nick
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Post by nick on May 26, 2016 18:28:29 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 I believe they reverse out the whole purchase rather a partial transaction such that it would appear as if the transaction had not occurred in the first place.
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stevio
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Post by stevio on May 26, 2016 19:38:29 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 I believe they reverse out the whole purchase rather a partial transaction such that it would appear as if the transaction had not occurred in the first place. Where does it say that?
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mikes1531
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Post by mikes1531 on May 26, 2016 19:47:02 GMT
SS have already stated they will be offering an IFISA next year once FCA process is complete. : Was that 'next year' as in the first quarter of 2017? Or 'next year' as in the 2017/2018 tax year?
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Post by GSV3MIaC on May 26, 2016 20:10:44 GMT
Must have gone to everyone, I have had a positive balance for weeks. No Fast fingers here...  I've got fast fingers, and am well trained on Peruvian street signs, but I usually finish the day with a zero balance. I must say I don't think it will affect the prefund gaming, people will just sell older stuff (assuming they have it) and carry the bulge on the new loan (which is often not even drawn down for several days). It might stop the 'pass the parcel', but 'no interest for the first 48 hours' or 'no interest until funded' (the latter being harder to implement) would have worked better IMO. Maybe their server is just getting fed up with the buy/sell churn which happens when something appears on the market. The 'random delay on a sale' wouldn't completely solve the 'pass the parcel' .. you could still collect free interest at least once (2 days), even if some unconnected person then bought it. It would stop ping-pong, eventually, assuming demand continues to outstrip supply. Maybe SS are gearing up for a time when it doesn't?
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ilmoro
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'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 26, 2016 23:31:52 GMT
SS have already stated they will be offering an IFISA next year once FCA process is complete. : Was that 'next year' as in the first quarter of 2017? Or 'next year' as in the 2017/2018 tax year? According to their post in the interview with Orca thread Q1 2017, 12 months from their application slot. Prone to slippage of course but youd hope FCA will have mastered the process by then Edit should also add they were confident it would get through with minimal amendments so unless INPL isnt in app that would imply they arent expecting it to be an issue.
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goopy
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Post by goopy on May 27, 2016 7:25:22 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 I was wondering this too. What happens if you only pay for a proportion of the loan part you have pre-funded? Will SS put the remainder of the loan part up for sale after 7 days, will they put the whole loan part up for sale, or will there be penalties there be for not paying for the whole loan part? Any chance of some clarification on this savingstream ?
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SteveT
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Post by SteveT on May 27, 2016 7:40:34 GMT
Why would SS do anything other than sell the entire loan part (unless perhaps the lender had made a genuine error and notified SS of this already)? Otherwise they'd be assisting the very abuse that they're looking to avoid / prevent.
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goopy
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Post by goopy on May 27, 2016 7:45:25 GMT
Why would SS do anything other than sell the entire loan part (unless perhaps the lender had made a genuine error and notified SS of this already)? Otherwise they'd be assisting the very abuse that they're looking to avoid / prevent. The abuse they are trying to prevent is people gaining interest for loans which are not paid for, nothing to do with so called gaming.
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SteveT
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Post by SteveT on May 27, 2016 7:52:00 GMT
I don't know why you think that. A 7 day block on sales of newly acquired loan parts until paid for appears exactly intended to stop people buying large quantities they don't plan to pay for (whether via gaming the pre-funding or grabbing enormous chunks on the SM)
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goopy
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Post by goopy on May 27, 2016 7:59:50 GMT
I don't know why you think that. A 7 day block on sales of newly acquired loan parts until paid for appears exactly intended to stop people buying large quantities they don't plan to pay for (whether via gaming the pre-funding or grabbing enormous chunks on the SM) It was something SS said in this thread. Clearly they don't see the 'gaming' as a big problem. p2pindependentforum.com/post/111527
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SteveT
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Post by SteveT on May 27, 2016 8:09:13 GMT
I don't know why you think that. A 7 day block on sales of newly acquired loan parts until paid for appears exactly intended to stop people buying large quantities they don't plan to pay for (whether via gaming the pre-funding or grabbing enormous chunks on the SM) It was something SS said in this thread. Clearly they don't see the 'gaming' as a big problem. p2pindependentforum.com/post/111527Clearly both are problems (widely acknowledged in the past, as demonstrated by other pre-funding restrictions that SS have previously implemented). The 7 day selling restriction applies equally to parts acquired via the PM and the SM and should help reduce both types of abuse.
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goopy
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Post by goopy on May 27, 2016 8:13:47 GMT
Clearly both are problems (widely acknowledged in the past, as demonstrated by other pre-funding restrictions that SS have previously implemented). The 7 day selling restriction applies equally to parts acquired via the PM and the SM and should help reduce both types of abuse. Some clarification from SS would be nice though, nothing seems to be written in stone. 
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Post by earthbound on May 27, 2016 8:15:20 GMT
I must say, i was surprised at 7 days, i would have thought 3 days would have sufficed, but i suppose if your not gaming (like me) then 7 days is ok. ( quicky to the pass the parcellers...  ) |
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awk
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Post by awk on May 27, 2016 8:21:06 GMT
On balance, I believe that this is the wrong solution - it's a solution looking for a problem.
My concern is that it isn't clear exactly what problem it is trying to solve. I can think of "workarounds" which mean it won't solve the problems, but will restrict legitimate diversification.
If the problem is earning interest on something without paying for it, then better to target negative balances carried through midnight. The only time that I carry a negative balance is when I have I bought something and transferred some new money - as others have said, if SS showed real-time bank transfers or they accepted a debit card to make the payment (don't know what it's called, but like FC), then I would never carry a negative balance. With this solution, the ABUSERS will continue to earn the interest and then sell something else 48 hours later, so will still earn the extra interest without paying.
If the problem is over-bidding on the pre-bidding, then better to tighten the max bid value as a percentage of overall holding. Again, with this solution, the ABUSERS are free to over-bid and then sell the previous (if it was more than 7 days before) over-bid 48 hours later to clear it - and still earn the extra interest.
However, this solution will restrict what I regard as totally legitimate buying and selling within a day to diversify.
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stevio
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Post by stevio on May 27, 2016 9:24:44 GMT
Clearly both are problems (widely acknowledged in the past, as demonstrated by other pre-funding restrictions that SS have previously implemented). The 7 day selling restriction applies equally to parts acquired via the PM and the SM and should help reduce both types of abuse. Some of the problem is generated as a result of their pre-funding model - there is no way to accurate guess what amount you will achieve, therefore unless your happy with less than what you want 70% of the time, they have brought the 'over funding' with the pre funding model on themselves Therefore penalizing people because there pre funding system doesn't work well, is not right Fair enough penalize those blatantly buying on SM, holding and then selling a couple days later
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