POLL - SS forcing you to keep new loan parts 2.0

Credit facility is there to use as it is part of T & C for SS customers. Not paying interest on loan parts not funded must be the way to go.

Im happy for 3 days , PM and SM but not seven.

CD .. will this be 7 days whatever, 

Im trying to work out if i pay for something (ON THE SM) with cash from my SS account, can i trade it straight away?

edit.. i voted yes for PM and SM

sorry for a few edits.. my brain a bit inactive at the moment. 

That''s certainly the fairest and most easily justified option. However it may require a significant database change to add a new 'paid for' date to the information on a loan part. If that's too much work, I could cheerfully live with a 'pay no interest for the first 24 (or 48) hours on all purchased parts', which is a (relatively) simple coding change. I value the INPL facility for flexibility, and speed of investment, not for the (potential) to get interest on 1-2 extra days of capital. Making me hold a particular part for an extra N days would just annoy me in several cases (e.g. went to buy £500 part on SM, got the 'owing to previous sale .. blah blah .. your investment has been reduced to £2.13', regard this as annoying litter, and not what I asked for, but can't sell it for 7 days). It also does major damage to the 'buy first and DD afterwards' approach to the SM.

There are lots of smart folks here, if SS tell us what the problem is, I am sure we can offer a raft of solutions (and critiques thereof). If it's 'interest being paid on non-existent money' then the solution is different from 'it's people over gaming the PM pre-funding' (which they already had a stab at, with probably very little impact). For the PM, I still don't see much impact on the big hitter(s) who asked for £200k in a £4m loan if we go to 'the first £x00k is allocated bottom up, the rest is %age', vs the current 'it's all %age, so expect everyone with any nous to overbid by 2x'

I have voted against having a holding period for one main reason - shrapnel. I'm fed up of trying to buy a reasonable lump (~£100) and being given 22p (and other various small penny amounts). I definitely don't want to hold on to things of that size - even after a week I won't have gained any interest as it is too small. If a holding period is to be introduced, and I can see some of the advantages of doing that, please can we have an option not to accept the system buying small amounts for us.The simplest idea I can think of is an extra step after buying that tells you how much you have been allocated and asks you whether you want to accept it or not, eg

"You tried to buy £xxx amount and have been allocated £00.22 (for example) - do you wish to continue with this purchase? Yes or No" - if you answer No then it goes back on the SM.

When I ask to buy £100 (or whatever) I do not expect to be forced to buy something much smaller and then be made to hold on to it without an option to dispose of it. If we are going to have a system that makes us hold onto it then we need an option not to buy it in the first place. This is only necessary because you are allocated whatever is left and don't know what you will end up with until it is too late, especially when the SM is very fluid. If I could choose not to proceed with a purchase of 22p when I wanted £100 then I would probably vote in favour of a shortish 3/4 day holding period (to help keep the SM liquid - 7 days seems a little long to me, especially if we have several loans going live shortly after each other).

I also don't like the idea for the PM because we only get up to a days notice for go-live. I may invest a certain amount in a loan on one day expecting to move some of it to another loan a few weeks later and then suddenly the next loan goes live the following day. As the go-live days and periods between are so unpredictable I don't like the idea of having my money tied up when I would prefer to be able to move it. If there was always at least a week between any 2 loans going live (which is not a good thing - they need to go when they are ready) then the holding period would be less of a problem. As it stands a 7-day holding period will reduce flexibility which is one of the features of SS that I like.