ablender
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Post by ablender on Mar 11, 2017 20:07:12 GMT
Yes, when you sell something to someone today, you get paid with actual cleared funds .. last month you were 'paid' with a promissory note issued by someone who may not have had the funds (in which case Lendy picked up the tab). Hopefully lenders will wise up to the need to have some actual funds deposited, if they want to strike at the SM while the good stuff is there. Alternatively SS might start to insist that PM sales are also pre-funded with actual positive cash (we can't be a million miles away from that now) .. problem I have with that is the 'go live' date/time is not guaranteed - you could move your funds in for a caravan site at Xmas and discover it didn't appear until 4-5-6 weeks later. Perhaps a model like ABL, where you start earning interest as soon as you commit your money is needed in such a case. We put our money (real) in a loan, start earning the interest and SS takes its own sweet time to release the loan.
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ablender
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Post by ablender on Mar 6, 2017 17:44:23 GMT
It is only £151k. I'm sure it will fill though I will not be one of those contributing.
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ablender
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Post by ablender on Mar 5, 2017 15:32:24 GMT
Another vote for MoneyThing . Shame I can't get anything invested! What use is an empty shop? Other sites may be worse, but at least they have cheese for sale. That said, some of the cheese is mouldy and I don't like mouldy cheeses. When MT launches pre-funding and an ISA, we will get an allocation of about 50P! Well blue cheese is mouldy and very good too.
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ablender
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Ablrate (ABL) in Administration
Tax Statement
Mar 5, 2017 13:42:57 GMT
Post by ablender on Mar 5, 2017 13:42:57 GMT
When is ABL ablrateandy going to implement an automatic tax statement?
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ablender
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Post by ablender on Mar 5, 2017 13:27:55 GMT
It does not seem that there is much demand in these.
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ablender
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Post by ablender on Mar 5, 2017 10:16:27 GMT
Does anyone know if non-UK investors should expect any drastic changes to their accounts with upcoming Brexit? The answer to this question is probably hidden in the massive black hole at the centre of the Milky Way.
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ablender
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Post by ablender on Mar 5, 2017 9:43:31 GMT
Is this platform thinking to start operating in the UK?
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ablender
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Post by ablender on Mar 5, 2017 9:35:56 GMT
Isn't this one of the reasons why platforms have to be regulated by FCA. That sounds to me as misappropriation of funds.
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ablender
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Post by ablender on Mar 1, 2017 18:21:58 GMT
I suggest you go and read SS' own interpretation of how they want to do things.
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ablender
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Post by ablender on Mar 1, 2017 18:15:49 GMT
"SAVING STREAM WILL DEFAULT A LOAN WHEN: 1. the redemption figure is not paid in full within a Tolerance Period of 180 days from the loan repayment date" It does not mention a return from hell. Once defaulted, I understand that it will stay defaulted. That is not my interpretation; one example shows a defaulted loan returning to a 4-month term. I can't see how this could be treated as a defaulted loan (after extension); to me, it's a loan where SS shows leniency with an extension, but the new policy shows investors that the loan has defaulted. I cannot see the example that you mention. Example 1 is not relevant to this discussion. Example 2 which shows the latest (at -180days) that a payment can be made to reset the time is still within the tolerance period, thus not defaulted. Example 3 which returns to 4-month term had a payment at -150 days, i.e. within the IA period. Are there other examples that I am missing?
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ablender
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Post by ablender on Mar 1, 2017 18:10:55 GMT
To all those lenders concerned about use of the Provision Fund. Obviously, PBL020 has depleted the provision fund but we should not assume all loans in default will have the same problem. Currently, the 3 loans in default could reasonably be expected to recover all capital and interest. In addition to that, these loans continue to accrue interest over and above that which SS originally expected. If we assume the borrower pays an interest rate of 18%, then SS have accrued an additional 6%, which amounts to c.£200k for these 3 loans to date. There is a reasonable chance that this will all get recovered and replenish the Provision Fund. It is also possible that SS impose a default rate of say 3%. Overall, if the average loan defaults for 18months with an LTV of 70% that is accurate, then the PF would be a winner every time. In fact, you could say defaults are good if the valuations are accurate. The PF was funded from the fee of the loan not from interest.
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ablender
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Post by ablender on Mar 1, 2017 17:49:37 GMT
I was expecting to see a few more in the default area. I wonder how much the FCA like the new default policy. Give it 13 days and you will see 8 more A default is now simply dependent on term, not receivers or administrators (it would seem) Several loans where receivers or administrators are involved are not showing as defaulted, but you could argue should be. As discussed the other day, a lot does depend on platform policy, but this new policy seems to only affect the investors; I don't think there is any change to how SS treat borrowers at negative 180 days So a loan can default, and the borrower can send funds which will take the loan out of default but can still be in arrears. Don't get me wrong, I'm glad there is clarity, but IMO the new policy should affect both borrowers and lenders, so we know exactly what is going on. savingstream / Paul64 - can you provide any indication what now actually happens at negative 180 days to the borrower? Is that the point a receiver/ administrator now gets appointed? "SAVING STREAM WILL DEFAULT A LOAN WHEN: 1. the redemption figure is not paid in full within a Tolerance Period of 180 days from the loan repayment date" It does not mention a return from hell. Once defaulted, I understand that it will stay defaulted.
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ablender
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Post by ablender on Mar 1, 2017 17:42:28 GMT
Has the provision fund value been removed from the website - it was there yesterday, can't see it now. You're right - it's gone... And the following has been added: "If the Provision Fund is used to cover a shortfall in asset disposal, then it may take time to top the Provision Fund back up from company cashflow." I never saw this before.
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ablender
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Post by ablender on Mar 1, 2017 17:34:04 GMT
I will only agree to the removal of the PF if the 2% of the PF is added to our interest. This will not be a straight 2% increase but somehow evened out over a typical length of a loan. Someone with maths skills can tell us how this can work. The PF is not part of the terms and conditions and is discretionary anyway, SS don't need your agreement to anything. You might if you are lucky, get an email from senior management to say if you don't like it you can go elsewhere, as another forum member did only yesterday. The PF might not be part of the terms and conditions but it is marketed as part of the product SS offers. I read the other thread about the comment you refer to. I think that this was an isolated incident. Everyone can have a bad day and an apology was issued. I think if this is not repeated we cannot say that this amounts to SS' policy. Re 'agree': I do not mean that SS need my permission. What I was referring was the discussion above. I meant I disagree with cooling_dude et al. (Sorry, not with you on this one.)
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ablender
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Post by ablender on Mar 1, 2017 17:00:24 GMT
I will only agree to the removal of the PF if the 2% of the PF is added to our interest. This will not be a straight 2% increase but somehow evened out over a typical length of a loan. Someone with maths skills can tell us how this can work.
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