adrianc
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Post by adrianc on Aug 28, 2016 12:19:29 GMT
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? Where none of those four days are working days, it's not impossible.
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warn
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Post by warn on Aug 28, 2016 15:36:13 GMT
So, the objections to date seem to be that Jeepers couldn't instantly sell something s/he'd consciously bid for but didn't really want, and Liz couldn't sell a 1p trial. Not Armageddon, AFAIK, ISTM, IMHO. This rule has had a positive impact. It's simple. It's easily understood. It can be planned for without the need for a PhD. It really doesn't need to be changed. |
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Post by geraldine1210 on Aug 28, 2016 17:51:42 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? You are right. Once the amount had been funded once, you could buy and sell the sane amount each day without payment. If there are loans to buy. 70K bought. After seven days you can buy and earn interest on 10K every day without payment. You obviously run the risk of not being able to offload. At the moment here isn't anything much to buy. A few months ago it would have and I'm sure did work perfectly.
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Post by martin44 on Aug 28, 2016 19:42:54 GMT
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? You are right. Once the amount had been funded once, you could buy and sell the sane amount each day without payment. If there are loans to buy. 70K bought. After seven days you can buy and earn interest on 10K every day without payment. You obviously run the risk of not being able to offload. At the moment here isn't anything much to buy. A few months ago it would have and I'm sure did work perfectly. Once you have paid ( not bought... PAID) for a part, it is yours, no 7 day hold while your account balance is zero or positive *you can do with it what you wish, hold or sell, if you sell and then re-buy on the SM and your account has enough funds to pay for the re-buy, then back we go to the start, (*) you are entitled to the interest because you have paid for the part. However if you were to re-buy the part and at the same time buy a part in another loan, putting your balance in negative territory, then you will not be able to sell either of the bought parts until you reconcile your account to zero + territory. In essence, while ever your account is in positive territory (ie everything is paid for) you can do as you wish, hold or sell, while ever your account is in negative territory you cannot sell anything you have bought within the last seven days, so no free interest, if it has not (ALLLL) been paid for you cannot sell it.IMHO i cannot understand why SS did not simply state "no loan parts can be sold until they are paid for."geraldine1210, my apologies if this seems abrupt, i do not mean it to be.  And finally  i am happy to be corrected. and also apologies for the regular edits. 
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Post by geraldine1210 on Aug 28, 2016 21:12:05 GMT
You are right. Once the amount had been funded once, you could buy and sell the sane amount each day without payment. If there are loans to buy. 70K bought. After seven days you can buy and earn interest on 10K every day without payment. You obviously run the risk of not being able to offload. At the moment here isn't anything much to buy. A few months ago it would have and I'm sure did work perfectly. Once you have paid ( not bought... PAID) for a part, it is yours, no 7 day hold while your account balance is zero or positive *you can do with it what you wish, hold or sell, if you sell and then re-buy on the SM and your account has enough funds to pay for the re-buy, then back we go to the start, (*) you are entitled to the interest because you have paid for the part. However if you were to re-buy the part and at the same time buy a part in another loan, putting your balance in negative territory, then you will not be able to sell either of the bought parts until you reconcile your account to zero + territory. In essence, while ever your account is in positive territory (ie everything is paid for) you can do as you wish, hold or sell, while ever your account is in negative territory you cannot sell anything you have bought within the last seven days, so no free interest, if it has not (ALLLL) been paid for you cannot sell it.IMHO i cannot understand why SS did not simply state "no loan parts can be sold until they are paid for."geraldine1210, my apologies if this seems abrupt, i do not mean it to be. And finally i am happy to be corrected. and also apologies for the regular edits. I wish I hadn't chipped in here. Most people get very scratchy when discussing this. Actually describing how it is possible to buy/sell before paying always seems to get people hot under the collar. I've obviously made a bad job of describing what I have seen can happen.
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Post by martin44 on Aug 28, 2016 21:31:42 GMT
Once you have paid ( not bought... PAID) for a part, it is yours, no 7 day hold while your account balance is zero or positive *you can do with it what you wish, hold or sell, if you sell and then re-buy on the SM and your account has enough funds to pay for the re-buy, then back we go to the start, (*) you are entitled to the interest because you have paid for the part. However if you were to re-buy the part and at the same time buy a part in another loan, putting your balance in negative territory, then you will not be able to sell either of the bought parts until you reconcile your account to zero + territory. In essence, while ever your account is in positive territory (ie everything is paid for) you can do as you wish, hold or sell, while ever your account is in negative territory you cannot sell anything you have bought within the last seven days, so no free interest, if it has not (ALLLL) been paid for you cannot sell it.IMHO i cannot understand why SS did not simply state "no loan parts can be sold until they are paid for."geraldine1210 , my apologies if this seems abrupt, i do not mean it to be. And finally i am happy to be corrected. and also apologies for the regular edits. I wish I hadn't chipped in here. Most people get very scratchy when discussing this. Actually describing how it is possible to buy/sell before paying always seems to get people hot under the collar. I've obviously made a bad job of describing what I have seen can happen. ... No.. not a bad job from you....( and no scratchy here) but a bad job from SS, they really could have made this so much easier/simpler. The easiest way to overcome this rule is to keep your account in positive territory asap, even if it is 1p , while ever your account shows 00.00 or +1p you can sell whatever you like, no matter when you bought it. If you are negative balance (ie you need to transfer funds to SS for a recent SM purchase) then everything you purchased in the last 7 days is tied up, so always transfer in asap and leave a +1p balance.
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Post by geraldine1210 on Aug 28, 2016 22:15:21 GMT
I think being able to purchase and then fund your account is very useful. I don't think it was ever envisaged by ss that this facility would be used for a swift bit of bed and breakfasting.
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adrianc
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Post by adrianc on Aug 29, 2016 10:49:46 GMT
IMHO i cannot understand why SS did not simply state "no loan parts can be sold until they are paid for."Probably because it's not that easy to tell which loan parts have been paid for. Let's say over the course of a couple of days... I've got some stuff on the SM. I buy some stuff. My SM stuff sells. I've got cash. I buy some more stuff. Some interest gets paid. I send some money. I buy some more stuff. The money arrives - but it's not enough to clear the -ve balance... Which did I not pay for?
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Post by jonboy73 on Aug 29, 2016 10:55:02 GMT
IMHO i cannot understand why SS did not simply state "no loan parts can be sold until they are paid for."Which did I not pay for? your most recent purchase(s) not hard that surely...
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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 Aug 29, 2016 12:15:14 GMT
your most recent purchase(s) not hard that surely... Thats the Alan Davies QI answer I believe
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Post by martin44 on Aug 29, 2016 19:17:16 GMT
IMHO i cannot understand why SS did not simply state "no loan parts can be sold until they are paid for."Probably because it's not that easy to tell which loan parts have been paid for. Let's say over the course of a couple of days... I've got some stuff on the SM. I buy some stuff. My SM stuff sells. I've got cash. I buy some more stuff. Some interest gets paid. I send some money. I buy some more stuff. The money arrives - but it's not enough to clear the -ve balance... Which did I not pay for? I'll come back to you on that, 2 weeks next Thursday.
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littleoldlady
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Post by littleoldlady on Aug 30, 2016 12:34:50 GMT
IMHO i cannot understand why SS did not simply state "no loan parts can be sold until they are paid for."Probably because it's not that easy to tell which loan parts have been paid for. Let's say over the course of a couple of days... I've got some stuff on the SM. I buy some stuff. My SM stuff sells. I've got cash. I buy some more stuff. Some interest gets paid. I send some money. I buy some more stuff. The money arrives - but it's not enough to clear the -ve balance... Which did I not pay for? It would require a system change. Each time there is any form of credit to an account the system would allocate it to loans which are unpaid for, following some set of rules. Any negative balance would then always be matched by a set of loans not fully paid for.
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Are there online bank transfer systems that still take 4 days?
