cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 1, 2016 12:28:57 GMT
I know, I know another frigging poll  However, gaming the SM is an important issue that needs to be combated. I must emphasize that I am referring to people buying on the SM with no intention of clearing their negative balance so that they gain risk-free interest. This can be further exploited if they have more than one account (I call it interest hopping). savingstream has suggested that a credit limit based on your account balance to combat the above. I'm only going to speculate, but I would imagine that this will work much in the same way as the credit limit on the PM. So the poll question in detail is thus; Would you be happy to see a credit limit on the INPL system based on your account balance (i.e. current investment + deposited amount), with a £10,000 limit for new investors/ investors with small holdingsNote : INPL = Invest Now Pay Later |
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Post by xyon100 on Mar 1, 2016 12:30:16 GMT
Me first. :-)
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Post by jackpease on Mar 1, 2016 12:35:24 GMT
Do we actually know this 'gaming' is happening? Do we actually think it's a problem even if it is?
Very scared of lots of cumulative small fixes for real/imagined problems that have the impact of complicating SS
Jack P
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 1, 2016 12:37:20 GMT
Do we actually know this 'gaming' is happening? Do we actually think it's a problem even if it is? Very scared of lots of cumulative small fixes for real/imagined problems that have the impact of complicating SS Jack P Although not conclusive the savingstream post here seems to suggest that users are abusing the system, and just letting SS put the amount back onto the SM after 48hrs
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Post by dodgeydave on Mar 1, 2016 12:40:55 GMT
I thought SS had said they will not and do not pay interest if the loan is not paid for
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ablender
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Post by ablender on Mar 1, 2016 12:44:38 GMT
I think SS know what they are doing. They have the numbers and are totally able to do the necessary number crunching. I would let them decide what is best to do and how to handle any problems of this sort. I did got caught out a few times with much smaller amounts than you mention here. This happens when I buy something on the SM when I am waiting for money to arrive from somewhere and this money arrives late. We all know that if you wee something on the SM that you have been after for weeks or months you have to grab it. This is how the system works and we just have to work with the system. After all who goes and dictate to HMRC how they should work their system?
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adrianc
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Post by adrianc on Mar 1, 2016 12:46:55 GMT
We all know that if you wee something on the SM that you have been after for weeks or months you have to grab it. Which is, of course, different from those who just take the p***.
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oldgrumpy
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Post by oldgrumpy on Mar 1, 2016 12:48:10 GMT
...We all know that if you wee on something on the SM that you have been after for weeks or months...
You mean Super yacht, or Bricknell's thingy? 
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Post by Deleted on Mar 1, 2016 12:48:16 GMT
Great idea - current system is open to abuse.
At present someone can just open an account, buy everything they see on the secondary market with no limit.
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goopy
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Post by goopy on Mar 1, 2016 12:50:43 GMT
Judging by the amount of money that SS put on to the SM today 'gaming' seem to be rather more of a problem than I had first thought. The loans have however all sold and I've diversified my portfolio nicely so not all doom and gloom.
I would be in favour of some kind of credit limit, it seems a bit strange that you can buy whatever you want without restrictions...
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ablender
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Post by ablender on Mar 1, 2016 12:52:27 GMT
Great idea - current system is open to abuse. At present someone can just open an account, buy everything they see on the secondary market with no limit.And you trust savingstream so much that you believe they will allow it. . . . 
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Post by Deleted on Mar 1, 2016 13:12:42 GMT
Great idea - current system is open to abuse. At present someone can just open an account, buy everything they see on the secondary market with no limit.And you trust savingstream so much that you believe they will allow it. . . . Don't know if you missed it, saving stream just placed £1m loan parts back on the market. Apparently the culprits offered to settle their account with monopoly money  p.s. Don't think some realize, if you don't pay for your loan parts on time and they are placed back on the market, you won't get the interest.
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jcb208
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Post by jcb208 on Mar 1, 2016 13:19:04 GMT
I think a credit limit of 25% of your balance is fair each day ,any more has to be pre funded.This would also allow more chance of buying on the SM
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adrianc
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Post by adrianc on Mar 1, 2016 13:23:38 GMT
...he finds it incredible that you can invest with no capital, but keep the interest. You can't. If you don't pay for the parts, you lose the interest.
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Post by sunspot on Mar 1, 2016 13:39:25 GMT
If you continually buy and sell, it's theoretically possible to earn interest without capital under the current system. Indeed, it would not surprise me if this is a greater problem than people dumping stock.
I voted YES, but £10,000 is too much credit for new investors.
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