Cancelling an unsold sale offer

Is changing your mind no longer a valid reason?

Other platforms doing something hardly seems a compelling reason to me. I've no knowledge of MT's system, but:

AC has a marketplace that operates much more slowly for buyers (due to the high complexity of their systems).
FC has a fee, and a marketplace dominated by lurking "robot" buyers ready to grab anything of above-normal attractiveness the moment it is offered.

AC creates dozens of small transactions for a single large purchase.
FC ties the loan part size that a buyer gets to the loan part size that a seller is holding.

Both have rather lower interest rates.

Neither has a first-in-first-out sales queue, meaning that you not only need to worry about how much was on the market BEFORE you tried to sell yours, but also about large quantities being dumped AFTER you tried to sell yours.

Which of these other aspects of their service should SS strive to copy while they're at it?

Changing your mind is also adequately catered for by repurchasing the same quantity on the secondary market.


One thing that could probably be done without too much hassle (although it would depend on exactly how things are implemented in savingstream 's back end) would be to have "repurchasing your own loan parts" prioritised in the aftermarket...

So rather than merely ordering by date listed for sale when considering which loan parts to "buy", it would order by "is this my loan part" and then by date.

This would explicitly reinforce the "repurchase to cancel" functionality, and avoid needing to create a whole new interface just for cancellations.


Edit: However, if the decision to disallow cancellations was actively chosen (rather than merely not implemented), an explicit "repurchase to cancel" function would likely cause many of the same issues that may have been considered when deciding to disallow cancellation.

Adding the "Cancel" option was straightforward on MT because their lenders continue to accrue interest whilst parts are listed for sale. Doing the same would be significantly trickier on SS unless they bring their SM interest accrual policy into line with MT / FS / AC / FC / FK / LC / etc.

And what about : I have changed my mind. Why can't I do that?

Correct me if I'm wrong but as I understand it interest is not paid on loan parts which are not paid for, therefore if you have negative funds then you will not be paid interest on the negative amount. How then would you be able to claim interest on loan parts you can't afford as this would mean you would have negative funds?

IMHO if you have the funds in your account then you should be paid interest on your loan parts which are for sale....

I don't think this is correct. AIUI you're not paid interest on loans you never pay for and are taken back by SS, but if you pay up within the allotted time, you receive full interest.

I assume that this was the process in action with the 1.2m loanbook that SS eventually did take back resulting in the defined credit limits. I assume the person was buying in one account, then selling after 1 day to a spouses account thus "paying" for them, then a day later selling back to their account pocketting the interest all along. If they weren't receiving the interest, what would have been the point in doing what they were doing.

Ok I stand corrected. If what you say is correct then surely the best approach would be not to pay interest until the loan is actually paid for. I'm sure most people wouldn't mind losing a day or two's interest for the convenience of having the 48 hour grace period and if people have a problem with that they can always make sure they have money in their account before they buy.

If SS adopted this it would rule out a lot of 'gaming' then we could have a cancel button AND be paid interest on loan parts which we have up for sale.