ilmoro
Member of DD Central
'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 Aug 17, 2016 10:55:09 GMT
The money will be sat in the borrowers client account ready for SS to release on drawdown. It cant be anywhere else (other than lenders accounts) or ISTM would breach both SS t&cs and FCA money regulations that govern handling of client money, therefore it isnt.
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Post by savingstream on Aug 17, 2016 11:37:23 GMT
The money will be sat in the borrowers client account ready for SS to release on drawdown. If its anywhere else (other than lenders accounts) ISTM would breach both SS t&cs and FCA money regulations that govern handling of client money. Funds are of course in the client account. Looking to repay the loan today, later on or tmrw morning.
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Post by dualinvestor on Aug 17, 2016 11:43:53 GMT
My part is on the SM because: - I had bought some of PBL 104 at the start
- I thought SS were going to cancel PBL 104
- I thought if PBL 104 was cancelled, the SM would quickly dry up as people found new homes for their money, particularly of anything with plenty of time left to run.
- I bought some of other loans I liked the look of in advance, which I hoped would be paid for when my money was returned from PBL 104 by SS
- PBL 104 hasn't been cancelled and the money hasn't been returned (yet)!
- I can't sell the other loans because I have had them for less than 7 days.
- The only thing I can do is to sell PBL 104
It is also currently "unsecured" Probably not. As stated above by ilmoro and savingstream it is (or should be)in Lendy Ltd's client account.
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Jeepers
Member of DD Central
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Post by Jeepers on Aug 17, 2016 11:47:13 GMT
savingstreamWhy not just get it paid now to stop paying interest unnecessarily? I hope you're not relying on funds coming from PBL 125 being launched today to go towards repaying 104 lenders.
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Post by Deleted on Aug 17, 2016 12:08:17 GMT
Pulling it out and eventually relisting it later (if borrowers full requirements are finally met) is the most prudent move and this is what I would have done long time ago. This way you keep a good relationship with the borrower/broker, but state clearly that some initial requirements must be met before proceeding. That is definitely a cleaner and more professional way of running a 'difficult' loan like this (if you have the available cashflow to immediately refund the lenders). I don’t have the full details, but I don’t see a lack of ‘professionalism’ here, if you don’t like the way you perceive SS do business don’t invest with them. I think your repeated intimations of cash-flow difficulties are bordering on the libellous. Moderators have totally lost the plot today as this is the second one seemingly not understanding my words at all. I see a lot of value in the SS proposition (and this is why I a heavily invested in it). But I saw and reported what I feel is bad management of this particular loan PBL104. I expressed a potential fear (based on past real experience with other p2p companies) about why this loan was not stopped and repaid immediately. Of course there might be other reasons, but whatever the real cause the non-repayment was certainly AGAINST the best interests of SS lenders. I am more than happy to see SS finally promising to act and settle close the loan.
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Post by savingstream on Aug 17, 2016 12:09:22 GMT
We think it is advisable that people stop inferring that we are breaking Client Money rules on this thread.
Funds are in the client account and have been since we raised them.
It has been our decision to sit on the cash and pay interest to SS investors on the off chance that the loan would happen and this is based on conversations with the borrower and his broker. We have now made the decision to pay these funds back.
You win some, you lose some and yes, it has cost us lost profit and we will probably change our modus operandi moving forwards.
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Post by Deleted on Aug 17, 2016 12:19:33 GMT
We think it is advisable that people stop inferring that we are breaking Client Money rules on this thread. Funds are in the client account and have been since we raised them. It has been our decision to sit on the cash and pay interest to SS investors on the off chance that the loan would happen and this is based on conversations with the borrower and his broker. We have now made the decision to pay these funds back. You win some, you lose some and yes, it has cost us lost profit and we will probably change our modus operandi moving forwards. SS profits ensure my gain, so I always wish you every profit you can make! My suggestions would be to have stricter procedures for loan launches and take the lenders' money only when the borrower is ready (today and not tomorrow hopefully) to take it in... This will ensure the network is stronger and has enough reserves for when needed (and as we see in PBL 20, reserves might come useful to ensure lenders don't loose out a penny!).
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Post by dualinvestor on Aug 17, 2016 12:29:14 GMT
savingstream Why not just get it paid now to stop paying interest unnecessarily? I hope you're not relying on funds coming from PBL 125 being launched today to go towards repaying 104 lenders. Loans are discrete from each other, the funds to repay PBL104 have never been advanced to the borrower and should therefore be in the client's account. It will have nothing at all with PBL125, even if the logic of your post was correct (launching PBL125 will result in funds going out, not coming in).
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Aug 17, 2016 13:08:03 GMT
Just been repaid...
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dermot
Member of DD Central
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Post by dermot on Aug 17, 2016 15:48:29 GMT
Me too. But then I only had 116 quid in it ....
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will
Member of DD Central
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Post by will on Aug 17, 2016 16:47:29 GMT
Am I being churlish wondering why no interest paid for August days?
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SteveT
Member of DD Central
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Post by SteveT on Aug 17, 2016 16:50:55 GMT
Am I being churlish wondering why no interest paid for August days? The email from SS states it will be paid at month end, as per normal interest.
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will
Member of DD Central
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Post by will on Aug 17, 2016 16:56:36 GMT
Aaaghhh! I knew I should have known better than to ask.
Appreciate the reply, 'tho.
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kermie
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Post by kermie on Aug 17, 2016 19:08:53 GMT
The email from SS states it will be paid at month end, as per normal interest. Useful to know, thanks SteveT - as I had sold out after 1st August I did not get the email, but am still due the interest, hence my, er, interest in the matter.
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