lobster
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Post by lobster on Mar 10, 2017 8:42:12 GMT
Deposits rolling in to our accounts now, it would appear .
Not sure how long the full run takes
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sl75
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Post by sl75 on Mar 10, 2017 9:10:19 GMT
Looks to me like its working pretty well from SS's perspective - rather than having many days during which lenders are swapping negative balances with each other ("paying" for one loan part by putting another on sale, the eventual buyer of which might then "pay" for by putting something else on sale, etc.), they instead have people desperate to actually get funds into their account...
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Post by barberbookie on Mar 10, 2017 9:23:59 GMT
Looks to me like its working pretty well from SS's perspective - rather than having many days during which lenders are swapping negative balances with each other ("paying" for one loan part by putting another on sale, the eventual buyer of which might then "pay" for by putting something else on sale, etc.), they instead have people desperate to actually get funds into their account... Your spot on. A masterstroke from them. A nightmare for us. Nothing better than keeping your punters happy 
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Post by excalibur on Mar 10, 2017 10:03:44 GMT
SS needs instant card deposits like Albrate.
This might work well for SS making sure ppl already have funds before SM purchased but they're going to pay the price on future pipeline deals not being shifted when that "belief" of quick selling on SM has vanished. I suggest they quickly cut their margins and offer higher interest rates to 14% to loanees with the risks shifted. I am sure they are monitoring the volumes like everyone else with unease these last few days.
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ferdy
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Post by ferdy on Mar 10, 2017 10:19:42 GMT
Looks to me like its working pretty well from SS's perspective - rather than having many days during which lenders are swapping negative balances with each other ("paying" for one loan part by putting another on sale, the eventual buyer of which might then "pay" for by putting something else on sale, etc.), they instead have people desperate to actually get funds into their account... Yes I agree but would n't they also want funds in asap to buy the mega DFL017. Or have investors already got what they want of that?
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SteveT
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Post by SteveT on Mar 10, 2017 10:33:50 GMT
I've a feeling SS are going to end up with rather a lot of DFL017 back on their books, assuming they cancel unpaid-for parts on Monday. There's currently over £1.5m of other loans on the SM (excluding DFL017 itself and the Default Loans) and my guess is most of that will be lenders looking to sell to pay for their DFL017 allocations.
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jomantha
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Post by jomantha on Mar 10, 2017 11:23:13 GMT
I haven't even bothered trying to sell on the SM to fund my new allocation - being relatively new - I was shocked to get it all as to date I have only had tiny %s of my prefund.
My concern is selling things, having my new investment cancelled and ending up with a credit balance and nothing to spend it on when I currently have a relatively healthy portfolio spread in a range of loans and all 90 plus days.
I have been reading the forum for a while and dabbling in SS for a few months now - and this is a total shock to me (my own fault I am sure).
There must be others like me - I can see a lot of the new loan ending up back on the SM.
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sl75
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Post by sl75 on Mar 10, 2017 11:43:04 GMT
I've a feeling SS are going to end up with rather a lot of DFL017 back on their books, assuming they cancel unpaid-for parts on Monday. There's currently over £1.5m of other loans on the SM (excluding DFL017 itself and the Default Loans) and my guess is most of that will be lenders looking to sell to pay for their DFL017 allocations. DFL017 hasn't drawn down yet, so they're not going to have ANY of it on their books just yet. Instead, there's a growing pile of money earmarked for DFL017 that's still a few £M short of target, but which can be returned to investors if SS decide to cancel the loan. Interesting that once again we're getting investors who find it a "total shock" that when they make a commitment to pay for something, it might actually be called upon! Is the concept of "never pre-fund more than you would be PREPARED to send from an external bank account" really that hard to grasp?
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twoheads
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Programming
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Post by twoheads on Mar 10, 2017 11:45:12 GMT
I haven't even bothered trying to sell on the SM to fund my new allocation - being relatively new - I was shocked to get it all as to date I have only had tiny %s of my prefund. My concern is selling things, having my new investment cancelled and ending up with a credit balance and nothing to spend it on when I currently have a relatively healthy portfolio spread in a range of loans and all 90 plus days. I have been reading the forum for a while and dabbling in SS for a few months now - and this is a total shock to me (my own fault I am sure). There must be others like me - I can see a lot of the new loan ending up back on the SM. I think some have got used to tiny allocations from prefunding and have grown used to prefunding larger amounts than they actually want in order to ensure they receive the maximum allocation.
This one will have found a few people out as everyone received their entire prefunded amount - and that doesn't happen very often.
If you are in a situation where you cannot (or do not want to) cover your prefunded amount you can simply opt not to and SS will remove your loan part, probably on Monday and chuck it on the SM. You often see large numbers of loan parts turn up two days after 'go live' as SS retrieves them from investors who haven't paid up. You will almost certainly be able then to buy the amount you actually want on the SM as I think there will be plenty available for quite a while.
Remember: Don't prefund more than you actually want!
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jomantha
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Post by jomantha on Mar 10, 2017 11:47:01 GMT
I think SS has given new investors unrealistic expectations in the last 6 months, and this combined with the sudden influx of loans into the SM has meant a massive change in a relatively short space of time and this is where I, as a new investor have, entirely through my own fault, have fallen down.
I wont make the same mistake twice - but until now selling on the SM of loans with good rates and long terms has never been a problem, I don't think it has ever taken more than a few minutes to sell a loan previously and I played a lot before I upped my investment levels to their current point.
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jomantha
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Post by jomantha on Mar 10, 2017 11:50:40 GMT
That said - mea culpa and it is my own fault.
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elliotn
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Post by elliotn on Mar 10, 2017 11:56:55 GMT
Expect full allocation of a 7M+ loan and the SM to fill up to pay for it. This happened some months back for J**. I read the backdated threads so was ready for J** after the Notorious London 9 (+Brexit).
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vmail
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Post by vmail on Mar 10, 2017 12:03:36 GMT
I've a feeling SS are going to end up with rather a lot of DFL017 back on their books, assuming they cancel unpaid-for parts on Monday. There's currently over £1.5m of other loans on the SM (excluding DFL017 itself and the Default Loans) and my guess is most of that will be lenders looking to sell to pay for their DFL017 allocations. DFL017 hasn't drawn down yet, so they're not going to have ANY of it on their books just yet. Instead, there's a growing pile of money earmarked for DFL017 that's still a few £M short of target, but which can be returned to investors if SS decide to cancel the loan. Interesting that once again we're getting investors who find it a "total shock" that when they make a commitment to pay for something, it might actually be called upon! Is the concept of "never pre-fund more than you would be PREPARED to send from an external bank account" really that hard to grasp? Erm what about what you are prepared to sell?
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elliotn
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Post by elliotn on Mar 10, 2017 12:20:52 GMT
Not for a big loan if the SM clogs up, hence jomantha's prdicament - what about 'only prefund what you are prepared to sell for and can cover with an external bank account where necessary' (to avoid causing platform difficulties/sanctions for game playing).
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Post by Deleted on Mar 10, 2017 12:53:30 GMT
Expect full allocation of a 7M+ loan and the SM to fill up to pay for it. This happened some months back for J**. I read the backdated threads so was ready for J** after the Notorious London 9 (+Brexit). - according to last weeks update, several loans were due to repay .......................hmmm you would have thought SS would have done everything they could to generate funds for DFL017, but hey what is to expect? At least if they cancel the loan we will have got a few pennies interest (smiley face).
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