SteveT
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Post by SteveT on May 26, 2016 10:56:44 GMT
This should be particularly effective against those accounts suspected of being co-owned and "passing the parcel" by buying, holding for 24 hours to get a free day's interest, then selling and re-buying through another (co-owned) account. SS will pretty much know which accounts are co-owned as the IP address will show that in most cases and the information given when signed up ie partners etc so they can easliy check there history. Yup, but this is a more effective way of stamping out the practice than having constantly to police their accounts / transactions and taking individual action.
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dovap
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Post by dovap on May 26, 2016 11:00:22 GMT
stupid 'solution' to problem of their own making
why you'd choose to reduce flexibility over prefund or don't pay interest on unfunded purchases - very odd
If allocated a trivial amount in a smaller loan rather than waste my time funding is it going to be easier to let them waste their time repatriating it ?
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pom
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Post by pom on May 26, 2016 11:01:50 GMT
The word "easy" seems to have been used quite a lot here - just because SS could find the evidence if they needed to I'm sure it was pretty time consuming to ensure that it was people really taking advantage and not honest cases of payments being slow to turn up. It's obviously got to the stage where it's easier to just stop it happening and I suspect it would have been impossible to accurately measure how much it was costing them anyway. Way I see it people thinking twice about how much they really want of a loan can only be a good thing in the long run, and I'd far rather SS spend their time on loans.
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Post by harvey on May 26, 2016 11:02:32 GMT
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. 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. If investors are able to get the right amounts of loans on the primary market then the secondary market becomes less important in a way. I gave up on the secondary market when it became impossible to buy anything on it unless you were a professional automated setup with the fastest broadband connection but it looks as though SS have recognised that they need to close the loop holes to put the wideboys out of business and make the playing field level again between the ordinary Joe's in their front rooms and the finance cleverdicks with dubious ethical values.
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SteveT
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Post by SteveT on May 26, 2016 11:03:19 GMT
stupid 'solution' to problem of their own making why you'd choose to reduce flexibility over prefund or don't pay interest on unfunded purchases - very odd If allocated a trivial amount in a smaller loan rather than waste my time funding is it going to be easier to let them waste their time repatriating it ? Surely the better approach to avoiding that problem is for you not to set a pre-funding target for small loans in the first place?
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lofty
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Post by lofty on May 26, 2016 11:06:35 GMT
This might have an interesting effect on anyone out there who've got a couple of bots running and haven't seen their email this morning. They might be in for a jolly nasty surprise when they get home tonight. It's tempting to dump a load of less desirable loans onto the market  |
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registerme
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Post by registerme on May 26, 2016 11:09:12 GMT
The word "easy" seems to have been used quite a lot here - just because SS could find the evidence if they needed to I'm sure it was pretty time consuming to ensure that it was people really taking advantage and not honest cases of payments being slow to turn up. It's obviously got to the stage where it's easier to just stop it happening and I suspect it would have been impossible to accurately measure how much it was costing them anyway. Way I see it people thinking twice about how much they really want of a loan can only be a good thing in the long run, and I'd far rather SS spend their time on loans. Much like forum moderation in fact - it is much better to prevent problems occurring than it is to spend disproportionate amounts of time resolving complicated issues. I estimate that it probably takes on the order of an aggregate 24 hours real world time for us to investigate difficult issues, decide on a course of action, take action, and deal with any fall out. If that number is anything to go by (and I suspect it's more difficult where people are customers and have money in play) then SS could be spending a lot of time resolving issues here.
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dovap
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Post by dovap on May 26, 2016 11:09:56 GMT
stupid 'solution' to problem of their own making why you'd choose to reduce flexibility over prefund or don't pay interest on unfunded purchases - very odd If allocated a trivial amount in a smaller loan rather than waste my time funding is it going to be easier to let them waste their time repatriating it ? Surely the better approach to avoiding that problem is for you not to set a pre-funding target for small loans in the first place? Not really - I'd prefer a stake in the smaller loans as the fanciful valuations you'd hope would have less impact when one fails.
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SteveT
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Post by SteveT on May 26, 2016 11:12:43 GMT
Surely the better approach to avoiding that problem is for you not to set a pre-funding target for small loans in the first place? Not really - I'd prefer a stake in the smaller loans as the fanciful valuations you'd hope would have less impact when one fails. OK. Well, what is the problem with being expected to pay for it then? Even if your allocated new part is small, you still have the choice either of depositing cash or selling an equivalent amount of another loan (>7 days old).
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ben
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Post by ben on May 26, 2016 11:25:47 GMT
and if you really do not want it do not pay for it an SS will take it away in a few days and any interest earned on it so makes no difference to you
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sam i am
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Post by sam i am on May 26, 2016 11:29:12 GMT
The restriction is on sales and you can only sell on the SM. Fund your purchase immediately (cash or other sales) and then the restriction is lifted. The only thing I'm not sure about here is if you pay for your sales and then later go negative due to a subsequent unrelated purchase. Does the restriction get reinstated on all parts that are less than 7 days old? Yes - it seems like a blanket 7 day restriction on sell 7 day old loans if you have any overall negative balance I thought so too. It goes a bit against the grain of being able to sell loan parts once they have been funded but any other solution would be more complex to implement.
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Post by Deleted on May 26, 2016 11:32:29 GMT
A good solution to gaming, but going to be a real pain in July when I trying to buy loans as I cycle from Budapest to Prague....
Do you think they could also give us 7 days notice of when they are going to call for cash to reciprocate??
BTW I give it 4 weeks before the monkey brains have found a way aroung this restrictions.
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oldgrumpy
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Post by oldgrumpy on May 26, 2016 11:32:30 GMT
and if you really do not want it do not pay for it an SS will take it away in a few days and any interest earned on it so makes no difference to you Do that a few times and I would expect all pre-funding facility on that account to be withdrawn.
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ben
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Post by ben on May 26, 2016 11:42:40 GMT
and if you really do not want it do not pay for it an SS will take it away in a few days and any interest earned on it so makes no difference to you Do that a few times and I would expect all pre-funding facility on that account to be withdrawn. I agree but I do not understand why people need to prefund what they have no intention of either a) paying for or b) plan to sell something else to replace it
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on May 26, 2016 11:48:21 GMT
Do that a few times and I would expect all pre-funding facility on that account to be withdrawn. I agree but I do not understand why people need to prefund what they have no intention of either a) paying for or b) plan to sell something else to replace it They do it beacuse they know if they ask what they want they won't get it it. They either second guess the allocation (I think most of us here do...) or just max out thier prefunding with the knowledge they can (or could, less so with the new rule) just dump any excess onto the SM, which is unfair because that's just FFF.
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