Cancelling an unsold sale offer

I knew that there were £60k, but one I have no idea how fast it is going and being replaced (even if one looks at the investor activity, you can only have a very general idea at best.) Also it seemed to me as my best option then. Now I think it differently, so why can't I change?

Surely any cancellation process would need a specific link back to the transaction being cancelled?

Any other way would be haphazard at best. Cancelling your loan part sale has to be specific to your loan parts. On the suggested “buy back” scenario, If whilst pondering your desire to cancel, within those fractions of a second that you sought to buy back the loans on an “order by” basis... then done the captchas, someone else could have bought your parts of your loan, meaning you could well purchase other new parts?

Without a 100% way of guaranteeing you are buying your own loan parts, and the purchase being limited to your own loan parts, then there is no way forward on this approach. I'll contradict myself here and say.... Not saying this approach would not work, in terms of limiting what is being bought, but it also introduces similar complexities?

I too would like a cancel facility. If a loan isn’t selling, I would like the ability to reappraise options.

I too would like a cancel option but if not possible (or not desired by SS) how about at the point you are prompted to confirm your sale (you know the bit that says you will no longer receive interest on the listed part) it tells you that there is currently 60K in front of you. At least then you can decide not to proceed without the need for multiple screens open.

Considering your dietary requirements, unfortunately 16p is not going to take you a long way.

The lack of a cancel option seems to me to be a large part of the cause of the selling queues being relatively short.

I directly witnessed yesterday an additional £10k being put up for sale the moment that a previous loan unit had completely sold (and one that I'd added behind it started to sell), implying that a BH was disposing of a large holding in that loan in £10k chunks (presumably listing each £10k when the previous one had completely sold).

If a cancel option were available, they, and others who were holding back on listing parts for sale that they didn't want to risk staying unsold overnight, would have no reason to do so - even if there's £100k on the market of a loan with typical sales in the region of £20k per day, you might as well add yours to the back - you never know when a BH wanting £100k per loan might stir up the market, and if it's not sold before midnight you'd cancel and try again another time. As it is, anyone who is paying attention will avoid adding loan parts to the back of a long queue (either selling something else, or adding more funds to clear a negative balance), and as long as the largest investors are paying attention (which seems likely!), the queues will naturally be kept fairly short by market forces.


Having considered the options, I personally prefer short selling queues with no cancel option to long selling queues with a cancel option.

It's to the slight disadvantage of BHs, who may need to ignore loans where there's never a decent amount available, and who may need to spend a little more time managing the selling down of a large holding (rather than putting £x00,000 up for sale in one go, and losing up to several days' interest), and also to the slight disadvantage of those who tick boxes to say they've read and understood something without bothering to read and understand it (and who thus may end up at the back of a long selling queue without realising until it's too late), but for most of the rest, I'd think the benefits of the current system far outweigh the inconvenience of not being able to change your mind about a sale. As mentioned previously, a "cancellation" can be effected by buying back the same amount and then hoping the selling queue is less than 48 hours... and market forces seem likely to keep most selling queues below 48 hours (as people who are paying attention will avoid joining the back of an obviously-long queue).

Anything to add with regards the SM whilst we are focussing on this?