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Post by trevxe on Jun 16, 2016 20:42:52 GMT
I, like many people I'm sure, got a bit more than I wanted on the London loans yesterday, but I made a bank transfer last night to cover it all. Having had my balance back to zero, I now want to sell a little of my over allocation in order to fund my PBL 106 allocation, but it's telling me the London loans aren't eligible for sale. I cleared the negative balance, I should be able to sell these.
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star dust
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Post by star dust on Jun 16, 2016 20:56:17 GMT
If you now have a negative balance due to PBL 106 allocation, you won't be able to sell anything bought less than seven days ago. My available funds are +ve, and the London loans (indeed all my loan parts) are eligible for sale. If your 'available funds' are >=0 and you cant sell, I suggest you email them.
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jonah
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Post by jonah on Jun 16, 2016 20:57:32 GMT
I, like many people I'm sure, got a bit more than I wanted on the London loans yesterday, but I made a bank transfer last night to cover it all. Having had my balance back to zero, I now want to sell a little of my over allocation in order to fund my PBL 106 allocation, but it's telling me the London loans aren't eligible for sale. I cleared the negative balance, I should be able to sell these. I just cleared the deficit from the purchase in 106 and can now sell parts in 'the nine' or 106 if I choose, so it's working here.
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Post by ladywhitenap on Jun 16, 2016 20:59:40 GMT
I, like many people I'm sure, got a bit more than I wanted on the London loans yesterday, but I made a bank transfer last night to cover it all. Having had my balance back to zero, I now want to sell a little of my over allocation in order to fund my PBL 106 allocation, but it's telling me the London loans aren't eligible for sale. I cleared the negative balance, I should be able to sell these. I see the same.. I cleared my negative balance for the London loans this morning too but bought bits on the SM and got 100% of my PF on PBL106 which has put me negative again. I suspect the SS system is not able to capture short periods of zero balance sandwiched between two negative samples. LW
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star dust
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Post by star dust on Jun 16, 2016 21:05:07 GMT
I, like many people I'm sure, got a bit more than I wanted on the London loans yesterday, but I made a bank transfer last night to cover it all. Having had my balance back to zero, I now want to sell a little of my over allocation in order to fund my PBL 106 allocation, but it's telling me the London loans aren't eligible for sale. I cleared the negative balance, I should be able to sell these. I see the same.. I cleared my negative balance for the London loans this morning too but bought bits on the SM and got 100% of my PF on PBL106 which has put me negative again. I suspect the SS system is not able to capture short periods of zero balance sandwiched between two negative samples. LW Actually I think it is, the thing to have done would be put the London ones up for sale before the PBL 106 allocation. I have done something similar between SM purchases and sales, but not with these particular loans.
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locutus
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Post by locutus on Jun 16, 2016 21:10:16 GMT
Even before the glut of the nine London loans, the 7 day rule was having a negative impact on the SM. SS should reconsider whether it is doing what was intended. Having people transfer funds in and out multiple times a day to work around the rule isn't efficient. I'm still not exactly sure what problem it is trying to solve.
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Post by ladywhitenap on Jun 16, 2016 21:14:00 GMT
I thought that the whole idea of the rule was to stop us selling anything that we had not paid for? Less than impressed with what SS are doing in this case.
LW
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Post by harvey on Jun 16, 2016 21:15:39 GMT
I, like many people I'm sure, got a bit more than I wanted on the London loans yesterday, but I made a bank transfer last night to cover it all. Having had my balance back to zero, I now want to sell a little of my over allocation in order to fund my PBL 106 allocation, but it's telling me the London loans aren't eligible for sale. I cleared the negative balance, I should be able to sell these. I see the same.. I cleared my negative balance for the London loans this morning too but bought bits on the SM and got 100% of my PF on PBL106 which has put me negative again. I suspect the SS system is not able to capture short periods of zero balance sandwiched between two negative samples. LW This is true. The system doesn't seem to be sophisticated enough to know what loan parts you have paid for. So if you buy some loan parts and have a deficit and then transfer the money in to cover the deficit so you have paid for those loan parts, but then buy something completely different and go back into negative territory it won't let you sell the bits you have already paid for simply because you bought them in the last seven days and have a negative balance again - even though it isn't because you haven't paid for the loan parts you want to sell. As I see it, you can't sell anything you have bought in the last seven days if you have a negative balance at the time you try to sell - even if the parts you are trying to sell were paid for in full or fully funded out of your available funds at that time. I may have got this wrong but this is how it looks to me and it doesn't seem fair and the way the website operates seems to contradict the rules that were stated in relation to the 7-day policy.
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Post by ladywhitenap on Jun 16, 2016 21:20:48 GMT
I have actually paid (transferred the funds) for PBL106 too. If SS had a decent system (like MT) to credit funds within minutes this would not happen.
LW
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locutus
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Post by locutus on Jun 16, 2016 21:21:09 GMT
I thought that the whole idea of the rule was to stop us selling anything that we had not paid for? Less than impressed with what SS are doing in this case. LW Why would they want to stop people selling what they haven't paid for. If people haven't paid, they should sell it. That way, someone who wants it can buy it and pay for it. Was the rule introduced to stop people earning interest for parts that were not paid for? If so, the rule doesn't achieve that either.
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Post by GSV3MIaC on Jun 16, 2016 21:23:54 GMT
I thought the rules were crystal clear - any time you have a negative balance you can't list for sale anything less than (or equal to) 7 days old. If it's already listed, no problem.
So what you do is you round trip a large 'float' of cash into your account to get a positive balance, list what you want to, and then move the cash out again. Simples.
But yes, it is pretty stupid, as we discussed ad nauseum at the time.
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am
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Post by am on Jun 16, 2016 22:00:31 GMT
I thought that the whole idea of the rule was to stop us selling anything that we had not paid for? Less than impressed with what SS are doing in this case. LW Why would they want to stop people selling what they haven't paid for. If people haven't paid, they should sell it. That way, someone who wants it can buy it and pay for it. Was the rule introduced to stop people earning interest for parts that were not paid for? If so, the rule doesn't achieve that either. The prefunding arms race wherein people set their prefunding levels higher and higher in order to get the amount they want (at the expense of the people who only ask for what they want) was a potential threat to the platform. The seven day rule acts as a deterrent to people over-prefunding. Removing INPL would be a cleaner solution, but a lot of participants are enamoured of the lack of need to keep a float in their account.
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adrianc
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Post by adrianc on Jun 17, 2016 7:04:40 GMT
I thought that the whole idea of the rule was to stop us selling anything that we had not paid for? Less than impressed with what SS are doing in this case. Why would they want to stop people selling what they haven't paid for. If people haven't paid, they should sell it. That way, someone who wants it can buy it and pay for it. Was the rule introduced to stop people earning interest for parts that were not paid for? If so, the rule doesn't achieve that either. They should stop people selling what they haven't paid for, because people were buying - taking two days interest - then selling before paying. That prevented people from buying it to keep. The rule DOES stop that, because people are now having to pay for the parts they buy. The only people who are affected substantially negatively by this are those who have pre-funded too high, and been caught with parts they didn't actually want, and can't pay for. Well, there's an answer to that... One that'll mean pre-funding better matches the actual demand, so those who want parts are more likely to get them. Seems like a good thing to me.
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Post by ogwellian on Jun 17, 2016 8:06:14 GMT
Why would they want to stop people selling what they haven't paid for. If people haven't paid, they should sell it. That way, someone who wants it can buy it and pay for it. Was the rule introduced to stop people earning interest for parts that were not paid for? If so, the rule doesn't achieve that either. They should stop people selling what they haven't paid for, because people were buying - taking two days interest - then selling before paying. That prevented people from buying it to keep. The rule DOES stop that, because people are now having to pay for the parts they buy. The only people who are affected substantially negatively by this are those who have pre-funded too high, and been caught with parts they didn't actually want, and can't pay for. Well, there's an answer to that... One that'll mean pre-funding better matches the actual demand, so those who want parts are more likely to get them. Seems like a good thing to me. I agree, but I wish SS would speed up the banking. I made a Faster Payment yesterday morning, but still not credited on my account.
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adrianc
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Post by adrianc on Jun 17, 2016 8:39:27 GMT
I agree, but I wish SS would speed up the banking. I made a Faster Payment yesterday morning, but still not credited on my account. Even in the normal run of things, it'd only be credited this morning. At the moment, I suspect all bets are off. I'm not going to be surprised if notification of the payments I sent yesterday PM/evening is somewhat delayed.
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