cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 12, 2017 16:39:20 GMT
They need a big repayment or a climbdown on DFL017 for the SM to settle. By a climbdown, do you mean withdrawing it and reissuing at a higher rate? Is there any precedent for that? It would be quite embarrassing for SS, but it seems like DFL017 will take a long time to fill at the current rate, especially if a lot of people fail to pay for their loan parts as some here predict. Maybe SS will fund the rest themselves to save face. I just mean withdrawing it (thus indicating that large loans are going to be hard to fill on SS at anything less than 12%). As noted in my post above there is some precedent of loans being withdrawn because they couldn't fill. A rate change has never occurred on SS (the lower rates have only been about since late last year), but cashback was applied in the early days to encourage investors.
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dzo
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Post by dzo on Mar 12, 2017 16:55:30 GMT
By a climbdown, do you mean withdrawing it and reissuing at a higher rate? Is there any precedent for that? It would be quite embarrassing for SS, but it seems like DFL017 will take a long time to fill at the current rate, especially if a lot of people fail to pay for their loan parts as some here predict. Maybe SS will fund the rest themselves to save face. I just mean withdrawing it (thus indicating that large loans are going to be hard to fill on SS at anything less than 12%). As noted in my post above there is some precedent of loans being withdrawn because they couldn't fill. A rate change has never occurred on SS (the lower rates have only been about since late last year), but cashback was applied in the early days to encourage investors. Hopefully that will happen. If this one fills, it's hard to see why SS would ever offer us 12% again.
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jamesc
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Post by jamesc on Mar 12, 2017 17:01:14 GMT
This very depressing looking at the SM and drooling, I have seen more on the SM at different times but never the variety virtually every loan has availability, I even saw every DFL with availability at the same time including 007.
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Post by supernumerary on Mar 12, 2017 17:26:27 GMT
By a climbdown, do you mean withdrawing it and reissuing at a higher rate? Is there any precedent for that? It would be quite embarrassing for SS, but it seems like DFL017 will take a long time to fill at the current rate, especially if a lot of people fail to pay for their loan parts as some here predict. Maybe SS will fund the rest themselves to save face. I just mean withdrawing it (thus indicating that large loans are going to be hard to fill on SS at anything less than 12%). As noted in my post above there is some precedent of loans being withdrawn because they couldn't fill. A rate change has never occurred on SS (the lower rates have only been about since late last year), but cashback was applied in the early days to encourage investors. DUDE, a rate change has ALREADY occurred, on this very loan in question...Huge £7.5m 12% 1 year pipeline loan just added!!
EDIT: that was at 13:20. At 13:23 they changed it to 11% For approx. three minutes, back in February 2017, this loan was going to be a 12% loan! Could that interest rate change again, for this loan? It would be a bit of a climb down for Saving Stream, for them to return this loan to its original 12% posting...
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Liz
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Post by Liz on Mar 12, 2017 17:32:57 GMT
I just mean withdrawing it (thus indicating that large loans are going to be hard to fill on SS at anything less than 12%). As noted in my post above there is some precedent of loans being withdrawn because they couldn't fill. A rate change has never occurred on SS (the lower rates have only been about since late last year), but cashback was applied in the early days to encourage investors. Hopefully that will happen. If this one fills, it's hard to see why SS would ever offer us 12% again. New 13% loan in the pipeline, residential, LTV 62%. And I just saw a pig fly
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 12, 2017 17:39:00 GMT
DUDE, a rate change has ALREADY occurred, on this very loan in question...It would be a bit of a climb down for Saving Stream, for them to return this loan to its original 12% posting... Yes - I remembered that just after I posted (should have said "after a loan has gone live") Love to know if that was a genuine mistake or a rethink to try and see what they could get away with... you know, I'm pretty certain that it would have filled at 12% (the irony being it isn't a particularly good loan @ 12%). I find it hard to see how SS will fill it now unless they eat some humble pie (if they were trying their luck) or find 3rd party underwriting.
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dzo
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Post by dzo on Mar 12, 2017 17:56:17 GMT
Hopefully that will happen. If this one fills, it's hard to see why SS would ever offer us 12% again. New 13% loan in the pipeline, residential, LTV 62%. And I just saw a pig fly I checked the pipeline just in case.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 12, 2017 18:21:39 GMT
New 13% loan in the pipeline, residential, LTV 62%. And I just saw a pig fly I checked the pipeline just in case. P2P Indie Forum Rules Rule 1 - Don't trust Liz
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Liz
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Post by Liz on Mar 12, 2017 18:48:44 GMT
I checked the pipeline just in case. P2P Indie Forum Rules Rule 1 - Don't trust Liz I can't wait for April 1st, the morning SS and MT launch their ISA's out of the blue. Best not to joke a site has gone bust, or student accommodation has suffered 50% price falls Actually probably best avoid jokes in the financial sector altogether. Despite DFL17 reducing, the SM has started rising again. That is before SS reverse out those who couldn't pay for DFL17. We also don't know if SS are holding back more of said DFL.
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lobster
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Post by lobster on Mar 13, 2017 6:42:44 GMT
With the deposits tending to come through over a period of time and not knowing if they are chronological/reverse chronological/completely random, I wonder if the best "deposit strategy" is to make several smaller deposits over a period of a few hours, all of different amounts so as not to confuse the poor people at SS. Almost certain that deposits are processed in a reverse chronological order, which makes me wonder about Friday's debacle. It was all the earlier deposits that failed , and it could well be that there was a large number of deposits, quite possibly the largest ever, given the DFL017 launch. So I'm just wondering if SS (or to be fair , their bank) hit some sort of limit during the processing run ? Just a guess, but if it's correct, they had better have removed that limit, especially if lenders start to prefer making larger numbers of smaller deposits.
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Post by jackpease on Mar 13, 2017 6:46:31 GMT
>I suspect a few folk will be narked if they are at the end of the run. Presumably they take hours to process but the 'update' is instantaneous ie some sort of file (otherwise credits would trickle through across the day)? Jack P
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lobster
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Post by lobster on Mar 13, 2017 9:11:07 GMT
I would have thought that they would do a payment run promptly this morning, and preferably a second run later on, but no sign of anything as yet .......
...... I assume no-one else has had payments processed as yet ?
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seeingred
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Post by seeingred on Mar 13, 2017 9:16:48 GMT
Nothing yet today. I had a delayed payment finally go through on Saturday but the email thanking me for it was several hours later, at about 4pm.
JUST COME THROUGH 9.20 am
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GeorgeT
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Post by GeorgeT on Mar 13, 2017 9:23:00 GMT
I had it in mind that weekend deposits are credited on Tuesday. Thought SS set out their deposit schedule recently? Given Thurs and Fri deposits were dealt with on Saturday this week because of the mess up, will there be any deposit run today at all?
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ganymede
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Post by ganymede on Mar 13, 2017 9:24:08 GMT
I just had my deposit processed. Fast payment was done just after midnight.
Edit: Deposit Confirmation e-mail just turned up.
That's the negative balance sorted from DFL001, DFL005, DFL012 going live.
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