moist
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Post by moist on Jun 15, 2016 13:37:50 GMT
level of the SM suggest a lot cannot pay their bills for the new loans.........
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bjorn
Posts: 102
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Post by bjorn on Jun 15, 2016 13:39:08 GMT
I got 100% on loans PBL107 and PBL108, leaving me with an 8K negative balance which I can't clear for 7 days!
I've messaged SS complaining about the 2 loans being allocated within seconds of each other, considering I've been waiting since yesterday.
Lesson learnt, don't set any pre-funding amounts and try to play the captcha game on the SM :-( I think the simpler lesson would be the one that SS themselves have suggested: " Investors should only pre-fund what they actually want..." You might even conclude that the way they ran things today was precisely to teach people that lesson 
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locutus
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Post by locutus on Jun 15, 2016 13:41:19 GMT
I've had a reply from SS to my question. Apparently all 9 were allocated bottom-up (presumably trimmed to the nearest £100) No reason given for this change, but I did get the helpful suggestion that " Investors should only pre-fund what they actually want which should not really be affected by the method of allocating these funds."   SS are quickly losing their shine. No announcement of the change, zero communication for a while now and an arrogant response that wouldn't be amiss coming from a politician. FS and MT are looking more appealing by the day. Shame, shame. savingstream That response is about as poor as it gets. I hope it is from one of the new hires who doesn't know what they're doing rather than represent a new company approach to investors.
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Post by meledor on Jun 15, 2016 13:43:19 GMT
I'm one of them..nothing I can do about it. Allocated 2 lots of 8K which I got 100% of, now 8K negative balances and nothing I can sell. The moral is not to prefund an amount that you cannot pay within the required 24 hour limit. I guess you were relying on the ability to sell other loans in the SM but surely you noticed the sales queues building up since the 9 loans were announced?
Your best option is to 'fess up to SS immediatley and allow SS to sell your position.
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Post by spareafewcoppersguv on Jun 15, 2016 13:44:38 GMT
Surprised there are no residual amounts for any of these loans available on the SM. Can they have been able to successfully allocate the whole lot???
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arbster
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Post by arbster on Jun 15, 2016 13:47:20 GMT
I've had a reply from SS to my question. Apparently all 9 were allocated bottom-up (presumably trimmed to the nearest £100) No reason given for this change, but I did get the helpful suggestion that " Investors should only pre-fund what they actually want which should not really be affected by the method of allocating these funds." SS are quickly losing their shine. No announcement of the change, zero communication for a while now and an arrogant response that wouldn't be amiss coming from a politician. FS and MT are looking more appealing by the day. Shame, shame. savingstream That response is about as poor as it gets. I hope it is from one of the new hires who doesn't know what they're doing rather than represent a new company approach to investors. I'm afraid I disagree, somewhat. Pre-funding is about ensuring that people have a fair chance of getting a share of each investment. In a perfect world, everyone gets exactly what they want. For smaller loans, everyone gets a pro-rated share of what they want. It's only because people have taken to "gaming the system" that different funding approaches have had to be taken. If, as savingstream advises, everyone sets their pre-fund to the amount they actually want of a particular loan it a) enables them to assess demand, b) ensures a fair distribution of smaller loans and c) prevents nasty surprises on loan launch day.
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oldgrumpy
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Post by oldgrumpy on Jun 15, 2016 13:47:51 GMT
SS have a lengthening record of saying one thing then doing another with no warning or explanation to the investors trying to fund loans in an efficient and sensible manner.
No doubt Tim and Liam have approved this strategy, so we will have to adjust our investment platform choices accordingly.
For the record, I received 100% of my (fairly modest three figure) six pre-funds in this group, so I have no gripe (or even grump) on this occasion.
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Post by meledor on Jun 15, 2016 13:48:52 GMT
I've had a reply from SS to my question. Apparently all 9 were allocated bottom-up (presumably trimmed to the nearest £100) No reason given for this change, but I did get the helpful suggestion that " Investors should only pre-fund what they actually want which should not really be affected by the method of allocating these funds." SS are quickly losing their shine. No announcement of the change, zero communication for a while now and an arrogant response that wouldn't be amiss coming from a politician. FS and MT are looking more appealing by the day. Shame, shame. savingstream That response is about as poor as it gets. I hope it is from one of the new hires who doesn't know what they're doing rather than represent a new company approach to investors.
Will you be selling up then and moving on? Or are you just sounding off?
Can't say that bottom up funding across the 9 loans is such a big deal - just my view.
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locutus
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Post by locutus on Jun 15, 2016 13:49:58 GMT
SS are quickly losing their shine. No announcement of the change, zero communication for a while now and an arrogant response that wouldn't be amiss coming from a politician. FS and MT are looking more appealing by the day. Shame, shame. savingstream That response is about as poor as it gets. I hope it is from one of the new hires who doesn't know what they're doing rather than represent a new company approach to investors. I'm afraid I disagree, somewhat. Pre-funding is about ensuring that people have a fair chance of getting a share of each investment. In a perfect world, everyone gets exactly what they want. For smaller loans, everyone gets a pro-rated share of what they want. It's only because people have taken to "gaming the system" that different funding approaches have had to be taken. If, as savingstream advises, everyone sets their pre-fund to the amount they actually want of a particular loan it a) enables them to assess demand, b) ensures a fair distribution of smaller loans and c) prevents nasty surprises on loan launch day. You've missed the point entirely. No one is debating the fairness of the prefunding model. I'm complaining about the lack of announcement to it changing and allowing people to plan accordingly. I get very nervous when companies I invest with arbitrarily change the rules without any prior announcement and then respond in such a weasily fashion.
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
Posts: 787
Likes: 424
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Post by skippyonspeed on Jun 15, 2016 13:55:37 GMT
I thought there may be a few problems, so I steered clear of all these......however, with the SM filled to the brim, it has given me the opportunity to tidy up my portfolio.
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NSFW
Posts: 118
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Post by NSFW on Jun 15, 2016 14:04:42 GMT
I pre-funded what I wanted for 103/104 and got useless shrapnel cos I thought everything was filled bottom up. I'd much prefer that it's always allocated that way. I knew it was risky to game it with this bunch of loans, so I didn't.
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sl75
Posts: 2,092
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Post by sl75 on Jun 15, 2016 14:13:39 GMT
Just noticed that my email folder doesn't have any "New pre-fund investment" emails from any of today's new loans.
Did anyone else get these?
If the update has broken those email notifications, I wonder how many of the less active members aren't even aware that the new loans have gone live yet, because they normally rely on those emails, and are about to discover a huge negative balance later this evening / tomorrow...?
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jsmithe
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Post by jsmithe on Jun 15, 2016 14:14:03 GMT
I've had a reply from SS to my question. Apparently all 9 were allocated bottom-up (presumably trimmed to the nearest £100) No reason given for this change, but I did get the helpful suggestion that " Investors should only pre-fund what they actually want which should not really be affected by the method of allocating these funds." Which can be read as 'if you b&ggers are going to game the system, we are going to game the rules'. 8>. Might upset the BHs this time round, but perhaps clear the decks for the future. I did pre-fund what I wanted only to have it reset to zero, I did still get some on the SM, but was later allocated stuff that had been "reset". Again I'm a newbie but something odd is going on here.
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adrianc
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Post by adrianc on Jun 15, 2016 14:18:45 GMT
I pre-funded what I wanted for 103/104 and got useless shrapnel cos I thought everything was filled bottom up. 103/104 were big loans - £1m+ - so bottom-up was never expected with them. SS have always said £1m is the cut-off for bottom-up. This bunch are a mix of sizes, but only three of the nine are significantly over £1m (yes, I'm counting the £1.2m as "not significantly"). That gave SS a choice. Do they mix the allocation method and REALLY confuse people, or do everything consistently? With five of the nine being ~£1m and down, there'd be huge cries of pain when some got shrapnel, while the BHitters fed merrily. I think they made the right choice, all things considered.
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archie
Posts: 1,866
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Post by archie on Jun 15, 2016 14:19:18 GMT
Just noticed that my email folder doesn't have any "New pre-fund investment" emails from any of today's new loans. Did anyone else get these? If the update has broken those email notifications, I wonder how many of the less active members aren't even aware that the new loans have gone live yet, because they normally rely on those emails, and are about to discover a huge negative balance later this evening / tomorrow...? Funded all loans, only received one email so far, 10 minutes ago.
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