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Post by pauljoanss on Sept 28, 2016 19:56:43 GMT
Very puzzled about some of my loans relating to Wolverhampton.
PBL061 - Comm. to Resi conv, Wolverhampton
PBL060 - 29 Apartment block, Wolverhampton
PBL060 - 39 Apartment block, Wolverhampton
All 3 have disappeared from my "Live Loans" and a new one has appeared which now has the value of those missing three.
DLFOO4 - Residential Development, S****** F****** Wolverhampton.
What happened, did I maybe not read an email or is this normal and allowed.
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fp
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Post by fp on Sept 28, 2016 20:01:11 GMT
Very puzzled about some of my loans relating to Wolverhampton. PBL061 - Comm. to Resi conv, Wolverhampton PBL060 - 29 Apartment block, Wolverhampton PBL060 - 39 Apartment block, Wolverhampton All 3 have disappeared from my "Live Loans" and a new one has appeared which now has the value of those missing three. DLFOO4 - Residential Development, S****** F*******, Wolverhampton. What happened, did I maybe not read an email or is this normal and allowed.I think you maybe fell asleep for a few weeks! They all rolled into a new loan, see your repaid loans page where you should find the old loans
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Post by pauljoanss on Sept 28, 2016 20:13:27 GMT
Yes I understand the three old loans were "repaid" but how come they ended up being "rolled" into a new loan. Don't repaid loans normally end up as cash which can be withdrawn. Why was this not the case here, was I asked or can this just happen.
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ilmoro
Member of DD Central
'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 Sept 28, 2016 20:22:24 GMT
Yes I understand the three old loans were "repaid" but how come they ended up being "rolled" into a new loan. Don't repaid loans normally end up as cash which can be withdrawn. Why was this not the case here, was I asked or can this just happen. Not if they are being replaced by a development loan which is effectively a continuation of the existing loan. Exit is by sale on SM as usual. There isnt an option not to rollover though if your loans are on sale on the SM at point of rollover SS will buy them and release them onto SM as new loan. See FAQ pinned at top of this board
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Liz
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Post by Liz on Sept 28, 2016 20:24:01 GMT
Yes I understand the three old loans were "repaid" but how come they ended up being "rolled" into a new loan. Don't repaid loans normally end up as cash which can be withdrawn. Why was this not the case here, was I asked or can this just happen. Don't you read any of your SS e-mail? They got rolled into a new loan, which was a development loan not a bridging loan anymore. SS have said if you don't want to be rolled you can put your loans on the SM and they will buy you out. Your loans would easily sell on the SM if you didn't want exposure to the new loan. You don't get the option to roll or not on SS, or indeed when a loan is extended, you stay exposed. At the moment the SM is liquid, so non of this is an issue.
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adrianc
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Post by adrianc on Sept 28, 2016 20:33:22 GMT
pauljoanss - welcome, but you might want to just anonymise the name of the borrower. S****** would be the usual way to do it. fp - and you, where you've quoted. As far as the loans themselves go, cooling_dude did his usual DD thread on the DFL -http://p2pindependentforum.com/thread/5965/dfl004-resi-devel-wolverhampton-live
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fp
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Post by fp on Sept 28, 2016 20:38:14 GMT
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Post by pauljoanss on Sept 29, 2016 8:25:30 GMT
Many thanks for replies, although I still do not know if SS would have notified me of this change, I have checked thro all deleted SS emails and can find no trace.
i am not a person who wants to spend a lot of my time tracking stuff and evaluating every new loan opportunity so have decided SS is not for me and will stick to "easier" P2P platforms from now on and accept lower interest in return for less mental effort.
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arbster
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Post by arbster on Sept 29, 2016 8:30:14 GMT
Many thanks for replies, although I still do not know if SS would have notified me of this change, I have checked thro all deleted SS emails and can find no trace. i am not a person who wants to spend a lot of my time tracking stuff and evaluating every new loan opportunity so have decided SS is not for me and will stick to "easier" P2P platforms from now on and accept lower interest in return for less mental effort. On 12th July their update included notification that all investments in PBL60 & PBL61 would be rolled over into DFL04. On 13th July they notified all investors in those loans that the rollover had been completed. I'd check your spam filters.
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pom
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Post by pom on Sept 29, 2016 8:37:04 GMT
Many thanks for replies, although I still do not know if SS would have notified me of this change, I have checked thro all deleted SS emails and can find no trace. i am not a person who wants to spend a lot of my time tracking stuff and evaluating every new loan opportunity so have decided SS is not for me and will stick to "easier" P2P platforms from now on and accept lower interest in return for less mental effort. On 12th July their update included notification that all investments in PBL60 & PBL61 would be rolled over into DFL04. On 13th July they notified all investors in those loans that the rollover had been completed. I'd check your spam filters. ...and I'm sure there were quite a few mentions of it before then also. pauljoanss - I think your conclusions are very sensible, SS really isn't a hands-off platform
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adrianc
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Post by adrianc on Sept 29, 2016 10:23:25 GMT
i am not a person who wants to spend a lot of my time tracking stuff and evaluating every new loan opportunity so have decided SS is not for me and will stick to "easier" P2P platforms from now on and accept lower interest in return for less mental effort. You can treat SS as "hands-off". Simply set your pre-fund default, and accept that there may be times when you have a substantial cash balance on your account. The one thing you DO need to take note of is any emails telling you you have a -ve balance. Whether it's wise to do so or not is another question. There are P2P platforms that require even less hands-on, but they have their drawbacks, too - RS will give you much lower rates via MR than you could get with a little daily involvement. AC often has big funding shortfalls in the hands-off accounts, leaving you with big QAA balances. FC - well, less said about Autobiddy, the better. None of the other platforms I'm in are even as hands-off as that, I don't think.
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hantsowl
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Post by hantsowl on Sept 29, 2016 10:44:04 GMT
i am not a person who wants to spend a lot of my time tracking stuff and evaluating every new loan opportunity so have decided SS is not for me and will stick to "easier" P2P platforms from now on and accept lower interest in return for less mental effort. You can treat SS as "hands-off". Simply set your pre-fund default, and accept that there may be times when you have a substantial cash balance on your account. The one thing you DO need to take note of is any emails telling you you have a -ve balance. Whether it's wise to do so or not is another question. There are P2P platforms that require even less hands-on, but they have their drawbacks, too - RS will give you much lower rates via MR than you could get with a little daily involvement. AC often has big funding shortfalls in the hands-off accounts, leaving you with big QAA balances. SS - well, less said about Autobiddy, the better. None of the other platforms I'm in are even as hands-off as that, I don't think. If you want "hands off" and around 7-9% then look at BondMason. You give them your money and they invest around various p2p providers. This is also useful for diversification around different asset classes.
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elliotn
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Post by elliotn on Sept 29, 2016 11:00:57 GMT
[/quote]If you want "hands off" and around 7-9% then look at BondMason. You give them your money and they invest around various p2p providers. This is also useful for diversification around different asset classes.[/quote]
Not looked in detail yet, does it have liquid SM?
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Post by GSV3MIaC on Sept 29, 2016 11:01:25 GMT
SS - well, less said about Autobiddy, the better. None of the other platforms I'm in are even as hands-off as that, I don't think. I think you mean FC ?
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hantsowl
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Post by hantsowl on Sept 29, 2016 11:22:39 GMT
If you want "hands off" and around 7-9% then look at BondMason. You give them your money and they invest around various p2p providers. This is also useful for diversification around different asset classes.[/quote] Not looked in detail yet, does it have liquid SM?[/quote] No, but the concept is totally different. You don't actually buy and sell individual loans like on SS. You give them your money and they buy the loans. You have no say in which loans. I suppose it is a bit like AC GBBA account, but with far more diversification. The only choice you have is to specify the maximum percentage in any one loan. This is probably about as "hands off" as you can get, but will not suit the more interactive lenders who get a buzz from the FFF game 😊
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