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Post by jivan on Feb 7, 2016 16:23:20 GMT
Hi y'all,
Two questions....
i) I received an email telling me that two pipeline loans would be going live tomorrow, but no mention of actual start time......is this info kept from us in order to avoid a pile-up in the first minutes of a live auction?
ii) I understand the 'rules' re pre-bidding......can I assume that if I log in sufficiently early after 'go live' I could in theory bid for any amount that is available at that moment and be sure of getting it?
......another unrelated question (or two).......what happens if SS/Lendy's application for full FCA approval/registration is refused? How can one assess the chances of success?
Ta
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
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Post by cooling_dude on Feb 7, 2016 16:26:31 GMT
Hi y'all, Two questions.... i) I received an email telling me that two pipeline loans would be going live tomorrow, but no mention of actual start time......is this info kept from us in order to avoid a pile-up in the first minutes of a live auction? ii) I understand the 'rules' re pre-bidding......can I assume that if I log in sufficiently early after 'go live' I could in theory bid for any amount that is available at that moment and be sure of getting it? ......another unrelated question (or two).......what happens if SS/Lendy's application for full FCA approval/registration is refused? How can one assess the chances of success? Ta Hi jivan . Welcome to the game that is SS (savingstream)  ! There is no live auction or 'pre-bidding' for pipeline loans when they go live. Just go to the pipeline loan tab on the SS website and fill out your pre-funding allocation amount (i.e the max you want to invest in that loan). The amount you enter is the maximum you will get for the 2 loans going live tomorrow. However for these loans (i.e. loans up to £1,000,000) everybody will get an equal amount (unless your pre-funding allocation amount is less). Hope that makes sense! Just don't wait until tomorrow to fill out the prefunding in the pipeline loan tab, otherwise you won't get nothing (unless you wait until someone sells their stake on the SM; but that's another story!!! )
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Post by jivan on Feb 7, 2016 16:32:47 GMT
Hi y'all, Two questions.... i) I received an email telling me that two pipeline loans would be going live tomorrow, but no mention of actual start time......is this info kept from us in order to avoid a pile-up in the first minutes of a live auction? ii) I understand the 'rules' re pre-bidding......can I assume that if I log in sufficiently early after 'go live' I could in theory bid for any amount that is available at that moment and be sure of getting it? ......another unrelated question (or two).......what happens if SS/Lendy's application for full FCA approval/registration is refused? How can one assess the chances of success? Ta Hi jivan . Welcome to the game that is SS (savingstream) ! There is no live auction for pipeline loans when they go live. Just go to the pipeline loan tab on the SS website and fill out your pre-funding allocation amount. The amount you enter is the maximum you will get as for the 2 loans going live tomorrow (loans up to £1,000,000) everybody will get an equal amount (unless your pre-funding allocation amount is less). Hi cooling-dude. Fun, isn't it? Thanks for the info re there being no live auction.......that makes it simple then! ;-) Are we 'allowed' to make comments re specific loans?........such as one of the two looks very simple and the other looks pretty complex? Any views/opinions? Or do we just trust that SS have done all the DD required? I can't see any info re the borrowers ability to meet the repayments, for example.....
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
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Post by cooling_dude on Feb 7, 2016 16:39:20 GMT
Hi jivan . Welcome to the game that is SS (savingstream) ! There is no live auction for pipeline loans when they go live. Just go to the pipeline loan tab on the SS website and fill out your pre-funding allocation amount. The amount you enter is the maximum you will get as for the 2 loans going live tomorrow (loans up to £1,000,000) everybody will get an equal amount (unless your pre-funding allocation amount is less). Hi cooling-dude. Fun, isn't it? Thanks for the info re there being no live auction.......that makes it simple then! ;-) Are we 'allowed' to make comments re specific loans?........such as one of the two looks very simple and the other looks pretty complex? Any views/opinions? Or do we just trust that SS have done all the DD required? I can't see any info re the borrowers ability to meet the repayments, for example..... I would certainly encourage you to make comments on loans where you find any faults, errors or just have a qustion. However remember that this is a very active forum so make sure that you search first to make sure that your observation hasn’t been made before! Also, as the forum rules state (make sure to read them  ); make sure you don’t refer to a loan directly. It’s best to use the SS loan code minus '0', or generalise the location (i.e. PBL01 or Lincolnshire Loan)
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Post by Deleted on Feb 7, 2016 16:42:03 GMT
so Jivan, when do you actually need to put money into your account?
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Post by mattie on Feb 7, 2016 16:42:12 GMT
I can't see any info re the borrowers ability to meet the repayments, for example.....
[/quote]
The borrowers don't make repayments as such. The interest for the expected term is taken from the loan advance at the outset, and then there are no repayments scheduled until they repay in full. Usually pay by refinance to another lender or by selling the property.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
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Post by cooling_dude on Feb 7, 2016 16:54:14 GMT
what happens if SS/Lendy's application for full FCA approval/registration is refused? How can one assess the chances of success? I missed this part of your question! This should be a formality, so I wouldn’t worry too much about it! However, (as I read it) if in the slim occasion the FCA reject Lendy Ltd application, this wouldn’t affect the existing loans. It would just mean that Lendy Ltd would be unable to take on new loans until they satisfy the FCA conditions. You see the FCA don’t just outright reject company’s applications; they will inform a company that they have not satisfied the conditions, and indicate what needs to be done. All this will be going on behind the scenes now, as it is Lendy Ltd slot to apply for full registration.
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Post by jivan on Feb 7, 2016 17:40:30 GMT
so Jivan, when do you actually need to put money into your account? Hi bobo, Don't know if this is a rhetorical question or not, but my answer is that if I make a successful pre-bid then I would receive an email requesting me to fund my account within 48hrs. If I fail so to do, then I lose that loan part (and it gets re-sold on the SM??). Is that right? Having currently £0 in my portfolio and in my a/c then my maximum pre-bid is limited to £10k......yes?
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Feb 7, 2016 17:42:33 GMT
so Jivan, when do you actually need to put money into your account? Hi bobo, Don't know if this is a rhetorical question or not, but my answer is that if I make a successful pre-bid then I would receive an email requesting me to fund my account within 48hrs. If I fail so to do, then I lose that loan part (and it gets re-sold on the SM??). Is that right? Having currently £0 in my portfolio and in my a/c then my maximum pre-bid is limited to £10k......yes? Yes; you are right on both points 
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Post by Deleted on Feb 7, 2016 17:47:08 GMT
Just making sure you had all the tools |
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am
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Post by am on Feb 7, 2016 17:52:21 GMT
I don't seem to have had the email - is this PBL75 and PBL76 that are going live tomorrow?
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Post by jivan on Feb 7, 2016 17:55:46 GMT
OK, now I'm confused.........I just this minute thought that I'd made a pre-bid on one of the loans due to go live tomorrow, but can't see any record of the bid having been accepted.......I imagine it should show up in the lower section of the loan in question where it says "PRE-FUNDING"......."£0.00".
Does it take a while for the page to update this info, or do I have to first fill in a figure where it says "PRE-FUND PIPELINE LOANS".......when I do that, it then asks me if I'm sure I want to set this limit for all pipeline loans, as if it will make an automatic bid for everything coming thru the pipeline.
Help!
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ilmoro
Member of DD Central
'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 Feb 7, 2016 17:56:49 GMT
I don't seem to have had the email - is this PBL75 and PBL76 that are going live tomorrow? yes, tomorrow morning
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
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Post by cooling_dude on Feb 7, 2016 17:57:14 GMT
I don't seem to have had the email - is this PBL75 and PBL76 that are going live tomorrow? Yep. Seems some may have not received the e-mail (check your spam!). The e-mail that they sent is as follows
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Feb 7, 2016 18:01:03 GMT
OK, now I'm confused.........I just this minute thought that I'd made a pre-bid on one of the loans due to go live tomorrow, but can't see any record of the bid having been accepted.......I imagine it should show up in the lower section of the loan in question where it says "PRE-FUNDING"......."£0.00". Does it take a while for the page to update this info, or do I have to first fill in a figure where it says "PRE-FUND PIPELINE LOANS".......when I do that, it then asks me if I'm sure I want to set this limit for all pipeline loans, as if it will make an automatic bid for everything coming thru the pipeline. Help! Don't worry; it is a learning curve! 1. Go to SS & login 2. Go to "Pipeline Loans" tab 3. Find the loan(s) that you want to place a prefund bid 4. Under the "pre-funding column" select the arrow and select the amount you want to prefund 5. Press Save 6. Click "OK" on the pop-up 7. You’re all done! Important; Make sure the loans are in a list ( see below)!
Attachments:
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!
); make sure you don’t refer to a loan directly. It’s best to use the SS loan code minus '0', or generalise the location (i.e. PBL01 or Lincolnshire Loan)
