cmep
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Post by cmep on Apr 20, 2017 11:59:58 GMT
Anyone out there know what this new 'status' is? I've been trading on this platform since 2014 and have never come across this problem before today.
The loans concerned are not in default, are not in negative days and yet I am not able to sell my share in them (in part or the whole share). One example is PBL139
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ilmoro
Member of DD Central
'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 Apr 20, 2017 12:03:08 GMT
Anyone out there know what this new 'status' is? I've been trading on this platform since 2014 and have never come across this problem before today. The loans concerned are not in default, are not in negative days and yet I am not able to sell my share in them (in part or the whole share). One example is PBL139 Is your account negative and were the loan parts purchased in the last 7 days? In which case, you cant sell them until you resolve the negative balance. Been in place for a while now.
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vmail
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Post by vmail on Apr 20, 2017 12:17:30 GMT
It was announced on 26/05/2016
So you need to stop abusing the platform.
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Liz
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Post by Liz on Apr 20, 2017 13:43:34 GMT
It was announced on 26/05/2016 So you need to stop abusing the platform. He didn't say he was trying to sell them, he was just asking what the status was. It's a shame we can't abuse sell negative loans. If only we could just pre-fund, hold the loans for 3 days and sell them on SM. Money for nothing.
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vmail
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Post by vmail on Apr 20, 2017 14:14:08 GMT
It was announced on 26/05/2016 So you need to stop abusing the platform. He didn't say he was trying to sell them, he was just asking what the status was. It's a shame we can't abuse sell negative loans. If only we could just pre-fund, hold the loans for 3 days and sell them on SM. Money for nothing. I think he is a she as denoted by the  symbol. cmep did state hence she is attempting to sell part or all of a loan part and not only just checking what the status was. I'm not sure what you mean by we can't sell negative loans. Do you mean negative days (yes you can, if there is enough demand) or do you mean loans purchased within the last 7 days?
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Liz
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Post by Liz on Apr 20, 2017 14:30:27 GMT
He didn't say he was trying to sell them, he was just asking what the status was. It's a shame we can't abuse sell negative loans. If only we could just pre-fund, hold the loans for 3 days and sell them on SM. Money for nothing. I think he is a she as denoted by the symbol. cmep did state hence she is attempting to sell part or all of a loan part and not only just checking what the status was. I'm not sure what you mean by we can't sell negative loans. Do you mean negative days (yes you can, if there is enough demand) or do you mean loans purchased within the last 7 days?Oops she not he Oops, she not he  Not being able to sell doesn't mean you want to sell. Only She knows.
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vmail
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Post by vmail on Apr 20, 2017 14:44:25 GMT
It's clear that there was an attempt to sell a loan that was under 7 days old. Lendy sees this as abuse. Even through some investors don't see it like that.
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Apr 20, 2017 14:45:12 GMT
I think she probably bought new loan parts using INPL. These parts can not be sold until over 7 days old, or until the negative account balanced is zeroed either by selling older loan parts or injecting cash.
NB time limit not just whole days it is to the second.
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Post by Paul64 on Apr 20, 2017 22:30:51 GMT
No idea. Will need to look at the thread tomorrow as the discussions on here are not always linear.
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elliotn
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Post by elliotn on Apr 21, 2017 0:22:05 GMT
No idea. Will need to look at the thread tomorrow as the discussions on here are not always linear. Fair enough.... The rule: Investors are unable to sell SM purchases (when your account is negative) within 7 days of purchasing the loan part My suggestion: the above is abolished. It was introduced to minimise gaming when INPL was in force, but now that SM INPL has been removed I see no reason for the above rule.  I think there's still some potential for gaming where there are several loans being launched in quick succession (happening more recently as Ly looks to increase lending) whereby lenders bid more than they have available knowing they could dump the ones they want least once allocations are known. That would still leave Ly potentially unwinding unsettled prefunding. Paul is on record as saying Ly are nice people. Although they must have rules, a stricter application of the 24 hours PM settlement could allow this to be scaled back to at least 3 days (to cover gamers holding new loan parts they have no intention to pay for over, say, a weekend).
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ganymede
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Post by ganymede on Apr 21, 2017 8:15:23 GMT
Fair enough.... The rule: Investors are unable to sell SM purchases (when your account is negative) within 7 days of purchasing the loan part My suggestion: the above is abolished. It was introduced to minimise gaming when INPL was in force, but now that SM INPL has been removed I see no reason for the above rule. I think there's still some potential for gaming where there are several loans being launched in quick succession (happening more recently as Ly looks to increase lending) whereby lenders bid more than they have available knowing they could dump the ones they want least once allocations are known. That would still leave Ly potentially unwinding unsettled prefunding. Paul is on record as saying Ly are nice people. Although they must have rules, a stricter application of the 24 hours PM settlement could allow this to be scaled back to at least 3 days (to cover gamers holding new loan parts they have no intention to pay for over, say, a weekend). You can only have strict rules if the system at Lendy works correctly, you can't cover a negative balance if deposits aren't working, and if worried about weekends then avoid loans go-lives close to the weekend or over the weekend when there is little or no support from Lendy or the Banks. Then you also need withdrawals processing to match deposits if you have no idea when exactly a withdrawal will happen, no knowing if today's withdrawal run has been missed. Then you also need loan go-live to happen on time, of the 6 go-lives do I have to say only 4 out of 6 went live yesterday. Today at some point two more loans could go live. Then you have to question the new development with PBL122 and PBL135 that are replaced by PBL167 and DFL022 payments are delayed until nobody knows when. Leaving lenders having to fund the same loan twice with twice the exposure to the same borrower for an unknown period. The same now means lenders left with the unexpected extra funding they hadn't planned for, forcing SM sell off or extra deposits, the question is Lendy gaming the lenders with PBL122 and PBL135 on a major scale. Should lenders insist that Lendy also have a 24 hour rule for PBL122 and PBL135 and future replacement loans? You have to also ask is Lendy gaming Lenders with the withdrawal processing, and the timing and sequence of go-lives.
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Post by Paul64 on Apr 21, 2017 12:25:20 GMT
Fair enough.... The rule: Investors are unable to sell SM purchases (when your account is negative) within 7 days of purchasing the loan part My suggestion: the above is abolished. It was introduced to minimise gaming when INPL was in force, but now that SM INPL has been removed I see no reason for the above rule. I think there's still some potential for gaming where there are several loans being launched in quick succession (happening more recently as Ly looks to increase lending) whereby lenders bid more than they have available knowing they could dump the ones they want least once allocations are known. That would still leave Ly potentially unwinding unsettled prefunding. Paul is on record as saying Ly are nice people. Although they must have rules, a stricter application of the 24 hours PM settlement could allow this to be scaled back to at least 3 days (to cover gamers holding new loan parts they have no intention to pay for over, say, a weekend).
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Post by Paul64 on Apr 21, 2017 12:30:15 GMT
Hi all, for clarification, the seven day sales limitation only exists for customers with a negative balance. We technically give you 48hrs to make good before we delete the loan parts. We try and be sympathetic if there are very good reasons why this can't be done, but best practice, as stated before, is to clear ASAP. If an investor has paid for their loan parts, they are free to sell them at any time i.e. if they have a positive or neutral balance.
The rule is there to prevent people earning interest on loan parts that have not been paid for.
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sl75
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Post by sl75 on Apr 25, 2017 12:19:58 GMT
... The system needs fixing/altering so that SM bought loan parts can be resold immediately, if indeed investors choose to do so. Otherwise, investors who planned to clear their PM INPL negative balance with the sale of recently bought SM loan parts, are unable to, creating a catch 22 situation for both investors and Lendy. Perhaps there's a more subtle motivation behind the continued ban on short-term sales. ... in particular they may wish to discourage investors from "plann[ing] to clear their PM INPL negative balance with the sale of recently bought SM loan parts", instead hoping those investors will avoid the hassle by leaving the balance intended for the next drawdown in cash rather than buying SM loan parts that they intend to sell within a couple of days.
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elliotn
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Post by elliotn on Apr 25, 2017 15:31:26 GMT
... The system needs fixing/altering so that SM bought loan parts can be resold immediately, if indeed investors choose to do so. Otherwise, investors who planned to clear their PM INPL negative balance with the sale of recently bought SM loan parts, are unable to, creating a catch 22 situation for both investors and Lendy. Perhaps there's a more subtle motivation behind the continued ban on short-term sales. ... in particular they may wish to discourage investors from "plann[ing] to clear their PM INPL negative balance with the sale of recently bought SM loan parts", instead hoping those investors will avoid the hassle by leaving the balance intended for the next drawdown in cash rather than buying SM loan parts that they intend to sell within a couple of days. Yes, it's not difficult to see a situation where there's a flurry of PM activity, lenders try to game how much they can get on the best loans and sell off the lones they haven't paid for. Long weekends aside, a 3 day restriction may now be more suitable (given the requirement to pay within 24 hours).
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