sam i am
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Post by sam i am on Apr 5, 2016 9:08:54 GMT
Did anyone who had a loan part for sale at midnight notice if they received interest on that part?
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Post by cyrilsneer on Apr 5, 2016 11:40:32 GMT
I don't suppose there is any way of knowing where you are in the queue of those trying to sell part of a loan?
I ask because I would still like to sell the part I have up for sale, however it happens to be for PBL025 and their is an awful lot of it available on the SM. I've had it up for sale a week, but I'm tempted to just cancel now I see that the functionality is there.
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spiral
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Post by spiral on Apr 5, 2016 11:51:33 GMT
I don't suppose there is any way of knowing where you are in the queue of those trying to sell part of a loan? I ask because I would still like to sell the part I have up for sale, however it happens to be for PBL025 and their is an awful lot of it available on the SM. I've had it up for sale a week, but I'm tempted to just cancel now I see that the functionality is there. The current front of the queue was put up for sale on 31/3 There is currently about 6K from this date and about 4600 from the 1st so I would suspect from your "a week" comment that you are in the front 10K
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Post by cyrilsneer on Apr 5, 2016 12:16:06 GMT
Oh thanks a lot for your reply.
I'm quite new to Saving Stream, so didn't know it was possible to see a queue. I put my part for sale up on the 31/03/16 it seems, so I guess it shouldn't be too much of a wait. It's only a small part, I originally put it on sale to free up money for a recent pipeline loan, but I guess I'll just leave it up there now.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 5, 2016 13:08:19 GMT
Oh thanks a lot for your reply. I'm quite new to Saving Stream, so didn't know it was possible to see a queue. I put my part for sale up on the 31/03/16 it seems, so I guess it shouldn't be too much of a wait. It's only a small part, I originally put it on sale to free up money for a recent pipeline loan, but I guess I'll just leave it up there now. If you log into your account prior to doing this you can see the number of your loan part on your selling parts page and therefore workout where you are in the Q. You will have to either work out yor position manually or cut and paste into excel & sort by end date. (proabably not necessary as your near beginning) SS have said they will be adding this functionality to the website in the near future I note there are a couple of bits that appear to be stuck from Feb, fully sold but still showing.
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sl75
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Post by sl75 on Apr 5, 2016 14:34:16 GMT
Edit: I have subsequently noticed that only whole loan parts may be cancelled. If some of the loan part has sold then you can't cancel the rest of it (there is no cancel link from the selling loans page). But as I mentioned above you can sell big loan parts in smaller chunks and you can individually cancel each chunk as long as that chunk hasn't part sold. You can't cancel it using that mechanism if it's partly sold, but then by definition it's at the head of the queue, which means that anyone buying the loan (including you!) will buy from your loan part, so you can buy back as much or as little of your own loan part as you wish. In particular, if you buy all the remainder of your loan part, it effectively cancels the same (in particular even if you had no money in your account, it still uses the sale proceeds to pay for the loan part, and you get the difference credited to your account and no request to provide funds to cover the purchase).
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sam i am
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Post by sam i am on Apr 5, 2016 14:57:33 GMT
Edit: I have subsequently noticed that only whole loan parts may be cancelled. If some of the loan part has sold then you can't cancel the rest of it (there is no cancel link from the selling loans page). But as I mentioned above you can sell big loan parts in smaller chunks and you can individually cancel each chunk as long as that chunk hasn't part sold. You can't cancel it using that mechanism if it's partly sold, but then by definition it's at the head of the queue, which means that anyone buying the loan (including you!) will buy from your loan part, so you can buy back as much or as little of your own loan part as you wish. In particular, if you buy all the remainder of your loan part, it effectively cancels the same (in particular even if you had no money in your account, it still uses the sale proceeds to pay for the loan part, and you get the difference credited to your account and no request to provide funds to cover the purchase). Good point.
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goopy
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Post by goopy on Apr 6, 2016 7:33:39 GMT
Did anyone who had a loan part for sale at midnight notice if they received interest on that part? Put £1000 of the Bedford loan on last night, no interest was added....... 
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ablender
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Post by ablender on Apr 6, 2016 7:35:34 GMT
At what time did you place it for sale?
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goopy
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Post by goopy on Apr 6, 2016 7:42:02 GMT
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micky
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Post by micky on Apr 6, 2016 7:56:01 GMT
SS do not pay interest if the loan part is for sale. If you cancel the sale before midnight you then will receive interest and can put it back for sale afterwards but it would join the back of the for sale queue.
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locutus
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Post by locutus on Apr 6, 2016 8:04:34 GMT
SS do not pay interest if the loan part is for sale. If you cancel the sale before midnight you then will receive interest and can put it back for sale afterwards but it would join the back of the for sale queue. Exactly how it should be to stop the SM becoming clogged.
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ablender
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Post by ablender on Apr 6, 2016 8:46:41 GMT
SS do not pay interest if the loan part is for sale. If you cancel the sale before midnight you then will receive interest and can put it back for sale afterwards but it would join the back of the for sale queue. I think what goopy was referring to was the suggestion (I think by SS) that they were considering giving interest on parts on sale. I heard many people talking for and against such a move.
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locutus
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Post by locutus on Apr 6, 2016 9:16:50 GMT
SS do not pay interest if the loan part is for sale. If you cancel the sale before midnight you then will receive interest and can put it back for sale afterwards but it would join the back of the for sale queue. I think what goopy was referring to was the suggestion (I think by SS) that they were considering giving interest on parts on sale. I heard many people talking for and against such a move. I was originally in favour of interest being paid on parts for sale but changed my mind once the consequences were explained. Liquidity is much more important than a few days of interest. I think the forsaken interest should just go to the provision fund to further bolster the platform.
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dp
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Post by dp on Apr 6, 2016 10:04:44 GMT
Very much against SS paying interest on loan parts for sale. Looks like SS took the advise of the forum again, implemented the ability to cancel a sale and continuing to not pay interest on sale parts.
Good on them.
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