Steerpike
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Post by Steerpike on May 30, 2016 20:33:26 GMT
If I were SS I would concentrate on running my business and ignore the bleating and whining of the headless chickens on this little forum.
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ben
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Post by ben on May 30, 2016 20:52:10 GMT
Come on savingstream this is really getting out of hand now with people threatening legal action etc. All we need is a quick comment to reassure investors, by keeping silent more speculation fuels more panic. Remember, it's our money you're dealing with so out of courtesy it would be nice to keep us in the picture! They can threaten legal action all they like but until the property is sold SS will have no idea what the picture is and how much/if there is a shortfall it could take a year too two years if not longer so could take awhile.
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shimself
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Post by shimself on May 30, 2016 21:12:18 GMT
Come on savingstream this is really getting out of hand now with people threatening legal action etc. All we need is a quick comment to reassure investors, by keeping silent more speculation fuels more panic. Remember, it's our money you're dealing with so out of courtesy it would be nice to keep us in the picture! They can threaten legal action all they like but until the property is sold SS will have no idea what the picture is and how much/if there is a shortfall it could take a year too two years if not longer so could take awhile. But the argument is for the investors bought this under the old T&Cs, where the debt is from SS, then SS should pay up forthwith, and it's SS who should wait to get their money back. I assume that is the great majority of investors. I suppose they could use the PF - assuming that was in place according to the T&Cs when the loan was first sold. (I'm not in this)
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shimself
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Post by shimself on May 30, 2016 21:13:49 GMT
Well as for the first part they cant change terms without other party acceptance - and silence can never amount to acceptance
By using the platform you have agreed to the T&Cs. And as the T&Cs contain a clause that SS can vary the terms therefore you have agreed to the changes as well.
This is very common - banks and phone companies do it all the time.
And whenever banks etc do it then actually they give notice, which says if you don't like this you can always go elsewhere. LB is right surely.
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Post by meledor on May 30, 2016 21:21:14 GMT
By using the platform you have agreed to the T&Cs. And as the T&Cs contain a clause that SS can vary the terms therefore you have agreed to the changes as well.
This is very common - banks and phone companies do it all the time.
And whenever banks etc do it then actually they give notice, which says if you don't like this you can always go elsewhere. LB is right surely. Didn't Saving Stream notify us on the 11th May? If you have continued to use the platform after that date without informing SS of your disagreement then I believe you are considered to have accepted the revised terms
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ben
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Post by ben on May 30, 2016 21:23:16 GMT
They can threaten legal action all they like but until the property is sold SS will have no idea what the picture is and how much/if there is a shortfall it could take a year too two years if not longer so could take awhile. But the argument is for the investors bought this under the old T&Cs, where the debt is from SS, then SS should pay up forthwith, and it's SS who should wait to get their money back. I assume that is the great majority of investors. I suppose they could use the PF - assuming that was in place according to the T&Cs when the loan was first sold. (I'm not in this) Even under the old terms and conditions I do not think it stated they would be paid back before they had sold the asset just that SS would cover any shortfalls but I do not see mention of interest once it has gone into default.
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mickj
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Post by mickj on May 30, 2016 21:39:55 GMT
On a much lighter note - on returning to my computer, I clicked on the Saving Stream browser I had opened earlier today, which is invariably set to the 'Available Loans' tab, just in case a succulent loan part shows up - I'm sure you can all relate to that scenario. Seeing large amounts of funds available against most loans (my page was scrolled halfway down, so no column titles were in view), I thought to myself, someone really must have lost a bunch of confidence in the platform enough to make the decision to realise the funds from their whole portfolio. Whilst eagerly perusing which huge..ish lumps of loans to buy, like a child in a sweetie shop, it wasn't until I scrolled up to the top of the page and saw the 'Invested' column did I realise that I had in fact left the page open on the 'Live Loans' tab. Now tell me that you haven't done that... Yes - been there Money, on live loans and my loans, oooh I would like a bit more of that - oops, its my loan not the available tab. I wouldn't have been quick enough if it were the available tab.
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Post by earthbound on May 30, 2016 22:04:42 GMT
But the argument is for the investors bought this under the old T&Cs, where the debt is from SS, then SS should pay up forthwith, and it's SS who should wait to get their money back. I assume that is the great majority of investors. I suppose they could use the PF - assuming that was in place according to the T&Cs when the loan was first sold. (I'm not in this) Even under the old terms and conditions I do not think it stated they would be paid back before they had sold the asset just that SS would cover any shortfalls but I do not see mention of interest once it has gone into default. Ben you are correct, there was no provision to pay anyone back their capital in the old T&Cs, the discussion started about the term inserted by SS that stated interest on a defaulted loan would be paid out monthly @1% , 14 days before the loan pbl020 defaulted, SS sent out a general e-mail saying they were changing the T&Cs so that interest on defaulted loans would only now be accrued interest, in line with the new T&Cs.. the problem it has created is that the new T&Cs have a specific hierarchy of what is paid from the realized asset, and interest payment is bottom of the list. So in effect when anyone invested in this loan. they did so under the assumption that their interest would continue to be paid at 1% per month EVEN if the loan defaulted. Now that the loan has defaulted and SS continue to let it trade on the SM, they have inserted a sentence in the red box which says the loan is in default and interest will not be paid until the asset is sold. What they fail to make obvious is that the T&Cs have been changed and there is a real danger that if the asset does not realize enough money they will in fact get no interest unless the PF is put to use, and no-one knows whether it will or it wont. I asked for clarification 2 days ago, but nothing. My worry is whether anyone now buying this on the SM is aware of what may happen to their cash, not only could they not earn any interest, they may well lose a portion of their capital as well.. is that right?? i don't think it is.
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Post by Deleted on May 30, 2016 23:43:03 GMT
To anyone concerned about the default of PBL 20 I would say: stay calm. It is a long story which will certainly bring in good recovery in any case, but is not for the anxious ones. And anyone concerned should immediately put their slices for sale and they will eventually sell, give it a week or so.
Defaults a normal part of the business. It is where we test the valuations (so we see how good were the valuators) and learn about problems.
They also help SS to grow and refine their risk models.
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adrianc
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Post by adrianc on May 31, 2016 9:44:22 GMT
And anyone concerned should immediately put their slices for sale and they will eventually sell, give it a week or so. The very fact that this option is open to people is, to those of us who started by Finding Cracks, somewhat astonishing in and of itself. This whole saga is actually making me wonder why I don't have MORE in SS, not less. Then I remember why - demand massively outstrips supply. Oh, yeh.
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adrianc
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Post by adrianc on May 31, 2016 12:16:07 GMT
Anyway, this whole thread is misnamed. It should be "Bigger default to date".
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lobster
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Post by lobster on May 31, 2016 12:22:19 GMT
And anyone concerned should immediately put their slices for sale and they will eventually sell, give it a week or so. Well there is over £ 68,000 on sale right now, and so far today the sales amount to precisely £66.04 . That's a long "week" your're talking about 
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Post by earthbound on May 31, 2016 12:35:23 GMT
And anyone concerned should immediately put their slices for sale and they will eventually sell, give it a week or so. demand massively outstrips supply. Oh, yeh. not at the moment is doesn't, get your hard earned in quick, theirs loads on the SM. 
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adrianc
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Post by adrianc on May 31, 2016 12:47:33 GMT
Depends on if you're looking at "demand" versus "supply" on a general SS level, or on an individual loan basis...
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Post by supernumerary on May 31, 2016 13:56:03 GMT
My vote is; No, not at all. It will be SS business as normal for me'Interestingly', the numbers following the Saving Stream thread on this forum board, at 59 this morning, is more than all the p2p lenders combined. The 'interest' in Saving Stream continues to rise... BTW, it is called compound interest.  Attachments:
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