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Post by harvey on Jun 7, 2016 22:40:04 GMT
As we all know on this forum it's been an eventful last couple of weeks on saving stream. Quite a lot has happened and is still happening right up till today when we see the wording on the website as regards interest has been changed slightly but without any explanation to investors about it's significance or lack of significance.
I have just checked back through my emails and I note that the last communication I had from saving stream was a general update back on 27th May which is now 12 days ago.
As a backer and investor on the platform with a fairly substantial near six figure sum invested here I'm a little disappointed that saving stream have not sent me any sort of update or communication for 12 days. I don't expect a weekly general update when everything is ticking along smoothly and little is happening but in the present circumstances an update would have been nice if only for reassurance purposes.
In the present circumstances I would rather get an email saying there is nothing new we can report at the moment than to hear nothing at all.
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kermie
Member of DD Central
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Likes: 462
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Post by kermie on Jun 7, 2016 22:54:15 GMT
There was an update on PBL020 6 days ago on the loan page.
Lenders cannot expect a running commentary from Saving Stream. The recovery will take months and lenders will simply need to be patient.
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Post by earthbound on Jun 7, 2016 23:16:18 GMT
There was an update on PBL020 6 days ago on the loan page. Lenders cannot expect a running commentary from Saving Stream. The recovery will take months and lenders will simply need to be patient. I don't expect a running commentary... but i do expect where serious issues have been raised, SS should make a comment to alleviate unnecessary speculation.
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Post by meledor on Jun 8, 2016 7:25:19 GMT
Do we really need yet another new thread on this?
For the record I am quite happy with the communication from Saving Stream. As has been pointed out we last received an update as recently as 27th May.
Saving Stream is running a business and we are dealing with Saving Stream on commerical terms. If you want somone to be jumping around dealing with your every craving for the latest news or response to speculation every 5 minutes you may have to look elsewhere.
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Post by Deleted on Jun 8, 2016 8:18:25 GMT
As we all know on this forum it's been an eventful last couple of weeks on saving stream. Quite a lot has happened and is still happening right up till today when we see the wording on the website as regards interest has been changed slightly but without any explanation to investors about it's significance or lack of significance. I have just checked back through my emails and I note that the last communication I had from saving stream was a general update back on 27th May which is now 12 days ago. As a backer and investor on the platform with a fairly substantial near six figure sum invested here I'm a little disappointed that saving stream have not sent me any sort of update or communication for 12 days. I don't expect a weekly general update when everything is ticking along smoothly and little is happening but in the present circumstances an update would have been nice if only for reassurance purposes. In the present circumstances I would rather get an email saying there is nothing new we can report at the moment than to hear nothing at all. Ha, Ha, Ha. So, you would ask a business to have constant emailing to members (even when no big news are ready for announcement)? I guess you have zero experience with FC, where very serious issues with the T&C, repayments, websites, withdrawals are constantly ignored even after multile repeated email bombarding for days an days.... Not to talk of other smaller critically unresponsive realities (like LC). I think you should decide if the risk you feel for your money is too much for you to cope. For me it is importante that SS focuses on the real issues of the company (i.e. finding good loans to offer and chasing the borrowers for repayments). Anything else (like email updates) is a bonus which comes as and when possible. If I have a real problem or doubt I write and I always get prompt answers usually directly from Tim (one of the two directors). That's excellent to my standards. I repeat once again that the only thing that worries me he are the valuations (some are off and/or not sufficiently independent). Anything else is fuff.
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oldgrumpy
Member of DD Central
Posts: 5,087
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Post by oldgrumpy on Jun 8, 2016 8:24:13 GMT
I would ask any multiple complainer* on forums regarding any platform's lack of comment regarding individual points of procedure in loan management, "have you asked (SS) directly for an answer to your question?"
* note: complainer, not commentator.
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Post by earthbound on Jun 8, 2016 8:53:43 GMT
I don't expect a running commentary... but i do expect where serious issues have been raised, SS should make a comment to alleviate unnecessary speculation.Why not email SS and if they agree, post their response here? I did, the bold above should have answered that for you.
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Post by jackpease on Jun 8, 2016 9:18:45 GMT
I think the problem is that people expect "the comment" will solve everything and all will be fine and dandy.
When the baying crowd have demanded comments/updates/blood in the past on this and other platform boards, it has never provided the closure that people imagine. It simply prompts a whole new burst of questions which 'must be answered' presumably leaving the platform wondering why they bother.
P2P platforms are by definition under forensic scrutiny by us and nobody is perfect. When an imperfection is found eg a default then if we can't give SS some degree of trust and respect to do the right thing then we deserve to be ignored.
At issue is the valuations - but it seems oxymoron to me that valuations here, there and everywhere are always rose tinted and people should not take the binary 'secured/not secured' view on risk but understand that 'secured' is a matter of opinion.
Jack P
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mike
Member of DD Central
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Post by mike on Jun 8, 2016 9:58:38 GMT
Compared with most financial institutions the level of scrutiny that P2P platforms are under due to open communication forums like this is quite high. There are indeed important issues that sometimes remain unanswered for a period. The amount of "noise" generated by some queries (often repetitive) doesn't help. Most of the platforms will also experience "growing pains" while trying to keep a lean organisation. Maybe some expectations from users here need to be more realistic. Mike
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Post by earthbound on Jun 8, 2016 10:49:17 GMT
paul123 I did, the bold above should have answered that for you. Sorry earthbound , my reply was a little curt but ultimately intended to be well meaning. But I'm now more confused. Did you raise some of the awkward questions to them and they replied and said "we do not wish to issue any comment at this time" or something similar? i sent two emails , one regarding the payment of accrued interest and another regarding a certain T&Cs issue, i have not had any response as yet, but if everyone follows the regular advice given on here, then i would expect SS is probably inundated with e-mails at the moment. edit TBH If i was at SS i would not answer any e-mails regarding sensitive issues, knowing full well that the resulting e-mail will end up on a public forum.
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Post by dualinvestor on Jun 8, 2016 10:57:46 GMT
Compared with most financial institutions the level of scrutiny that P2P platforms are under due to open communication forums like this is quite high. There are indeed important issues that sometimes remain unanswered for a period. The amount of "noise" generated by some queries (often repetitive) doesn't help. Most of the platforms will also experience "growing pains" while trying to keep a lean organisation. Maybe some expectations from users here need to be more realistic. Mike I certainly agree with your opening comment and most of the rest. However in the absence of fraud most other financial institutions are much more open and accountable in the first instance, or are covered by government guarantees. Further if say a unit trust goes bust the assets are usually realisable,at full value, within minutes and held by an independent custodian, they are also required to undertake quarterly reporting. Most p2p platforms, and Zopa is the only exception I know, publish "small company" accounts near the end of the limit for doing so. For these and many other reasons I don't believe the two are comparable.
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Post by Deleted on Jun 8, 2016 12:15:39 GMT
Sorry earthbound , my reply was a little curt but ultimately intended to be well meaning. But I'm now more confused. Did you raise some of the awkward questions to them and they replied and said "we do not wish to issue any comment at this time" or something similar? i sent two emails , one regarding the payment of accrued interest and another regarding a certain T&Cs issue, i have not had any response as yet, but if everyone follows the regular advice given on here, then i would expect SS is probably inundated with e-mails at the moment. edit TBH If i was at SS i would not answer any e-mails regarding sensitive issues, knowing full well that the resulting e-mail will end up on a public forum. When did you send the emails? Every single time I wrote to SS I had a response within 48 hours. I hoe you don't expect instantaneous email support specially for complex matters like T&C. If you compare wth FC, which not a sngle time was capable to answer me before 4 full business days, even for the most trivial things.... I think SS stands out very high.
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Post by earthbound on Jun 8, 2016 14:19:53 GMT
paul123 i sent two emails , one regarding the payment of accrued interest and another regarding a certain T&Cs issue, i have not had any response as yet, but if everyone follows the regular advice given on here, then i would expect SS is probably inundated with e-mails at the moment. edit TBH If i was at SS i would not answer any e-mails regarding sensitive issues, knowing full well that the resulting e-mail will end up on a public forum. When did you send the emails? Every single time I wrote to SS I had a response within 48 hours. I hoe you don't expect instantaneous email support specially for complex matters like T&C. If you compare wth FC, which not a sngle time was capable to answer me before 4 full business days, even for the most trivial things.... I think SS stands out very high. TBH i don't expect any reply, instantaneous or otherwise, as you say they were questions regarding the aspects above and i'm sure, if i worked at SS and someone had asked me the same questions after the PBL020 default , i would certainly 'not' reply, because i would expect the reply to be shown on a public forum. The questions has been asked on this forum numerous times over the last week and SS have seen fit not to answer them, BTW, i'm ok with that, As long as SS keeps the loans coming, that's all that matters, that's why my money is there.
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dufus
New Member
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Post by dufus on Jun 8, 2016 16:29:21 GMT
I wrote the following to Saving Stream as I have previously lent money directly to developers and the standard practice is to add a few extra percentage points of interest to defaulted loans until they are eventually paid back. Assetz Capital and Funding Knight are 2 examples of companies that charge penalty interest and pass it on to the investors. However, Saving Stream state that they keep it for themselves. I don't think this is fair. Below is my email thread with them. My words are in black italics and their replies are in red.
PBL020
Hello,
Please can you tell me if we, as investors, receive penalty interest added to the outstanding amount owed to us by this borrower on A****** G***** C***** - PBL020.
Thanks.
No you have interest still accruing at 12%pa on this defaulted loan.
Customer Services Team
Saving Stream
Do you charge the borrower penalty interest and keep it for the company?
Yes we do, but we also have no guarantee that we will receive this default interest, as in the event of a shortfall, Lendy have the provision fund to cover any shortfall to ensure investors do not lose their funds.
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oldgrumpy
Member of DD Central
Posts: 5,087
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Post by oldgrumpy on Jun 8, 2016 17:03:32 GMT
I wrote the following to Saving Stream as I have previously lent money directly to developers and the standard practice is to add a few extra percentage points of interest to defaulted loans until they are eventually paid back. Assetz Capital and Funding Knight are 2 examples of companies that charge penalty interest and pass it on to the investors. However, Saving Stream state that they keep it for themselves. I don't think this is fair. Below is my email thread with them. My words are in black italics and their replies are in blue. PBL020
Hello,
Please can you tell me if we, as investors, receive penalty interest added to the outstanding amount owed to us by this borrower on PBL020.
Thanks.No you have interest still accruing at 12%pa on this defaulted loan.
Customer Services Team
Saving Stream
Do you charge the borrower penalty interest and keep it for the company?Yes we do, but we also have no guarantee that we will receive this default interest, as in the event of a shortfall, Lendy have the provision fund to cover any shortfall to ensure investors do not lose their funds.
Just as I expected really, but I didn't realise another visit to Shrekshavers was required. Thanks, Mr Dufus.   edit: Oh damn - he's corrected it  but I can uncorrect it  EH? We're in two threads now. My brain cell hurts. 
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