grahamg
Member of DD Central
Posts: 220 
Likes: 62
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Post by grahamg on Mar 10, 2017 15:58:44 GMT
Hi all, May I first apologise for not replying sooner. I didn't want to comment until we had undertaken a thorough investigation into the issue. We have now though traced the missing transactions to our banking provider and we are working with them to find a solution. I am very sorry about the inconvenience. Please be assured we are doing all we can to correct the issue as soon as is reasonably possible. Paul , savingstream My impression from your post is that you have outsourced the work to a provider who is not your bank and only asked/paid them to perform one reconciliation per day. I cannot imagine any circumstance where your bank would lose multiple transactions in the way that is happening Clearly they lack the competence to complete the task accurately and should be sacked. Having scrapped the SM INPL you need a system that accurately credits accounts within 10's of minutes. Did no one at Savingstream foresee this problem or think it worth investing in a proper solution or are the directors completely blinded to the needs of investors by their pay cheques. You have just destroyed one of the reasons why we use SS Edit: Whoever in savingstream is responsible for this mess should also be replaced
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elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
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Post by elliotn on Mar 10, 2017 16:00:03 GMT
Not good at all , but at least Paul64 has now claimed ownership of the issue, and to be fair , they are now working with their bank to sort out the problem asap. Exactly the response Paul wanted to elicit - a reason for not replying to lenders; a hint at blaming the bank; a suggestion this has now been identified; everything is now in hand just awaiting a solution; as long as you wait reasonably. I will hold judgement until I know all your credits have been processed. (My evening and morning deposits were processed this morning and in the meantime all Christchurch and Hampton Court have been snapped up).
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lobster
Member of DD Central
Posts: 636
Likes: 467
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Post by lobster on Mar 10, 2017 16:03:44 GMT
I have to agree it's so frustrating, especially with nice stuff on the SM, but hopefully we'll get our funds credited soon. What loans are you eyeing up out of interest? Welcome to the forum - you have joined at an "interesting" time (at least for SS). Usually on the SS there are very few longer dated loans on the SM, but there are quite a few just now. Even a couple over 100 days at 12% which is quite unusual. Clearly the new monster 7.5 million DFL017 has unbalanced the market. Feel free to pick up £2 million or more of that one if you're in the mood 
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
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Post by sqh on Mar 10, 2017 16:05:49 GMT
Dear Paul64I've been waiting over 24 hrs for my deposit to be credited, still waiting. I have covered my negative balance by selling down some other loans, although I didn't want to. This has enabled me to cover my newly allocated loans, within the 48hr cutoff period. When this deposit debacle is resolved, I may want to withdraw the money. Can you please clarify what times of day you process withdrawals, including weekend times.
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Post by barberbookie on Mar 10, 2017 16:07:57 GMT
Paul, this is completely unacceptable! I have lost all faith in SS. I transferred a 4 figure sum yesterday and I'm still waiting for it to be credited to my account to clear of my pre-funding but also to allow me to make purchases on the SM. I have emailed SS 4 times to be fobbed off with 'it must be an error by me..it's not SS's fault' (paraphrasing). Due to the ineptitude of SS I wish to cancel my purchases on prebidding and have my funds returned (if you ever recover them). Can you confirm how I go about cancelling my pre-bid offers? SELL SELL SELL Mortimer. SELLLLLLLL.
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mtb9
Posts: 48
Likes: 35
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Post by mtb9 on Mar 10, 2017 16:09:17 GMT
Hi lobster, thank you for your comment I appreciate them but for me it's about having some faith and trust in the platform that I invest in and over the past 24hrs I have lost the faith I had in SS. I'm sure that you'll agree as a fellow investor once you lose faith in whatever you are investing in then it is better to exit.
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Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
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Post by Liz on Mar 10, 2017 16:09:27 GMT
I have to agree it's so frustrating, especially with nice stuff on the SM, but hopefully we'll get our funds credited soon. What loans are you eyeing up out of interest? All of the 12% DFL's look good to me, excluding DFL003(mothballed, for now). Mill in manchester, house surrey plus more also have good security.
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Post by watter on Mar 10, 2017 16:11:06 GMT
What loans are you eyeing up out of interest? Welcome to the forum - you have joined at an "interesting" time (at least for SS). Usually on the SS there are very few longer dated loans on the SM, but there are quite a few just now. Even a couple over 100 days at 12% which is quite unusual. Clearly the new monster 7.5 million DFL017 has unbalanced the market. Feel free to pick up £2 million or more of that one if you're in the mood Ha thanks, I did get the impression that this isn't the norm. Joined the platform about 5 days ago and the secondary market variation in that time is mad! Since I'm new i luckily had some money in the account so managed to pick up a slice of 017 yesterday.
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Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
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Post by Liz on Mar 10, 2017 16:13:31 GMT
Welcome to the forum - you have joined at an "interesting" time (at least for SS). Usually on the SS there are very few longer dated loans on the SM, but there are quite a few just now. Even a couple over 100 days at 12% which is quite unusual. Clearly the new monster 7.5 million DFL017 has unbalanced the market. Feel free to pick up £2 million or more of that one if you're in the mood Ha thanks, I did get the impression that this isn't the norm. Joined the platform about 5 days ago and the secondary market variation in that time is mad! Since I'm new i luckily had some money in the account so managed to pick up a slice of 017 yesterday. This is an opportunity of a lifetime to pick up good 12%ers, fill yer booties. Maybe this marketing stuff is rubbing off on me!
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Post by watter on Mar 10, 2017 16:16:06 GMT
Ha thanks, I did get the impression that this isn't the norm. Joined the platform about 5 days ago and the secondary market variation in that time is mad! Since I'm new i luckily had some money in the account so managed to pick up a slice of 017 yesterday. This is an opportunity of a lifetime to pick up good 12%ers, fill yer booties. Maybe this marketing stuff is rubbing off on me! Am i understanding correctly that the issue is that SS is struggling to process the deposits people make? leaving very desirable loans up for grabs? Seems like i got my starting deposit in just in time!
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GeorgeT
Member of DD Central
Posts: 1,322
Likes: 1,576
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Post by GeorgeT on Mar 10, 2017 16:18:17 GMT
I'm another still waiting for a deposit to be credited. When it became clear last night I couldn't sell on the SM to clear my neg balance I made a transfer in (with intention of withdrawing same amount of funds once my sales had completed - they still haven't), So I'm still negative and rendered impotent on the SM even though I should have a + balance with my deposit and, if I had, I would be buying on the SM. But I can't. I'm stuck as well. Very poor.
In one of Paul's recent, waffle/PR/spin emails (NOT the sort of communication we were hoping for when we asked for more communication) he told us SS loves us. I can't say I'm feeling any love at the moment.
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Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
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Post by Liz on Mar 10, 2017 16:19:59 GMT
This is an opportunity of a lifetime to pick up good 12%ers, fill yer booties. Maybe this marketing stuff is rubbing off on me! Am i understanding correctly that the issue is that SS is struggling to process the deposits people make? leaving very desirable loans up for grabs? Seems like i got my starting deposit in just in time! Yes according to Paul.
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oldgrumpy
Member of DD Central
Posts: 5,087
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Post by oldgrumpy on Mar 10, 2017 16:24:34 GMT
I did not invest in DFL017.
I did invest in DFL001 and DFL012. I was told to resolve my negative balance within 24 hours, but I had already arranged that and my deposit duly appeared.
What about people who have not had their funds credited because of this debacle? Will SS state here and now (before it actually happens) that people with negative balances will NOT be stripped of their loan parts because their funds have "gone astray" (and that includes the person who has, apparently had funds credited to the wrong SS account) and the time limit is up?
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Post by dualinvestor on Mar 10, 2017 16:28:04 GMT
This is a lamentable state of affairs. The response from Paul64 was tardy and, IMO not very informative in material areas, e.g. not even a vague timescale as to how long it should take to clear. For those of you not satisfied you could consider making a formal complaint. On a brief look through the terms and conditions I could not find a complaints procedure, neither does there appear to be a FAQ. However there should be a "compalints officer" to whom you should address your complaint iin the first instance. If you do not get a reply or you feel it is unsatisfactory you can then send it direct to the Financial Conduct Authority. |
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dp
Member of DD Central
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Post by dp on Mar 10, 2017 16:28:44 GMT
Big question - will they do a bank run on Sat and Sunday this weekend?
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