Liz
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Post by Liz on Feb 11, 2017 18:41:13 GMT
Just INPL'd £200 worth (well the first half of the transaction at least).
Shan't be able to do that next month.  Time to get over it  I know a good therapist if you need one 
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Post by d_saver on Feb 11, 2017 18:41:38 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. Thanks. I stand corrected! I was in a business that took a huge amount of those card transactions but I got out, looks like just before this changed and was not aware of the new fees. Mind you, £5k would be way at the top end of my SM purchases. Even with the charges, on the smaller SM transactions, I think I would be happy to pay the equivalent of a few days interest in fees for the flexibility.
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gt94sss2
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Post by gt94sss2 on Feb 11, 2017 18:48:23 GMT
The new default policy also means that SS will have to update the remaining term much more frequently - for instance PBL6 currently has interest paid monthly (and up to date as far as I know) but is described as -137 days
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ben
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Post by ben on Feb 11, 2017 21:40:11 GMT
The new default policy also means that SS will have to update the remaining term much more frequently - for instance PBL6 currently has interest paid monthly (and up to date as far as I know) but is described as -137 days When asked them previously they said that all loans were paying interest except the defaulted one now it seems that might not be quite true. As they have recently stated on one loan that they have been offered a resetlememnt payment but this only covers the orginal loan and part of the interest not all of it. Which is why I have significantly reduced my investment in them as they seem to make it up as they go along.
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star dust
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Post by star dust on Feb 12, 2017 14:41:54 GMT
sussexlender , in case you weren't aware, if you want to tag someone you use the @ symbol and their username (not always the same as their name), thus "@ sussexlender " without the quotes or space would tag you. There is also a symbol for tagging in the edit panel when you create a post, I don't use that method myself, but there is some info here that might help.
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gt94sss2
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Post by gt94sss2 on Feb 12, 2017 14:58:09 GMT
Yes, I agree in principle but for some loans - including I believe PBL6 - they have been much more explicit - that the borrowers are continuing to pay interest.
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p2p2p
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Post by p2p2p on Feb 13, 2017 20:15:55 GMT
I will miss the INPL SM feature. When the SM was lively I could buy better stuff than my current holdings, build up a fair negative balance, and then decide to fund externally or put stuff up to for sale, and leave the site.
Now I'll have to login to put stuff up for sale speculatively, and log back in some time later to play the SM hoping something has turned up. Or I'll have to pre-fund externally and remember to come back next day to try and spend it.
The more visits I have to make to the site, the less I'm likely to use it.
(I never got the email, have queried that)
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elliotn
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Post by elliotn on Feb 14, 2017 5:38:44 GMT
Hi johnb, did you get the General Update last week, there's a doc link attched to this and for treatment of overdue loans too.
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dawn
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Post by dawn on Feb 14, 2017 8:35:37 GMT
One of the main problems with having to have funds avaliable before buying on the SM is the slow process of SS dealing with deposits - currently 24-48 + hours depending on all sorts of things including (but not limited to) weekends. I have sent an email asking them to improve the processing of deposits in line with the removal of INPL for SM purchases. "... the removal of INPL for SM purchases (whilst understandable in it's own right) needs to go hand-in-hand with an improvement to the processing of deposit transactions. Currently I can deposit any time during the day but it won't appear in my account until some time the next day (or later at weekends). If that continues it is likely to adversely affect the ability of people to purchase on the SM especially over weekends. I have no problems with only buying on the SM with money on account - I just want to be sure the money I transfer in is available on account as soon as possible. Other P2P sites I use either have debit card transactions (which lead to instant availability of funds - Funding Circle and ABLrate) or have very quick processing of deposits (Moneything and Collateral - by faster payments and they take normally less than 10 minutes for funds to be available). Please can you give lenders some assurance that the processing of deposits will also be greatly improved (by either of the above methods or a different method if that is more suitable) in-line with the removal of INPL for SM purchases." We'll see what they say..... and the answer is.... Thanks for your message. We are aware of this issue, and are currently working on a suitable solution to make it easier for investors to fund their accounts. Kind regards, Customer Services Team Saving Stream
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will
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Post by will on Feb 14, 2017 8:46:48 GMT
I think SS removing their main USP is a rather foolish move.
If I was them I'd process transactions every 5 minutes - it's not hard in this day and age, then reduce the INPL payment time from 48 hours to 1 hour.
Once they've done this, when a loan goes up for sale and is purchased under the INPL system, the loan part stays with the seller until the money is received from the buyer. If the money isn't received from the buyer in a hour, the loan goes back onto the secondary market. Any repeat offenders who fail to fund purchases should have INPL blocked on their account.
This prevents loan parts from ever being bounced back the SS, massively improves deposit times, keeps the USP. The only down side is that sellers might have to wait an hour to get their money out.
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adrianc
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Post by adrianc on Feb 14, 2017 9:16:23 GMT
I can see both sides of this, and agree with the arguments from both sides.
Is it doom? Yes - it's a real shame. My cash account has spent FAR more time "overdrawn" than it has with spare cash. Being able to grab what's available on the SM, and fund later is how I've built my SS position up to where it is - if I look at my XIRR spreadsheet, there's LOADS of non-round-number deposits where are squaring off SM purchases.
Is it doom? No - you only need to look at MT, regulation means it couldn't be continued so they had no choice, etc etc. But the difficulty of buying on the SM (and, let's be honest, the PM) on MT is why my initial toe-dip has barely had anything follow it.
So what's the solution? <shrug> But I really like AC's way of doing it. I'm much happier with a cash balance on there, not least because it isn't idle. And because you don't need to sit on the site like a hawk to pick up stuff. You tell the platform what you're after, you leave it some cash (at 3.75%), you watch the upcoming loans - and you top the cash up every while. Which is how my AC position is increasing...
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will
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Post by will on Feb 14, 2017 9:40:42 GMT
It's in the post above yours! 
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adrianc
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Post by adrianc on Feb 14, 2017 10:00:09 GMT
It's in the post above yours! I'm really not sure it is, y'know. So you sell a loan part. Or have you? Can you withdraw the money or buy other parts with it? Or do you have to wait until the buyer sorts themselves out or it bounces back? A one hour delay isn't much - it's not hard to see how a delay outside of the buyer's control could stop a transfer-in arriving in that time. It would be a horrific mess from the seller's point of view.
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sl75
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Post by sl75 on Feb 14, 2017 10:48:19 GMT
Just caught up with this change... and I really don't see what the fuss is all about.
If I want to try buying something, I can just sell something else first... and if I don't pick up what I'd wanted, just buy (whatever's more readily available but looks reasonably liquid) at the end of the day, ready to sell it the next time I want to try buying something I consider more desirable.
Repeat until I'm successful in buying what I wanted in the first place.
For the very largest investors and/or during times of "extreme famine", this might not be feasible...
... but the "extreme famine" is probably less likely to occur going forwards, due to the lack of buying pressure from those who were previously abusing the system (or at least attempting to abuse it) by buying loan parts they had no intention of ACTUALLY paying for (note comments in this very thread from people who claimed to be 105%, 125% or 150% invested...!)
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will
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Post by will on Feb 14, 2017 13:21:12 GMT
It's in the post above yours! I'm really not sure it is, y'know. So you sell a loan part. Or have you? Can you withdraw the money or buy other parts with it? Or do you have to wait until the buyer sorts themselves out or it bounces back? A one hour delay isn't much - it's not hard to see how a delay outside of the buyer's control could stop a transfer-in arriving in that time. It would be a horrific mess from the seller's point of view. It'd be the same as the situation you have at the moment with a partially sold loan.
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I know a good therapist if you need one 
