ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
|
Post by ramblin rose on Jun 25, 2014 19:12:17 GMT
Just put a couple of loans up for sale. one was £103.91. £100 has sold with £3.91 left over, but this £100 did not get added to my account. It seems like nothing is added until the hole loan is sold, and I'm not even sure if anyone is allowed to buy the rest because of the small size remaining. I can confirm it is possible to buy a part of £3.91! And I can confirm the other bit - it's part of the stated Ts&Cs of the SS secondary market that the whole of the part of the loan that you put up for sale needs to be sold before you get the money. What I don't understand is that some people are buying multiple small chunks as per AC which isn't necessary here because you can carve off whatever bit of your loan part you desire for sale. Still, each to their own. And as you've now discovered, the minimum investment level is waived in the case of the final bit - even when I put up very round numbers for sale there almost invariably ends up being an odd amount left for someone to hoover up.
|
|
|
|
Post by mrclondon on Jun 25, 2014 21:39:15 GMT
even when I put up very round numbers for sale there almost invariably ends up being an odd amount left for someone to hoover up. No doubt caused, in part, by the way SS have implemented the GoCardless funding option in rigid £100 increments.
|
|
|
|
Post by yorkshireman on Jul 31, 2014 21:19:37 GMT
If I sell a loan on the secondary market with lets say 3 months still to run, as I understand, I will not receive the interest until the loan is repaid.
If that is the case what would happen if, meanwhile, the loan defaulted, would I have to wait until the asset was sold to receive my interest even though I had no holding in the loan at the time of default and if so, where would I stand in the pecking order of creditors if the full value of the asset could not be recovered?
|
|
ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
|
Post by ramblin rose on Aug 4, 2014 8:31:50 GMT
A further point:- Having picked-up a few small loan parts from the SM (more so that the seller's funds are released than for any other purpose), I'm now in the position whereupon those loans parts cannot be resold because their value is less than £50. Furthermore, they cannot be combined with larger amounts from the same investment I hold and be resold. Can something be done about this in the interum? I understand that giving investors the facility to combine loan parts from a single loan could be a major recode, but reducing the minimum amount to £0.01 would be straightforward? Certainly if the entire unit is small, it ought to be possible to sell it - I can imagine not wanting to allow tiny chunks to be hived off a larger lump to sell. If the system has allowed the tiny lumps to be bought in the first place, it's not unreasonable to allow the sale - especially as many probably would be be listed for sale along with a larger lump and thus create a more sensible chunk at re-purchase. (I have some of these too, but hadn't really considered a re-sale - no doubt I'd have got there at some point 
|
|
|
|
Post by yorkshireman on Aug 4, 2014 8:50:14 GMT
A further point:- Having picked-up a few small loan parts from the SM (more so that the seller's funds are released than for any other purpose), I'm now in the position whereupon those loans parts cannot be resold because their value is less than £50. Furthermore, they cannot be combined with larger amounts from the same investment I hold and be resold. Can something be done about this in the interum? I understand that giving investors the facility to combine loan parts from a single loan could be a major recode, but reducing the minimum amount to £0.01 would be straightforward? I’ll second that. Through my own inexperience and errors in the early stages of using SS I have managed to finish up with one or two small parts including one of £14.
To SS, is it possible please to answer my question of 31 July on this thread regarding interest repayments on sold loans which then default?
|
|
star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
|
Post by star dust on Aug 4, 2014 8:57:52 GMT
I hadn't realised that you couldn't sell them if they were less than £50. I've got quite a few bits of less than £50 that were bought that way as it were, and obviously helped release people's sale funds - not to say that was the only reason I was buying them. It ought to be that you can sell the entire unit (whatever it's value) or at least £50 or even £100 (as you can't buy less than £100) of it. If it's not changed it will make me think twice before buying any more.
|
|
Investor
Member of DD Central
Posts: 662 
Likes: 590
|
Post by Investor on Aug 4, 2014 9:03:59 GMT
Have just checked on my 1p loan, picked up to ensure someone could close their SM deal. No interest paid on it so guessing I will be holding that one until the loan completes or rolls. Shame because that 1p was earmarked to be the kid's inheritance, looks like they will have to make their own way in life now
|
|
jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,806
Likes: 3,237
|
Post by jonno on Aug 4, 2014 12:58:18 GMT
Have just checked on my 1p loan, picked up to ensure someone could close their SM deal. No interest paid on it so guessing I will be holding that one until the loan completes or rolls. Shame because that 1p was earmarked to be the kid's inheritance, looks like they will have to make their own way in life now Ok OK I'm now going to shoot myself 
|
|
|
|
Post by Deleted on Aug 6, 2014 14:29:26 GMT
Hi experts,
I've got money invested in PBL5 and PBL6. Those loans aren't fully funded yet. Does it mean if I wanted to sell an investment my share would be sold off first, and I wouldn't have to wait until the loans are fully funded to be able to access the SM or my capital?
|
|
|
|
Post by Deleted on Aug 6, 2014 14:42:53 GMT
Thanks very much. I think I will invest a bit more. I don't need any of the investment I have in SS at the moment but it's nice to know you can get some back fairly easily should you need to for any reason.
I'm quite liking SS. Impressed so far.
|
|
ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
|
Post by ramblin rose on Aug 6, 2014 15:17:48 GMT
I've been regularly selling even quite largish chunks of the PBLs, including PBL 005 within a day recently.
|
|
|
|
Post by Deleted on Aug 6, 2014 20:30:13 GMT
I put 2 pieces of PBLs up for sale earlier today. Only smallish amounts. Since I did it, there has been recent activity on both loans with several investors. But my loan parts still show in my account as 0% sold.
Are sales of loan parts things that have to be manually updated in your account by the SS team, a bit like the BACS funding deficit figures?
Hopefully they will show up as sold tomorrow?
|
|
ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
|
Post by ramblin rose on Aug 6, 2014 21:00:33 GMT
Post deleted and replaced below - cider induced inability to get it right first time  |
|
ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
|
Post by ramblin rose on Aug 6, 2014 21:03:21 GMT
I put 2 pieces of PBLs up for sale earlier today. Only smallish amounts. Since I did it, there has been recent activity on both loans with several investors. But my loan parts still show in my account as 0% sold. Are sales of loan parts things that have to be manually updated in your account by the SS team, a bit like the BACS funding deficit figures? Hopefully they will show up as sold tomorrow? Normally it's automatic, but I have known parts of mine to disappear into the ether - the key is whether the part shows as 100% sold in your 'Selling / Sold Loan Parts' list. If it shows as 100% sold and you don't have the money in your account, then you'll need to contact SS who sorted it out quickly for me. If it doesn't show as 100% sold, it probably means somebody else had loan parts up for sale ahead of you. Once it's 100% sold the money normally shows up automatically in your account.
|
|
ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
|
Post by ramblin rose on Aug 6, 2014 21:39:39 GMT
I put 2 pieces of PBLs up for sale earlier today. Only smallish amounts. Since I did it, there has been recent activity on both loans with several investors. But my loan parts still show in my account as 0% sold. Are sales of loan parts things that have to be manually updated in your account by the SS team, a bit like the BACS funding deficit figures? Hopefully they will show up as sold tomorrow? Normally it's automatic, but I have known parts of mine to disappear into the ether - the key is whether the part shows as 100% sold in your 'Selling / Sold Loan Parts' list. If it shows as 100% sold and you don't have the money in your account, then you'll need to contact SS who sorted it out quickly for me. If it doesn't show as 100% sold, it probably means somebody else had loan parts up for sale ahead of you. Once it's 100% sold the money normally shows up automatically in your account. Just had another thought too. Was one of them PBL 006? If it was, your funds MIGHT be at the very back of the queue because that is a non-drawn-down new loan and not on the secondary market yet - it isn't underwriter funds on the secondary market like PBL 005 is. Not something I've tried, so I don't know a definitive answer to that one.
|
|
