Jeepers
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Post by Jeepers on Apr 28, 2016 15:02:04 GMT
Seems odd. I just bought a 1000 pounds worth of PBL85. And it has gone to Not eligible for sale. But the buyer must of been able to sell it to me Maybe you can't sell loan parts to clear a negative balance? But who knows? It really is a guessing game when you're getting no communication. Would a quick note on here to explain the changes be too much to ask?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Apr 28, 2016 15:02:16 GMT
This is definitely not a bug; it's too specific. I've been through all my loan part; All loans under 6days old are "Not eligible for sale". I also have two 7day old investment, one is salable, the other isn't, so I guess one is just the right side of the new rule. So it seems that we might be forced to keep all new investments for 7 days... No problem with that rule personally, it should sort out the gamers, however some communication would be nice from SS. Come on savingstream; give us some details  |
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Liz
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Post by Liz on Apr 28, 2016 15:04:41 GMT
Seems odd. I just bought a 1000 pounds worth of PBL85. And it has gone to Not eligible for sale. But the buyer must of been able to sell it to me Maybe you can't sell loan parts to clear a negative balance? But who knows? It really is a guessing game when you're getting no communication. Would a quick note on here to explain the changes be too much to ask? Nope I have no negative balance but can't sell pbl92, which is 7 days old. This must be to stop folks flipping loans, and possibly gaining from it, or prefunding too much and selling any excess. I do like the 7 day embargo.
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Post by dodgeydave on Apr 28, 2016 15:04:54 GMT
Seems odd. I just bought a 1000 pounds worth of PBL85. And it has gone to Not eligible for sale. But the buyer must of been able to sell it to me Maybe you can't sell loan parts to clear a negative balance? But who knows? It really is a guessing game when you're getting no communication. Would a quick note on here to explain the changes be too much to ask? I dont want to sell and my balance is zero. But like you say we are guessing as we have had no communication
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SteveT
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Post by SteveT on Apr 28, 2016 15:06:41 GMT
It's definitely been applied retrospectively. I sold a small amount of PBL092 on the day of launch, simply to get back down to a round number. Now the rest of it is ineligible to sell (at 7 days old).
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sam i am
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Post by sam i am on Apr 28, 2016 15:08:00 GMT
Same issue for me. Seems to be a 7 day cutoff (i.e. 7 days old OK, anything less not OK). (Edit: It must be calculated on a more accurate basis than what is stated on the platform as I have now found some 7 days-old loans that I can't sell yet.) I just bought a couple of parts on the SM and the first was an odd amount. Then a second part came up for sale and I didn't have time to exactly calculate how much I needed to get up to my target holding. So I went for a round amount that would take me just over, expecting that I would be able to drop the (relatively small) excess immediately afterwards. Now I'm stuck with the excess and will have to sell more other stuff to fund it before rebalancing again next week.  |
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Post by pepperpot on Apr 28, 2016 15:08:48 GMT
My piece of 92 is 7days old, fully paid for and not eligible for sale, er, why not?
edit, too slow again...
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Post by dodgeydave on Apr 28, 2016 15:09:54 GMT
I have just checked and it appears to be on all the loans that i bought today.
Very pure communication from SS again
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star dust
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Post by star dust on Apr 28, 2016 15:10:14 GMT
I don't have a negative balance either, and I can't sell anything less than 7 days old, i.e. bought on 21 April onwards. Not a problem per se just wish they'd told us in advance. I picked up some pennies yesterday on the SM and was planning to get rid of today. Looks like I'll have to wait a week now.  . |
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jamesc
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Post by jamesc on Apr 28, 2016 15:10:27 GMT
Personally I have big issue with this not that I game the system but I like to swap loan parts around a lot in order to consolidate into larger chunks. Plus If I have money in my account I might buy loan A then a hard to get loan B might come along which I would buy and then I would sell loan A to fund loan B purchase and I often have not owned loan A for seven days. Furthermore I have not sure SS have the right to retrospectively change the liquidity rules !
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Post by dodgeydave on Apr 28, 2016 15:12:54 GMT
What worries me most is we are not being kept informed.
The fact i can not sell the loans i bought today. Does not really bother me
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sl75
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Post by sl75 on Apr 28, 2016 15:12:58 GMT
Looking through my portfolio, several loan parts that I bought 7 days ago are "not eligible for sale".
Presumably no advance notice given so that those gaming the system will be caught red-handed rather than using the notice period to clear out their position?
Maybe those who are seeing a mixture of "7 day" loans eligible for sale and not, purchased some in the evening of the 20th (not 8 days old yet), and others on the morning of the 21st, and only those with a start date of 21st or later are blocked from sale?
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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 28, 2016 15:14:12 GMT
I suspect they are typing furiously at this moment. They are currently online.
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SteveT
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Post by SteveT on Apr 28, 2016 15:15:40 GMT
I think these are positive moves by SS overall (this new 7 day rule plus the auto-selling of parts when a negative balance continues beyond 48 hours). They should help more lenders get more of what they ask for when a new loan launches. So 8 out of 10 for tackling the gaming issues, but 0 out of 10 for warning people in advance!
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Liz
Member of DD Central
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Post by Liz on Apr 28, 2016 15:17:23 GMT
Maybe the spotted abuse and had to act quickly. I'm sure communication is forthcoming.
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