nick
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Post by nick on Mar 9, 2017 15:18:33 GMT
Starting at about 10:30 am on Wednesday I sold a couple of loan parts, cancelled my pre funding for this loan and just before 11:00 am withdrew all the spare cash from my account. In the afternoon I got an email time stamped 15:34 giving me the advance go live notice for the loan and as usual telling me to check my pre funding. No problems apart from the fact that I have just been told I have got a £1000 allocation and my account stands at -£1000. It doesn't look like I can track changes to pre funding to prove anything, so apart from the 'Contact Us' email that I have already sent, is there much that I could/should do? Thanks. I don't think there is much to worry about. Just email them (as you have) and sit tight. Either they will cancel the loans once they receive your email or otherwise the pre-funded loans will be cancelled on Mon/Tue/Weds next week if your account is left in deficit. It is a bit of a pain if you had intended to re-jig your portfolio, but at least pre-funding commitments are currently not binding.... Btw, did you make sure that you zero'd out allocations on each individual loan or set universal pre-funding to zero when you updated your pre-funding levels? The pre-funding page does not recognised more than one pre-funding level change at a time - maybe this has caused the issue? Normally the loans disappear from the pre-funding page once allocations has been set to prevent the issue you seem to have.
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Post by loftankerman on Mar 9, 2017 15:30:01 GMT
Starting at about 10:30 am on Wednesday I sold a couple of loan parts, cancelled my pre funding for this loan and just before 11:00 am withdrew all the spare cash from my account. In the afternoon I got an email time stamped 15:34 giving me the advance go live notice for the loan and as usual telling me to check my pre funding. No problems apart from the fact that I have just been told I have got a £1000 allocation and my account stands at -£1000. It doesn't look like I can track changes to pre funding to prove anything, so apart from the 'Contact Us' email that I have already sent, is there much that I could/should do? Thanks. I don't think there is much to worry about. Just email them (as you have) and sit tight. Either they will cancel the loans once they receive your email or otherwise the pre-funded loans will be cancelled on Mon/Tue/Weds next week if your account is left in deficit. It is a bit of a pain if you had intended to re-jig your portfolio, but at least pre-funding commitments are currently not binding.... Btw, did you make sure that you zero'd out allocations on each individual loan or set universal pre-funding to zero when you updated your pre-funding levels? The pre-funding page does not recognised more than one pre-funding level change at a time - maybe this has caused the issue? Normally the loans disappear from the pre-funding page once allocations has been set to prevent the issue you seem to have. Thanks nick. I had only one of the loans in the pipeline pre funded, so when I reset that to zero, they were all at zero. I'll just see how things unfold.
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Post by loftankerman on Mar 9, 2017 16:00:57 GMT
Starting at about 10:30 am on Wednesday I sold a couple of loan parts, cancelled my pre funding for this loan and just before 11:00 am withdrew all the spare cash from my account. In the afternoon I got an email time stamped 15:34 giving me the advance go live notice for the loan and as usual telling me to check my pre funding. No problems apart from the fact that I have just been told I have got a £1000 allocation and my account stands at -£1000. It doesn't look like I can track changes to pre funding to prove anything, so apart from the 'Contact Us' email that I have already sent, is there much that I could/should do? Thanks. Call them. 0800 779 7706 or +44 2033 033146. Get them to reverse it over the phone and don't let them go until you can see the correct (zero?) balance on your account. Hi, Sorry I didn't see your reply before. Have just called them and was assured the message would be passed to the technical team who'd resolve it. I'm happy enough. Thanks.
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twoheads
Member of DD Central
Programming
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Post by twoheads on Mar 9, 2017 16:23:42 GMT
What happens if lots of investors have pre-funded this loan expecting to be able to sell existing loan parts on the SM to cover their losses and when that fails either can't or don't fund their accounts with cash? Does their loan part get cancelled such that even more of this loan hits the SM? Or do they get "punished" in some way for irresponsible pre-funding? Not a position I find myself in, I am just genuinely curious given the current state of the SM as I suspect many investors could find themselves in that position. Could have a positive effect by further sharpening people's focus on their pre-funding levels. Yes the "no sale of unfunded loan parts" rule change helped, but I don't think it even came close to eliminating irresponsible pre-funding levels. I do find myself in that position!
I had intended to sell some stuff to pay for my chunk of DFL017 but it doesn't look like it will sell at the moment.
Now that there are many sellers on the SM - trying to cover their prefunding of this biggie, the sluggishness in the SM is apparent. The lack of INPL means that things will tick over more slowly and this current glut could be around for a while. Great for new investors trying to establish their position, not so great if you're up to your limit and want to do some rejigging of your portfolio, which usually involves selling off some of your less good stuff.
I am lucky enough to have some 'spare' cash and have added funds temporarily to my SS balance so as not to lose out. Eventually my stuff will sell (it's good stuff with plenty of remaining term) and I will withdraw the cash I sent them today - it's above my personal limit for my SS holding and won't be in there any longer than necessary.
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elliotn
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Post by elliotn on Mar 9, 2017 16:43:13 GMT
Ditto. Put last of RS in pre-17. AC, Z, & a few Tesco/BoS current accounts liquidated post-17 to buy some of the tasty morsels while my sales are digested  |
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Post by lendinglawyer on Mar 9, 2017 17:10:50 GMT
What happens if lots of investors have pre-funded this loan expecting to be able to sell existing loan parts on the SM to cover their losses and when that fails either can't or don't fund their accounts with cash? Does their loan part get cancelled such that even more of this loan hits the SM? Or do they get "punished" in some way for irresponsible pre-funding? Not a position I find myself in, I am just genuinely curious given the current state of the SM as I suspect many investors could find themselves in that position. Could have a positive effect by further sharpening people's focus on their pre-funding levels. Yes the "no sale of unfunded loan parts" rule change helped, but I don't think it even came close to eliminating irresponsible pre-funding levels. I do find myself in that position!
I had intended to sell some stuff to pay for my chunk of DFL017 but it doesn't look like it will sell at the moment.
Now that there are many sellers on the SM - trying to cover their prefunding of this biggie, the sluggishness in the SM is apparent. The lack of INPL means that things will tick over more slowly and this current glut could be around for a while. Great for new investors trying to establish their position, not so great if you're up to your limit and want to do some rejigging of your portfolio, which usually involves selling off some of your less good stuff.
I am lucky enough to have some 'spare' cash and have added funds temporarily to my SS balance so as not to lose out. Eventually my stuff will sell (it's good stuff with plenty of remaining term) and I will withdraw the cash I sent them today - it's above my personal limit for my SS holding and won't be in there any longer than necessary.
To be honest, I easily sold some "old" (but still lots of positive days) stuff today for unrelated reasons after this loan went live, so I wouldn't worry too much (one of them had a £25k queue and still sold within an hour). I was more interested in whether SS had a policy against people aggressively pre-funding new loans or not. Seems that they don't, because the worst that can happen is your investment gets reversed in a day or two to the extent necessary to cover the negative balance! Also I guess you weren't being over aggressive because you just cured it from available cash, although actually that was not strictly necessary in light of the above (unless you were really desperate to keep this new loan and to sell out of some older stuff of course)...
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Post by portlandbill on Mar 9, 2017 18:22:32 GMT
What happens if lots of investors have pre-funded this loan expecting to be able to sell existing loan parts on the SM to cover their losses and when that fails either can't or don't fund their accounts with cash? Does their loan part get cancelled such that even more of this loan hits the SM? Or do they get "punished" in some way for irresponsible pre-funding? Not a position I find myself in, I am just genuinely curious given the current state of the SM as I suspect many investors could find themselves in that position. Could have a positive effect by further sharpening people's focus on their pre-funding levels. Yes the "no sale of unfunded loan parts" rule change helped, but I don't think it even came close to eliminating irresponsible pre-funding levels. I do find myself in that position!
I had intended to sell some stuff to pay for my chunk of DFL017 but it doesn't look like it will sell at the moment.
Now that there are many sellers on the SM - trying to cover their prefunding of this biggie, the sluggishness in the SM is apparent. The lack of INPL means that things will tick over more slowly and this current glut could be around for a while. Great for new investors trying to establish their position, not so great if you're up to your limit and want to do some rejigging of your portfolio, which usually involves selling off some of your less good stuff.
I am lucky enough to have some 'spare' cash and have added funds temporarily to my SS balance so as not to lose out. Eventually my stuff will sell (it's good stuff with plenty of remaining term) and I will withdraw the cash I sent them today - it's above my personal limit for my SS holding and won't be in there any longer than necessary.
What he said.
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Liz
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Post by Liz on Mar 10, 2017 0:14:09 GMT
I'm wondering they are going to fund several million of future tranches. SS have shot themselves in the foot with these lower rates.
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grahamg
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Post by grahamg on Mar 10, 2017 16:06:45 GMT
Still over 2 million available after 24 hours. Shot themselves in both feet.
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gustapher
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Post by gustapher on Mar 10, 2017 16:12:03 GMT
I wonder what the thinking was for launching so many loans in such quick succession.
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Liz
Member of DD Central
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Post by Liz on Mar 10, 2017 16:18:55 GMT
I wonder what the thinking was for launching so many loans in such quick succession. Because they all need funds now. 2 are DFL's and need ongoing monies on a monthly/bi-monthly basis. Anyway 3 of the 4 were tiny loans, so not added to the problem. I think the issue is more down to an issue at SS, where deposits aren't being credited. Give it a few weeks and the SM will be baron again, us long termers have seen this situation a dozen times. Sit back and chill everyone and be prepared to hold to term.
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Post by dualinvestor on Mar 10, 2017 16:34:49 GMT
Sit back and chill everyone and be prepared to hold to term. Which term would that be, given that over 60% of the first 100 loans over-ran and some are still outstanding? 
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Liz
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Post by Liz on Mar 10, 2017 16:46:38 GMT
Sit back and chill everyone and be prepared to hold to term. Which term would that be, given that over 60% of the first 100 loans over-ran and some are still outstanding? Maybe that should be, be prepared to hold until death...Under 50's need not apply.
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guff
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Post by guff on Mar 10, 2017 21:23:02 GMT
Which term would that be, given that over 60% of the first 100 loans over-ran and some are still outstanding? Maybe that should be, be prepared to hold until death...Under 50's need not apply. B***er!
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GeorgeT
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Post by GeorgeT on Mar 10, 2017 23:02:25 GMT
This loan is so big that nobody should rely on liquidity with it, especially at a mere 11%.
One factor that is often overlooked by the people buying into the lower rate loans is that when the secondary market stalls the 12% loans will be the ones that get picked and people in lower rate loans may find themselves stuck into them until the bitter end and beyond.
An assessment of the existing loan book tells me that for those of us who expect 12%, given the risk, our days will be numbered in 4 months time with a few exceptions. So in 4 months time some of us will be only micro investors on this platform.
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