fp
Posts: 1,008 
Likes: 853
|
Post by fp on Sept 17, 2016 22:13:06 GMT
Whilst I appreciate there is a certain amount of bravado here, two competing businesses and all that, It doesn't really say much for SS's ability to underwrite the loans they are taking on does it?
At least MT are honest about their abilities.....
|
|
ptr120
Member of DD Central
Posts: 1,202
Likes: 1,350
|
Post by ptr120 on Sept 17, 2016 22:41:27 GMT
tagging MoneyThing in this conversation as I think it is fair that they should have the opportunity to be involved in this discussion, should they wish |
|
james
Posts: 2,205
Likes: 955
|
Post by james on Sept 18, 2016 0:09:11 GMT
Platform A repaying borrowers debt on Platform B. Platform B needs funds from Platform A in order to release security to Platform A. Investors need funds released from Platform B to send to Platform A in order to pay Platform B which is impossible as it is circular. I've assisted by buying some of the loan on the secondary market of platform B. If platform A would like to offer suitable financial incentive paid into my account on platform B I'll be happy to consider borrowing money to buy more on B's secondary market to help facilitate the deal. Perhaps half of platform A's anticipated profit pro-rata for amount advanced by me on B's secondary market?
|
|
|
|
Post by wildlife2 on Sept 18, 2016 2:01:46 GMT
To ease the confusion I'm putting some money aside for when Platform C arrives .......
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Sept 18, 2016 3:59:23 GMT
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Sept 18, 2016 7:11:38 GMT
Whilst I appreciate there is a certain amount of bravado here, two competing businesses and all that, It doesn't really say much for SS's ability to underwrite the loans they are taking on does it? At least MT are honest about their abilities..... It's nothing to do with bravado or rivalry. It's simply pointing out that: a) savingstream launch new loans on their platform at least a day or two before they complete legally (ie. before the funds are transferred to the borrower) b) MoneyThing can only return funds to lenders after the new SS loan has completed and the original 1st, 2nd and 3rd charge loans have been repaid c) the gap between the two events is likely to be more than the 24 hours grace period allowed under INPL Hence lenders will need to have other money available to cover their SS pre-fund, else their allocation is likely to be cancelled and returned to the SM (before MT are in a position to repay)
|
|
|
|
Post by MoneyThing on Sept 18, 2016 7:19:36 GMT
Morning,
I always feel a little uneasy about being on another platforms side of the forum, so I will be brief.
All I can really say is that we will certainly not put up any barriers and that we will process withdrawals immediately when requested when the loan is refinanced.
Kind regards,
Ed
|
|
|
|
Post by holmesy999 on Sept 18, 2016 7:25:38 GMT
for privacy sake, lets call her "Money T.".... No that's too obvious... uuh. Let's say "M.Thing" Original Simpsons quote |
|
|
|
Post by dualinvestor on Sept 18, 2016 7:29:45 GMT
Seems to me this is just point scoring a la primary school playground. Can anyone take seriously posts by SS on a forum late Saturday night? They really ought to grow up and post this thing on their own website so everyone can see it, and perhaps at least in daylight hours not the exact middle of the weekend.
Not the sort of mature approach one would expect from a business handling more than £100 million of other people's money,
|
|
|
|
Post by GSV3MIaC on Sept 18, 2016 8:08:35 GMT
Whilst I appreciate there is a certain amount of bravado here, two competing businesses and all that, It doesn't really say much for SS's ability to underwrite the loans they are taking on does it? At least MT are honest about their abilities..... It's nothing to do with bravado or rivalry. It's simply pointing out that: a) savingstream launch new loans on their platform at least a day or two before they complete legally (ie. before the funds are transferred to the borrower) b) MoneyThing can only return funds to lenders after the new SS loan has completed and the original 1st, 2nd and 3rd charge loans have been repaid c) the gap between the two events is likely to be more than the 24 hours grace period allowed under INPL Hence lenders will need to have other money available to cover their SS pre-fund, else their allocation is likely to be cancelled and returned to the SM (before MT are in a position to repay) So the chance of MT being able to return funds to lenders on Monday 19th is 'slim to none', and given the usual legal delays SS seem to suffer, it could be a lot longer. 8>.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
|
Post by littleoldlady on Sept 18, 2016 8:08:42 GMT
SS - the platform that never sleeps.
|
|
adrianc
Member of DD Central
Posts: 10,014
Likes: 5,143
|
Post by adrianc on Sept 18, 2016 8:09:16 GMT
I can't help but think that SS might just be slightly enjoying this little situation.... I'm deeply amused that kai has "liked" this...
|
|
adrianc
Member of DD Central
Posts: 10,014
Likes: 5,143
|
Post by adrianc on Sept 18, 2016 8:09:51 GMT
Seems to me this is just point scoring a la primary school playground. Can anyone take seriously posts by SS on a forum late Saturday night? They really ought to grow up and post this thing on their own website so everyone can see it, and perhaps at least in daylight hours not the exact middle of the weekend. Not the sort of mature approach one would expect from a business handling more than £100 million of other people's money, Well, at least your first sentence warned us of the tone of the rest of the post...
|
|
MONEY
Posts: 63
Likes: 831
|
Post by MONEY on Sept 18, 2016 9:04:56 GMT
Platform A repaying borrowers debt on Platform B. Platform B needs funds from Platform A in order to release security to Platform A. Investors need funds released from Platform B to send to Platform A in order to pay Platform B which is impossible as it is circular. If any investors are relying on Platform B sending them a repayment in order to fund their loan part allocation on Platform A might want to consider paying in new funds or selling other loan parts to maintain possession of these loan parts come Monday as Platform A cannot be expected to bridge that shortfall. - what might be more constructive than appearing solely to leave a cryptic, somewhat slanted post would be to give your lenders:- 1. An idea of when this proposal might be going live. You mention ' Monday', but have not issued an email that confirms anything. 2. An idea of the maximum amount they're likely to get, which you will have an indication of from your pre-funding model. Help us to help you. We're meant to be on the same side.
|
|
|
|
Post by savingstream on Sept 18, 2016 9:19:28 GMT
Seems to me this is just point scoring a la primary school playground. Can anyone take seriously posts by SS on a forum late Saturday night? They really ought to grow up and post this thing on their own website so everyone can see it, and perhaps at least in daylight hours not the exact middle of the weekend. Not the sort of mature approach one would expect from a business handling more than £100 million of other people's money, Dualinvestor - you couldn't be more wrong. We launched a loan on Saturday, and undertake business often on a Sunday. Leaving a message on the forum on a Saturday night just means that we are thinking of the business and our investors and that ' there is no time like the present' which has been our mantra from day 1. Deliberation often leads to Procrastination so better to take action and move forward. It also gives our investors as much time as possible to get their personal affairs in order so that they do not miss out on an opportunity that will happen early on in the week. We phrased the post rather cryptically as it is a rather ' interesting conundrum' and was an opportunity to think on a macro P2P scale rather than having a specific loan in mind. Would you rather we don't engage at all with the forum? Reactions like yours might push platforms to take that stance.
|
|
