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Post by excalibur on Mar 9, 2017 12:49:27 GMT
It looks like SS now require funds to be available before you can make a secondary market purchase if you've a negative balance as a result of a pipeline purchase which is my case as of this morning. Previously I could go negative upto -10k before buying restriction.
This would explain why there are a lot of good looking 12% loans on the secondary market available but few takers ALL because I assume everyone is now hamstrung by this new restriction... thus people could be mistaken that there is a massive sell off and time to bail out which is at risk of becoming self fulfilling.
Consequently I've cancelled my orders on other pipeline deals.
Why would SS score this own goal?
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mikeh
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Post by mikeh on Mar 9, 2017 13:02:02 GMT
Probably to keep the FCA happy I should think.
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Liz
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Post by Liz on Mar 9, 2017 13:03:41 GMT
It looks like SS now require funds to be available before you can make a secondary market purchase if you've a negative balance as a result of a pipeline purchase which is my case as of this morning. Previously I could go negative upto -10k before buying restriction. This would explain why there are a lot of good looking 12% loans on the secondary market available but few takers ALL because I assume everyone is now hamstrung by this new restriction... thus people could be mistaken that there is a massive sell off and time to bail out which is at risk of becoming self fulfilling. Consequently I've cancelled my orders on other pipeline deals. Why would SS score this own goal? You are clearly new to SS and haven't seen this happen several times before.
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Post by spareafewcoppersguv on Mar 9, 2017 13:16:35 GMT
It looks like SS now require funds to be available before you can make a secondary market purchase if you've a negative balance as a result of a pipeline purchase which is my case as of this morning. Previously I could go negative upto -10k before buying restriction. This would explain why there are a lot of good looking 12% loans on the secondary market available but few takers ALL because I assume everyone is now hamstrung by this new restriction... thus people could be mistaken that there is a massive sell off and time to bail out which is at risk of becoming self fulfilling. Consequently I've cancelled my orders on other pipeline deals. Why would SS score this own goal? Didn't you read all about this in the SS update or the discussion on this forum weeks ago??? It not a surprise.....
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Post by excalibur on Mar 9, 2017 13:17:16 GMT
Almost 1 year and I've never been restricted on SM purchases for just having a few K negative balance due to pipeline or any same day SM purchases
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 9, 2017 13:20:14 GMT
It's a triple whammy.
SS stop SM sales for negative balances.
SS launch a big loan.
SS don't accept deposits after around 10am.
The SM might stay hamstrung for a few days, with some lenders less inclined to fund new loan allocations for 48 hours in response to the lower rates.
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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 Mar 9, 2017 13:21:04 GMT
Almost 1 year and I've never been restricted on SM purchases for just having a few K negative balance due to pipeline or any same day SM purchases No, you werent but the procedures changed 1 March following legal advice that it created platform risk and probably indications from the FCA that it was a 'grey area' when it came to rules on client money. It was all communicated in a general update 17/2 along with the new default policies. i take it you know that no interest is paid on loans more than 90days overdue, it accrues?
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GeorgeT
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Post by GeorgeT on Mar 9, 2017 13:41:08 GMT
I think people need to sell the day or night before a loan goes live under the new arrangements.
Wait till it's been allocated and 2,000 people competing to sell at same time isn't going to work without same day deposits. The SM is going to stall until the next morning when it will be a rush to be online at 8am, when the deposits from previous day have been credited.
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gustapher
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Post by gustapher on Mar 9, 2017 14:13:54 GMT
They do seem to be doing a second round of processing payments in the early afternoon now.
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elliotn
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Post by elliotn on Mar 9, 2017 14:31:47 GMT
There can be one-offs for big loans at the weekends too.
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awk
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Post by awk on Mar 10, 2017 8:32:07 GMT
Has anyone had their payments processed yet this morning - I was expecting SS to be in work early this morning to get the cash in !
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elliotn
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Post by elliotn on Mar 10, 2017 8:35:03 GMT
Nope. But may I just say what a fine loan Quayside is  . |
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awk
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Post by awk on Mar 10, 2017 8:39:14 GMT
Just gone in
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Post by barberbookie on Mar 10, 2017 8:39:59 GMT
Has anyone had their payments processed yet this morning - I was expecting SS to be in work early this morning to get the cash in ! Nothing here yet. I dont think they give 2 stuffs 
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Post by barberbookie on Mar 10, 2017 8:40:51 GMT
Nope wait. Just gone through
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