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Post by GSV3MIaC on Mar 30, 2016 10:59:00 GMT
I completely agree. The likely downsides of adding a Cancel option (in terms of lengthy selling queues and late-night de-list / re-list shenanigans) outweigh the benefits. If you don't want to get stuck in a selling queue, simply check whether there's a queue before you sell ! That's nice in theory, but on at least one occasion some BH has listed £60k+ of part(s) for sale while I was ruminating and button pushing (I guess it might be underwritten parts .. hard fer t'say, without excavating a lot). I expect to get my part sold in a fortnight or two. I like the new SS proposal .. I'd like to see a) what is really for sale and b) what is really in demand .. this at least addresses #1. If BH sales start to block the SM (like BH purchases do) then I guess we get (back) into the 'round robin, fair shares for all) scenarios.
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dp
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Post by dp on Mar 30, 2016 10:59:11 GMT
The ability to cancel a sale whilst only part sold will be in place very soon.
Anything to add with regards the SM whilst we are focussing on this?
If you list a part for sale and percentage sold is 0% will you be able to cancel the sale?
You appear to suggest you can only cancel a sale when its part way or part % sold....
Adding how much is for sale in front of you is great.
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ben
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Post by ben on Mar 30, 2016 11:16:16 GMT
Suppose it quite good that the interst goes into the provision fund I would be happy for it to stay that way then people will only sell what they need to rather then trying to game the market and buying more then they want again
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Post by pepperpot on Mar 30, 2016 11:21:39 GMT
savingstream, I actually disagree with paying interest on 'for sale' parts. The sm will clog up completely within a week just like FS and AC. There is currently a judgment call and an indirect cost to listing on SS that keeps parts 'earmarked for future sale' down, remove that and all 'earmarked for sale' parts will get listed... within a few days, as everyone sees the available amount increase (if there's a queue, might as well join it). A tentative prediction of >£10m total availability within 2 weeks and although the offering is virtually the same, there's a psychological barrier when buying into something with apparently reduced liquidity.
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pom
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Post by pom on Mar 30, 2016 11:37:47 GMT
I also don't think paying interest for parts on the SM is a good idea with the current setup. Would far rather it went to the provision fund than allow people to take unfair advantage of INPL.
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Balder
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Post by Balder on Mar 30, 2016 11:43:38 GMT
I also don't think paying interest for parts on the SM is a good idea with the current setup. Would far rather it went to the provision fund than allow people to take unfair advantage of INPL. As the provision fund is a fixed percentage of the loan book then in reality the interest must really go to SS anyway.
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Post by doorway on Mar 30, 2016 11:50:28 GMT
Currently the SM works, works better than other sites, is a MAJOR SS advantage.
Please don't compromise this.
(a cancel button would be nice, but not lifesaving).
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sildenafil
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Post by sildenafil on Mar 30, 2016 11:55:27 GMT
I also don't think paying interest for parts on the SM is a good idea with the current setup. Would far rather it went to the provision fund than allow people to take unfair advantage of INPL. I completely agree with this. Add my vote to keep the system as it is.
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Post by Deleted on Mar 30, 2016 12:03:51 GMT
savingstream , I actually disagree with paying interest on 'for sale' parts. The sm will clog up completely within a week just like FS and AC. There is currently a judgment call and an indirect cost to listing on SS that keeps parts 'earmarked for future sale' down, remove that and all 'earmarked for sale' parts will get listed... within a few days, as everyone sees the available amount increase (if there's a queue, might as well join it). A tentative prediction of >£10m total availability within 2 weeks and although the offering is virtually the same, there's a psychological barrier when buying into something with apparently reduced liquidity. I also disagree with paying interest on 'for sale' parts if this is going to have a detrimental effect on liquidity. If this is going to be introduced, it would be useful if a period of notice was given, so that those who wished to sell out beforehand would be able to do so.
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Post by pepperpot on Mar 30, 2016 12:10:00 GMT
I also don't think paying interest for parts on the SM is a good idea with the current setup. Would far rather it went to the provision fund than allow people to take unfair advantage of INPL. As the provision fund is a fixed percentage of the loan book then in reality the interest must really go to SS anyway. If we consider the amount in the PF to have been initially seeded by SS, then yes current 'lost' interest is paying SS back. Maybe if we could see how much has been paid back and if, once it's totally paid back, the 2% cap could be allowed to creep up by the same route it would make SS a safer long term proposition. If that were to come to pass I would probably increase my SS exposure.
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Jeepers
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Post by Jeepers on Mar 30, 2016 12:17:35 GMT
How would this work?
Supposing a BH put 100k on the SM and people keep buying little parts over a couple of days. SS would be paying interest on the new loan parts as well as the original part for sale.
Or the Seller would have bits coming in all day to pay him of as people bought his part.
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star dust
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Post by star dust on Mar 30, 2016 12:19:40 GMT
Full marks for listening savingstream. Can't really object to knowing how long the retail 'for sale' Q is, or being able to cancel a sale, although I still don't beleive the latter is necessary. Having both INPL and retaining interest on 'for sale' parts would be a big mistake in my view, and if it's one or the other, give me the former any day of the week. Anything else, well a selectable notification when a sale Q is empty (or a specified level) might be useful, or maybe that's a coding trip too far  . |
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awk
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Post by awk on Mar 30, 2016 12:23:03 GMT
I fully support the ability to cancel a sale as there are many legitimate reasons to do this - well done SavingStream.
As for interest being paid or not, then I'm not too bothered either way. Personally, I'd go with the new SS proposal and review after a couple of weeks.
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Post by Deleted on Mar 30, 2016 12:24:14 GMT
Don't get the illusion that the current liquidity on the SM will remain forever.
It is likely that at some point there might be less demand than offer and loan parts might get stuck on the SM for weeks or months (I have parts unsold for months on FC). This means that gaining interest on them will be very useful.
Hence I sustain the proposal of paying interest on the parts on the SM.
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stevio
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Post by stevio on Mar 30, 2016 12:32:30 GMT
How would this work? Supposing a BH put 100k on the SM and people keep buying little parts over a couple of days. SS would be paying interest on the new loan parts as well as the original part for sale. Or the Seller would have bits coming in all day to pay him of as people bought his part. The latter is how it works on MT You wouldn't really need the % sold indicator anymore, just reduce the amount for sale each time part of it gets sold, the only trouble is that SS has loan part numbers I can understand peoples concern about everything going on the SM, but this is not seen at MT. As there is no % mark up, so no benefit to having all your parts listed, unless you really do want to exit. There is no guarantee that if you sell there will be other parts you want to buy available, so there is a risk element there still. Personally I think it will make the market more fluid and maybe you won't get everyone holding onto all the 'juicy' parts Please can the notification that a part is sold contain the description of the loan part and not just the part number, which is pretty meaningless?
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