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Post by supernumerary on Dec 6, 2016 13:38:09 GMT
Hi supernumerary Not sure if you managed to find the article again, but here it is for you - www.orcamoney.com/blog/saving-stream-interview-2016We've written a couple of pieces on Saving Stream recently, particularly around the summer default, should you be interested. You can find it on our blog. Appreciate you taking the time to read our material. Cheers, Thank you Jordan for the post.  I have only just read it and will take my time reviewing it. 
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Post by jordan on Dec 6, 2016 15:36:41 GMT
Hi Jordan
I think you are rather confused about the summer default judging by your article of 3rd November.
You make a great issue of the change in T&C in September 2015 and conclude "It is not explicitly clear if the old or new T&C’s govern loan PBL020." yet you go on to quote the legal position as put forward by SS in the updates section for the loan. This statement clearly identifies the relevant old T&Cs (rather than the new September 2015 T&Cs) that affect the lenders' position. So what could be clearer that it is the old T&Cs that are applicable?
You also state "Unfortunately, investors in the loan are left waiting to understand how and when their capital (and accrued interest...) will be returned to them." Yet doesn't the same legal position as explained by SS make that clear? The question of 'when' is governed by clauses 4.5, 4.6 and 5.4 and the question of 'how' or 'how much' by clause 5.3.1 - these clauses being specifcally identified in the stated legal position. Of particular note is SS's comment regarding that last clause "In the event that there is a shortfall then Lendy will pay you a proportion of the recovery proportionate to the amount invested by you in the loan" which rather cuts across your understanding of the old T&Cs in your article - for example "Loan PBL020 was issued under the old T&Cs, where Lendy Ltd would bear the credit risk".
Finally I am not familiar with your site but as SS's defaults would seem to be fewer than a lot of other platforms I trust that your interest in this default is matched by a detailed examination of long-running defaults elsewhere.
while your at it someone needs to take a look at the blog post on AC from 24/11 which has one glaring error* and looks like it was written by someone with little understanding of how AC accounts work IMO *GBBA rate is 7% and always has been Thanks ilmoro This was a typo, the rate has been changed. Apologies for delay in amending.
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GeorgeT
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Post by GeorgeT on Mar 24, 2017 17:11:18 GMT
This extract from today's General Update sounds ominous for future returns -
That sounds like PR/Marketing speak for "we're going to reduce rates even further".
* I added the red font.
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Liz
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Post by Liz on Mar 25, 2017 0:25:57 GMT
This extract from today's General Update sounds ominous for future returns - That sounds like PR/Marketing speak for "we're going to reduce rates even further". * I added the red font. How can FS offer up to 13% rising to 17% for BH's? Whereas SS seem to want to go down the 7-8% route.
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ben
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Post by ben on Mar 25, 2017 0:53:45 GMT
They have probably decided that a few more successes like the garden centre will bankrupt them so they are trying to look for lower risk property loans, although they are not really having much success there either.
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r1200gs
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Post by r1200gs on Mar 25, 2017 8:16:45 GMT
They have probably decided that a few more successes like the garden centre will bankrupt them so they are trying to look for lower risk property loans, although they are not really having much success there either. I can handle lower rates for lower risk, but not the same risk for lower rates. The same risk for lower rates is not going to prevent more garden centres. Come next Friday I will have more loans for sale and nothing in the pipeline to replace them. I guess all the while SS have customers falling over themselves to buy compromised loans with probably no understanding of the risk they are taking, they can and will reduce rates regardless of risk and people like me can go fly a kite. Hey, that's business!
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Liz
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Post by Liz on Mar 25, 2017 10:58:49 GMT
They have probably decided that a few more successes like the garden centre will bankrupt them so they are trying to look for lower risk property loans, although they are not really having much success there either. I can handle lower rates for lower risk, but not the same risk for lower rates. The same risk for lower rates is not going to prevent more garden centres. Come next Friday I will have more loans for sale and nothing in the pipeline to replace them. I guess all the while SS have customers falling over themselves to buy compromised loans with probably no understanding of the risk they are taking, they can and will reduce rates regardless of risk and people like me can go fly a kite. Hey, that's business! The quality of loans IMO has been declining recently, not improving! The last 2 DFL's look so high risk and if 1 defaults it could sink the platform. PBL164 is land, always riskier, the pipeline loan is a 2nd charge and I've seen lots of people lose a lot of money on 2nd charges. The problem has now become: if I sell short-dated loans, where do I re-invest the money? Maybe I should just buy that big house our family needs vs converting the garage and making do. I'm going to cash-ISA £30k and sit the next few weeks out.
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r1200gs
Member of DD Central
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Post by r1200gs on Mar 25, 2017 12:02:31 GMT
I can handle lower rates for lower risk, but not the same risk for lower rates. The same risk for lower rates is not going to prevent more garden centres. Come next Friday I will have more loans for sale and nothing in the pipeline to replace them. I guess all the while SS have customers falling over themselves to buy compromised loans with probably no understanding of the risk they are taking, they can and will reduce rates regardless of risk and people like me can go fly a kite. Hey, that's business! The quality of loans IMO has been declining recently, not improving! The last 2 DFL's look so high risk and if 1 defaults it could sink the platform. PBL164 is land, always riskier, the pipeline loan is a 2nd charge and I've seen lots of people lose a lot of money on 2nd charges. The problem has now become: if I sell short-dated loans, where do I re-invest the money? Maybe I should just buy that big house our family needs vs converting the garage and making do. I'm going to cash-ISA £30k and sit the next few weeks out. Yes, what about that second charge pipeline loan? I've triple checked my prefunding is at zero!
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