sussexlender
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Post by sussexlender on Feb 11, 2017 13:28:35 GMT
Hi Folks
I seem to have deleted this important e mail by mistake yesterday.
Could someone post the changes to the SM issued by SS on this thread?
It could also be helpful to others who missed it. Sorry to be a pain.
SXLR
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registerme
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Post by registerme on Feb 11, 2017 13:29:59 GMT
Hi Folks I seem to have deleted this important e mail by mistake yesterday. Could someone post the changes to the SM issued by SS on this thread? It could also be helpful to others who missed it. Sorry to be a pain. SXLR
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1stwaz
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Post by 1stwaz on Feb 11, 2017 13:30:24 GMT
I am a lurker on the site but find the forum very useful. I am happy with the clarification of the defaults rules, the changes to the secondary market are understandable but the facility of being to fund by debit card, so that you can react to the secondary market but be a great boon if possible.
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SteveT
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Post by SteveT on Feb 11, 2017 13:35:58 GMT
Assetz Capital managed to automate their lender deposit reconciliation process so that it runs as an hourly batch job, 24 hours a day, 7 days a week (bank communication glitches permitted, when it occasionally requires a sharp kick). If AC can do it, presumably so can savingstream. That said, I agree that instant debit card transfers would be better still |
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sussexlender
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Post by sussexlender on Feb 11, 2017 13:40:08 GMT
Hi registerme
Many thanks. I have "clicked" and printed for safe keeping.
I am very grateful for your time and assistance.
Regards,SXLR
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registerme
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Post by registerme on Feb 11, 2017 14:09:42 GMT
Hi registerme Many thanks. I have "clicked" and printed for safe keeping. I am very grateful for your time and assistance. Regards,SXLR No problem at all, you were right, it will likely help others too  .
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Post by GSV3MIaC on Feb 11, 2017 14:19:07 GMT
That aside, I think there is a strange obsession with people wanting to be 100% invested all the time (not just on SS but P2P in general) I agree, I said this already some place (maybe over on MT? or in general forum??) .. I like to keep a small 'float' in MT so I can buy bargains, and I keep a similar float in SS already so I can buy without it resulting in 'locking' of parts <7 days old which I might want to sell. Small being 1-2% of the investment. If people are really that worried about 1-2% of 12% then IMO they need to get a life.
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star dust
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Post by star dust on Feb 11, 2017 14:22:29 GMT
Hi registerme Many thanks. I have "clicked" and printed for safe keeping. I am very grateful for your time and assistance. Regards,SXLR As well as registerme 's link the information on the defaults policy was also attached to the email and a link to that can be found in the post here; and as stated by the ever efficient ilmoro Just added links to the new default and SM policies to top of my pinned updates list. FAQ is also full of red ink now and will need a rewrite in March  So ilmoro 's post here has both links in it already too - we don't hang about on this forum you know, just a bit difficult to see the wood from the trees sometimes
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elliotn
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Post by elliotn on Feb 11, 2017 15:29:00 GMT
Assetz Capital managed to automate their lender deposit reconciliation process so that it runs as an hourly batch job, 24 hours a day, 7 days a week (bank communication glitches permitted, when it occasionally requires a sharp kick). If AC can do it, presumably so can savingstream. That said, I agree that instant debit card transfers would be better still I wondered how AC managed to process my deposits at internationally lender friendly times knowing I had to wait for some poor sod at MT/Coll for a timely press of the button! Abl and LI's Dr cards still rock (assuming they pass fca muster despite AC reservations whether they are guaranteed cleared funds or a promise from the sending bank that funds will be sent at a later time).
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 11, 2017 15:52:36 GMT
Assetz Capital managed to automate their lender deposit reconciliation process so that it runs as an hourly batch job, 24 hours a day, 7 days a week (bank communication glitches permitted, when it occasionally requires a sharp kick). If AC can do it, presumably so can savingstream . That said, I agree that instant debit card transfers would be better still I wondered how AC managed to process my deposits at internationally lender friendly times knowing I had to wait for some poor sod at MT/Coll for a timely press of the button! Abl and LI's Dr cards still rock (assuming they pass fca muster despite AC reservations whether they are guaranteed cleared funds or a promise from the sending bank that funds will be sent at a later time). It took AC a lot of effort to get it past the bank and at some financial cost. SS have been trying for a while but had consitent issues with the banks security protocols IRC. Use of debit cards was something that AC argued was not FCA compliant as it still meant that the platform did not have the cash at the point of investment in loans (same argument against INPL). Its not an issue that affects platforms like ABL where there is a period between loan funding & drawdown for accounts to be settled, not present on AC model.The FCA arent per se opposed to platforms holding loan parts, skin in the game, settlement periods etc. We know this because Octopus Choice is fully authorised and operates a model that does exactly that, prefunds the loans, has skin in game and will buy loan part back from lenders. They also accept DB cards as investment is in prefunded loans so no issues with funds being on account. What ISTM the FCA has issues with is balance sheet risk. OC is an established £2bn fund (with large additonal backing) who are giving lenders a chance to invest in that fund and leverage some of OC debt/risk but the fund operates without it. In the case of most P2P platforms prefunding, taking loan parts onto books are an unacceptable balance sheet risk because they arent big enough to absorb it yet. SS could suddenly find themselves liable for a significant chuck of borrowing if INPL balances arent resolved, interest liabilites become over bearing etc. We know this is an issue because it was cited as the reason for interest accruing on defaulted loans going forward (on legal advice) and the same legal advice is now being cited for the changes to a more structured default system. (Interesting to see if LI gets permission with existing modeL)
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twoheads
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Post by twoheads on Feb 11, 2017 16:23:14 GMT
Just INPL'd £200 worth (well the first half of the transaction at least).
Shan't be able to do that next month. 
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ablender
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Post by ablender on Feb 11, 2017 16:40:34 GMT
Why should I put a similar complaint on the MT board? MT deposits are fast. If SS deposits improve then I see no problems and I have said that in other posts. I hope that you read in a non selective way. Re MT you are free to go to their boards and check for yourself. Re cake and eat it - What is the use of having a cake if you cannot eat it? I don't really see your point. Perhaps you need to experience it yourself.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 11, 2017 16:50:50 GMT
It took AC a lot of effort to get it past the bank and at some financial cost. SS have been trying for a while but had consitent issues with the banks security protocols IRC. Use of debit cards was something that AC argued was not FCA compliant as it still meant that the platform did not have the cash at the point of investment in loans (same argument against INPL). Its not an issue that affects platforms like ABL where there is a period between loan funding & drawdown for accounts to be settled, not present on AC model. (My Bold) You can use debit cards funds straight away on the ABL secondary market too. I think once the card is authorised that it is essentially treated as a cash transfer, otherwise the same issue would arise when putting funds on an investment platform - I have transferred funds via debit card and had buy orders fulfilled before the debit shows on my current account on H&L. Ah yes, good point, which Id managed to entirely overlook. Edit Share transactions have a settlement period so not an issue there.
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sussexlender
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Post by sussexlender on Feb 11, 2017 17:13:02 GMT
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copacetic
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Post by copacetic on Feb 11, 2017 18:15:39 GMT
Debit card is fixed small cost, no matter the transaction. ~20 pence maybe. Unfortunately not any more - this changed recently. www.cardswitcher.co.uk/2016/05/uk-card-processing-fees-change-2016-2/This could end up being a major overhead for SS unless they pass the charge on to investors. For transferring in £5000 it would cost more than £10 (0.2% interchange fee) + whatever margin SS's merchant service charges on top.
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