adrianc
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Post by adrianc on Aug 9, 2016 7:22:25 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 ! Stays for sale.
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Post by GSV3MIaC on Aug 9, 2016 7:25:40 GMT
Yes, AFAIct the test is made when you list the part, and never again. Selling before you go negative is not a problem for what SS were trying to achieve anyway ... You obviously have a positive balance at some point, which is all they wanted.
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awk
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Post by awk on Aug 9, 2016 7:29:43 GMT
Thanks guys, and you are ...... correct That's what I thought, but just had one of those self-doubt moments  |
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Jeepers
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Post by Jeepers on Aug 24, 2016 16:08:27 GMT
Would be good if you could sell a loan on same day of purchase before any interest has accrued. Today I have been pre funded with £60 in a loan which isn't worth bothering with and I've bought a few parts on the SM but because of FFF I've just got the shrapnel left in the loan and not the amount I wanted. Any chance of changing it to a 2-7 day rule or allowing all parts to be sold within 7 days but interest is only credited on loans over 7 days old savingstream ? |
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Post by supernumerary on Aug 24, 2016 20:08:29 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. Saving Stream haven't fully explained what they were up against and I can understand why... Let me give you a scenario that MAY have been going on and BTW, I haven't done this. A rogue trader, 'invests' 1/2 million pounds in loans in one of his accounts today, offloads them in the early hours tomorrow morning when most people are asleep, but buys them back using his secondary account. The rogue trader does that day, after day, after day, rolling the loans over from one account to another on a daily basis for a month and earns 5,000 pounds per month. The 'investment' of 1/2 pounds never has to be paid for and basically it would be 'money for nothing'... Perhaps I am taking things to extreme, but the 7 day rule stops that type of rogue trader activity. IMHO, the title of this thread is incorrect, BECAUSE IMHO, the 7 day rule is working.
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Post by martin44 on Aug 24, 2016 20:24:18 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.
Let me give you a scenario that MAY have been going on and BTW, I haven't done this. A rogue trader, 'invests' 1/2 million pounds in loans in one of his accounts today, offloads them in the early hours tomorrow morning when most people are asleep, but buys them back using his secondary account. The rogue trader does that day, after day, after day, rolling the loans over from one account to another on a daily basis for a month and earns 5,000 pounds per month. The 'investment' of 1/2 pounds never has to be paid for and basically it would be 'money for nothing'... Perhaps I am taking things to extreme, but the 7 day rule stops that type of rogue trader activity. IMHO, the title of this thread is incorrect, BECAUSE IMHO, the 7 day rule is working. And indeed you are quite correct, this WAS happening,, with pass the parcel of £100k on a regular basis, this is what prompted SS to introduce the 7 day rule, i personally think 7 days is a tad extreme, 3 days with 48hr funding period would suffice. edit. my bold of your text. SS did actually post their reason for this somewhere on the forum, perhaps that could be located and re-posted.
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locutus
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Post by locutus on Aug 24, 2016 21:14:41 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. Saving Stream haven't fully explained what they were up against and I can understand why... Let me give you a scenario that MAY have been going on and BTW, I haven't done this. A rogue trader, 'invests' 1/2 million pounds in loans in one of his accounts today, offloads them in the early hours tomorrow morning when most people are asleep, but buys them back using his secondary account. The rogue trader does that day, after day, after day, rolling the loans over from one account to another on a daily basis for a month and earns 5,000 pounds per month. The 'investment' of 1/2 pounds never has to be paid for and basically it would be 'money for nothing'... Perhaps I am taking things to extreme, but the 7 day rule stops that type of rogue trader activity. IMHO, the title of this thread is incorrect, BECAUSE IMHO, the 7 day rule is working. Perhaps I'm missing something but what is to stop this rogue investor using your trick but with loan parts older than 7 days?
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Post by supernumerary on Aug 25, 2016 7:47:02 GMT
Saving Stream haven't fully explained what they were up against and I can understand why... Let me give you a scenario that MAY have been going on and BTW, I haven't done this. A rogue trader, 'invests' 1/2 million pounds in loans in one of his accounts today, offloads them in the early hours tomorrow morning when most people are asleep, but buys them back using his secondary account. The rogue trader does that day, after day, after day, rolling the loans over from one account to another on a daily basis for a month and earns 5,000 pounds per month. The 'investment' of 1/2 pounds never has to be paid for and basically it would be 'money for nothing'... Perhaps I am taking things to extreme, but the 7 day rule stops that type of rogue trader activity. IMHO, the title of this thread is incorrect, BECAUSE IMHO, the 7 day rule is working. Perhaps I'm missing something but what is to stop this rogue investor using your trick but with loan parts older than 7 days? Locutus, With due respect, I disagree with the parenthesis of your question… RE: “…using your trick…” It is NOT my trick as you have stated, in fact I did CLEARLY point out the following; Let me give you a scenario that MAY have been going on and BTW, I haven't done this.
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locutus
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Post by locutus on Aug 25, 2016 7:53:42 GMT
Perhaps I'm missing something but what is to stop this rogue investor using your trick but with loan parts older than 7 days? Locutus, With due respect, I disagree with the parenthesis of your question… RE: “…using your trick…” It is NOT my trick as you have stated, in fact I did CLEARLY point out the following; Let me give you a scenario that MAY have been going on and BTW, I haven't done this. Apologies for the phrasing. I'll try again. Perhaps I'm missing something but what is to stop this rogue investor using the trick you have highlighted but with loan parts older than 7 days?
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SteveT
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Post by SteveT on Aug 25, 2016 8:03:35 GMT
Because in whichever account they use to buy the parts (however old), they'll be obliged to pay for them (ie. settle the negative account balance) before they can sell them again.
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Post by supernumerary on Aug 25, 2016 8:06:22 GMT
Saving Stream haven't fully explained what they were up against and I can understand why...
Let me give you a scenario that MAY have been going on and BTW, I haven't done this. A rogue trader, 'invests' 1/2 million pounds in loans in one of his accounts today, offloads them in the early hours tomorrow morning when most people are asleep, but buys them back using his secondary account. The rogue trader does that day, after day, after day, rolling the loans over from one account to another on a daily basis for a month and earns 5,000 pounds per month. The 'investment' of 1/2 pounds never has to be paid for and basically it would be 'money for nothing'... Perhaps I am taking things to extreme, but the 7 day rule stops that type of rogue trader activity. IMHO, the title of this thread is incorrect, BECAUSE IMHO, the 7 day rule is working. And indeed you are quite correct, this WAS happening,, with pass the parcel of £100k on a regular basis, this is what prompted SS to introduce the 7 day rule, i personally think 7 days is a tad extreme, 3 days with 48hr funding period would suffice. edit. my bold of your text. SS did actually post their reason for this somewhere on the forum, perhaps that could be located and re-posted. martin44, Thank you for the reply. You have succinctly described the problem, by terming it as ‘pass the parcel’. Now that you have mentioned it, you are, I believe correct, Saving Stream did post some reasoning behind their decision. RE: “i personally think 7 days is a tad extreme, 3 days with 48hr funding period would suffice.” Saving Stream have their reasons and would have watched those who DISGRACEFULLY played the system. I could provide you with another scenario that would get round your 3 days with 48hr funding period proposal, but the problem would be, that I would be putting ideas in some people’s heads and COULD be falsely accused again of that scenario being ‘my trick’…
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fp
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Post by fp on Aug 25, 2016 9:02:05 GMT
Because in whichever account they use to buy the parts (however old), they'll be obliged to pay for them (ie. settle the negative account balance) before they can sell them again. But if you were to trade 7/8 stocks and rotate the oldest one daily then one could effectively be a free interest earner couldn't it, or do I need more coffee?
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Liz
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Post by Liz on Aug 25, 2016 9:35:40 GMT
And indeed you are quite correct, this WAS happening,, with pass the parcel of £100k on a regular basis, this is what prompted SS to introduce the 7 day rule, i personally think 7 days is a tad extreme, 3 days with 48hr funding period would suffice. edit. my bold of your text. SS did actually post their reason for this somewhere on the forum, perhaps that could be located and re-posted. Saving Stream have their reasons and would have watched those who DISGRACEFULLY played the system. I could provide you with another scenario that would get round your 3 days with 48hr funding period proposal, but the problem would be, that I would be putting ideas in some people’s heads and COULD be falsely accused again of that scenario being ‘my trick’… I don't think anyone accused you, when locutus said "your trick" he meant the "the trick you described" I too think we need this rule, however frustrating it can be. I tried to list a 1p loan part to test a queue, and couldn't!
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adrianc
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Post by adrianc on Aug 28, 2016 11:03:44 GMT
i personally think 7 days is a tad extreme, 3 days with 48hr funding period would suffice. The period would need to account for worst-case money-transfer delays. Let's say, Easter weekend. It's entirely feasible that a purchase on Wednesday, payment sent on Thursday, wouldn't arrive until Tuesday.
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Post by martin44 on Aug 28, 2016 12:17:48 GMT
i personally think 7 days is a tad extreme, 3 days with 48hr funding period would suffice. The period would need to account for worst-case money-transfer delays. Let's say, Easter weekend. It's entirely feasible that a purchase on Wednesday, payment sent on Thursday, wouldn't arrive until Tuesday.  Are there online bank transfer systems that still take 4 days? My bank uses FPS and states that it makes transfers 24 hrs per day/365 days per year and are almost instantaneous. That said, do SS,s bank also use FPS? I suppose both banks would have to use it for it to work instantaneous.
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Are there online bank transfer systems that still take 4 days? My bank uses FPS and states that it makes transfers 24 hrs per day/365 days per year and are almost instantaneous.