hazellend
Member of DD Central
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Post by hazellend on Jul 30, 2017 10:18:38 GMT
Looks like this loan will probably fill today.
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seeingred
Member of DD Central
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Post by seeingred on Jul 30, 2017 10:49:39 GMT
Looks like this loan will probably fill today. Try polishing your crystal ball. Mine is indicating sometime next week.
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fp
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Post by fp on Jul 31, 2017 13:21:41 GMT
Collateral Rep , I've noticed the availability of this loan is increasing today, I assume this is as a result of loan parts being listed for sale by individuals, could you please confirm that any parts that are listed on the SM before the loan is fully funded, and therefore not active, will not qualify for Cash-back? If they do, then it is leaving the system open to abuse
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Post by Collateral Rep on Jul 31, 2017 13:26:45 GMT
Hi fp, Cashback is only paid to Primary Market sales, any purchase of loan parts that have been sold will not receive Cashback. Many thanks, Gordon |
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fp
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Post by fp on Jul 31, 2017 13:28:03 GMT
Hi fp , Cashback is only paid to Primary Market sales, any purchase of loan parts that have been sold will not receive Cashback. Many thanks, Gordon Even if they are listed for sale before the secondary market is activated? Availability was down to 72k a few hours ago, now back up to around £110 k which means some has already been listed for sale, surely this should not qualify for Cash-back?
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seeingred
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Post by seeingred on Jul 31, 2017 13:33:03 GMT
Collateral Rep , I've noticed the availability of this loan is increasing today, I assume this is as a result of loan parts being listed for sale by individuals, could you please confirm that any parts that are listed on the SM before the loan is fully funded, and therefore not active, will not qualify for Cash-back? If they do, then it is leaving the system open to abuse I was about to ask the same question !! it has been down to around 80,000 but is now up at 109,000. I've just been down the back of the sofa twice to find some coppers to pay my self assessment "payment on account" to HMRC - its the last day. 
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Post by Collateral Rep on Jul 31, 2017 13:45:34 GMT
Hi,
We're doing a fix on this now, so it will only show what is available on the Primary Market, then once it's filled the Secondary Market availability will show.
Obviously we haven't quite got this right, so going forward you will not be able to sell loan parts whilst the Primary Market still has availability.
Many thanks,
Gordon
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seeingred
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Post by seeingred on Jul 31, 2017 13:47:39 GMT
Hi, We're doing a fix on this now, so it will only show what is available on the Primary Market, then once it's filled the Secondary Market availability will show. Obviously we haven't quite got this right, so going forward you will not be able to sell loan parts whilst the Primary Market still has availability. Many thanks, Gordon You've just answered the question I sent you in a message!! Much better the way you say it will be in future.
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stevio
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Post by stevio on Jul 31, 2017 13:48:21 GMT
Hi fp , Cashback is only paid to Primary Market sales, any purchase of loan parts that have been sold will not receive Cashback. Many thanks, Gordon Even if they are listed for sale before the secondary market is activated? Availability was down to 72k a few hours ago, now back up to around £110 k which means some has already been listed for sale, surely this should not qualify for Cash-back? The question of will Cash Back be paid on current listed Secondary Market loan parts is still not answered?
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seeingred
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Post by seeingred on Jul 31, 2017 13:52:54 GMT
The queue will go down when Gordon removes the loans that have been listed for sale by purchasers.
These will then appear on the new SM when it is triggered - but receive no cashback.
Gordon has been very clear. Thank you.
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stevio
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Post by stevio on Jul 31, 2017 14:11:52 GMT
The queue will go down when Gordon removes the loans that have been listed for sale by purchasers. These will then appear on the new SM when it is triggered - but receive no cashback. Gordon has been very clear. Thank you. The no cashback has not been confirmed by CO here at least, my conversation with them differs on this from your understanding, but I'll let them confirm to be definite
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Post by Collateral Rep on Jul 31, 2017 14:15:07 GMT
Hi stevio, The Primary Market availability has now been updated on the listing, so what you see now is what amount is still available that qualifies for cashback. Cashback is not paid to Secondary Market sales which will be displayed once the Primary Market has filled. Many thanks, Gordon |
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seeingred
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Post by seeingred on Jul 31, 2017 14:25:04 GMT
Looking at it again the wording on the loan is a little ambiguous.:
"Cashback only applies to the Primary Market, once the loan is fully funded and the Secondary Market is active, cashback will not be applied to loan parts bought."
If you put your loans up for sale before the PM is satisfied you are in effect removing them from this market and putting them in the SM queue - although this doesn't yet show as a queue. It couldn't logically or fairly work if people could be first to buy, immediately put them on the SM (so being first in the SM queue) and sit back and wait for the cashback.
In future you won't be able to 'sell' them until the PM is satisfied.
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Post by Collateral Rep on Jul 31, 2017 14:26:51 GMT
Hi elliotn, Yes, they will still receive cashback for Primary Market purchases. Many thanks, Gordon |
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stevio
Member of DD Central
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Post by stevio on Jul 31, 2017 15:03:21 GMT
Hi elliotn , Yes, they will still receive cashback for Primary Market purchases. Many thanks, Gordon So do I understand this correctly Currently, loan parts purchased on the PM WILL receive CB, even if put up for sale on the SM after purchase on the PM The purchaser of the loan part on the SM, will NOT receive CB You will change this in future by not allowing SM listings till PM has been filled (so the CB question wont arise) Is this correct?
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