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Post by scoobydoo on Apr 26, 2016 8:44:04 GMT
I bought a few k of loan parts yesterday bringing my available funds in negative. I was planning to transfer the funds into SS today. I've just looked at my account and SS seems to have re-sold all my loans from yesterday to bring me back to positive balance!
I thought you had 48 hours to deposit the funds into your account before this happened. Has anyone else had this happen to them?
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Post by ladywhitenap on Apr 26, 2016 8:54:34 GMT
I bought a few k of loan parts yesterday bringing my available funds in negative. I was planning to transfer the funds into SS today. I've just looked at my account and SS seems to have re-sold all my loans from yesterday to bring me back to positive balance! I thought you had 48 hours to deposit the funds into your account before this happened. Has anyone else had this happen to them? That was my understanding too. Maybe if you are a new member to SS and went over some initial credit limit perhaps? I guess an email direct to SS via the contact tab will either resolve the issue or point out the reason it was done. IME SS are an honourable bunch to deal with! LW
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ilmoro
Member of DD Central
'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 26, 2016 8:55:54 GMT
I bought a few k of loan parts yesterday bringing my available funds in negative. I was planning to transfer the funds into SS today. I've just looked at my account and SS seems to have re-sold all my loans from yesterday to bring me back to positive balance! I thought you had 48 hours to deposit the funds into your account before this happened. Has anyone else had this happen to them? Sounds a bit premature compared to normal which allows considerable leeway. Probably worth giving them a shout to see if its an error or your account is flagged for previous misdemeanours. Crossed with LW who makes a good point about credit limits - you only have £10k or cash balance + current portfolio value which ever is higher to invest on SM.
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Post by scoobydoo on Apr 26, 2016 9:03:17 GMT
I've already phoned them and they said they will get back to me via email. They apparently don't do phone support.
I'm a new user with, I think, no previous misdemeanors!
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Post by xyon100 on Apr 26, 2016 9:12:26 GMT
Possibly a mistake? I do wonder just what the rules are here. I have seen this 48 hours mentioned but I know I have exceeded that more than once, no problem. Also, there are times I have had the "please resolve negative balance" emails within 24 hours of going in to negative territory and sometimes not at all, despite exceeding the 24 hours. Do SS really take a look at all negative balance accounts and treat them according to the history of the account?
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Investor
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Post by Investor on Apr 26, 2016 9:40:08 GMT
I bought a few k of loan parts yesterday bringing my available funds in negative. I was planning to transfer the funds into SS today. I've just looked at my account and SS seems to have re-sold all my loans from yesterday to bring me back to positive balance! I thought you had 48 hours to deposit the funds into your account before this happened. Has anyone else had this happen to them? Do you mean ' I was planning on having a days free interest'?  INPL was brought in to assist with cash flow for pre-funding, so we did not have to over commit and withdraw after allocations were made. There have been many discussions as to potential abuse of INPL, and it being used as the norm rather than the exception. Do not know your circumstances and am certainly not 'having a go' but a cynic might suggest that if you had the technology available to make the purchases, you might have also been able to make the payments at the same time. I for one actually hope savingstream start taking a harder line on this, would like to see SM purchase payment times reduced from 24/48 hour down to 4 hours, and just keep the PF payment to 24 hours.
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ilmoro
Member of DD Central
'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 26, 2016 9:54:02 GMT
I bought a few k of loan parts yesterday bringing my available funds in negative. I was planning to transfer the funds into SS today. I've just looked at my account and SS seems to have re-sold all my loans from yesterday to bring me back to positive balance! I thought you had 48 hours to deposit the funds into your account before this happened. Has anyone else had this happen to them? Do you mean ' I was planning on having a days free interest'? INPL was brought in to assist with cash flow for pre-funding, so we did not have to over commit and withdraw after allocations were made. There have been many discussions as to potential abuse of INPL, and it being used as the norm rather than the exception. Do not know your circumstances and am certainly not 'having a go' but a cynic might suggest that if you had the technology available to make the purchases, you might have also been able to make the payments at the same time. I for one actually hope savingstream start taking a harder line on this, would like to see SM purchase payment times reduced from 24/48 hour down to 4 hours, and just keep the PF payment to 24 hours. It predates prefunding. The old BACS deficit system replaced Gocardless in June 14 and essentially the system is the same. Limit then was 24hrs for the BACS transfer to be undertaken so potentially a longer window than now. Shorter timescales would require SS to be more proactive in running regular payment runs, not that I am opposed to it. Only SS know if it is really being abused and no doubt will respond accordingly. Increasing number of lenders and volume of transactions I suspect make it harder to manage and may ultimately lead to its demise (or FCA regs)
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Post by scoobydoo on Apr 26, 2016 10:08:28 GMT
Do you mean ' I was planning on having a days free interest'? INPL was brought in to assist with cash flow for pre-funding, so we did not have to over commit and withdraw after allocations were made. There have been many discussions as to potential abuse of INPL, and it being used as the norm rather than the exception. Do not know your circumstances and am certainly not 'having a go' but a cynic might suggest that if you had the technology available to make the purchases, you might have also been able to make the payments at the same time. I for one actually hope savingstream start taking a harder line on this, would like to see SM purchase payment times reduced from 24/48 hour down to 4 hours, and just keep the PF payment to 24 hours. It predates prefunding. The old BACS deficit system replaced Gocardless in June 14 and essentially the system is the same. Limit then was 24hrs for the BACS transfer to be undertaken so potentially a longer window than now. Shorter timescales would require SS to be more proactive in running regular payment runs, not that I am opposed to it. Only SS know if it is really being abused and no doubt will respond accordingly. Increasing number of lenders and volume of transactions I suspect make it harder to manage and may ultimately lead to its demise (or FCA regs) No, it does not mean I was planning on having a free days interest! If they have a rule to say that you have 48 hours to fund your account and they would contact you before reselling your loan then that is how they should operate. This is one of the standout out features of SS and I don't think I would have invested as much as i have in SS, in such a short space of time, without it as you don't have to commit to funds in your account trying to find loans rather than deposit when you have found a loan.
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david42
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Post by david42 on Apr 26, 2016 10:08:32 GMT
I think Saving Stream treat new accounts cautiously. A friend that I introduced had a similar problem when he first opened his account and made a large purchase intending to fund within 48 hours. This was the reply from Saving Stream when he queried why they had reversed the transaction and locked his account:
Hi **,
Many thanks for your email. I can confirm receipt of the £**, this will be reconciled tomorrow am. Apologies for the reversing of your initial investment. We do see large investments from non genuine new investors from time to time, so have to guard against this. As you now have legitimate funds on account, this won't happen again. Welcome to Saving Stream.
Kind regards,
Customer Services Team
Saving Stream
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stokeloans
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Post by stokeloans on Apr 26, 2016 10:17:19 GMT
If I were to make a purchase today without the funds in my SS account and transferred the money from my current account it would be tomorrow at the earliest before it's credited to my SS account.
For a start most loans appear to launch in the afternoon and I understand its not an altogether automated system at the SS end so things can take longer than it would at a bank or larger organisation.
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Post by xyon100 on Apr 26, 2016 10:29:24 GMT
It predates prefunding. The old BACS deficit system replaced Gocardless in June 14 and essentially the system is the same. Limit then was 24hrs for the BACS transfer to be undertaken so potentially a longer window than now. Shorter timescales would require SS to be more proactive in running regular payment runs, not that I am opposed to it. Only SS know if it is really being abused and no doubt will respond accordingly. Increasing number of lenders and volume of transactions I suspect make it harder to manage and may ultimately lead to its demise (or FCA regs) No, it does not mean I was planning on having a free days interest! If they have a rule to say that you have 48 hours to fund your account and they would contact you before reselling your loan then that is how they should operate. This is one of the standout out features of SS and I don't think I would have invested as much as i have in SS, in such a short space of time, without it as you don't have to commit to funds in your account trying to find loans rather than deposit when you have found a loan. An extra days interest for free has certainly never crossed my mind when using the INPL system. I mean really, what was the cash you are going to transfer doing? What do you gain by keeping it for 48 hours? Unless it's invested elsewhere at a significant daily interest rate, which seems unlikely. Silly accusation to be honest.
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ilmoro
Member of DD Central
'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 26, 2016 11:01:55 GMT
Hey, not me, careful with that quoting. I think the original poster was making the comment tongue in cheek as the intro to a more general point.
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Post by xyon100 on Apr 26, 2016 11:11:56 GMT
I was quoting the response of Scoobydoo to the accusation of gaining a free days interest, you just happen to be in there. It's obviously not you that said it. Anyway, it's an accusation I have seen made several times and it seems silly to me. I see no point whatsoever in deliberately holding back INPL funds to get a free days interest. How does it matter if the money is still sitting in the bank earning 0.05 annual interest. Not gaining much there!
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ben
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Post by ben on Apr 26, 2016 11:40:23 GMT
doing it once or twice will not make much but do it a few times, sell it then buy again and continue and you could make a nice amount with out any risk or very limited risk
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Post by xyon100 on Apr 26, 2016 12:19:57 GMT
doing it once or twice will not make much but do it a few times, sell it then buy again and continue and you could make a nice amount with out any risk or very limited risk I think there are ways to fiddle the system, Ben. I just don't think that holding your money in the bank for an additional 48 hours is one of them. There is nothing to be gained from that.
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