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Post by geraldine1210 on Jun 16, 2016 22:43:33 GMT
Just had a quick check, if 35 repays, all this SM could vanish in a matter of hours. Guess when 35 will repay? Not last week (as the last update said)....  Ooh, we could have a pool. The closest to time and date wins......
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Jun 16, 2016 22:59:21 GMT
Over £3m on the SM now, and I'm sure some panic has yet to hit the fan, but that's still not bad considering the influx of new borrowing. Just one of the expected repayments could clear that, and there are actually several which are supposed to be repaying last week. Hopefully we'll get a proper update tomorrow. Meantime the 'SM is there for the benefit of lenders wanting out, and it is working very well for that purpose' (I paraphrase) needs some rewording. But then, there has been plenty of comment here to the effect that you shouldn't invest what you can't do without for some unknown period of time (worst case 'forever'). Liquidity is one of those things which is never to be found when everyone most wants it. In your opinion, what proportion of sellers don't realise their investments are earning no interest once they offer them for sale?
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Post by geraldine1210 on Jun 16, 2016 23:01:42 GMT
Over £3m on the SM now, and I'm sure some panic has yet to hit the fan, but that's still not bad considering the influx of new borrowing. Just one of the expected repayments could clear that, and there are actually several which are supposed to be repaying last week. Hopefully we'll get a proper update tomorrow. Meantime the 'SM is there for the benefit of lenders wanting out, and it is working very well for that purpose' (I paraphrase) needs some rewording. But then, there has been plenty of comment here to the effect that you shouldn't invest what you can't do without for some unknown period of time (worst case 'forever'). Liquidity is one of those things which is never to be found when everyone most wants it. In your opinion, what proportion of sellers don't realise their investments are earning no interest once they offer them for sale? I'm holding my hand up and looking shame faced. I had some for sale over night and suddenly realised I had lost interest.
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goopy
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Post by goopy on Jun 16, 2016 23:05:26 GMT
Over £3m on the SM now, and I'm sure some panic has yet to hit the fan, but that's still not bad considering the influx of new borrowing. Just one of the expected repayments could clear that, and there are actually several which are supposed to be repaying last week. Hopefully we'll get a proper update tomorrow. Meantime the 'SM is there for the benefit of lenders wanting out, and it is working very well for that purpose' (I paraphrase) needs some rewording. But then, there has been plenty of comment here to the effect that you shouldn't invest what you can't do without for some unknown period of time (worst case 'forever'). Liquidity is one of those things which is never to be found when everyone most wants it. In your opinion, what proportion of sellers don't realise their investments are earning no interest once they offer them for sale? Apart from geraldine1210 I thought everyone knew that loan parts for sale do not earn interest. It has been made very clear many times that this is the case....
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brianlom1
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He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Jun 16, 2016 23:06:46 GMT
I guess it's not been a problem until the last couple of days but some of the queues are over £100K, depending on how long they take to shift that could represent a lot of lost interest.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Jun 16, 2016 23:09:02 GMT
In your opinion, what proportion of sellers don't realise their investments are earning no interest once they offer them for sale? Apart from geraldine1210 I thought everyone knew that loan parts for sale do not earn interest. It has been made very clear many times that this is the case.... May I ask where? I only found out on this forum ...
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goopy
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Post by goopy on Jun 16, 2016 23:19:01 GMT
Apart from geraldine1210 I thought everyone knew that loan parts for sale do not earn interest. It has been made very clear many times that this is the case.... May I ask where? I only found out on this forum ... Point taken. As a regular forumite I sometimes think that all investors visit here and as you say there is nothing obvious in the faq's, perhaps it's in the t's & c's? Edit; 10.3 T's & C's
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ilmoro
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'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 Jun 16, 2016 23:23:55 GMT
Apart from geraldine1210 I thought everyone knew that loan parts for sale do not earn interest. It has been made very clear many times that this is the case.... May I ask where? I only found out on this forum ... T&Cs 10.3 If you put your loan part up for sale you will stop accruing and receiving interest on the relevant loan part. (Slightly misleading as you will receive any accrued interest up to point loan is listed for sale on normal payment date)
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spiral
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Post by spiral on Jun 17, 2016 6:29:11 GMT
May I ask where? I only found out on this forum ... Don't you read the message before you press the "OK" button when selling? "Are you sure you wish to sell £xx.xx of this loan part? You will cease to earn interest on the amount you choose to sell at the point you click to confirm. Once the total amount has sold we will credit the balance to your account. Any unpaid interest accrued prior to sale will be credited at the end of the month as usual." I know buying requires FFF and no time to read anything but selling 
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jun 17, 2016 7:15:24 GMT
Apart from geraldine1210 I thought everyone knew that loan parts for sale do not earn interest. It has been made very clear many times that this is the case.... May I ask where? I only found out on this forum ... In addition to the posts above: If you need confirmation, that you don't receive interest after putting a loanpart up for sale, then look at "My Loans", "Selling Loanparts", select a loan and it displays the Loan ID, Start Date, End Date. It's not discretionary, it's the way the software works.
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adrianc
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Post by adrianc on Jun 17, 2016 7:39:00 GMT
May I ask where? I only found out on this forum ... In addition to the posts above: If you need confirmation, that you don't receive interest after putting a loanpart up for sale, then look at "My Loans", "Selling Loanparts", select a loan and it displays the Loan ID, Start Date, End Date. It's not discretionary, it's the way the software works. Yep. And that "End Date" is the date that the part is put for sale, no matter when it sells. If you've had a part that's been for sale overnight, look at the Sold Parts view - End Date is the date it went on the market - or the My Account view at the transaction where the money came in - it shows the transaction date, and the End Date of the part is the date it was put on sale. There ain't no doubt that parts on the market across midnight are not interest-paying.
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Jun 17, 2016 7:42:32 GMT
I think the timing of the 7 day rule and the 9 loans was a total disaster. They should have allowed people time to get used to the everyday workings of the new rule before releasing so many loans in one go.
I used to have the 6P sign on my office rule as reminder.......for those of you who have never heard of it, it means "Proper Planning Prevents P!** Poor Performance
Edit: I think I should have included the uncertainty of Brexit in the mix
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Post by chrisuk on Jun 17, 2016 9:28:34 GMT
Yes, SS really need some loans to repay on time. So few of them do which has always concerned me slightly.
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bloodycat
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Post by bloodycat on Jun 17, 2016 9:35:29 GMT
Currently ~20% of my funds are in loans for which repayment has been 'imminent' for a number of weeks.
I would have liked to have taken double my investment in the recent loans, and there are actually a few parts on the SM of loans I'm not currently exposed to that I would be interested in.
Whilst I could temporarily transfer in some more funds I would rather keep things simple and only put in money that I intend to leave in for a significant period.
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Post by lb on Jun 17, 2016 9:50:50 GMT
on one hand there is only ~ £3m of a ~ £100m live loanbook on the SM. so 3%
on the other hand there are ~ 60 loans out of ~ 75 live loans on the SM. so 80%
having regard to the fact that money on SM doesn't earn interest, then this ultimately creates a cap (i.e. there is no point having your money on the SM way back in the queue because it won't sell and it won't earn interest)
so the 80% statistic would seem to be a far more useful indicator
also if, theoretically (due to world financial crash or something), everyone decided to sell everything, then SS keep all interest on entire loanbook until capital is one day repaid? seems harsh
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