Mike
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Post by Mike on Jan 13, 2016 8:20:49 GMT
I have always been careful to fund my account when the balance was negative, so I should know the answer to this but I don't:
If I don't ever fund my account balance (which became negative on 4th Jan), what will happen? Who's money has been given to the borrower?
I have pre funding set up on lots of loans; but I no longer intend to keep track of my balance. I will fund my account whenever I feel like it, despite having lots of targets set (and an already negative balance). Will this work out as I expect, where I won't get anything until my balance becomes non-negative (and all fine & dandy)?
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pom
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Post by pom on Jan 13, 2016 8:40:55 GMT
You are supposed to transfer money in to address any negative balance within 48hrs so if you've been in this position since Jan 4th I'm surprised they haven't chased you yet. If you don't they can sell your loan parts.
Make a habit of it and I'd rather expect them to sell all of them and delete your account
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adrianc
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Post by adrianc on Jan 13, 2016 8:47:04 GMT
If I don't ever fund my account balance (which became negative on 4th Jan), what will happen? They will hunt you down like a dog... SS's. But on your behalf. If you don't square up, then SS will take loan parts back off you to sell to re-balance your account.
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Mike
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Post by Mike on Jan 13, 2016 8:49:39 GMT
If you don't they can sell your loan parts. Make a habit of it and I'd rather expect them to sell all of them and delete your account Yes I rather expected them to have a robot to close my positions automatically after the 48 hours. Who's money has been lent on the loan part I hold but haven't bought? SS money? I wonder if this counts as stealing interest.. Do they really manually chase these things up and then start deleting accounts? Is that known to have happened? I would be a little surprised if it were so primitive --- or maybe everyone else is much less lazy than I am.
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pom
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Post by pom on Jan 13, 2016 8:55:28 GMT
They definitely chase missing payments as when I first joined their systems couldn't see mine so I had a whole load of "you haven't paid us" automated emails before they fixed it. This was back in the summer before they changed the funding process. Since then I know when there have been new loans some people have received the reminders VERY quickly.
Not paying up is most definitely abuse. SS are very generous in allowing us to fund this way, and are very patient with people who have genuine issues getting the cash reconciled, but if they spot a pattern and decide you are abusing it I would absolutely expect them to warn you and then throw you out. If it has happened before then no-one's owned up to it on here, but it's hardly surprising as it's not likely to be a popular confession.
Edit and yes I'd say everyone else is much less lazy - if you read the threads you'll see we've mostly been in the "worrying if things haven't reconciled at the earliest possible time" camp
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Mike
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Post by Mike on Jan 13, 2016 9:02:27 GMT
It wasn't really deliberate, although I confess have been waiting and waiting just to see 'what happens'... Although having sifted through all my SS emails I note that I never got any emails about this loan part. Such as ``New pre-fund investment'' or SS ``loan part funding'' --- never arrived for this one This may be tied to the fact I changed my registered email with them recently. It would be very annoying if the only way to keep on top of my balance is to check my account balance every single day for ever and ever and ever... Edit: In fact no emails relating to loan part purchases have been received since I changed my email address, but the other emails (including loan sales) do seem to appear. I have emailed them. Apologies to pom I can assure them that this was a small amount overdrawn, <£50, and I wasn't trying to abuse the system. I have emailed their support to see if they can make the emails come back. |
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adrianc
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Post by adrianc on Jan 13, 2016 9:12:52 GMT
Although having sifted through all my SS emails I note that I never got any emails about this loan part. Such as ``New pre-fund investment'' or SS ``loan part funding'' --- never arrived for this one This may be tied to the fact I changed my registered email with them recently. Altogether now... SPAM FILTERS!
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pom
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Post by pom on Jan 13, 2016 9:17:33 GMT
Ah ok, maybe it should be me that should be aplogising then. I was a bit concerned by your "will fund when I feel like it" statement but didn't quite realise the full story - totally agree that not getting pre-fund emails would be a total pain, and hope SS manage to sort it out for you soon.
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Mike
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Post by Mike on Jan 13, 2016 9:17:44 GMT
Altogether now... SPAM FILTERS! Yes I have checked spam too, nothing there.
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dp
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Post by dp on Jan 13, 2016 9:33:33 GMT
No harm in logging in every now and again to check? Only takes seconds.....
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oldgrumpy
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Post by oldgrumpy on Jan 13, 2016 9:45:59 GMT
Although having sifted through all my SS emails I note that I never got any emails about this loan part. Such as ``New pre-fund investment'' or SS ``loan part funding'' --- never arrived for this one This may be tied to the fact I changed my registered email with them recently. Altogether now... SPAM FILTERS! I have just checked and all my SS e-mails from 1 December have gone into the junk box (hotmail). They never used to.
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adrianc
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Post by adrianc on Jan 13, 2016 9:57:01 GMT
Altogether now... SPAM FILTERS! Yes I have checked spam too, nothing there. Which doesn't necessarily mean that they haven't been spambinned. Not all spambinning is visible. Certain mail providers have gone through periods of being RIDICULOUSLY over-enthusiastic at binning perfectly legitimate mail, totally transparently to both sender and recipient, and refusing completely to accept that their filtering might be out of order.
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Post by GSV3MIaC on Jan 13, 2016 10:18:00 GMT
I have not always received them when I expected to, and have sometimes just transferred money 'on spec' since I know I'm down by that amount (or shortly will be). Can't blame spam filters here, my mail is forwarded from fasthosts, and my ISP has been extensively sanity checked. I guess sometimes SS's email system may miss a beat (to make up for sending me two identical copies of 'your funds have been gratefully received' emails?)
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mikes1531
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Post by mikes1531 on Jan 13, 2016 15:35:23 GMT
Only TWO??
I received FOUR!! emails on Saturday morning asking me to resolve my £8.49 negative balance -- created when I actually managed to buy some shrapnel on Friday.
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Post by GSV3MIaC on Jan 13, 2016 16:15:11 GMT
Ah, obviously you are getting lots of other folks as well as your own then.
Maybe SS will fix it .. I did only get one copy of 'funds received' email today (although the funds have yet to make it to the transaction report, for some reason).
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