Loan part sale restriction

Happy with developments, another step forward.  Personally think this should have been an "Important Email" to be implemented on Monday 30th or whatever forward date. The true workings could have then been explained in much more detail. The information in the email is far to vague for such a big change.

I think the answer to this is "only bid for the amount you want"; although I accept that historically this has not worked very well. 

As long as your balance is positive (or zero, probably) nothing changes and you can still sell any part you like. If your balance is negative then you can't sell any part that you've held for less than 7 days, regardless of whether you acquired that part from prefunding or from the secondary market.

This is fantastic news for me and it's exactly what I was asking for on this forum only a week or so ago a 7-day restriction.

Honest straightforward genuine investors like me and I'm sure many others I've got disillusioned with saving stream over the last few months when it's become clear that it's being used and abused by technological geeky crafty Wizkid finance types who know all the tricks of the trade to beat the system and the honest guy sitting at home sees his investments decrease and feels uncomfortable and excluded and gets out.

If this stops this so-called gaining and playing the system then maybe some of us will come back reinvigorated with more Trust. The proof will be in the pudding when I put in my next pre fund amount and see what percentage of it I get compared with recent ones. I've still got a positive available balance but it's been going down slightly because of the 4 new releases in the last week but they were only small ones.

What gets me about various ways the crafty people get around the system like buying loans and not paying for them which we hope will be dealt with now is the way they always cry that they're not breaking the rules just like these MPs and tax evaders everyone else it's a battle cry of the financial types Who live on the moral precipice. Are you fed up in life of hearing cleverdicks Who blatantly abusing something to Feather their own nest and then turn around and claim that the rules don't prevent them from doing it. Will let me say to those people there's a lot of things in life that there isn't a written rule saying you don't do it but average basic standard of morality and ethics should mean you don't abuse something for your own benefits and at the expense of other people.

The next thing on a call on saving stream to deal with this extraordinary idea that you can invest in loans without paying for them first. I have to say that I hate to think what would happen if I walk into my local bank and said I'd like to open a account today with £5,000 and I'll give you the money in a couple of days. They would tell me to come back in a couple of days time. I think this being able to be allocated things and earn interst when you haven't got the money in your account is playing wrong and that is the other thing that is causing the problems on here I think there is enough demand here by a mile to get rid of that idea as well and I would recommend they introduce the same system they have on money thing where you have to put into your account the amount you want to invest.

Well done saving stream for acting .. At last. It's a shame this wasn't actioned a lot earlier when it seem to be obvious it was a big cause of the problem.

It needs to be remembered that when a loophole is exposed and somebody flags it up and complains about it very people who are abusing that loophole will very loudly try and defend what they're doing and present an argument for the loophole not to be closed and that they are within the rules this happens all the time and needs to be ignored. As they say, turkeys do not vote for Christmas.

Think the basic advice should be only buy what you intent to pay for, if you are going to pay for it then no issues.

I do not think the major issue has been people signing up and not paying for anything as they will be easy to spot and SS can easily manually cancel any interest.

It will be the people with a decent size account that have been buying extra that they have no intention of paying for, holding it a few days then either selling that on or selling something else on so that there account with in the 48 hours is always back to what they have paid for but they have had a few extra day interest on money they have not paid for. These will be much harder to spot and SS does not want to just ban the accounts as they have obviously invested some of them maybe quite a bit but are just playing the system to get some extra interest.

Thanks. I am happy to see gaming being tackled, but this rule sounds like it could reduce our ability to diversify on the SM. I quite often run up a negative balance, investing on the SM and resolve the negative by selling recently aquired loan parts (within 7 days). I don't know what to think about this ATM; suppose I'll have a better idea after an evenings session on the SM.