hazellend
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Post by hazellend on Dec 18, 2015 17:04:30 GMT
Just making sure I've got the right idea about all the secondary markets I use.
Moneything - sell at par and collect your interest owed immediately
Saving stream - sell at par and collect your interest when the loan is eventually repaid
Funding secure - sell at whatever somebody is willing to pay, sell your loan plus accumulated interest - buyer pays tax on the interest
?
Ablrate - sell at whatever somebody is willing to pay, collect your interest immediately?
Moneything seems by far the best and simplest so far. It is definitely my favourite site by a long shot.
Property partner also have a great secondary market.
Funding secure seems the most bizarre from a secondary buyer perspective, why would anybody want to pay tax on somebody elses income?
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SteveT
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Post by SteveT on Dec 18, 2015 17:13:38 GMT
Just making sure I've got the right idea about all the secondary markets I use. Moneything - sell at par and collect your interest owed immediately when the next monthly interest payment is madeSaving stream - sell at par and collect your interest when the loan is eventually repaid at next month-end interest run
Funding secure - sell at whatever somebody is willing to pay, sell your loan plus notional value of accumulated interest - buyer pays tax on the interest actually paid when the loan completesAblrate - sell at whatever somebody is willing to pay, collect your interest immediately? YesMoneything seems by far the best and simplest so far. It is definitely my favourite site by a long shot. Property partner also have a great secondary market. Funding secure seems the most bizarre from a secondary buyer perspective, why would anybody want to pay tax on somebody elses income? Couple of amendments made, above
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ben
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Post by ben on Dec 18, 2015 17:51:17 GMT
I think also do you stop earning interest on SS once you have put it up for sale? so for example if up for 4 days you get no interest I know at moment not an issue but might be in future, thats the way I read it anyway not used it so not sure
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hazellend
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Post by hazellend on Dec 18, 2015 20:22:08 GMT
thanks for the corrections!
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littleoldlady
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Post by littleoldlady on Dec 18, 2015 22:51:02 GMT
Abl over-complicated
FS Idiotic
SS Good but beware no interest on loans whilst on the SM
MT Excellent
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Post by ablrateandy on Dec 18, 2015 23:37:09 GMT
Just to be clear, on Ablrate you can offer at par if you so wish. It'll sell promptly.
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treeman
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Post by treeman on Dec 19, 2015 0:07:34 GMT
I think also do you stop earning interest on SS once you have put it up for sale? so for example if up for 4 days you get no interest I know at moment not an issue but might be in future, thats the way I read it anyway not used it so not sure I've not had anything sit on the SS SM anywhere near long enough to know ....... but, from the SS website FAQs (my bold): What if I change my mind or wish to release capital before the loan is repaid? We offer a facility to sell any investments you have made. You can choose to put all or part of your original investment amount up for sale, which will update the amount available for other investors. If the total loan amount has already been committed by Saving Stream investors, the project will return to the Available Loans section with your chosen amount available for investment. This will not affect the borrower and once the whole amount has sold we will update your account balance accordingly, along with any interest earned during the sale period. Anyone have experience? Perhaps savingstream could clarify?
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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 Dec 19, 2015 0:43:01 GMT
SS Interest ceases to accrue for seller on the sum listed for sale as soon as it is listed for sale Interest accrues for the buyer as soon as the sum requested is purchased All interest accrued up to the last day of the month is paid on the first day of the following month or the next working day if insufficient lenders having posted a 'where's my interest' query on the forums  |
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jonah
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Post by jonah on Dec 19, 2015 9:01:00 GMT
Just to be clear, on Ablrate you can offer at par if you so wish. So far, loans at par have all sold promptly and although there is no reason to think this will change, there are no guarantees for the future.Tweaked for you
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littleoldlady
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Post by littleoldlady on Dec 19, 2015 11:48:41 GMT
I think also do you stop earning interest on SS once you have put it up for sale? so for example if up for 4 days you get no interest I know at moment not an issue but might be in future, thats the way I read it anyway not used it so not sure I've not had anything sit on the SS SM anywhere near long enough to know ....... but, from the SS website FAQs (my bold): What if I change my mind or wish to release capital before the loan is repaid? We offer a facility to sell any investments you have made. You can choose to put all or part of your original investment amount up for sale, which will update the amount available for other investors. If the total loan amount has already been committed by Saving Stream investors, the project will return to the Available Loans section with your chosen amount available for investment. This will not affect the borrower and once the whole amount has sold we will update your account balance accordingly, along with any interest earned during the sale period. Anyone have experience? Perhaps savingstream could clarify? This contradicts the pop up you get when you put something on the SM: ![]() 
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littleoldlady
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Post by littleoldlady on Dec 19, 2015 11:50:13 GMT
I have put a bit on to try and test it. I hope (unusually) that nobody buys it today. Better to have done it at 11.59 pm.
Edit: lasted 2 minutes.
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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 Dec 19, 2015 12:21:31 GMT
I've not had anything sit on the SS SM anywhere near long enough to know ....... but, from the SS website FAQs (my bold): What if I change my mind or wish to release capital before the loan is repaid? We offer a facility to sell any investments you have made. You can choose to put all or part of your original investment amount up for sale, which will update the amount available for other investors. If the total loan amount has already been committed by Saving Stream investors, the project will return to the Available Loans section with your chosen amount available for investment. This will not affect the borrower and once the whole amount has sold we will update your account balance accordingly, along with any interest earned during the sale period. Anyone have experience? Perhaps savingstream could clarify? This contradicts the pop up you get when you put something on the SM: ![]() Its an error. Pretty sure it should say interest earned (accrued would be better as not earnt until paid) before the sale period, the amount of which is displayed on the sold loan parts page for each part sold. Any interest accrued is then paid at the next payment date. savingstream this needs amending.
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james
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Post by james on Jan 2, 2016 12:13:34 GMT
Moneything seems by far the best and simplest so far. It is definitely my favourite site by a long shot. Just remember that whether you're a buyer or a seller you're losing on that market compared to a place like Ablrate or Bondora (but don't go and invest at Bondora!). As a seller you lose the premium price you could currently normally obtain while as a buyer you suffer from reduced loan availability because many sellers can't ask what it'd take to get them to be willing to sell. Moneything currently looks good for buyers IF they can find enough loans to buy to meet their needs. That's pretty easy at the moment for those with smaller sums or low diversification targets but it can become harder for larger amounts and greater diversification objective. This isn't necessarily a bad thing, though, since it may encourage people to use one or more other platforms and diversifying across platforms is very important for risk reduction.
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ben
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Post by ben on Jan 2, 2016 12:20:18 GMT
MT is probably the best market but the problem it has at the moment is that it is pretty new still so not that many people wanting to diversify, a lot of the loans are to the same lender anyway. I would think in future once it gets a bit bigger the secondary market will become quite busy
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ablender
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Post by ablender on Mar 28, 2016 10:48:32 GMT
I was going through the FAQ on SS and came across the following: "What if I change my mind or wish to release capital before the loan is repaid? We offer a facility to sell any investments you have made. You can choose to put all or part of your original investment amount up for sale, which will update the amount available for other investors. If the total loan amount has already been committed by Saving Stream investors, the project will return to the Available Loans section with your chosen amount available for investment. This will not affect the borrower and once the whole amount has sold we will update your account balance accordingly, along with any interest earned during the sale period." (my bold) savingstream: This contrasts sharply with what is happening. No interest is currently being paid on loans which are on sale. Is this a mistake in FAQ, am I misunderstanding what is written, or is it a change in operation? |
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