cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
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Post by cooling_dude on Aug 19, 2016 18:52:54 GMT
SS update just now.... "We are going to cancel this loan and fully repay investors plus the interest earned. The reason for this is that the borrower\'s existing 2nd charge lender is not happy that the borrower is refinancing and thus eating into the equity again which reduces their available security. This could take a few weeks to resolve but in the meantime, we don\'t want to hold onto the funds unnecessarily and incur the cost. " I cannot grasp SS's business model. What cost? I thought they took interest and fees up front. They are talking about their costs to Lendy Ltd if it drags on. If the loan remains live but does not drawdown then SS will be paying us investors the interest out of their own pocket. Yes, the interest would be coming out the Interest that they hold back, but they would have to make up the difference when the money is finally sent. This was the problem that occurred with PBL104
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dan83
Posts: 243
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Post by dan83 on Aug 19, 2016 19:44:59 GMT
Will we get interest for the full loan term or just for the days our money is in their account?
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Aug 19, 2016 19:46:35 GMT
Will we get interest for the full loan term or just for the days our money is in their account? You'll only get the interest for the amount of time you have had your loan part(s), and it will only be paid out at the end of the month.
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dan83
Posts: 243
Likes: 84
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Post by dan83 on Aug 19, 2016 19:48:33 GMT
Will we get interest for the full loan term or just for the days our money is in their account? You'll only get the interest for the amount of time you have had your loan part(s), and it will only be paid out at the end of the month. 👍🏼
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Post by jonboy73 on Aug 19, 2016 20:17:13 GMT
Can I get £2-5K in each loan? You're about 3 months too late for that.  there are several loans now with plenty available. every few days a 20k ish loan will come along with no bid limits.
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goopy
Member of DD Central
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Post by goopy on Aug 19, 2016 20:18:08 GMT
Will we get interest for the full loan term or just for the days our money is in their account? Now that really would be money for nothing...... 
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hantsowl
Member of DD Central
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Post by hantsowl on Aug 23, 2016 11:23:17 GMT
SS update just now.... "We are going to cancel this loan and fully repay investors plus the interest earned. The reason for this is that the borrower\'s existing 2nd charge lender is not happy that the borrower is refinancing and thus eating into the equity again which reduces their available security. This could take a few weeks to resolve but in the meantime, we don\'t want to hold onto the funds unnecessarily and incur the cost. " So I assume that in the short term this the "safest" loan on the SS platform 😉 Interest paid and no third party risk.
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Post by mattie on Aug 23, 2016 11:28:21 GMT
I am a bit surprised to see it still up there!
I had thought that once the decision had been taken to pull it, then it would have been cancelled and all the money returned straight away, as each extra day it remains must be costing them about £986.30!
This is probably covered for at least a few days by the up front fees collected from the borrower, but it is still money they are unnecessarily paying out for each day of delay?
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Aug 23, 2016 11:31:57 GMT
Perhaps SS had to give due notice to the borrower, giving them time to drawdown before SS pulls the offer, to avoid rpaying some of the fees.
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Post by jonboy73 on Aug 23, 2016 15:37:19 GMT
SS may be trying to get more Go-Lives ready to try to recapture the PBL124 repayment. I'll admit I have previously thought that this might be a tactic they might employ, but do they really need to? Everything seems to fill pretty quickly as far as I can tell.
and with INPL there is no need to leave money on the platform like some others..
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Post by mattie on Aug 23, 2016 15:54:37 GMT
SS may be trying to get more Go-Lives ready to try to recapture the PBL124 repayment. I'll admit I have previously thought that this might be a tactic they might employ, but do they really need to? Everything seems to fill pretty quickly as far as I can tell.
and with INPL there is no need to leave money on the platform like some others..
Now there are new loans to launch, maybe tomorrow will be the day it finally repays.. Also it will be 7 days old so can sell them anyway to get the money back to invest in one of the new launched ones.
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Post by jonboy73 on Aug 23, 2016 16:08:44 GMT
I'll admit I have previously thought that this might be a tactic they might employ, but do they really need to? Everything seems to fill pretty quickly as far as I can tell.
and with INPL there is no need to leave money on the platform like some others..
Now there are new loans to launch, maybe tomorrow will be the day it finally repays.. Also it will be 7 days old so can sell them anyway to get the money back to invest in one of the new launched ones. Sell?? ha no way, it's the safest loan on the book lol
I suppose it says the b*ll ache of paying money back and forward, but still if it's costing a grand a day it must be more like as was suggested in terms of fair notice to the borrower.
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dan83
Posts: 243
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Post by dan83 on Aug 23, 2016 20:34:24 GMT
I put my £200 share up for sale earlier, it sold in seconds!
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Post by holmesy999 on Aug 23, 2016 20:43:54 GMT
so my question - can I prefund the new pipeloan loans with the amount I am invested in this so I won't have to do a fund transfer, or are savingstream annoyingly going to space them out by a day or two so money goes in, money goes out?
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Aug 23, 2016 20:47:40 GMT
so my question - can I prefund the new pipeloan loans with the amount I am invested in this so I won't have to do a fund transfer, or are savingstream annoyingly going to space them out by a day or two so money goes in, money goes out? Only if they cancel it within 24hours of the pipeline loan going live. I wouldn't risk it if I was you. PBL124 is selling very well on the SM; simply sell it now, go to bed, and in the morning your funds will be waiting for you 
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