Anybody using Saving Stream?

masonic

melbury wrote: »

I was just reading reviews about SS on Trustpilot and came across this comment, quote:

Note that once you have started lending the system will continue to allocate parts of loans to your account whether you have funds in it or not! So setting pipe-line loan limit is, as far as I can see, how you control if you are lending or not. This is unlike other sites where money is only lent when funds are available.

I don't understand this, please can someone explain:( I thought you just deposited whatever the maximum you feel comfortable with, so how can they allocate loans to your account if there is no more money?

SS operates on an "invest now, pay later" model, so you can buy loan parts without having the money available but must make a deposit to cover any debit balance within 48 hours (or sell loan parts to cover the cost of the purchase).

Clearly the reviewer is setting pre-fund bids across a range of loans and then wondering why those bids are later actioned without cleared funds being available. Probably hasn't read the T&Cs. Doesn't bode well for their understanding of what they are investing in.

melbury

So do I just open an account without initially depositing any money and wait until I see something I would like to invest in?

Sorry, it just isn't very clear.

masonic

melbury wrote: »

So do I just open an account without initially depositing any money and wait until I see something I would like to invest in?

Sorry, it just isn't very clear.

Yes, you can do that. If something pops up that takes your fancy, you don't need to worry about logging in to your online banking to make a transfer and then have to wait for it to be credited to your account... just buy it and make a transfer to cover your negative balance later on.

nushnush

hi melbury, i wasn't trying to scare you away from buying short dated loans, plenty of people will buy them but when you first start it is easy to panic and think you have bought a dud, thats not the case, just find your way around the website and once you find the loans that you like then invest in them. to be fair on SS the team do a really good job of making sure all the loans are good. also remember to diversify, not just loans but in time also platforms and loan types.

Dan83

What does drawdown mean on saving stream?

nushnush

Dan83 wrote: »

What does drawdown mean on saving stream?

it means that the money has been released to the borrower, loans can go live and interest be paid before the borrower receives the cash so before drawdown.

Broken_Biscuits

Turtle wrote: »

Am considering putting some money into Saving Stream, probably starting with £100 (minimum you can do) then once I see it works how I think it does, increasing the amount.

The reviews I've seen look quite good, other than a few gripes about only really being about to correspond with them via email. Anyone got any experience with them they'd like to share?

Thanks in advance.

If you havnt found the new users post SS faq- that's a good start over on p2p independent forum.

You don't need £100 to invest. The minimum you can prefund is £100. You could prefund and immediately sell all or up to 99.99. You could buy a penny's worth (or more) on the secondary market.

You actually don't need any money at first to invest. You bid, and then have 2 days to correct your negative balance.

Read the FAQ. It will cover pretty much everything. That's the reason it was written.

Turtle

Broken_Biscuits wrote: »

If you havnt found the new users post SS faq- that's a good start over on p2p independent forum.

You don't need £100 to invest. The minimum you can prefund is £100. You could prefund and immediately sell all or up to 99.99. You could buy a penny's worth (or more) on the secondary market.

You actually don't need any money at first to invest. You bid, and then have 2 days to correct your negative balance.

Read the FAQ. It will cover pretty much everything. That's the reason it was written.

Thanks I have read that whole beginner's thread more than once and the FAQ section a number of times. When you're brand new to it though it doesn't tell you everything, I still had lots of questions. It's a vicious circle of needing a lot knowledge to be able to write them, but then as a result of that knowledge making assumptions you don't know you're making about other people's knowledge.

Anyway, I've read lots of stuff on there now and have picked up a lot of info, I know more what's going on than I did a few days ago but still very much a beginner and will learn as I go along.

nushnush

Turtle wrote: »

Thanks I have read that whole beginner's thread more than once and the FAQ section a number of times. When you're brand new to it though it doesn't tell you everything, I still had lots of questions. It's a vicious circle of needing a lot knowledge to be able to write them, but then as a result of that knowledge making assumptions you don't know you're making about other people's knowledge.

Anyway, I've read lots of stuff on there now and have picked up a lot of info, I know more what's going on than I did a few days ago but still very much a beginner and will learn as I go along.

just ask on here or on the p2p forum.

melbury

Turtle wrote: »

Thanks I have read that whole beginner's thread more than once and the FAQ section a number of times. When you're brand new to it though it doesn't tell you everything, I still had lots of questions. It's a vicious circle of needing a lot knowledge to be able to write them, but then as a result of that knowledge making assumptions you don't know you're making about other people's knowledge.

Anyway, I've read lots of stuff on there now and have picked up a lot of info, I know more what's going on than I did a few days ago but still very much a beginner and will learn as I go along.

Me too, I couldn't get my head around what order to do things in.

Think I will go ahead and open an account and then just keep looking for something to invest in before putting money in place.

Have to admit that I am not too sure about the tabs Available Loans, Live Loans and Pipeline Loans. Is it only Available Loans that I can put money into now? and are Pipeline Loans projects that are coming online in the future? With Live Loans, presumably I wouldn't be able to invest in those because they are up and running.