twoheads
Member of DD Central
Programming
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Post by twoheads on Dec 19, 2016 16:59:41 GMT
Many thanks Liam, savingstream.
Remember: updates are for life, not just for Christmas!
Have a great one.
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ianj
Member of DD Central
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Post by ianj on Dec 19, 2016 17:12:34 GMT
Admin: is there any facility for a "don't like this" button on pro-Boards?  When I made a similar comment, some while back, it was suggested I should like a post disagreeing with that which irked me. Fine, but what to do if there has yet been no suitable response? You could compose your own retort, then 'like' it! No, not quite the 'done thing' is it? But if it's felt that the offending text isn't worthy of the expenditure of any great effort, why not simply 'quote' it, accompanied by nothing other than a 'simley' which accurately reflects the level of your displeasure. Unfortunately, this forum is somewhat lacking in provision of appropriate emoticons, so here are some of the many I've found which might prove useful.        But be careful how you use this one!  Other, more positive, options are available.
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Post by Harland Kearney on Dec 19, 2016 18:42:51 GMT
Very happy to see direct communication to lenders via this site from the Saving Stream team, bravo! Looking forward to seeing what Saving Stream will bring to the P2P market in 2017.  |
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am
Posts: 1,495
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Post by am on Dec 20, 2016 14:53:13 GMT
A reminder that it's not just the updates that matter. The loan details for PBL153 seem to have some inconsistencies (see Pipeline Loans thread).
Edit: It turns out that there are problems with the loan details for PBL150-152 (principally PBL152) as well.
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moist
Member of DD Central
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Post by moist on Jan 6, 2017 15:03:00 GMT
really hoping for weekly updates...........
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Post by portlandbill on Jan 6, 2017 18:05:30 GMT
really hoping for weekly updates........... like that was ever going to happen
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Jeepers
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Post by Jeepers on Jan 6, 2017 23:32:24 GMT
There are a lot of loans overdue by 30+ days.
Either the 'guys with baseball bats' need to be going round and getting the property into auction or we want to see updates that show some sort of progress is being made.
No repayment and no updates makes me think no progress is being made.
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Post by Whitbourne on Jan 7, 2017 13:08:23 GMT
There are a lot of loans overdue by 30+ days. Either the 'guys with baseball bats' need to be going round and getting the property into auction or we want to see updates that show some sort of progress is being made. No repayment and no updates makes me think no progress is being made. Hi Jeepers I am genuinely puzzled by this. Take for example a loan like PBL047 (I hold) which is 119 days overdue. There is ample security and it is clear that the borrower is seeking to refinance but this is not working out for whatever reason (anyone who has dealt with property knows how this can happen) for example "The borrower's solicitor advises a 28th October refinancing." So you are right - four months overdue, people trying hard but not much progress. Personally I'm fine with this, although there are plenty of other loans I wouldn't touch with the proverbial bargepole. Your concern is presumably that these loan may not repaid (hence the baseball bats comment). But unlike the position of a commercial lender, here you have the opportunity to get repaid at par value at any time. There is currently nothing at all on the secondary market - literally nothing. So if you wish that your 30+ day loans were repaid, then as far as you are concerned they can be! Put them on the market and see how many minutes they take to clear. What is the problem that you are trying to solve?
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Post by sannytwist on Jan 7, 2017 13:18:43 GMT
There are a lot of loans overdue by 30+ days. Either the 'guys with baseball bats' need to be going round and getting the property into auction or we want to see updates that show some sort of progress is being made. No repayment and no updates makes me think no progress is being made. Hi Jeepers I am genuinely puzzled by this. Take for example a loan like PBL047 (I hold) which is 119 days overdue. There is ample security and it is clear that the borrower is seeking to refinance but this is not working out for whatever reason (anyone who has dealt with property knows how this can happen) for example "The borrower's solicitor advises a 28th October refinancing." So you are right - four months overdue, people trying hard but not much progress. Personally I'm fine with this, although there are plenty of other loans I wouldn't touch with the proverbial bargepole. Your concern is presumably that these loan may not repaid (hence the baseball bats comment). But unlike the position of a commercial lender, here you have the opportunity to get repaid at par value at any time. There is currently nothing at all on the secondary market - literally nothing. So if you wish that your 30+ day loans were repaid, then as far as you are concerned they can be! Put them on the market and see how many minutes they take to clear. What is the problem that you are trying to solve? I agree with this, he has a point.
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Jeepers
Member of DD Central
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Post by Jeepers on Jan 10, 2017 19:20:58 GMT
It appears you've slipped back into silent mode savingstream. Many are raising very important points and concerns (particularly relating to PBL 20 and does it pose a threat to the entire platform?). With no response, we're seeing people with a gut feeling saying 'I'm out'. What happened to the pledge to improve communications? |
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elliotn
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Post by elliotn on Jan 11, 2017 1:14:53 GMT
I was pretty shocked to receive a go live Update email. Perhaps there is something to their NY resolution  . |
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star dust
Member of DD Central
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Post by star dust on Jan 11, 2017 6:34:22 GMT
I was pretty shocked to receive a go live Update email. Perhaps there is something to their NY resolution . Undoubtably a move in the right direction, but it's not the first time they've sent one, although it's a relatively rare occurrence. However, as there have been no loan updates so far this year (not that I was particularly expecting any just yet) and their pre-Christmas promised "Please look out for our annual report email, being sent next week." is still missing in action from my mailbox at least, I think they've got a way to go yet before they get my congratulations.
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Post by meledor on Jan 11, 2017 8:00:58 GMT
It appears you've slipped back into silent mode savingstream . Many are raising very important points and concerns (particularly relating to PBL 20 and does it pose a threat to the entire platform?). With no response, we're seeing people with a gut feeling saying 'I'm out'. What happened to the pledge to improve communications?
What are you expecting SS to say exactly? It is very hard to persuade someone to go against their gut feeling and I don't think SS should try. In fact I guess there are quite a few hoping that more will have similar gut feelings so that they can buy their loans on the SM. You don't say what these 'very important points' are (I see a lot of posts re-hashing the same old stuff - probably because it is the quiet period after Christmas and that there is nothing better to do). As for PBL20 the legal postion as stated by SS in the Updates tab is that "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 (clause 5.3.1).". That does not suggest to me that SS would agree with your suggestion that PBL20 might pose a threat to the entire platform. If there is a shortfall there are of course questions about the use of the provision fund, but as that is discretionary one would not expect SS to comment until the property was finally sold.
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 11, 2017 15:44:36 GMT
As for PBL20 the legal postion as stated by SS in the Updates tab is that "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 (clause 5.3.1).". That does not suggest to me that SS would agree with your suggestion that PBL20 might pose a threat to the entire platform. The problem is that the position quoted above isn't the only thing involved. Investors in PBL020 have lent their money to SS/Lendy, and it has been relent to the Garden Centre. Some will argue that because of that arrangement the obligation to repay investors belongs to SS irrespective of what they did with the money and what the Ts&Cs said. If the loss by investors is large enough -- and ISTM that it's likely to be -- then some will be willing to take SS/Lendy to court over this. If that happens, IMHO that will pose more of a threat to the platform -- via a loss of investor confidence -- than the actual loss on the loan might.
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Post by meledor on Jan 11, 2017 17:13:57 GMT
As for PBL20 the legal postion as stated by SS in the Updates tab is that "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 (clause 5.3.1).". That does not suggest to me that SS would agree with your suggestion that PBL20 might pose a threat to the entire platform. The problem is that the position quoted above isn't the only thing involved. Investors in PBL020 have lent their money to SS/Lendy, and it has been relent to the Garden Centre. Some will argue that because of that arrangement the obligation to repay investors belongs to SS irrespective of what they did with the money and what the Ts&Cs said. If the loss by investors is large enough -- and ISTM that it's likely to be -- then some will be willing to take SS/Lendy to court over this. If that happens, IMHO that will pose more of a threat to the platform -- via a loss of investor confidence -- than the actual loss on the loan might. I am aware of comments on the PBL20 thread and elsewhere that some disagree with the legal position put forward by SS. But I was responding to the point that SS had "slipped back into silent mode" and they really should be communicating on the comments made about PBL20. SS could not have made the legal position any clearer if they had tried and assuming that legal position has not changed (and we have no reason to think it has) then there isn't really anything further to be said at this stage. No useful purpose would be served by SS talking now about an as yet unspecified threat of legal action.
I wouldn't worry about the prospect of legal action and possible impact on investor confidence:
- People threaten legal action all the time - a lot is just talk. - the SS platform is extremely popular despite all sorts of negative comments by some on this board - The argument against SS looks weak - the fact that the money flows from lender to SS/Lendy to borrower does not negate where the credit risk lies as specified by the T&Cs - I would expect the provision fund to be used especially if there were the loss of investor confidence you imagine
On that final point the provision fund is discretionary - both on amounts paid out and paid in. So the use of the provision fund will not affect the viability of the platform.
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