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Post by stevec2x on Feb 18, 2017 18:23:49 GMT
Anyone else chuckle at this (from the Overview/VR): "Lesmahagow is a small but expanding town due to its very quick access to the M74 motorway with, a recently developed Tesco Supermarket and Petrol Station, being increasingly popular with lifestyle commuters"  + strange use of commas Sounds like it would be a highly favoured location by Alan Partridge.
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Post by stevec2x on Feb 18, 2017 18:25:55 GMT
I'm guessing you've never lived north of Norwich!
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dan83
Posts: 243 
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Post by dan83 on Feb 18, 2017 19:41:24 GMT
Maybe they put launch of this loan off a few days so the newer bigger loan in the pipe line (at a lower interest rate) will fill faster.
Maybe big hitters will think, "why bother with a few hundred in this when I can have a few thousand in that"
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GeorgeT
Member of DD Central
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Post by GeorgeT on Feb 18, 2017 21:58:18 GMT
I had an email yesterday advising that this loan was going live today and advising me to sort out my pre funding. I did and sold a few bits late last night in readiness.
However it doesn't appear to have gone live and I've had no email explaining why or apologising for the delay or advising me of a new go live date.
How long does it take to write and send a 1 line email to investors apologising and explaining?
Very poor comms and customer service.
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dan83
Posts: 243
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Post by dan83 on Feb 18, 2017 22:09:45 GMT
There is a disclaimer at the bottom of the email saying they can change the date, or words to that effect. I don't think they normally send out emails of new go live dates, they just go live.
As for poor communication, that's SS all over.
I've been on MT less then a month and their communication knocks the socks off SS.
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jcb208
Member of DD Central
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Post by jcb208 on Feb 18, 2017 22:13:54 GMT
I learnt from previous go live emails ,take it with a pinch of salt I would estimate 50% don't go live on the day they say they will
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GeorgeT
Member of DD Central
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Post by GeorgeT on Feb 18, 2017 23:29:39 GMT
I learnt from previous go live emails ,take it with a pinch of salt I would estimate 50% don't go live on the day they say they will Yes thank you and to the other responders. The unacceptable dilemma this creates is that I now have a positive balance in my account and I don't know whether to leave it there or withdraw it back to my bank where I know the money is 100% safe. With all due respect to SS if I have got idle money earning no interest I would rather it was sitting in my bank account than on the SS platform indefinitely. Some communication as regards a revised time scale would have been helpful. After all this is our hard earned money they are dealing with.
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Post by supernumerary on Feb 19, 2017 0:23:43 GMT
I learnt from previous go live emails ,take it with a pinch of salt I would estimate 50% don't go live on the day they say they will Yes thank you and to the other responders. The unacceptable dilemma this creates is that I now have a positive balance in my account and I don't know whether to leave it there or withdraw it back to my bank where I know the money is 100% safe. With all due respect to SS if I have got idle money earning no interest I would rather it was sitting in my bank account than on the SS platform indefinitely. Some communication as regards a revised time scale would have been helpful. After all this is our hard earned money they are dealing with. Saving Stream website currently in 'server error' mode... Saving Stream "...are experiencing high levels of traffic...", so make of it as you will!!
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david42
Member of DD Central
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Post by david42 on Feb 19, 2017 9:57:13 GMT
Just gone live. £590 allocation 1943 investors
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ganymede
Member of DD Central
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Post by ganymede on Feb 19, 2017 11:49:27 GMT
My allocation £590 on £10k pre-funding.
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Post by portlandbill on Feb 19, 2017 11:57:39 GMT
Oh ye of little faith ;-)
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chunkie
Member of DD Central
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Post by chunkie on Feb 19, 2017 12:49:18 GMT
I too got $590 on a pre fund of $4,000
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Post by Deleted on Feb 19, 2017 13:06:23 GMT
Oh ye of little faith ;-) No lack of faith here. I had complete faith that SS would be late with this one and they were. SS have saved themselves £270, so well done them - never mind messing the customers about. When it comes to taking issue with £270 platform wide are we not really taking SS bashing unnecessarily far .... in the world of bridging and development loans a one day delay is neither abnormal or unexpected!
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Post by meledor on Feb 19, 2017 15:04:07 GMT
When it comes to taking issue with £270 platform wide are we not really taking SS bashing unnecessarily far .... in the world of bridging and development loans a one day delay is neither abnormal or unexpected! It's not the financial sum. It's the fact SS ask for funding before the legals with the borrower are agreed such that there is a stronger likelihood of a delay. Whilst " a one day delay is neither abnormal or unexpected" it doesn't mean that such delays should be acceptable, especially if the platform has been unrealistic with its' go-live date. If / when the INPL disappears from the PM I suspect more SS lenders will be as intolerant to shoddy customer treatment as I am now. Some P2P platforms do not pay interest until drawdown (Thin Cats for example) so I am delighted with the way SS works. The go live notices clearly state that the date may be subject to delay.
But if you think SS is offering 'shoddy customer treatment' I take it you will be removing your money and investing elsewhere? Saying one is 'intolerant to shoddy customer treatment' yet continuing to invest would merely demonstrate lack of conviction.
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Post by meledor on Feb 19, 2017 19:05:47 GMT
But if you think SS is offering 'shoddy customer treatment' I take it you will be removing your money and investing elsewhere? Saying one is 'intolerant to shoddy customer treatment' yet continuing to invest would merely demonstrate lack of conviction. Not 'will be', I have moved funds elsewhere and I haven't made any new investments with SS in some weeks. Consequently my balance is reduced 45% from its high. My remaining investments are all >+120 day loans at 12%. They may or may not get sold depending on how the SS story continues to unfold. I'm particularly watching how the new 'Default Process' gets deployed over the coming weeks and especially the level of intervention by the 'Credit Committee'. I'll also be monitoring the returns from PBL020 and how the SM is affected by a combination of the loss of the INPL in conjunction with these other events. Lastly - and by no means least - whether the flow of good quality loan opportunities (as measured by relative risk) improves or declines. An intolerance to one bad trait doesn't necessarily predicate abandonment of a platform and SS do still have some redeeming qualities, so I'm conscious not to throw the baby out with the bath water. There's no axe for me to grind here. If I didn't know that SS do monitor the forum and didn't feel it was capable of improvement in the areas in which it is deficient - communications, transparency, etc - I really wouldn't bother posting on this board. Without some hope that collectively the criticisms have some bearing and that the improvements will come, it's just wear and tear on my keyboard.
So the 'shoddy customer treatment' is not so intolerable after all if you are still interested in 'the flow of good quality loan opportunities'! If I continue to buy at a shop which persists in shoddy customer treatment despite my complaints and from others as well, then I have completely undermined my position. Yet you hope SS is going to listen to you!
Whilst SS continue to be so popular that rates are being forced down and the allocations are small because of large prefunding levels then complaints about shoddy customer treatment will sound a bit hollow. The only way it will ring true for SS is if you and others who think the same take your business elsewhere. Speaking selfishly I would be very happy for SS to be always a day late on the specified go live date if it caused a large number of investors to go elsewhere resulting in a bigger allocation of new loans for those that remained.
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