sl75
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Post by sl75 on Jun 17, 2016 8:40:40 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. I think the point of it is that it should discourage those who don't HAVE a large cash float from bidding as if they did... ... and of course if this plan fails (i.e. you can't sell the loan parts in order to recover your cash float), the problem remains yours rather than being offloaded to SS (as would happen in the past if you'd tried to resolve a negative balance by selling the loan parts you'd just purchased, and found the market thinner than you'd expected).
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bloodycat
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Post by bloodycat on Jun 17, 2016 8:42:41 GMT
Last nights payments in appear to have just been processed.
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Post by ogwellian on Jun 17, 2016 8:44:18 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. I made a payment around midnight last night and it has credited already (no email yet though). I would drop them a mail if you haven't already. Just got credited.
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am
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Post by am on Jun 17, 2016 9:59:16 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. As GSV3MIAC has pointed out this doesn't stop over-prefunding by people who have a float available in their bank account.
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adrianc
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Post by adrianc on Jun 17, 2016 10:00:01 GMT
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. As GSV3MIAC has pointed out this doesn't stop over-prefunding by people who have a float available in their bank account. No, it doesn't. But at least they put their money where their mouths are.
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Post by trevxe on Jun 17, 2016 12:45:45 GMT
No, it doesn't. But at least they put their money where their mouths are. Yes but my complaint was that, having done so, they are penalised for not leaving idle cash in their SS account as opposed to their bank account.
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Post by brokenbiscuits on Jun 18, 2016 8:25:50 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. I made a payment around midnight last night and it has credited already (no email yet though). I would drop them a mail if you haven't already. Kind of related, as I wish to sell some of the 9. Does anyone know when funds sent after 5pm Friday will hit my savingstream account? Currently running a small negative but have cash on route to clear this.
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agent69
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Post by agent69 on Jun 18, 2016 8:41:42 GMT
As GSV3MIAC has pointed out this doesn't stop over-prefunding by people who have a float available in their bank account. No, it doesn't. But at least they put their money where their mouths are. And they take the risk of not being able to sell the surplus if the SM is bloated (so their float will be sinking fast).
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Post by pepperpot on Jun 18, 2016 9:54:20 GMT
I made a payment around midnight last night and it has credited already (no email yet though). I would drop them a mail if you haven't already. Kind of related, as I wish to sell some of the 9. Does anyone know when funds sent after 5pm Friday will hit my savingstream account? Currently running a small negative but have cash on route to clear this. They sometimes clear payments on a Sat, but if not then it will be first thing Mon. As long as you send enough to clear any -ve you (are going to) have before (say) 8am Mon you should be fine.
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Post by brokenbiscuits on Jun 18, 2016 14:52:15 GMT
Cheers, my funding has not come through and now the new pipeline loans are trickling through.
Hard to keep up. Can't complain though. Nice to have options.
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Jeepers
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Post by Jeepers on Jul 23, 2016 8:21:30 GMT
Has this 7 day rule been scrapped? I've bought a few loan parts over the past couple of days and they all have the option to sell.
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SteveT
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Post by SteveT on Jul 23, 2016 8:25:20 GMT
Has this 7 day rule been scrapped? I've bought a few loan parts over the past couple of days and they all have the option to sell. Do you have a positive account balance? You're only blocked from selling within 7 days whilst you have a negative balance.
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Jeepers
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Post by Jeepers on Jul 23, 2016 8:42:42 GMT
Has this 7 day rule been scrapped? I've bought a few loan parts over the past couple of days and they all have the option to sell. Do you have a positive account balance? You're only blocked from selling within 7 days whilst you have a negative balance. Yes, it's positive. Never realised that before. Thanks
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awk
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Post by awk on Aug 9, 2016 7:14:24 GMT
I should know the answer to this, but ....
If I have a zero balance and list a newish (less than 7 days old) part for sale, but then buy something new BEFORE my other part sells, does the part stay up for sale or drop out?
I've thrown some scraps out and don't know whether to start fishing !
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SteveT
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Post by SteveT on Aug 9, 2016 7:19:19 GMT
I should know the answer to this, but .... If I have a zero balance and list a newish (less than 7 days old) part for sale, but then buy something new BEFORE my other part sells, does the part stay up for sale or drop out? I've thrown some scraps out and don't know whether to start fishing ! I THINK it stays on sale, ie. that the "positive balance" check is made as part of the listing process
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