jfh777
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Post by jfh777 on Mar 9, 2017 18:09:22 GMT
So, I choose to sell my loan part in PBL027 Reform Energy at a really bad time - just as lots of nice new loans are becoming available on the primary and secondary markets.
I was just hanging on to this for a last bit of interest based on how strong the SM had been with overdue loans. I was planning to pull out of SS altogether to be honest because I was fed up with the lack of opportunities to get my money invested so I've pulled a lot of moeny out of the platform already!
Now I've I've only sold 9% of this loan part, and I figure it might be a while until I can sell the rest given the number of much better looking options now available. I could deal with this, if I was earning interest on it - but I'm not - because I choose to sell it. But I don't have the option to cancel the sale and go back to earning some interest which I'd be happy to do, as although overdue, I think fundamentally it's not a bad investment still.
Anyway to get my sale cancelled? It just says 'Not Available' when I try...
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mikeh
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Post by mikeh on Mar 9, 2017 18:14:13 GMT
I don't think you can cancel it once it's part sold but you should be able to buy it back yourself I think.
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tomtom
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Post by tomtom on Mar 9, 2017 18:14:39 GMT
So, I choose to sell my loan part in PBL027 Reform Energy at a really bad time - just as lots of nice new loans are becoming available on the primary and secondary markets. I was just hanging on to this for a last bit of interest based on how strong the SM had been with overdue loans. I was planning to pull out of SS altogether to be honest because I was fed up with the lack of opportunities to get my money invested so I've pulled a lot of moeny out of the platform already! Now I've I've only sold 9% of this loan part, and I figure it might be a while until I can sell the rest given the number of much better looking options now available. I could deal with this, if I was earning interest on it - but I'm not - because I choose to sell it. But I don't have the option to cancel the sale and go back to earning some interest which I'd be happy to do, as although overdue, I think fundamentally it's not a bad investment still. Anyway to get my sale cancelled? It just says 'Not Available' when I try... You could buy back the remaining loan, I have done this in the past when this has happened to me. Tomtom
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david42
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Post by david42 on Mar 9, 2017 18:47:29 GMT
Buying back you stuck loan parts is not as easy now that INPL has been abolished. You can only buy back your unsold loan parts if you have enough cash in your account. Previously you could buy it back regardless and the debt created was immediately cancelled by the sale of the stuck loan part.
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jfh777
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Post by jfh777 on Mar 9, 2017 19:10:45 GMT
Oh ok. I'll try that. What if I'm not the only one trying to sell loan parts? Could I end up buying someone else's resulting in more of a loan I don't really want?
Cheers
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Post by pepperpot on Mar 9, 2017 19:32:08 GMT
Oh ok. I'll try that. What if I'm not the only one trying to sell loan parts? Could I end up buying someone else's resulting in more of a loan I don't really want? Cheers If it's partially sold it'll tell you what % of your loan part has already gone. If that's the case your at the head of the queue so I'd leave it there and cross my fingers it's fully sold soon. If you're not at the head of the queue it should state how big the queue is in front of you, in which case any purchases will indeed result in you getting more of a loan you don't want.
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david42
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Post by david42 on Mar 9, 2017 19:43:43 GMT
As you have told us you cannot cancel the sale that means you are at the head of the queue. It also tells you what percentage has been sold. So you can calculate how much you need to buy so that you buy your own part and no one else's. I normally round it up by 1% to ensure I don't leave my loan part still unsold for the sake of a small rounding error.
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jfh777
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Post by jfh777 on Mar 9, 2017 21:04:12 GMT
ah ok. I hadn't appreciated the linear way they were sold. That works for me.
Cheers for the advice.Much appreciated.
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fp
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Post by fp on Mar 12, 2017 7:52:22 GMT
Whenever I sell large loan parts and there is a queue, I split my loan parts down into smaller parts if I think it might be there for a few days, this way my money drip feeds back into my account. I had a fair holding in one of the plots of farmland which took four days to drip through the first place in the SM queue, but as I'd split it into £200 chunks to sell, it cleared back to my account £200 at a time over the four days
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pom
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Post by pom on Mar 12, 2017 11:30:15 GMT
Whenever I sell large loan parts and there is a queue, I split my loan parts down into smaller parts if I think it might be there for a few days, this way my money drip feeds back into my account. I had a fair holding in one of the plots of farmland which took four days to drip through the first place in the SM queue, but as I'd split it into £200 chunks to sell, it cleared back to my account £200 at a time over the four days Me too...and then there's also the option to cancel part of it if its moving slowly.
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