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Post by meledor on Apr 26, 2016 17:12:27 GMT
Experience has probably taught SS veterans never to take too much notice of what the website says, or doesn't say, I afraid. On reflection, I can see, however, that the 'cough up' message received when purchasing on the SM refers to the total negative balance, not what has just been bought. Which just about fits in with what SS are saying today. But the message always states 48 hours, so if it was meant to be for the whole amount then if you had negative balance the previous day then it should state that a deposit needs to be made in 24 hours. As a matter of interest where does it say 48 hours? The email I get says "Please ensure either a) a bank transfer is made within the next 24 hours to resolve this negative balance, or b) equivalent loan parts are sold to resolve this negative balance."
Incidentally I've always thought when it says "a bank transfer is made within 24 hours" that made = completed, which rules out having a negative balance at the close of day 1 and not doing anything about it until the evening of day 2.
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ianj
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Post by ianj on Apr 26, 2016 17:52:53 GMT
But the message always states 48 hours, so if it was meant to be for the whole amount then if you had negative balance the previous day then it should state that a deposit needs to be made in 24 hours. As a matter of interest where does it say 48 hours? The email I get says "Please ensure either a) a bank transfer is made within the next 24 hours to resolve this negative balance, or b) equivalent loan parts are sold to resolve this negative balance."
Incidentally I've always thought when it says "a bank transfer is made within 24 hours" that made = completed, which rules out having a negative balance at the close of day 1 and not doing anything about it until the evening of day 2.
Emails relating to allocations made via pre-funding request resolution within 24hr. Confirmation messages following acquisitions made via the SM request negative balances are cleared within 48hr. Emails relating to SM purchases make no mention of payment / clearing balances. I've always been baffled by this, but thinking about it just now, if SS (now) give at least 24hr notice of a loan 'going live', then the 24hr mentioned in the email would mean lenders have a total of at least 48hr to get their financial ducks in order, the same period as is allowed for SM purchases.
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mikes1531
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Post by mikes1531 on Apr 26, 2016 20:21:16 GMT
I hit this problem just after Christmas when there was very little up for sale. Basically, I was buying whatever bits and pieces I could during the day and arranging a transfer to cover it all each evening. However, I had often already bought some more at about 6am before the funds to cover the previous day hit my balance mid-morning. I think I must have done this on a few consecutive days and so I didn't bring my balance back to zero for many days. : That shouldn't happen. While bank credits may not be posted until the morning after they are received, they seem to be dated the day they were received, so your statement should show your account to be in credit at midnight and not go negative again until the 6am purchases were made. I suppose the issue might be related to when those 'Please clear negative balance' emails are prepared/sent. If they're done at 8am, after the 6am purchases but before the 9am bank credit then your account would look to have been continuously negative in the critical period and the system wouldn't be able to see that the balance actually had been positive at midnight. I think this was more of a problem a few months ago, and I get the feeling that SS have changed to posting bank credits before checking whether to send out a 'Please clear' email. But perhaps I'm reading too much into my experience. What do others think?
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Post by meledor on Apr 27, 2016 7:18:36 GMT
As a matter of interest where does it say 48 hours? The email I get says "Please ensure either a) a bank transfer is made within the next 24 hours to resolve this negative balance, or b) equivalent loan parts are sold to resolve this negative balance."
Incidentally I've always thought when it says "a bank transfer is made within 24 hours" that made = completed, which rules out having a negative balance at the close of day 1 and not doing anything about it until the evening of day 2.
Emails relating to allocations made via pre-funding request resolution within 24hr. Confirmation messages following acquisitions made via the SM request negative balances are cleared within 48hr. Emails relating to SM purchases make no mention of payment / clearing balances. I've always been baffled by this, but thinking about it just now, if SS (now) give at least 24hr notice of a loan 'going live', then the 24hr mentioned in the email would mean lenders have a total of at least 48hr to get their financial ducks in order, the same period as is allowed for SM purchases. Interesting. My emails for SM purchases do not mention 48 hours - perhaps there are different emails for different people and I am not sufficiently creditworthy for such extended credit terms 
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ianj
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Post by ianj on Apr 27, 2016 7:42:27 GMT
Emails relating to allocations made via pre-funding request resolution within 24hr. Confirmation messages following acquisitions made via the SM request negative balances are cleared within 48hr. Emails relating to SM purchases make no mention of payment / clearing balances.I've always been baffled by this, but thinking about it just now, if SS (now) give at least 24hr notice of a loan 'going live', then the 24hr mentioned in the email would mean lenders have a total of at least 48hr to get their financial ducks in order, the same period as is allowed for SM purchases. Interesting. My emails for SM purchases do not mention 48 hours - perhaps there are different emails for different people and I am not sufficiently creditworthy for such extended credit terms I don't think the SS auto-email system is in any way discriminatory. As I said in my previous post The reference to 48hrs to clear a negative balance is in the message displayed confirming an SM purchase. Sorry, I could have made this clearer initially.
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Post by meledor on Apr 27, 2016 7:58:56 GMT
Interesting. My emails for SM purchases do not mention 48 hours - perhaps there are different emails for different people and I am not sufficiently creditworthy for such extended credit terms I don't think the SS auto-email system is in any way discriminatory. As I said in my previous post The reference to 48hrs to clear a negative balance is in the message displayed confirming an SM purchase. Sorry, I could have made this clearer initially. OK thanks - I'll look out for the message next time I make a SM purchase.
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Post by highlandtiger on Apr 27, 2016 13:08:18 GMT
Ok, I have had the reply from SS. Apparently, I've been reading the terms incorrectly. I thought the 48 hours leeway was on a individual day's investing. i.e. you invest in something on Monday and can payback on Wednesday. But I've been told that you are not allowed a negative balance for more that 48 hours at all, and it's not to do with individual loan investments, and that is why my loan parts were automatically sold off. I'm surprised that there doesn't appear to be any posts regarding this as I can't believe I'm the only one that read the rules this way and got stung. How did everyone else interpret that rule or am I the odd one out? Question should be asked is why the he'll did you wait 48 hours before making payment. There is only one reason for doing so and that is to somehow "beat the system" and get something for nothing. If I buy something I ensure payment is sent as soon as I can. The only time it may be delayed is if a pipeline loan goes live during the day and I don't have Internet access until I get back home, which could be the next morning. If you buy something, pay up and stop whinging. It's not rocket science.
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Post by xyon100 on Apr 27, 2016 13:24:46 GMT
Ok, I have had the reply from SS. Apparently, I've been reading the terms incorrectly. I thought the 48 hours leeway was on a individual day's investing. i.e. you invest in something on Monday and can payback on Wednesday. But I've been told that you are not allowed a negative balance for more that 48 hours at all, and it's not to do with individual loan investments, and that is why my loan parts were automatically sold off. I'm surprised that there doesn't appear to be any posts regarding this as I can't believe I'm the only one that read the rules this way and got stung. How did everyone else interpret that rule or am I the odd one out? Question should be asked is why the he'll did you wait 48 hours before making payment. There is only one reason for doing so and that is to somehow "beat the system" and get something for nothing. If I buy something I ensure payment is sent as soon as I can. The only time it may be delayed is if a pipeline loan goes live during the day and I don't have Internet access until I get back home, which could be the next morning. If you buy something, pay up and stop whinging. It's not rocket science. Just how would he be getting something for nothing? Besides, he would not be the only one to believe that he has 48 hours to resolve a negative balance, so do I and I have been operating on that basis. If this is not the case then SS need to clear up a misunderstanding. Accusing people of "whinging" when they get penalised for playing within what they believe to be the rules is a bit off, to say the least.
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registerme
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Post by registerme on Apr 27, 2016 16:09:35 GMT
/mod hat on
I have removed some unnecessary posts. The first rule of the forum is "be polite and constructive". Inflammatory language and direct insults are in direct contravention of this rule. There is useful comment and discussion in this thread, so I will leave it open for now. However, if it looks like it will turn bad again I will lock it and / or remove it.
(scoobydoo, in the cleaning up process I made a minor mistake and messed up which thread I wanted to keep, so edited your opening post on the first page to put back the original title. I made no other changes to that post).
/mod hat off
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Post by scoobydoo on Apr 27, 2016 16:32:13 GMT
Question should be asked is why the he'll did you wait 48 hours before making payment. There is only one reason for doing so and that is to somehow "beat the system" and get something for nothing. If you buy something, pay up and stop whinging. It's not rocket science. Fair enough registerme, but you have left these statements in his post which are unfair and are just asking for a retort.
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registerme
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Post by registerme on Apr 27, 2016 16:52:39 GMT
I thought xyon100 's reply to that post was sufficient in terms of a) addressing the point and b) commenting on the appropriateness of the language used. It was also written in such a way that it would not be considered a "retort", and so would be unlikely to result in any more escalation.
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ianj
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Post by ianj on Apr 27, 2016 17:56:37 GMT
Question should be asked is why the he'll did you wait 48 hours before making payment. There is only one reason for doing so and that is to somehow "beat the system" and get something for nothing. Has any participant in this current conversation beaten the system? They haven't, have they! All anyone has done is to do what the SS says they are entitled to do, clear a negative balance within 48hrs. There may have been a misinterpretation of what 'cough-up message means precisely, but, IMO, I can't see how any intention of 'beating the system' can be drawn from comments in this thread. If anyone chooses to make use a of facility provided by the platform, for whatever the reason, it's their business, not yours, and not mine. I make full use of the period of credit offered by my credit card company. I wouldn't take kindly to anyone questioning why I do so, and neither would you I suspect. If anyone abuses the privilege, then it's down to savingstream to rectify the situation, as they have demonstrated is their intent in recent weeks. What conclusions can be drawn from the fact that this hasn't been withdrawn? Perhaps that the platform sees benefit for themselves as well as lenders. Whatever gripes some may have with the 'system' as it stands, if it's used within the 'rules' as stipulated by SS it really isn't fair to beat-up the lenders, argue a case for change with the platform.
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micky
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Post by micky on Apr 27, 2016 18:05:00 GMT
At last common sense prevails!!!
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Post by highlandtiger on Apr 28, 2016 10:20:56 GMT
My apologies to anyone I may have upset but it seems that you can only have an opposing view on something as long as it doesn't offend the thought police.
Oh well I'll refrain from commenting on this thread anymore. I think everyone knows my thoughts by now.
Just one final point, and it was something said to me by my Dad. Before parting with any money always read the small print and if you are still not sure, then walk away.
Advice to heed I think.
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Post by scoobydoo on Apr 28, 2016 10:59:21 GMT
My apologies to anyone I may have upset but it seems that you can only have an opposing view on something as long as it doesn't offend the thought police. Oh well I'll refrain from commenting on this thread anymore. I think everyone knows my thoughts by now. Just one final point, and it was something said to me by my Dad. Before parting with any money always read the small print and if you are still not sure, then walk away. Advice to heed I think. You think you got negative comments just because you had an opposing view?? As for the rest of your post, just so patronising, but I guess you can't see that either. Anyway, that's all from me so no need to close this thread as I think a lot of people had the same interpretation as me.
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