on lenders to make a claim rather than it being done automatically? Or is there some legal or other reason why they have to say that? I believe the principle is that it's a discretionary fund established "voluntarily" by Lendy Ltd to provide some additional reassurance to SS lenders, but that we've no legal "right" under the T&Cs to be compensated by it in the event of a default. I suspect that, when the first SS default resulting in a loss for lenders occurs, there will be no need for lenders actually to lodge their claims individually!
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sam i am
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Post by sam i am on Dec 17, 2015 21:01:33 GMT
Thanks guys. I suppose I should really have been able to find it by myself. I notice that it says Saving Stream investors can make an application to the Provision Fund for compensation if their initial investment cannot be fully repaid due to a shortfall in the sale of the security. Does that mean that the onus is on lenders to make a claim rather than it being done automatically? Or is there some legal or other reason why they have to say that? My understanding is that the provision fund has to be discretionary otherwise it is regarded as insurance which has a number of legal implications. I guess their wording is more to make this clear rather than setting out the process.
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ilmoro
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Post by ilmoro on Dec 17, 2015 21:31:29 GMT
Thanks guys. I suppose I should really have been able to find it by myself. I notice that it says Saving Stream investors can make an application to the Provision Fund for compensation if their initial investment cannot be fully repaid due to a shortfall in the sale of the security. Does that mean that the onus is on lenders to make a claim rather than it being done automatically? Or is there some legal or other reason why they have to say that? My understanding is that the provision fund has to be discretionary otherwise it is regarded as insurance which has a number of legal implications. I guess their wording is more to make this clear rather than setting out the process. Not sure this bit is true. RS have just changed their PF from a Trust to a Ltd company and part of their rationale is that whereas a Trust is discretionary a company would be obliged to pay out if the PF had sufficient funds. Certainly still not a guarentee/insurance though. SS PF is a company so might be the same. That said it might just be down to the company articles that RS PF is obliged to act this way.
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jonah
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Post by jonah on Dec 17, 2015 21:47:35 GMT
My understanding is that the provision fund has to be discretionary otherwise it is regarded as insurance which has a number of legal implications. I guess their wording is more to make this clear rather than setting out the process. Not sure this is true. RS have just changed their PF from a Trust to a Ltd company and part of their rationale is that whereas a Trust is discretionary a company would be obliged to pay out if the PF had sufficient funds. SS PF is a company so might be the same. That said it might just be down to the company articles that RS PF is obliged to act this way. I think that the RS fund has to pay out if they have the cash. So not a guarantee as they could run out, hence still not being insurance. I cant comment on SS beyond the 'not guaranteed' on their website but I am not aware of any site which has a 100% guarantee for all scenarios. Lend invest do insure certain specific eventualities though for another different example. if you do want a guarantee, use an Fscs protected bank within that schemes limits, or national savings.
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mikes1531
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Post by mikes1531 on Dec 17, 2015 22:27:21 GMT
IIRC, a couple of the European platforms offer a buy-back 'guarantee' for loans that are in arrears to some level. But that may just be semantics, as any such assurance is only as good as the platform.
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SteveT
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Post by SteveT on Dec 18, 2015 8:23:32 GMT
My double glazing has another 4 years to run on its guarantee ... and I'm just about as confident that will cover any future problems as I am that a P2P provision fund will be able to cover losses I incur if/when the brown stuff hits the rotating object.
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