cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 29, 2016 23:19:37 GMT
I think SS might argue that the term of a loan (as in how long the loan is in force) is a flexible thing. Loans can and sometimes do repay early (e.g. the borrower has been able to arrange cheaper long term financing to repay the bridging loan) and loans often get extended (e.g. more time needed to get planning permission, finish a development or complete a sale). We understand this - it's very much part of the bridging loan market. But does this mean that it is appropriate to give all loans a notional 12 month term? If you hunt back through some of my previous posts you will see that I have made the point on numerous occasions that we cannot know in advance what the actual term would be. But the one thing we do know (or rather SS knows) for certain is the amount of interest that has been paid. Therefore I have argued the point that this is what should define the term. Since SS is now showing new loans with a variety of terms, I would like to think they have taken this on board. Let's hope they also take on board the point about extending the term when a further interest payment is made rather than show loans with a negative remaining term. And on your other point - the loan updates have been added to the loans page. There is a tab on the lower section of the page to the right of Overview and Particulars. You've fought quite admirably with SS to find out the proper terms of some loans. It hasn't gone unnoticed; I for one have been following your posts closely on the subject, just to see the response from SS more than anything. I will be honest, I would like to see some more transparency with regards to the loan term, primarily an indication of the term that the interest has been paid for. It would be nice that the term was linked to the term that the interest has been paid for.
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sam i am
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Post by sam i am on Feb 29, 2016 23:21:09 GMT
ilmoro , if you're not on the SS payroll (or Christmas box list) I reckon they ought at least award you a small medal for your efforts to supply the stuff they ought to be supplying!! Many thanks for your continuing efforts! I have to admit that when I joined this forum last summer, I assumed for several weeks that ilmoro was a Savingstream representative until I discovered that representatives were required to clearly display this fact. I couldn't believe that anyone could be so clear and authoritative about what was going on unless they were an insider! 
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 29, 2016 23:21:13 GMT
ilmoro ; Maybe we can reserve you a place in PBL82 when it is finished.......  The Fletcher Memorial Home for retired listers & P2Pers Bloody cheek. Im younger than that cigar youre chewing  
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homes119
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Post by homes119 on Feb 29, 2016 23:21:27 GMT
I don't have enough at stake in SS to do perform complete due diligence and follow-up on every loan and SS don't make it too easy to track everything do they. Thanks Sam for the information as I was completely unaware. I was under the impression that every loan had upfront interest covered for the term of the loan. If this is not the case, I think lenders should be informed in the loan particulars! Ideally, SS should stick with covering the entire term as it makes it much easier for investors to monitor the loan and manage their risk. Why would SS tell us that a loan term is 12 months when it is in fact 6 months? Maybe it's me but doesn't anyone else think this is unacceptable? Regardless of the missing wording on the website or whatever, clearly there is an issue. Or the policy has been changed without informing the investor community or the policy is not being consistently applied (and not properly documented), right? Also, anyone else think that Loan updates should be attached to the relevant loan and not have all of them listed together the Updates tab? I think SS might argue that the term of a loan (as in how long the loan is in force) is a flexible thing. Loans can and sometimes do repay early (e.g. the borrower has been able to arrange cheaper long term financing to repay the bridging loan) and loans often get extended (e.g. more time needed to get planning permission, finish a development or complete a sale). We understand this - it's very much part of the bridging loan market. But does this mean that it is appropriate to give all loans a notional 12 month term? If you hunt back through some of my previous posts you will see that I have made the point on numerous occasions that we cannot know in advance what the actual term would be. But the one thing we do know (or rather SS knows) for certain is the amount of interest that has been paid. Therefore I have argued the point that this is what should define the term. Since SS is now showing new loans with a variety of terms, I would like to think they have taken this on board. Let's hope they also take on board the point about extending the term when a further interest payment is made rather than show loans with a negative remaining term. And on your other point - the loan updates have been added to the loans page. There is a tab on the lower section of the page to the right of Overview and Particulars. I completely agree, the interest should define the term and then if it is extended (with associated upfront interest) then this should also be referenced on the loan page. Don't want to seem too demanding but Ideally loans to the same borrower (different PBL numbers) should also be cross-referenced. I think it is something SS should look into as a priority as transparency is a key differentiator between P2P platforms.
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sam i am
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Post by sam i am on Feb 29, 2016 23:27:22 GMT
Ideally loans to the same borrower (different PBL numbers) should also be cross-referenced. does a great job of cross referencing loans on his update page
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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 29, 2016 23:30:52 GMT
Now that SS have reintroduced the update tabs (first appeared on the old site but quickly stalled due to lack of staff resources I suspect) the situation should improve over time and each loan should have a full history of comments over its life time. sam i am I'm a historian by qualification, though never professionaly, so I tend to accumulate information as a matter of course. Really should get a life & a proper job again |
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sam i am
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Post by sam i am on Feb 29, 2016 23:30:59 GMT
ilmoro ; Maybe we can reserve you a place in PBL82 when it is finished....... The Fletcher Memorial Home for retired listers & P2Pers Bloody cheek. Im younger than that cigar youre chewing Take this overgrown infant away... Edit: Just in case that sounds like an insult, ilmoro will understand...
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 1, 2016 0:02:43 GMT
Ideally loans to the same borrower (different PBL numbers) should also be cross-referenced. does a great job of cross referencing loans on his update page I didn't know the cross-references were listed. ilmoro, I think PBL35 and PBL58 are with the same borrower. It's not obvious, but if you read the Legal confirmation doc on PBL58 it refers to R****** L****** H*******.
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adrianc
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Post by adrianc on Mar 1, 2016 8:31:24 GMT
ilmoro does a great job of cross referencing loans on his update page I didn't know the cross-references were listed. Yes, the little letters after the PBL numbers. Good call. The name in that doc shows up as one of the directors of the company named in the PBL35 valuation, too.
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Post by chielamangus on Mar 1, 2016 13:42:48 GMT
ilmoro , if you're not on the SS payroll (or Christmas box list) I reckon they ought at least award you a small medal for your efforts to supply the stuff they ought to be supplying!! Many thanks for your continuing efforts! I have to admit that when I joined this forum last summer, I assumed for several weeks that ilmoro was a Savingstream representative until I discovered that representatives were required to clearly display this fact. I couldn't believe that anyone could be so clear and authoritative about what was going on unless they were an insider! 'sfunny. When I joined SS and started looking at this forum, I thought that Cooling_dude was an SS insider! All that positive spin ....
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Post by chielamangus on Mar 1, 2016 13:45:42 GMT
I've looked through the new HOW IT WORKS explanation, and there is no longer any mention of interest being deducted up front. And while I've learned to expect a certain haphazardness, in view of the fact that a loan backed by a personal guarantee nearly went live, I think it reasonable to seek confirmation of this policy straight from the horse's mouth. Furthermore, if the policy really is unchanged, they need to amend the HOW IT WORKS explanation. Sunspot, your diligence is appreciated your discourteous attitude isn't. What's discourteous? Looks fine to me.
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Post by sunspot on Mar 1, 2016 23:21:18 GMT
I just noticed that the RISK ASSESSMENT page is now accessible from the home page. Did we all miss that link? Was it there all along, or has it been quietly reinstated?
It's still not accessible from the HOW IT WORKS page, and I think we can all agree it should be.
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mikes1531
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Post by mikes1531 on Mar 1, 2016 23:48:41 GMT
... I think we can all agree ... I think sunspot is looking for trouble! 
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