baldpate
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Post by baldpate on Mar 9, 2016 14:04:14 GMT
First time I've wanted to do this, and I can't for the life of me figure it out.
To offset my prefunding deficit, I put some parts up for sale. One of them was a mistake on my part. Since it hasn't sold yet (there is a lot already on offer), I'd like to cancel the offer and try again when the market quiets down. I'm sure it should be obvious how you do this, but I can't work it out - assuming it's possible, of course.
Could some kind soul give me a pointer, please.
Thanks
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Post by spareafewcoppersguv on Mar 9, 2016 14:06:46 GMT
Don't think that is possible I'm afraid. People have expressed as wish for that functionality before.....  |
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sl75
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Post by sl75 on Mar 9, 2016 14:07:31 GMT
First time I've wanted to do this, and I can't for the life of me figure it out. To offset my prefunding deficit, I put some parts up for sale. One of them was a mistake on my part. Since it hasn't sold yet (there is a lot already on offer), I'd like to cancel the offer and try again when the market quiets down. I'm sure it should be obvious how you do this, but I can't work it out - assuming it's possible, of course. Could some kind soul give me a pointer, please. Thanks I gather you can't cancel it... the best you could do is buy back the same amount, and eventually your part will sell to cancel out the position.
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t
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Post by t on Mar 9, 2016 14:17:25 GMT
First time I've wanted to do this, and I can't for the life of me figure it out. To offset my prefunding deficit, I put some parts up for sale. One of them was a mistake on my part. Since it hasn't sold yet (there is a lot already on offer), I'd like to cancel the offer and try again when the market quiets down. I'm sure it should be obvious how you do this, but I can't work it out - assuming it's possible, of course. Could some kind soul give me a pointer, please. Thanks It won't help you now but I always check sm before I put for sale so I get to front and if it does not sell then can buy it back which = cancel
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mikes1531
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Post by mikes1531 on Mar 9, 2016 14:31:47 GMT
It won't help you now but I always check sm before I put for sale so I get to front and if it does not sell then can buy it back which = cancel : But how do you know when you get to the front. I realise it's easy if nobody puts anything more up for sale -- when you have £XXX for sale and there's only £XXX showing as being available then you must be at the front. But if others do add to the queue, and there's two times £XXX for sale, how do you know if the extra is all behind you?
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t
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Post by t on Mar 9, 2016 14:51:44 GMT
It won't help you now but I always check sm before I put for sale so I get to front and if it does not sell then can buy it back which = cancel : But how do you know when you get to the front. I realise it's easy if nobody puts anything more up for sale -- when you have £XXX for sale and there's only £XXX showing as being available then you must be at the front. But if others do add to the queue, and there's two times £XXX for sale, how do you know if the extra is all behind you? Mike i only put parts for sale after I've checked there is nothing for sale on that loan then I can buy back was a bit of a gamble today with new pbl but I took a guess it was ss parts and mine would be in front which it was but it would be nice to have a simple cancel button
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ablender
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Post by ablender on Mar 9, 2016 18:45:40 GMT
We do need this functionality added to the platform. What you are describing is a work around and is only effective if there are lots of sales happening. Imagine I put a loan part for sale on a loan that is slow going. After a few days it has not sold and I fund some extra funds and decide to put them on SS. Why shouldn't I be able to cancel the sale and keep my loan part if so I wish?
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jonah
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Post by jonah on Mar 9, 2016 20:50:09 GMT
We do need this functionality added to the platform. What you are describing is a work around and is only effective if there are lots of sales happening. Imagine I put a loan part for sale on a loan that is slow going. After a few days it has not sold and I fund some extra funds and decide to put them on SS. Why shouldn't I be able to cancel the sale and keep my loan part if so I wish? There was a poster some time ago (two feasts back iirc) who emailed SS and asked nicely. They returned it from the middle of the queue. I agree it would be nice, but it is just that, a nice to have imo.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Mar 9, 2016 21:01:03 GMT
It's hard to see how this will be a priority for SS when it will cost them in interest as well as IT.
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treeman
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Post by treeman on Mar 10, 2016 11:23:07 GMT
So.......... I've put £500 of the Scottish loan on the SM, and most of it got snapped up quickly, but it left 21p However my account is still reading a difference of £500........  I always put amounts larger than £100 up in parts to avoid having too much stuck in the pipes if liquidity is not instant. Sure, 5 x £100 takes a little longer to list but keeps the flow going better. Works for me!
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Post by supernumerary on Mar 10, 2016 11:58:54 GMT
First time I've wanted to do this, and I can't for the life of me figure it out. To offset my prefunding deficit, I put some parts up for sale. One of them was a mistake on my part. Since it hasn't sold yet (there is a lot already on offer), I'd like to cancel the offer and try again when the market quiets down. Yesterday I sold a fair amount, but one particular loan which I had in two parts, was shifting very slowly. 24 hours later, as I write, those two amounts still haven’t sold yet, BUT the first one I can see that there is a growing percentage sold. Once I saw that, it does make it easier… Saving Stream have created a FREE secondary market for us all. There has to be rules and IMHO, this particular rule should be kept. By keeping it the way it is, simplifies the procedures involved with selling on the secondary market. If it is over complicated, with selling order ticket numbers being generated and then being cancelled, that could lead eventually to the secondary market not being free. Who knows? These are obviously my thoughts, with an added suggestion. IMHO, what would be very helpful is for Saving Stream to create a column on the selling parts tab, to display the queue/amount in front of the part that an investor has requested to be sold. When investors see that that there is a queuing system and that the displayed amount is slowly reducing, in front of their own requested sale amount, then hopefully those inclined to worry, will be more calmed and chilled.  Again these are my thoughts and a suggestion for the Saving Stream suggestion box…  As Saving Stream have already made quite clear to us all. Again, appreciate this forum and all of its members. Keep up the good work.
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ablender
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Post by ablender on Mar 10, 2016 13:28:34 GMT
Saving Stream have created a FREE secondary market for us all. There has to be rules and IMHO, this particular rule should be kept. By keeping it the way it is, simplifies the procedures involved with selling on the secondary market. If it is over complicated, with selling order ticket numbers being generated and then being cancelled, that could lead eventually to the secondary market not being free. Who knows? Come on. We are not asking for the end of the world. What is the extra complexity that you see in being able to cancel a sale? And why should SM not be free in the future if we can cancel a sale?
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Post by dodgeydave on Mar 10, 2016 13:51:30 GMT
I can not understand why SS need to implement this.
You should double check what you are doing and it does ask you
Sell loan part. You then have to click on this .
You then are asked sell loan part. again you have to click
And then you have to click OK.
SO you really have made 3 errors in selling your loan part .
Leave it as it is
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beechside
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Post by beechside on Mar 10, 2016 14:37:02 GMT
What is the extra complexity that you see in being able to cancel a sale? TL;DR: without prioritising system changes, how do we know which change is the most important? Longer and more boring response: unless we have the code, we cannot answer your question. Perhaps some or all of the following: What if it's part sold? What happens to interest? What additional changes are required to the audit logs? What are the regulatory issues? What new gaming might be done if the "cancel sale" function is implemented? What's the opportunity cost of implementing this over other more important changes? I (and I'm sure others on this board) have run development shops. Every request that comes in can be important but the devs should only be implementing the most important ones. Perhaps they're currently working on code to support a new ISA product. Perhaps they're working on new audit and reporting systems to achieve full compliance. Perhaps other requests to automate customer contacts or removing bugs or update the info/Q&A fields automatically or function to support the underwriters or brokers (i.e. stuff we don't get to see). Any good company values customer input but requests have to be formalised. Of all the current requests for system changes, how does "cancel sale" compare? Without a voting system and/or some kind of SS/Customer steering group, every request is equally important but we all know that's not the case. Of course, creating and implementing a voting system is itself a system change. What's the priority of a voting system compared to a "cancel sale" change? I hesitate to suggest a voting system because there may be more important things that SS are currently doing and those things may be commercially sensitive. There's no need for them to divulge to us (and their competitors) what those things are but we could always create our own voting system, even it's just H/M/L. Then there are the conflicting pressures of quick changes versus ISO/BSI compliance. At that point, even the simplest of changes cannot be simply nodded through. What kind of SS do we want?
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sl75
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Post by sl75 on Mar 21, 2016 11:05:47 GMT
I think in light of the stagnant secondary market and the difficulty some experience trying to resolve their negative balance by selling loans that turn out to be not selling (or blocked due to technical difficulties) it would be a good idea for savingstream to implement a facility for sellers to withdraw their unsold parts from the SM so that they can sell something else. I'm not saying it's more important that loan origination, or due dil, etc, etc but I am saying it definitely needs doing soon. I can think of the following conditions where you might WANT to cancel a sale: 1. Technical issues are blocking sales - in this case the same technical issues would almost certainly block cancellations in a system that was properly designed. In order to creating duplicate loan parts in cases where a simultaneous cancelation and purchase occur, purchases and cancellations would almost certainly need to be processed in the same queue, so if it becomes stuck causing the purchase page to freeze, the cancellation page would almost certainly freeze in the same manner. 2. Market conditions are blocking sales - in this case the loan is easy to buy, and you can effect a "cancellation" by buying back the same amount of the loan on the secondary market. 3. You want to cheat the system by cancelling sales so you can get an extra day's interest. Which did you have in mind? What compelling reason is there for savingstream to implement it?
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