mikes1531
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Post by mikes1531 on Oct 23, 2016 1:59:46 GMT
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. : You may be forgetting that SS have complete control over how much of PBL143 will appear on the SM after launch. There's obviously no issue if the loan is oversubscribed, but if it's not oversubscribed then SS will decide how much of what's left of the loan is put into the SM and how much is held back. In the past, they've put a small amount on the SM, possibly to give the impression that there's a scarcity of parts and by so doing they'll encourage anyone who's undecided to buy some parts because they think it could be their last opportunity to do so. When the availability gets low enough, another chunk would be released to the SM. Then the process is repeated until the loan is completely funded. We investors never find out how much of the loan SS are left holding until the availability goes to zero and stays there, at which point we can assume SS have offloaded all the parts they were holding. (But even then we do not know for sure.)
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arbster
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Post by arbster on Oct 23, 2016 4:30:54 GMT
Damn right, you guys! I'm down 33p on account of this unreasonable delay! This wouldn't happen at FundingCircle (although money does sit around idle for days sometimes, if auctions are slow) or Assetz (except where unexpected repayments might leave you uninvested for weeks)! And it's been weeks (well, probably days) since I last made an INPL investment the day before the money left my bank account, earning me a little extra interest! And, damnit, savingstream please stop engaging with forum members on a human level and show due respect to these people - don't you know that the forum members almost certainly represent about 0.0002% of the total loan capital on your platform and are important!
Seriously, though, let's put this into perspective. It's one day, probably. It's only due to savingstream's past record of consistent on-time origination that you felt certain it would be today. If it were me on the other side of all this indignation I'd be adding a 2-3 window to every go live from now on, regardless of how certain I was, just to avoid the pitchforks coming out again.
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btb
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Post by btb on Oct 23, 2016 5:29:45 GMT
I've been reading for months and do have 6 figures invested in SS and until now have never really felt the urge to post.
But, although I'm not bothered in the slightest by the slight delay to the loan going live, I am bothered by the smarmy reply given after sending an email that specifically stated 'Saturday'.
I'm just hoping that the reply was not from anyone senior in the company and therefore was not 'sense' checked before posting.
I've cancelled my pre-funding for the loan based on the unprofessional way that it has been handled - which is my right and based on my own opinion (which has also been biased by the lack of updates to the many loans that should have repaid a month ago).
Hopefully, it will be handled better in the long run for those who invest.
Aside from that - thanks for all the helpful posts over the last few months 
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Post by meledor on Oct 23, 2016 7:02:26 GMT
A lot of over the top posts in my opinion, and this board seems to be more and more unrepresentative of Saving Stream's lender base. Clearly there was more work then originally envisaged when the go-live email was sent. Now I know there are some who think that fintech can operate 24/7 but this is asking a lot of the staff involved especially at weekends. I think Saving Stream do an excellent job in getting the loans ready and with the ability to set prefunding nobody can say they are forced to wait around which was the situation 18 months ago before prefunding was introduced.
I can only imagine that the moaners are new investors who mistakenly think that this situation - a loan not going live within 24 hours of the go live notice - is something that has not happened before.
I liked the comment about phase of the moon and what's on TV, but a sense of humour failure seems to have gripped others, who probably need to get out more.
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Post by mattie on Oct 23, 2016 7:53:18 GMT
I liked the comment about phase of the moon and what's on TV, I think they were just trying to convey the message that there are any number of unseen factors which might lead to the loan not always being ready to be released as predicted, and that they are not always directly related to the individual loan. I am not too worried about how they chose to put it in their message. What I am starting to worry about is that they didn't feel the need to send a quick email out to everyone stating that it had been delayed postponed, which would have cost nothing but five minutes of someones time. They could have even stated the reason for postponing the launch in vague terms, without identifying any specifics. But then again, they could keep us up to date on existing loans which have gone well over the expected term and nobody knows what is happening with them either, so I shouldn't really be surprised. I'm going to sit this one out for the time being, and see if there is any sign of the promised improvement in communications before setting my pre funding again. They said they were going to get better at keeping us up to date, but never said when they were planning to do this, so I am not holding my breath!
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Post by geraldine1210 on Oct 23, 2016 8:17:44 GMT
I've been reading for months and do have 6 figures invested in SS and until now have never really felt the urge to post.
But, although I'm not bothered in the slightest by the slight delay to the loan going live, I am bothered by the smarmy reply given after sending an email that specifically stated 'Saturday'.
I'm just hoping that the reply was not from anyone senior in the company and therefore was not 'sense' checked before posting.
I've cancelled my pre-funding for the loan based on the unprofessional way that it has been handled - which is my right and based on my own opinion (which has also been biased by the lack of updates to the many loans that should have repaid a month ago).
Hopefully, it will be handled better in the long run for those who invest.
Aside from that - thanks for all the helpful posts over the last few months Btb, you are spot on. The delay would probably have meant no more than a slight tutting. A mild grumble at getting ready, shuffling money etc and then nothing happening. However, the smarmy (good word), supercilious, condescending, arrogant reply was utterly unprofessional.
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Post by dualinvestor on Oct 23, 2016 8:59:52 GMT
I've been reading for months and do have 6 figures invested in SS and until now have never really felt the urge to post.
But, although I'm not bothered in the slightest by the slight delay to the loan going live, I am bothered by the smarmy reply given after sending an email that specifically stated 'Saturday'.
I'm just hoping that the reply was not from anyone senior in the company and therefore was not 'sense' checked before posting.
I've cancelled my pre-funding for the loan based on the unprofessional way that it has been handled - which is my right and based on my own opinion (which has also been biased by the lack of updates to the many loans that should have repaid a month ago).
Hopefully, it will be handled better in the long run for those who invest.
Aside from that - thanks for all the helpful posts over the last few months Btb, you are spot on. The delay would probably have meant no more than a slight tutting. A mild grumble at getting ready, shuffling money etc and then nothing happening. However, the smarmy (good word), supercilious, condescending, arrogant reply was utterly unprofessional. To be fair savingstream were going to be hanged if they did or hanged if the didn't make a statement on this. They have a track record of putting their foot in it, who can forget "the most profitable P2P platform in the Universe" comment? One positive point is that, at least on a Saturday, they don't have a PR deprtment stuffed with spin doctors. i fully agree with the comments about the post being smarmy and unprofessional even condecending but as this thread demonstrates p2pindependentforum.com/thread/6887/updates-current-loanbook-needed-urgently there are other, perhaps more important, communications that they should concentrate upon. For what its worth I believe a simple statement "Sorry this loan launch has been delayed" would have been sufficient, although there are undoubtedl others who would disagree with me.
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ablender
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Post by ablender on Oct 23, 2016 9:07:08 GMT
Personally I did not see anything unprofessional about SS'ssss email. I like jokes.
We are all human beings (sorry bots, I am not including you and can call me prejudiced as much as you like) and what I am seeing above is not a level of professionalism at any level from most members but a lack in human interaction.
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arbster
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Post by arbster on Oct 23, 2016 9:09:30 GMT
Maybe I'm not oversensitive enough, but I didn't get smarmy, supercilious or condescending. I think what we're seeing here, and in a few other cases on this forum is the growth of consumer expectations in what has been a "sophisticated investor" domain for a long time. Thus, there is a mismatch in expectations and the increased need for sanitised, mass market communications, where previously so much has been down to relationships and mutual understanding. A shame, but inevitable when traditional investments returns are driving people to seek less mainstream sources of growth and income.
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Post by geraldine1210 on Oct 23, 2016 9:12:13 GMT
Btb, you are spot on. The delay would probably have meant no more than a slight tutting. A mild grumble at getting ready, shuffling money etc and then nothing happening. However, the smarmy (good word), supercilious, condescending, arrogant reply was utterly unprofessional. To be fair savingstream were going to be hanged if they did or hanged if the didn't make a statement on this. They have a track record of putting their foot in it, who can forget "the most profitable P2P platform in the Universe" comment? One positive point is that, at least on a Saturday, they don't have a PR deprtment stuffed with spin doctors. i fully agree with the comments about the post being smarmy and unprofessional even condecending but as this thread demonstrates p2pindependentforum.com/thread/6887/updates-current-loanbook-needed-urgently there are other, perhaps more important, communications that they should concentrate upon. For what its worth I believe a simple statement "Sorry this loan launch has been delayed" would have been sufficient, although there are undoubtedl others who would disagree with me. I think the worst part of their response was...... 'Delay, what delay?' Youngsters on here, probably won't have a clue what Prime Minister's comment I am comparing this to.
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am
Posts: 1,495
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Post by am on Oct 23, 2016 9:20:28 GMT
Damn right, you guys! I'm down 33p on account of this unreasonable delay! This wouldn't happen at FundingCircle (although money does sit around idle for days sometimes, if auctions are slow) or Assetz (except where unexpected repayments might leave you uninvested for weeks)! And it's been weeks (well, probably days) since I last made an INPL investment the day before the money left my bank account, earning me a little extra interest! And, damnit, savingstream please stop engaging with forum members on a human level and show due respect to these people - don't you know that the forum members almost certainly represent about 0.0002% of the total loan capital on your platform and are important!
Seriously, though, let's put this into perspective. It's one day, probably. It's only due to savingstream's past record of consistent on-time origination that you felt certain it would be today. If it were me on the other side of all this indignation I'd be adding a 2-3 window to every go live from now on, regardless of how certain I was, just to avoid the pitchforks coming out again. I realise that you're indulging in hypobole*, but even a tiddler like myself has in excess of 10 times that proportion of the total loan capital. Based on the forum poll of 6 months ago, 5% is probably a conservative estimate. You might also like to note that much of the uproar is not about there being a delay - that's happened before, and we know that SS go live dates can't be relied on - but about the denial that there was a delay. They shot themselves in the foot with that. *A non-standard usage of hypobole, but I presume the meaning is clear in context.
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adrianc
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Post by adrianc on Oct 23, 2016 9:56:43 GMT
I realise that you're indulging in hypobole* Hyperbole. SS's total loan capital is £137m. 5% of that is nearly £7m. I think you might be optimistic there. The figure of 0.0002% may have been intended to be read in the tone of the rest of the post. £274 is clearly a tad low for the sum total of all of us who use this forum.
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lobster
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Post by lobster on Oct 23, 2016 10:23:08 GMT
This loan will probably go live tmrw morning. Well right now "tmrw morning" has about 40 mins to run. Just as well the word "probably" is in there Seriously though - this is starting to get irritating
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Post by savingstream on Oct 23, 2016 10:31:54 GMT
Our comments seem to have caused somewhat of an uproar. We were trying to interact with you on a human level as some have pointed out, however the majority seem to have taken them in a way which we did not intend. So we apologise for this and will amend the way we interact with you in future. You are correct, we are a £200m financial institution and need to be more professional.
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mikeh
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Post by mikeh on Oct 23, 2016 10:41:06 GMT
I realise that you're indulging in hypobole* Hyperbole. Hypobole is the opposite of hyperbole. ie A drastic understatement. The more common meaning is "the act of anticipating objection for the purpose of refutation"
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