jaswells
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Post by jaswells on Dec 23, 2015 10:18:29 GMT
Hi,
I recently started playing around with SS and would like to have a better understanding of my loan parts. Under remaining days why do some loans have a negative number?. Have these loans expired/ now been repaid? How long does one have to wait for these loans to be returned as cash into your account.
Thanks in advance for what is probably blindingly obvious to others.
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Post by Butch Cassidy on Dec 23, 2015 10:26:14 GMT
These loans have overrun their original term, nothing unusual for this type of finance & nothing to be overly concerned about; SS often either extend the term or have refinancing packages stuck in legals etc - If you sign up for the e-mail newsletter it usually has a brief description of what's happening with each loan - ideally this should be put into the website loan info page but is often missing.
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LittleBear
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Post by LittleBear on Dec 23, 2015 10:27:10 GMT
Ilmoro maintains a pinned thread on the SS board: p2pindependentforum.com/thread/2635/savingstream-list-loan-updates This has all the updates from SS on all of the loans in one place. The loans with negative days left have over-run, but the updates indicate whether the borrower is trying to refinance, selling the asset, wants to extend, etc. |
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mickj
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Post by mickj on Dec 23, 2015 10:34:53 GMT
New myself and getting used to things, ilmoro's List of loans & updates is good for checking whats what, you can always sell your investments on the SM if you need, not used this option yet but things seem to go quickly when they pop up (just keep your eye on the loans page), usually faster than I can buy a bit of them - slow fingers here. see, slow fingers - LittleBear beat me to it. oh and this forum is more than helpful. |
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jaswells
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Post by jaswells on Dec 23, 2015 10:39:49 GMT
Thanks , will check out your suggestions.
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ablender
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Post by ablender on Dec 23, 2015 14:16:39 GMT
Also, Loans with negative remaining days still pay interest AFAIK. (please correct me if I am wrong).
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jonno
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nil satis nisi optimum
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Post by jonno on Dec 23, 2015 14:28:53 GMT
Also, Loans with negative remaining days still pay interest AFAIK. (please correct me if I am wrong). Yes ablender, you are quite correct. 
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gt94sss2
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Post by gt94sss2 on Dec 23, 2015 15:07:11 GMT
Also, Loans with negative remaining days still pay interest AFAIK. (please correct me if I am wrong). And sometimes SS fail to update the remaining days once a loan has been extended etc - making the weekly newsletter/Ilmoro's thread even more useful..
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ablender
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Post by ablender on Dec 23, 2015 16:29:38 GMT
Also, Loans with negative remaining days still pay interest AFAIK. (please correct me if I am wrong). And sometimes SS fail to update the remaining days once a loan has been extended etc - making the weekly newsletter/Ilmoro's thread even more useful.. Ilmoro, they should give you an extra 1% on your lending.
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sam i am
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Post by sam i am on Dec 23, 2015 18:33:57 GMT
Also, Loans with negative remaining days still pay interest AFAIK. (please correct me if I am wrong). Yes ablender , you are quite correct. This is my understanding: It's absolutely correct for the loans under the old T&Cs. It's partially correct for loans under the new T&Cs. Under the new T&Cs interest will still be paid with negative remaining days up until the point at which the loan goes into default. At this point interest will cease to be paid and will be accrued until the loan is wound-up. Outstanding interest will then be paid in full or in part depending on the amount of recovery. We haven't had a default under the new T&Cs yet, so we haven't seen exactly how this will work in practice (and let's hope it's a long time before we do).
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ablender
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Post by ablender on Dec 23, 2015 18:38:03 GMT
This is my understanding: It's absolutely correct for the loans under the old T&Cs. It's partially correct for loans under the new T&Cs. Under the new T&Cs interest will still be paid with negative remaining days up until the point at which the loan goes into default. At this point interest will cease to be paid and will be accrued until the loan is wound-up. Outstanding interest will then be paid in full or in part depending on the amount of recovery. We haven't had a default under the new T&Cs yet, so we haven't seen exactly how this will work in practice (and let's hope it's a long time before we do). I suppose (expect) that if a loan defaults under the new T&C we will be informed and that it will stop trading on the SM.
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geoff
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Post by geoff on Dec 23, 2015 22:55:57 GMT
This is my understanding: It's absolutely correct for the loans under the old T&Cs. It's partially correct for loans under the new T&Cs. Under the new T&Cs interest will still be paid with negative remaining days up until the point at which the loan goes into default. At this point interest will cease to be paid and will be accrued until the loan is wound-up. Outstanding interest will then be paid in full or in part depending on the amount of recovery. We haven't had a default under the new T&Cs yet, so we haven't seen exactly how this will work in practice (and let's hope it's a long time before we do). I suppose (expect) that if a loan defaults under the new T&C we will be informed and that it will stop trading on the SM. I recall that whilst PBL 7 was officially in default, SM trading of that loan was allowed to continue. More recently, Saving Stream have indicated that trading of a defaulting loan will still be possible. Ref. p2pindependentforum.com/post/59555
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david42
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Post by david42 on Dec 23, 2015 23:19:15 GMT
For the previous default, although trading was allowed to continue, they added a big warning message on the purchasing screen when you tried to buy it.
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ablender
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Post by ablender on Dec 23, 2015 23:49:42 GMT
Thanks for the reference.
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