tx
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Post by tx on Jun 16, 2016 8:14:23 GMT
[quote author=Seriously?
It's happened before, it'll happen again. In a week's time, the SM will be back to being as liquid as yesterday's weather.
[/quote]It would help if SS were quicker to credit accounts with money transfers.[/quote]
Seriously.
Leaving doesn't mean never come back.
It happen before, means SS could have done it better if they want more investor and lender, they are expanding, well, trying to, at the back of these loans, aren't they?
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pom
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Post by pom on Jun 16, 2016 8:56:55 GMT
I think SS's 12m shockwave had destroyed my confidence in using SS. The main reason I used it was the return+liquidity, everyone can have their own reason, but for me, such a liquid secondary market was golden. Now, the market is like dead, all the new money are exhausted in one blow. SS could have done this smoothly but now I can see the aggressiveness and the don't-care attitude. although I have got a fair amount of the 12m new loans, but I am planning a exit strategy now. Cant have my monty tight up in a place like SS any more. Well done, SS, your aggressive expansion is driving me away. The SM always slows down a bit when there's been a lot of large loans - OK so we've never had £12M new in one day before, but we've had an SM just as clogged from smaller amounts. If this is worrying you less than 24hrs after go-live then maybe you should rethink your risk attitude for p2p. Because when the property market eventually glitches the SM will definitely be a very different place so you have to be prepared to have your money tied up for an unknown time.
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pom
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Post by pom on Jun 16, 2016 9:00:42 GMT
I transferred some in reasonably late the other evening. It was credited by the following morning. <shrug> They only appear to credit once in the morning though. If people could have got funds transferred yesterday it's possible the SM wouldn't have so much for sale. I've bought some and sold some. I might well have bought more if my transfers had been processed. If you know you can get the money to them in a timeframe THEY are happy with, then you saying it's stopping you buy more seems a bit nose/spite/face to me.
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archie
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Post by archie on Jun 16, 2016 9:14:24 GMT
They only appear to credit once in the morning though. If people could have got funds transferred yesterday it's possible the SM wouldn't have so much for sale. I've bought some and sold some. I might well have bought more if my transfers had been processed. If you know you can get the money to them in a timeframe THEY are happy with, then you saying it's stopping you buy more seems a bit nose/spite/face to me. Not really, I'm not happy with a large negative balance. Don't use credit cards either  With the negative balance now cleared I've trimmed my holdings in the recent loans. I note you did the same  I now have enough to fund the loan today and buy a bit more on the SM.
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Post by GSV3MIaC on Jun 16, 2016 9:20:52 GMT
The MT system with FPs credited in minutes, if not seconds, would be a definite improvement. However the 'can't sell for 7 days' is clearly easily defeated nonsense - I just sent them a transfer last night, credited this morning, sold the unwanted 'inside 7 day' parts (not all from the 9, some bought on the SM before the 9 appeared, but still locked by 7-day rule), transfer money back to bank. Job done. Just 'make work' for SS and the bank (and me). Now whether to cycle the float via AC, or RS .. decisions, decisions ..
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Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Jun 16, 2016 9:24:28 GMT
Yet another thread diverted from topic to moan about recent events... No loans on SM they moan, lots of loans on SM they moan... What will make you happy? I'm actually glad some had their hands burned when they tried to game the >1m loans and got their full amounts I was a gamer myself but reduced the prefunding to symbolic amounts I can afford. And it was a good move. I was actually preparing for this by selling loans in advance just after the notice. Also have some powder dry all the time - lesson learned from previous SM glut. As most ended up with negative balance so had to shift some of the better/smaller/rare loans to clear the balance. My farm land still sits behind 10k in queues. But this situation is great and I've re-balanced my portfolio and purchased some of the loans I was underweight. |
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adrianc
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Post by adrianc on Jun 16, 2016 9:34:30 GMT
If you know you can get the money to them in a timeframe THEY are happy with, then you saying it's stopping you buy more seems a bit nose/spite/face to me. Not really, I'm not happy with a large negative balance. Don't use credit cards either So that's not SS stopping you - that's you stopping you. Changing that is within your power. Don't think of it as a "credit card". Think of it more as a trade account, with an invoice for the parts you acquire being sent through. Just like wot butchers and bakers and candlestick makers used to do.
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pom
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Post by pom on Jun 16, 2016 9:40:17 GMT
If you know you can get the money to them in a timeframe THEY are happy with, then you saying it's stopping you buy more seems a bit nose/spite/face to me. Not really, I'm not happy with a large negative balance. Don't use credit cards either With the negative balance now cleared I've trimmed my holdings in the recent loans. I note you did the same I now have enough to fund the loan today and buy a bit more on the SM. Yes I got more than I expected, but since I never prefund more than I can afford it's no issue, if there hadn't been another loan today and loans arriving soon on MT I'd probably have kept it a while longer - not really sure why this is relevant tho. Had I wanted to buy on the SM I'd still have been able to. If you don't want to use credit tho, then maybe instead of blaming SS processes, maybe you need to rethink your prefunding - whilst I think none of us imagined we'd get as much as we did, we all realised it'd be a lot more than usual.
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archie
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Post by archie on Jun 16, 2016 9:46:16 GMT
Not really, I'm not happy with a large negative balance. Don't use credit cards either With the negative balance now cleared I've trimmed my holdings in the recent loans. I note you did the same I now have enough to fund the loan today and buy a bit more on the SM. Yes I got more than I expected, but since I never prefund more than I can afford it's no issue, if there hadn't been another loan today and loans arriving soon on MT I'd probably have kept it a while longer - not really sure why this is relevant tho. Had I wanted to buy on the SM I'd still have been able to. If you don't want to use credit tho, then maybe instead of blaming SS processes, maybe you need to rethink your prefunding - whilst I think none of us imagined we'd get as much as we did, we all realised it'd be a lot more than usual. I'm not complaining though. My point was supposed to be that crediting accounts more quickly would make the SM more efficient.
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Liz
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Post by Liz on Jun 16, 2016 10:23:49 GMT
I think SS's 12m shockwave had destroyed my confidence in using SS. The main reason I used it was the return+liquidity, everyone can have their own reason, but for me, such a liquid secondary market was golden. Now, the market is like dead, all the new money are exhausted in one blow. SS could have done this smoothly but now I can see the aggressiveness and the don't-care attitude. although I have got a fair amount of the 12m new loans, but I am planning a exit strategy now. Cant have my monty tight up in a place like SS any more. Well done, SS, your aggressive expansion is driving me away. Seriously? It's happened before, it'll happen again. In a week's time, the SM will be back to being as liquid as yesterday's weather. You couldn't make it up! Complaints of a liquid SM, then complain when its illiquid, then complain again.... What is the need to have instant sales anyway? If you are that desperate for money, you shouldn't tie it up in 6-12 month loans. PS The newer loans are still liquid.
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