star dust
Member of DD Central
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Post by star dust on May 12, 2016 8:46:25 GMT
I think if they are going to start implementing their policy they really do need to tighten up the loan end dates, both at the outset and also as any further interest payments are received once live. At the moment there are several loans where it is difficult to be sure exactly when interest has been paid up to.
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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 May 12, 2016 8:54:29 GMT
There is nothing on SS with a negative "remaining duration" that has had an extension or interest paid, but in the past, there were several loans that have since been repaid that fell foul of this false information. There are some getting close to the mark; PBL033 has 19 days remaining but had a received interest for three-month extension only one month ago. My assumption is that the 3 month extension payment may have been received a little over a month late, which would explain the 19 days remaining... And thats the problem! Your assumption is ... but PBL 33 is listed as a 12m loan, launched on 12/5/15, drew down on 31/5, which for some reason is the date SS is counting from, so a 3 month extension from the end of its 12m term is somwhere in August. We should be able to take all available info & determine when a loan expires without having to reconcile inconsistencies and guess which facts are wrong. Currently we cant.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on May 12, 2016 9:06:08 GMT
This needs to be addressed by SS, as it is simply misleading and confusing. The remaining term should simply and clearly indicate the remaining term that interest has been paid on a loan.
I would be surprised if the FCA would be happy with the current situation.
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Post by retired2005 on May 12, 2016 9:07:07 GMT
off topic but hope you will forgive me as I'm referring to the email you are talking about from SS ......
I'm still having trouble not receiving emails for 'go lives' and NEITHER did I receive this one from SS regarding the changes. However, I'm receiving all emails from SS regarding my loans/withdrawals etc.
Somebody suggested on another thread that emails from SS on different subjects were sent from different email addresses and I might be 'missing' from one of their databases.
Could some kind (maybe even cool....?!?!?) soul confirm the sending email address for this email?
Thanks in advance....
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on May 12, 2016 9:11:32 GMT
off topic but hope you will forgive me as I'm referring to the email you are talking about from SS ...... I'm still having trouble not receiving emails for 'go lives' and NEITHER did I receive this one from SS regarding the changes. However, I'm receiving all emails from SS regarding my loans/withdrawals etc. Somebody suggested on another thread that emails from SS on different subjects were sent from different email addresses and I might be 'missing' from one of their databases. Could some kind (maybe even cool....?!?!?) soul confirm the sending email address for this email? Thanks in advance.... It's a problem that is wide-spread. It could be down to your service provider as SS have had serious problems with "Blue Yonder" who block some of the SS e-mails as spam before it even reaches your inbox. Which ISP are you with? Have you E-mailed SS to ask them if you are on their e-mail database? Edit : the e-mail was sent from "support=savingstream.co.uk@mail46.suw13.rsgsv.net"...... I wonder why that would flag up as spam  . The other e-mails are sent from a standard e-mail address (for example " noreply@mg.savingstream.co.uk"), which is easy to whitelist, whilst the previous e-mail just goes straight to spam. 
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Post by GSV3MIaC on May 12, 2016 9:34:39 GMT
Yes, these 'circular' emails (as opposed to the ones directed just at you) are being sent via some sort of mail list server, hence the
Sender: "Saving Stream" <support=savingstream.co.uk@mail46.suw13.rsgsv.net>
so I guess you need to whitelist either the domain, or else just pass through anything with 'savingstream' or 'saving stream' in.
Quite possible that some ISPs have determined "mail46.suw13.rsgsv.net" to be an annoying spam source, based on it (presumably) sending out dozens or hundreds of identical emails.
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Post by retired2005 on May 12, 2016 9:36:47 GMT
Thanks for that ... I didnt want to make my post too wordy, but I've done all the usual things checking SPAM etc and all the relevant checklists....and I'm with GMAIL which is supposed to be one of the providers with fewer problems. Flagged it with SS, but it seems to have fallen off the back burner and is now lying somewhere behind the stove.... Interestingly my partner now has an account which she accesses from my laptop and she got the email ...... Certainly looking like I'm not on one of their databases, I'll get them to search behind the stove and put it back  |
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Post by GSV3MIaC on May 12, 2016 9:39:11 GMT
yes, gmail works, so it must be the SS end.
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adrianc
Member of DD Central
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Post by adrianc on May 12, 2016 13:10:41 GMT
I think if they are going to start implementing their policy they really do need to tighten up the loan end dates, both at the outset and also as any further interest payments are received once live. At the moment there are several loans where it is difficult to be sure exactly when interest has been paid up to. In a way, does it matter? We know that bridging finance can have, umm, flexible repayment dates. So long as all the due interest is serviced, does it matter if it was all held by SS up front? If there's going to be a problem with repayment, then that's going to happen whether it's just the principal coming back or the principal plus (say) 2% for a couple of months' interest.
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mikes1531
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Post by mikes1531 on May 12, 2016 14:15:51 GMT
I think if they are going to start implementing their policy they really do need to tighten up the loan end dates, both at the outset and also as any further interest payments are received once live. At the moment there are several loans where it is difficult to be sure exactly when interest has been paid up to. In a way, does it matter? We know that bridging finance can have, umm, flexible repayment dates. So long as all the due interest is serviced, does it matter if it was all held by SS up front? If there's going to be a problem with repayment, then that's going to happen whether it's just the principal coming back or the principal plus (say) 2% for a couple of months' interest. I think it will matter when we start receiving emails on the 1st of the month telling us that there wasn't any interest credited for PBLXXX for the previous month because the borrower hasn't paid it. Or worse, when we don't get those emails and we have to start asking SS why we didn't get as much interest as we were expecting -- which means we have to start calculating our interest income in advance in order to know whether or not we're short. Not to mention that anyone who bought a part of PBLXXX during the previous month would have a genuine grievance.
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homes119
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Post by homes119 on May 12, 2016 14:36:00 GMT
I think if they are going to start implementing their policy they really do need to tighten up the loan end dates, both at the outset and also as any further interest payments are received once live. At the moment there are several loans where it is difficult to be sure exactly when interest has been paid up to. In a way, does it matter? We know that bridging finance can have, umm, flexible repayment dates. So long as all the due interest is serviced, does it matter if it was all held by SS up front? If there's going to be a problem with repayment, then that's going to happen whether it's just the principal coming back or the principal plus (say) 2% for a couple of months' interest. Of course it matters. If I know interest has been paid upfront for 6 months and I know that the period remaining is based on the 6 months covered by the interest then I can decide to sell my loan on the SM a few weeks before the 6 months deadline if there is no confirmation of extension (with corresponding interest paid upfront). I would argue that my risk is minimised. If they decide to repay early, absolutely no issue. The above mentioned approach is one I would favour. Others would (hopefully) be willing to buy my part for extra 2 weeks or so interest and with confidence of SS track record + possibility of extension (delayed announcement). Right now, my favoured approach involves a lot of work to figure out which is why I am not currently employing it.
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. The other e-mails are sent from a standard e-mail address (for example "noreply@mg.savingstream.co.uk"), which is easy to whitelist, whilst the previous e-mail just goes straight to spam. 
