jcb208
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Post by jcb208 on Apr 9, 2016 8:52:03 GMT
Looking at the secondary market last night when large amounts of loans seem to be snapped up so there was nothing left,and again the next morning these loans are appearing in large amounts on the secondary market again.Might be me putting 2 and 2 together and making 5 but looks to me people are buying the loans to get the interest then selling the next day .Could this be the case ?
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adrianc
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Post by adrianc on Apr 9, 2016 9:03:04 GMT
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locutus
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Post by locutus on Apr 9, 2016 9:05:19 GMT
SS have already stated that this will not work. "Tragedy of the commons" never fails to amaze me.
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ablender
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Post by ablender on Apr 9, 2016 12:40:03 GMT
Alternatively, someone who already owns the loan, cancelling the sale and resell after midnight. In any case, there is very few left.
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brin
I am trying to stay calm.
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Post by brin on Apr 9, 2016 13:09:34 GMT
Alternatively, someone who already owns the loan, cancelling the sale and resell after midnight. In any case, there is very few left. ablender, fully agree, i also think thats what happening, if they are one seller then the days interest is worth saving.
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goopy
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Post by goopy on Apr 9, 2016 13:36:34 GMT
Looking at the secondary market last night when large amounts of loans seem to be snapped up so there was nothing left,and again the next morning these loans are appearing in large amounts on the secondary market again.Might be me putting 2 and 2 together and making 5 but looks to me people are buying the loans to get the interest then selling the next day .Could this be the case ? If you're talking about the Watford loans I think SS still have quite a bit left which they seem to be releasing in 100k parts when the previous part is sold or nearly sold.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Apr 9, 2016 14:30:54 GMT
Looking at the secondary market last night when large amounts of loans seem to be snapped up so there was nothing left,and again the next morning these loans are appearing in large amounts on the secondary market again.Might be me putting 2 and 2 together and making 5 but looks to me people are buying the loans to get the interest then selling the next day .Could this be the case ? I'm very happy with this idea. If someone is prepared to buy up a potentially illiquid loan to gain one extra day's interest, then good luck. Of course if they can't sell it the next day then they need to finance it by selling their best loans. I believe the INPL protects SS in this situation. Knowing that I can sell any loan for the loss of one day's interest is a great feature.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Apr 9, 2016 15:45:23 GMT
I'm very happy with this idea. If someone is prepared to buy up a potentially illiquid loan to gain one extra day's interest, then good luck. Of course if they can't sell it the next day then they need to finance it by selling their best loans. I believe the INPL protects SS in this situation. Knowing that I can sell any loan for the loss of one day's interest is a great feature. Or, more likely, the buyer (I use the term loosely) just takes advantage of the ongoing 'Please settle your account's negative balance' emails until the funds are sold, or withdrawn again, by SS. My own observations are that this scenario is arising a lot more often than has been posted here, almost on a night-to-night basis, and a stronger approach needs to be adopted by savingstream , soon - IMO. If someone wants to take the chance that SS will ignore negative balance emails, then so be it. IMO the risk of having your portfolio sold off (or being banned) is not worth the extra interest. Knowing that my portfolio is 100% liquid is worth much more.
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adrianc
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Post by adrianc on Apr 9, 2016 17:14:06 GMT
Alternatively, someone who already owns the loan, cancelling the sale and resell after midnight. In any case, there is very few left. It was happening before the cancellations, and - when I noticed it a week or so ago - the 23:59 sale took everything, including a part I'd got for sale.
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brin
I am trying to stay calm.
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Post by brin on Apr 9, 2016 18:23:27 GMT
Cannot see myself whats going on here, if the buyer does not fund the purchase then surely they cannot gain any interest on the purchase, so what is the point of buying it in the first place, it's baffling me, (although that does not mean anything) plus, sometimes i go on late on late at night looking for any little nougats that might pop up to buy and they are gone in a jiffy. puzzled..  edit:- im going to watch tonight 8pm to see what happens (or i'm going to try, not sure if i'll make midnight on a saturday) plenty of bits at the mo but 190k of the wolsey ones. edit2:- 10pm.. nothing much happening, 1k of wolsey gone, but more tiddlers appearing on the SM and all quiet....  edit3:- 10.30pm.. most of the bits gone.. 5k more of wolsey gone now at 174k..  11pm no change tiddlers gone wolsey still 174k 11.30pm no change tiddlers virtually gone bar a few hundred here and there wolsey still at 174k. 12.02 no change. 8.30am . no change other than a few tiddlers gone and a lump of land back up for sale. |
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registerme
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Post by registerme on Apr 10, 2016 1:49:06 GMT
Start watching at 2355.
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brin
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Post by brin on Apr 10, 2016 8:06:29 GMT
registerme its weird , last night, nothing happened as far as i could see, what i might have to do is actually sit and stare from 23.55 to 12.05 , it may well have happened, but so quick that i didn't notice, i must admit i didn't do the screen stare, in fact i think i nodded of for about 10 mins.
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adrianc
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Post by adrianc on Apr 10, 2016 8:23:21 GMT
Cannot see myself whats going on here, if the buyer does not fund the purchase then surely they cannot gain any interest on the purchase, so what is the point of buying it in the first place, it's baffling me, (although that does not mean anything) plus, sometimes i go on late on late at night looking for any little nougats that might pop up to buy and they are gone in a jiffy. puzzled.. Day 1 - buy £100,000. Have -£100,000 balance. Day 2 - sell £100,000. Have £0 balance. No -ve balance, no trigger for "clear -ve balance" email, no suspicion of naughtiness, so no interest removal. One night's interest on £100,000 = 1/365th of £12,000 = about £33.
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brin
I am trying to stay calm.
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Post by brin on Apr 10, 2016 8:38:33 GMT
Cannot see myself whats going on here, if the buyer does not fund the purchase then surely they cannot gain any interest on the purchase, so what is the point of buying it in the first place, it's baffling me, (although that does not mean anything) plus, sometimes i go on late on late at night looking for any little nougats that might pop up to buy and they are gone in a jiffy. puzzled.. Day 1 - buy £100,000. Have -£100,000 balance. Day 2 - sell £100,000. Have £0 balance. No -ve balance, no trigger for "clear -ve balance" email, no suspicion of naughtiness, so no interest removal. One night's interest on £100,000 = 1/365th of £12,000 = about £33. is this happening? cannot believe SS are letting this happen, if it is happening.
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brin
I am trying to stay calm.
Posts: 379
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Post by brin on Apr 10, 2016 8:52:13 GMT
registerme its weird , last night, nothing happened as far as i could see, what i might have to do is actually sit and stare from 23.55 to 12.05 , it may well have happened, but so quick that i didn't notice, i must admit i didn't do the screen stare, in fact i think i nodded of for about 10 mins. It didn't happen to any large degree last night due to:- 1. The culprit hadn't unloaded the funds from the previous night, so another 24hrs interest isn't a problem, because... 2. Weekends are free pickings - no 'Please settle your negative balance' emails are sent out. Aaaah .. very crafty, the b****r kept me up for nowt then.. 
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