boble
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Post by boble on Aug 9, 2016 9:06:25 GMT
No, it was my 5 year old son, playing with my phone! Now how do I reverse those transactions! I guess they get pulled if you don't pay for them, 'reversed' will be a different story, this potboiler rolls on. I expect you are already talking to SS Liz, are you still talking to your 5 year old? edit: you may have got off lightly Liz, could have cleared the SM for you or more. No doubt liz is joking about her 5 year old, however, it does give rise to the thought that INPL could be used to massively manipulate certain loans.
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Liz
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Post by Liz on Aug 9, 2016 9:16:58 GMT
No, it was my 5 year old son, playing with my phone! Now how do I reverse those transactions! I guess they get pulled if you don't pay for them, 'reversed' will be a different story, this potboiler rolls on. I expect you are already talking to SS Liz, are you still talking to your 5 year old? edit: you may have got off lightly Liz, could have cleared the SM for you or more. Yeah, I won't tell them about the real reason!!! The two bottles of Red wine I drank!!! Seriously it was a joke. I didn't purchase the £100k. The buyer bought other loans too, so the person must have a big portfolio to be able to buy all these loans.
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Liz
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Post by Liz on Aug 9, 2016 9:22:29 GMT
I guess they get pulled if you don't pay for them, 'reversed' will be a different story, this potboiler rolls on. I expect you are already talking to SS Liz, are you still talking to your 5 year old? edit: you may have got off lightly Liz, could have cleared the SM for you or more. No doubt liz is joking about her 5 year old, however, it does give rise to the thought that INPL could be used to massively manipulate certain loans. You are correct, this situation is a platform risk. SS already "own" £30k of PBL35 inadvertently, and several chunks of other loans. If I was at front of the queue of the defaulted loan, I could buy it on my partner's account, renege and SS take on the liability, not me.
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littleoldlady
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Post by littleoldlady on Aug 9, 2016 10:48:21 GMT
If Santa aka a**x is reading this, please buy up PBL056 as well. Gosh! I think he is reading this as he got his little helper r*************n to do it. Thanks 
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boble
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Post by boble on Aug 9, 2016 11:34:53 GMT
No doubt liz is joking about her 5 year old, however, it does give rise to the thought that INPL could be used to massively manipulate certain loans. You are correct, this situation is a platform risk. SS already "own" £30k of PBL35 inadvertently, and several chunks of other loans. If I was at front of the queue of the defaulted loan, I could buy it on my partner's account, renege and SS take on the liability, not me. Exactly!
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adrianc
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Post by adrianc on Aug 9, 2016 12:19:40 GMT
You are correct, this situation is a platform risk. SS already "own" £30k of PBL35 inadvertently, and several chunks of other loans. If I was at front of the queue of the defaulted loan, I could buy it on my partner's account, renege and SS take on the liability, not me. Exactly! If you try that with a £100k chunk, don't be surprised if SS come down on you like a ton of bricks, and you find your account suspended.
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puffin
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Post by puffin on Aug 9, 2016 12:27:07 GMT
If you try that with a £100k chunk, don't be surprised if SS come down on you like a ton of bricks, and you find your account suspended. I was of the understanding that you can't exceed your available funds by more then £10K. What am I missing?
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adrianc
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Post by adrianc on Aug 9, 2016 12:30:54 GMT
If you try that with a £100k chunk, don't be surprised if SS come down on you like a ton of bricks, and you find your account suspended. I was of the understanding that you can't exceed your available funds by more then £10K. What am I missing? If it is somebody playing silly buggers, it's a BHitter.
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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 9, 2016 12:57:39 GMT
If you try that with a £100k chunk, don't be surprised if SS come down on you like a ton of bricks, and you find your account suspended. I was of the understanding that you can't exceed your available funds by more then £10K. What am I missing? From the unofficial FAQThe maximum you can purchase on the SM without cash in your account is the greater out of sum of your existing portfolio plus your cash balance or £10,000. See here
Same for PF
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Post by dualinvestor on Aug 9, 2016 13:27:35 GMT
For those of you contemplating all manners of fraud to get SS to take on their loan parts s.1 (3) (b) of the Fraud Act 2006 provides on conviction on indictment, to imprisonment for a term not exceeding 10 years or to a fine (or to both). For those of you colluding with others (as may be the case here) Conspiracy to defraud is a common law offence with, in theory, no limit on the level or time of the sentence. www.legislation.gov.uk/ukpga/2006/35/contents |
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boble
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Post by boble on Aug 9, 2016 19:11:54 GMT
For those of you contemplating all manners of fraud to get SS to take on their loan parts s.1 (3) (b) of the Fraud Act 2006 provides on conviction on indictment, to imprisonment for a term not exceeding 10 years or to a fine (or to both). For those of you colluding with others (as may be the case here) Conspiracy to defraud is a common law offence with, in theory, no limit on the level or time of the sentence. www.legislation.gov.uk/ukpga/2006/35/contentsI think the key words here are "on conviction on indictment". In reality, it is extremely unlikely that the police, let alone the CPS would pursue this, particularly as there would be no intention for SS to incur a loss; less likely that SS would incur a loss and even less likely that SS would make a complaint to the police in the first place. SS are presumably aware of the potential abuse and have the option to "plug" it. I should make it clear that this is my view; not my intention.
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dan83
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Post by dan83 on Aug 9, 2016 21:03:18 GMT
I sell my loan with the shortest term to fund new loans that I bid on, I don't bid on every loan.
The last loan I sold had 76 days left, the next loan currently has 112 days left.
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littleoldlady
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Post by littleoldlady on Aug 9, 2016 21:07:53 GMT
I sell my loan with the shortest term to fund new loans that I bid on, I don't bid on every loan. The last loan I sold had 76 days left, the next loan currently has 112 days left. If you keep doing this you will never get your money back.
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dan83
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Post by dan83 on Aug 9, 2016 21:14:29 GMT
When I want my money back, I'll sell my loan parts and not re-invest it.
Or am I not understanding what you mean? I still kind of new to this and still don't fully understand it. I only invest in small numbers. I'm still trying to work out a good strategy.
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Post by geraldine1210 on Aug 9, 2016 21:59:28 GMT
When I want my money back, I'll sell my loan parts and not re-invest it. Or am I not understanding what you mean? I still kind of new to this and still don't fully understand it. I only invest in small numbers. I'm still trying to work out a good strategy. Dan, you have to find a strategy that suits you. Some people move on loans very quickly. Others get rid of all loans as they hit a certain number of days left, others keep loans through to the bitter end. Or you could try to judge each loan on its merit. :-)
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