archie
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Post by archie on Jul 18, 2019 7:54:51 GMT
I suspect the capitalisation of the interest might look as though ISA accounts have been over funded. Pure guess.
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Post by muttley916 on Jul 18, 2019 7:57:55 GMT
The communication strategy of silence until something happens doesn't work for me.
Regular updates please.
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n
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Yet another Nick
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Post by n on Jul 18, 2019 9:44:35 GMT
Just looked at my IFISA allowance and it has just changed to the correct number, so things are looking up.
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withnell
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Post by withnell on Jul 18, 2019 9:45:56 GMT
I suspect the capitalisation of the interest might look as though ISA accounts have been over funded. Pure guess. Pretty sure this is the case - my ISA account "allowance left" doesn't agree to 20k less what I've deposited this year EDIT: Crossed with n - having checked my balances I also now balance, so hopefully resolution is on the horizon!
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ped
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Post by ped on Jul 28, 2019 21:41:55 GMT
ablrate is the payment due yesterday for 105 held up because of the technical issues you are facing, or is the payment not received on time from the borrower? We are still working through the technicalities but I understand that good progress was made between our devs and goji ablrate Any chance this we'll be sorted soon? Too many weeks have passed for me to count.
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brush
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Post by brush on Jul 31, 2019 17:03:47 GMT
Question:
Which platform gives you the best statistics page?
Rather you sort out interest payments on these loans before i give you a tick up for the above question.
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Post by ladywhitenap on Jul 31, 2019 17:25:28 GMT
This issue has been going on for an intolerable length of time and can only be a question of sorting out some simple arithmetic rules and implementing those rules at both ends of the ISA system and running some tests. This has to be the top software priority over all other enhancements now.
LW
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eeyore
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Post by eeyore on Jul 31, 2019 18:15:49 GMT
And if it really is that the "problem" is solely in the ISA accounts, think how annoyed those of us who have these loans in a NON-ISA account are becoming!
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Post by ladywhitenap on Jul 31, 2019 18:28:59 GMT
And if it really is that the "problem" is solely in the ISA accounts, think how annoyed those of us who have these loans in a NON-ISA account are becoming! Agreed. I'm in both camps. It maybe that the solution involves presenting the recapitalising in a different way and so impacts on both ISA and Non-ISA accounts but whatever the solution is, JFDI*! LW * look that one up if you need to
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Post by oktaeder on Jul 31, 2019 19:46:28 GMT
And if it really is that the "problem" is solely in the ISA accounts, think how annoyed those of us who have these loans in a NON-ISA account are becoming! Yep. I don't care about ISA too. But I would like to get rid of some pounds more before BoJo brings the parity to Euro.
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tommo
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Post by tommo on Jul 31, 2019 21:22:52 GMT
Agreed. I'm a big supporter of Ablrate and have invested in their funding raise..... But this is grinding my patience.
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squid
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Post by squid on Aug 1, 2019 9:04:13 GMT
ablrate - please remember your responsibility under the FCA rules regarding treating customers fairly, and the information needs of clients. In this case customers and clients are lenders. I am not convinced that the rules are being adequately followed in the case of these loans, and I am sure you would not wish to receive complaints.
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Post by muttley916 on Aug 1, 2019 9:38:48 GMT
The communication strategy of silence until something happens doesn't work for me.
Regular updates please.
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Post by ablrate on Aug 1, 2019 9:43:56 GMT
There is an announcement in the next few days.
I would say, however, that some need to temper their language. It would be very easy for us to take the least stressful, less expensive, easiest path and do what it appears (from threads here) a number of other platforms do... spend no money or effort on the recovery process and just say 'oh well, these things happen' leave it to the administrators and move one. That maybe experienced elsewhere, but its not what we do here, we take our responsibility to lenders very seriously. The process of recovery, and managing recoveries take many twists and turns. We can never say that recovery is always possible, your capital is at risk as it says everywhere on the platform, but we do put in the effort to get stuff done and get the best result we can for lenders... that is never, ever, going to be a smooth process. If you think it is then you should seriously think about whether this market is appropriate for you. The new appropriateness test that we are building into the system will be making that very clear.
We appreciate that from the outside technical issues never seem a big deal to solve and we have received many 'how hard can it be' emails! Our system is bespoke, we designed it and we continued to develop it. When something like increasing a loan size comes in it is not simply a case of tweaking a bit of math and away all boats. Feedback on here was 'how are we going to know what happened?', 'how hard can it be' to have an entry into the financial history... turns out 'quite hard' but we did it. How hard can it be' to deal with the knock on effects on the tax statement, reporting, reconciliation, agreement system, administration etc... pretty tough as it goes, but its done.
Don't get me wrong... we thrive on your feedback, we always have, it pushes us to do better. When people start questioning our ethics and whether we are living up to our responsibilities, it take things a little too far.
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blender
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Post by blender on Aug 1, 2019 10:17:39 GMT
There is an announcement in the next few days. I would say, however, that some need to temper their language. It would be very easy for us to take the least stressful, less expensive, easiest path and do what it appears (from threads here) a number of other platforms do... spend no money or effort on the recovery process and just say 'oh well, these things happen' leave it to the administrators and move one. That maybe experienced elsewhere, but its not what we do here, we take our responsibility to lenders very seriously. The process of recovery, and managing recoveries take many twists and turns. We can never say that recovery is always possible, your capital is at risk as it says everywhere on the platform, but we do put in the effort to get stuff done and get the best result we can for lenders... that is never, ever, going to be a smooth process. If you think it is then you should seriously think about whether this market is appropriate for you. The new appropriateness test that we are building into the system will be making that very clear. We appreciate that from the outside technical issues never seem a big deal to solve and we have received many 'how hard can it be' emails! Our system is bespoke, we designed it and we continued to develop it. When something like increasing a loan size comes in it is not simply a case of tweaking a bit of math and away all boats. Feedback on here was 'how are we going to know what happened?', 'how hard can it be' to have an entry into the financial history... turns out 'quite hard' but we did it. How hard can it be' to deal with the knock on effects on the tax statement, reporting, reconciliation, agreement system, administration etc... pretty tough as it goes, but its done. Don't get me wrong... we thrive on your feedback, we always have, it pushes us to do better. When people start questioning our ethics and whether we are living up to our responsibilities, it take things a little too far. I agree entirely with what you say about taking responsibilities seriously; that has been demonstrated many times. However, I do not think that the platform ever really had the option to leave the loans in the thread title, and many others, to the administrators. The platform is not large enough nor the loans/borrowers numerous and independent enough to be able to just default and walk away. The work on 'recoveries' is an essential part of the model, imo, which is a good thing. I think that here, to a large extent, lenders, the platform and the borrowers are all in it together. Except that the lenders have the SM.
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