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Post by wildlife2 on Oct 22, 2016 19:18:57 GMT
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Post by geraldine1210 on Oct 22, 2016 19:48:39 GMT
Thanks for letting us know - any particular reason for the delay? I'm not at all fussed about the delay, but the email did say "We are pleased to confirm that the above loan will be going live on Saturday (22/10/2016)". You'd make your lives simpler if you hedged your bets a little with "this weekend" or "in the next 48 hours". Under-promise and over-deliver, rather than the opposite! TBF, it did also say... "N.B. We reserve the right to cancel or extend this go live date if required." : I don't think the issue is that SS won't be releasing this loan today. They always do say it could be later than they initially thought it would be. The issue -- for me, anyway -- is that, in response to the question asking why the release was delayed, SS said "There is no delay." That suggests to me that they never really intended to release the loan today, and that SS knew the announcement that the "loan will be going live on Saturday" was incorrect at the time they sent the email. And that, IMHO, is very poor form. I think their attitude was disgraceful. It was almost like they wer laughing. To snigger about the television etc is totally unprofessional.
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Post by geraldine1210 on Oct 22, 2016 19:50:24 GMT
There is no delay. We give ' advance notice of going live' not ' 24 hours notice'. Historically and generally we give a minimum of 24 hours notice but this can be extended depending on various circumstances, timings, days of the week, size of the loan, appetite, phase of the moon, whats on TV and urgency  Appreciate some investors sell their loan parts and are now technically in cash and losing a day or so of interest, but better for us to be sure cash is flowing and on account. Its a big one, we need to monitor incoming cashflow to deduce appetite, which is looking very strong. There won't be much on the SM when we launch. Why on earth did you say Saturday, when it is obvious from your chuckling comments that you had no intention of going live today?
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ianj
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Post by ianj on Oct 22, 2016 20:18:58 GMT
who would buy it and who would rent it in a Brexit climate? Guaranteed to extend and not an easy exit for lenders And yet SS have stated "The current site as it stands has received numerous unsolicited approaches to acquire the building at market price. The highest offer was of £13.5m from a representative of a large London landowner". Do you not believe them? I've heard so much promised, by so many and over such a long period, I know feel qualified to disbelieve anything I hear!
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mikes1531
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Post by mikes1531 on Oct 22, 2016 20:27:56 GMT
I don't see what the big problem is? Ok the email did say it was going live today and it hasn't, but they also reserved the right to delay it. I'm not expert in this kind of thing but I'd guess the loan is delayed for a reason, paper work not completed or something, rather then they just couldn't be bothered ... : The 'problem' is that when asked why it was delayed, SS's response was "There is no delay." And that suggests to me -- and possibly others -- that the situation is worse than "they just couldn't be bothered", looking more like they deliberately misled us. If they had given a plausible reason, this issue wouldn't have blown up in their face. They have done their reputation no good at all with their behaviour.
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mikes1531
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Post by mikes1531 on Oct 22, 2016 20:33:38 GMT
Hopefully the delay is only a day, but I struggle to see what will have changed over the course of Saturday - unless there has been a rush of deposits late today.......... I really can't imagine that the delay non-release of the new loan would have encouraged anyone to send a deposit earlier than they would have if the loan had gone live today. So rather than helping ensure SS had the funds to enable drawdown on Monday, IMHO the deferred release will have been counter-productive.
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Jeepers
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Post by Jeepers on Oct 22, 2016 20:34:24 GMT
Not a problem with the delay (if it is a delay and not the original intention to mislead) but deciding when to launch a loan based on what's on TV?
What sort of setup is this? A professional financial institution or a couple of students in their bedroom?
I'll be moving my 6 figure SS portfolio to a professional platform as and when opportunities arise.
Perhaps all the overdue loans on the platform will be chased up when there's nothing on TV.
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poppyland
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Post by poppyland on Oct 22, 2016 20:46:05 GMT
Not a problem with the delay (if it is a delay and not the original intention to mislead) but deciding when to launch a loan based on what's on TV? What sort of setup is this? A professional financial institution or a couple of students in their bedroom? I'll be moving my 6 figure SS portfolio to a professional platform as and when opportunities arise. Perhaps all the overdue loans on the platform will be chased up when there's nothing on TV. I agree that the message from SS was not professional. Definitely a bad way to treat people. They should issue a proper apology for the delay.
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Jeepers
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Post by Jeepers on Oct 22, 2016 20:54:27 GMT
Just to acknowledge there was a delay would suffice after confirming that it would go live specifically today when it didn't. In my book, that's a delay.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Oct 22, 2016 21:11:15 GMT
There is no delay. We give ' advance notice of going live' not ' 24 hours notice'. Historically and generally we give a minimum of 24 hours notice but this can be extended depending on various circumstances, timings, days of the week, size of the loan, appetite, phase of the moon, whats on TV and urgency Appreciate some investors sell their loan parts and are now technically in cash and losing a day or so of interest, but better for us to be sure cash is flowing and on account. Its a big one, we need to monitor incoming cashflow to deduce appetite, which is looking very strong. There won't be much on the SM when we launch. I do believe that your expectation of there being nothing on the sm when this loan launches after such, sadly, inappropriate and unprofessional comments is absurd. Please try and rectify the situation by explaining yourself frankly and openly for stake holders benefit, lendy backers, loan investors et al.
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mikes1531
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Post by mikes1531 on Oct 22, 2016 22:44:48 GMT
I agree that the message from SS was not professional. Definitely a bad way to treat people. They should issue a proper apology for the delay. I don't know whether we should be happy or sad that SS's unprofessional attempt at a humorous update was limited to this forum. Unless I've simply failed to receive an emailed update regarding the delay, the tiny fraction of SS investors who have been paying attention to this forum today are the only ones who have been told about the delay.
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ablender
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Post by ablender on Oct 22, 2016 23:17:49 GMT
I think they are wrong. 21 May was not a blue moon. It was more like azure.
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tombraider
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Post by tombraider on Oct 22, 2016 23:53:52 GMT
A fledgling financial company with sarcastic responses regarding a 7.9 million pound loan. Unprofessional at best offensive at worst.
i may have a sense of humour failure here regarding the tv comment, but I have five figures sat in cash waiting on this one. Building a successful company does rely on customer satisfaction..... Sarcasm damages that.
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freddy
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Post by freddy on Oct 23, 2016 0:49:40 GMT
Arrogance is the word that springs to mind.
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Post by harvey on Oct 23, 2016 1:35:09 GMT
I sold out of a number of loans yesterday in order to have funds ready for this one today.
The email about launch was explicit - it said Saturday.
Therefore not going live on Saturday IS a delay and SS should accept as such and offer an apology for the delay not make flippant comments that give the imnpression (perhaps wrongly) that they couldn't care less that their funders/investors have been inconvenienced and lost some interest.
It seems simple to me - if you're sure give a specific day - if you're unsure give advance notice that soemthign will go live shortly/within 48 hours or whatever.
Once again, the failing is poor/inaccurate communication to the lenders who make SS tick. I noted SS said recently they had listened and would be addressing this issue. Today suggests they may not have yet put their new policy into practice.
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