capucino
Member of DD Central
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Post by capucino on May 26, 2016 12:07:12 GMT
SS should charge 12% interest on any negative balance. Problem solved.
Of course investors who fund their account on the same day should not be charged. So SS should be checking when the funds were credited to their bank account.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on May 26, 2016 12:23:43 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. Then why don't you circumvent this problem by simply flying; it takes less than an hour and a half and will free up plenty of time for buying loans 
P.S. Please don't refer to oldgrumpy as "monkey brains"
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stokeloans
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Post by stokeloans on May 26, 2016 12:29:45 GMT
SS should charge 12% interest on any negative balance. Problem solved. Of course investors who fund their account on the same day should not be charged. So SS should be checking when the funds were credited to their bank account. I don't want my money sitting idly on SS when it can be earning interest elsewhere and transferred when needed within 48 hours.
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capucino
Member of DD Central
Posts: 90
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Post by capucino on May 26, 2016 12:55:52 GMT
SS should charge 12% interest on any negative balance. Problem solved. Of course investors who fund their account on the same day should not be charged. So SS should be checking when the funds were credited to their bank account. I don't want my money sitting idly on SS when it can be earning interest elsewhere and transferred when needed within 48 hours. Well you can continue doing this. My suggestion just means the interest will start accruing once you have transferred the cash to SS
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stokeloans
Member of DD Central
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Post by stokeloans on May 26, 2016 12:58:19 GMT
I don't want my money sitting idly on SS when it can be earning interest elsewhere and transferred when needed within 48 hours. Well you can continue doing this. My suggestion just means the interest will start accruing once you have transferred the cash to SS Which is how it should be.We really shouldn't be earning interest BEFORE we've funded the loan in all fairness
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mikes1531
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Post by mikes1531 on May 26, 2016 14:02:02 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?? @bobo: You obviously like a challenge. Otherwise you'd be going in the other direction.  But seriously, you may have to put your account into a bit of a surplus while you're away. Think of it as just another part of your holiday cost. I'll be off cycle-camping in France for most of June, and I'm wrestling with the same problem. I was hoping not to have to be dealing with my email and P2P on a daily basis.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on May 26, 2016 14:12:05 GMT
Once SS's competitors start offering IFISAs the pressure will be on SS to do so. To do this they will need full FCA approval. To get this they will have to abolish INPL. So why not do it now? Because they know it will be unpopular and they want to be able to blame the FCA.
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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
Posts: 11,329
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Post by ilmoro on May 26, 2016 14:35:53 GMT
Once SS's competitors start offering IFISAs the pressure will be on SS to do so. To do this they will need full FCA approval. To get this they will have to abolish INPL. So why not do it now? Because they know it will be unpopular and they want to be able to blame the FCA. SS need full approval whether they offer IFISA or not. If INPL breaches FCA rules then they will have to get rid of it whatever, it has been operating for two years so not something the FCA seems hugely concerned about though that may change when they have all the details. SS clearly believe that INPL complies with the rules and as we dont actually know the full mechanics, just speculation from a not unbaised party, whose to say they arent right. After all it presumably has been signed off by their legal/compliance advisors so will come down to interpretation of minutiae I suspect. No point getting rid of a feature that is a clear USP until you know you have to. SS have already stated they will be offering an IFISA next year once FCA process is complete.
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Post by brianac on May 26, 2016 16:08:14 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. Could they not have (effectively) acheived the same by putting a <random> pause in the sale process? At the moment SM is "live" so part goes on sale as soon as you click "sell" put a random delay in- say between 3 and 10 mins so that someone selling can't transfer to a second account - at least not predictably - would put the mockers on that particular trick. Brian
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Post by p2plender on May 26, 2016 16:49:30 GMT
no email here so looks like they've targeted the gamers...
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baldpate
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Post by baldpate on May 26, 2016 17:04:33 GMT
no email here so looks like they've targeted the gamers... I got the email, and I am about as far from being a 'gamer' as you can get.
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MarkT
Member of DD Central
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Post by MarkT on May 26, 2016 17:14:56 GMT
no email here so looks like they've targeted the gamers... I got the email, and I am about as far from being a 'gamer' as you can get. Me too. First investment a few days ago via PM and cash positive. I got the email.
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adrianc
Member of DD Central
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Post by adrianc on May 26, 2016 17:16:56 GMT
I got one, too - it's gone to everybody.
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ped
Member of DD Central
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Post by ped on May 26, 2016 17:47:41 GMT
Must have gone to everyone, I have had a positive balance for weeks. No Fast fingers here...  |
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stevio
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Post by stevio on May 26, 2016 18:11:09 GMT
Can people still not max their prefund and then just have SS now sell what they don't need, only difference is that they don't get interest on the bit SS sells
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