cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 19, 2017 19:27:25 GMT
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. SS are the middle man - they find and offer us loans, and at the end of the day the loan is between the borrower & the investor, so despite some failings from SS (and there have been many as of late) if there are still opportunities that offer the correct return in relation to the risk any investor would be foolish not to at least consider it. The problem with SS is not this one late e-mail (with the 'we reserve the right' disclaimer - must remember that!), but it is an accumulation of bad comms from SS. In this case, a quick e-mail, as other platforms perform, to apologise is not necessarily important in the grand scheme of things but it is so easy to perform (and very basic platform/ investor relationship practice), it is hard to explain why they don't.
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ablender
Member of DD Central
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Post by ablender on Feb 19, 2017 22:20:42 GMT
meledor Why do you think that any person who raises issues should go to another platform? Is it perhaps so that there is more for yourself? I ask this because I have been told that in the past as if I do not have a right to complain.
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Post by meledor on Feb 20, 2017 8:31:35 GMT
meledor Why do you think that any person who raises issues should go to another platform? Is it perhaps so that there is more for yourself? I ask this because I have been told that in the past as if I do not have a right to complain.
'Raising issues' is one thing, to say that one is intolerant of shoddy customer treatment suggests something else.
If I wished to 'raise issues' on this board I would not accuse SS of being 'reckless' because they were a day late on go live, I would not accuse them of being late just to save £270 interest and if I said I was 'intolerant of shoddy customer treatment' it would mean that I would not use SS again until they changed the issue in question.
But don't worry I understand; people on here use strong terms to 'raise issues' just to sound off but underneath they think SS has a good product offering that they will continue to consider using. And therefore they can be ignored, hopefully by SS as well, because they are empty words without conviction or meaning.
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r1200gs
Member of DD Central
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Post by r1200gs on Feb 20, 2017 8:59:32 GMT
meledor Why do you think that any person who raises issues should go to another platform? Is it perhaps so that there is more for yourself? I ask this because I have been told that in the past as if I do not have a right to complain.
'Raising issues' is one thing, to say that one is intolerant of shoddy customer treatment suggests something else.
If I wished to 'raise issues' on this board I would not accuse SS of being 'reckless' because they were a day late on go live, I would not accuse them of being late just to save £270 interest and if I said I was 'intolerant of shoddy customer treatment' it would mean that I would not use SS again until they changed the issue in question.
But don't worry I understand; people on here use strong terms to 'raise issues' just to sound off but underneath they think SS has a good product offering that they will continue to consider using. And therefore they can be ignored, hopefully by SS as well, because they are empty words without conviction or meaning.
Personally, I think you dismissing any negative observation or complaint because the person is still using the service is nothing short of comical. You remind me of the lady I once saw on a TV debate where she met any criticism of the UK with "just leave or shut up". Of course, everybody in the UK is blissfully happy and should say nothing negative, until they have left. Up until they leave the UK, they are just "sounding off" and can be safely dismissed, right? Everybody has a right to sound off on here within the rules, and I'm quite sure SS are reading and taking note.
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Post by meledor on Feb 20, 2017 9:05:15 GMT
'Raising issues' is one thing, to say that one is intolerant of shoddy customer treatment suggests something else.
If I wished to 'raise issues' on this board I would not accuse SS of being 'reckless' because they were a day late on go live, I would not accuse them of being late just to save £270 interest and if I said I was 'intolerant of shoddy customer treatment' it would mean that I would not use SS again until they changed the issue in question.
But don't worry I understand; people on here use strong terms to 'raise issues' just to sound off but underneath they think SS has a good product offering that they will continue to consider using. And therefore they can be ignored, hopefully by SS as well, because they are empty words without conviction or meaning.
Personally, I think you dismissing any negative observation or complaint because the person is still using the service is nothing short of comical. You remind me of the lady I once saw on a TV debate where she met any criticism of the UK with "just leave or shut up". Of course, everybody in the UK is blissfully happy and should say nothing negative, until they have left. Up until they leave the UK, they are just "sounding off" and can be safely dismissed, right? Everybody has a right to sound off on here within the rules, and I'm quite sure SS are reading and taking note. My response is the same as to ablender. Re-read thread. It wasn't a 'negative observation or complaint'.
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twoheads
Member of DD Central
Programming
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Post by twoheads on Feb 22, 2017 8:23:04 GMT
A flurry of loan parts turned up on the SM between 8:10 and 8:20 this morning.
I expect it was SS removing INPL prefunded chunks where the PL part was not honoured.
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GeorgeT
Member of DD Central
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Post by GeorgeT on Feb 22, 2017 10:28:09 GMT
A flurry of loan parts turned up on the SM between 8:10 and 8:20 this morning.
I expect it was SS removing INPL prefunded chunks where the PL part was not honoured. That gives me much frustration because if I'd known about that I would have been logged in at 8 o'clock to take advantage because I am holding the basic £590 allocation in this one and it's a bit of a cracker by recent loan standards and I am on a mission to obtain a larger holding in this long dated 12% beauty. I only run one account on SS even though legally I could be managing 4 accounts if I take into account the fact I have lasting power of attorney for property and financial affairs in respect of two elderly relatives. However I do not think they would have been the type of people to be SS users and I will not use their names and abuse my powers to obtain extra pre funding allocations.
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twoheads
Member of DD Central
Programming
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Post by twoheads on Feb 22, 2017 15:49:31 GMT
Loan drawn down at 15:48.
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mikes1531
Member of DD Central
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Post by mikes1531 on Feb 28, 2017 21:39:59 GMT
In the good old days (pre cooling_dude  ) I believe it was because SS needed to know if they had enough funds to send the customer, or wait for funds to build up. Never had any underwritten (AFAIK). They have certainly stated that they had underwriting in the past, and although it hasn't been mentioned recently I wouldn't be in the least surprised if they can access some if needs be. There are a number of examples stated on the site primarily from older loans with the older documentation style. Take the following example from PBL057 "INVESTOR HIGHLIGHTS Lendy Ltd has full underwriting in place for £2,539,850 of this loan if required. Interest will accrue immediately upon your commitment to this loan. If the loan does not go ahead, Lendy Ltd will pay all interest owed to all committed investors." Don't forget the big difference between then and now -- pre-funding. In the old days, SS didn't know how much support a loan might have until they opened it for investment. With the advent of pre-funding, they know reasonably accurately how much support there is, and whether or not a loan will be fully funded as soon as it goes live. Yes, there will be investors who change their PF setting after a go-live email is sent, but those changes are likely to be relatively small and, since SS are bigger now, well within the platform's ability to underwrite any shortfall themselves until they can dispose of any excess via the SM. And I similarly expect that they can handle without a lot of difficulty the parts that are pre-funded but not paid for by reneging investors. I suspect that if the PF figures don't show a large oversubscription factor, SS will lean toward sending the go-live email slightly early so that they'll know better where they stand and could make underwriting arrangements in time if they were to need to.
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withnell
Member of DD Central
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Post by withnell on Nov 7, 2017 12:43:41 GMT
Anyone who wants to stay in this loan would be advised to check out Collateral...
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Post by sirkillalot on Nov 21, 2017 11:10:23 GMT
I assume this is going to pay back very soon - given there is 1 day to run and it is fully funded on Collateral.
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southport
Member of DD Central
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Post by southport on Nov 21, 2017 12:04:19 GMT
I assume this is going to pay back very soon - given there is 1 day to run and it is fully funded on Collateral. Providing COL don't find a problem before draw down one would expect repayment to be imminent.
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Post by skint4achange on Dec 11, 2017 17:51:12 GMT
Now fully repaid. Another one for Lendy to gloat about!  |
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Post by sirkillalot on Dec 12, 2017 8:51:24 GMT
Glad to see this pay back - my short term punt on this worked out  |
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blueninja
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Post by blueninja on Dec 12, 2017 10:22:39 GMT
Glad to see this pay back - my short term punt on this worked out well done sirkillalot lets hope you madealot
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) I believe it was because SS needed to know if they had enough funds to send the customer, or wait for funds to build up. Never had any underwritten (AFAIK).
