unmadem
Member of DD Central
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Post by unmadem on Sept 21, 2014 10:57:57 GMT
Almost as irritating as seeing my words put into j's mouth!  Aye that would be irritating. Apologies to both you and j.
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Sept 21, 2014 13:05:05 GMT
Almost as irritating as seeing my words put into j's mouth! Penguins are very misunderstood... You took the words right out of my mouth....lol
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
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Post by j on Sept 21, 2014 13:05:41 GMT
Almost as irritating as seeing my words put into j's mouth! I'd rather much prefer fish fingers in my mouth!
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shimself
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Post by shimself on Sept 21, 2014 13:46:02 GMT
I signed up for shadow bids a few weks ago. The first I knew that you wanted the cash was when I scrolled down my account page and found a message (don't you send emails?) And you asked me to send cash to settle a shadow bid where the loan hasn't even filled yet. I thought the whoe idea was not to tie cas up on potentially unsuccesful loan requests (or is it this the FCA cleared funds regulation scuppering the shadow bid concept ?) The site doesn't know when a loan will be drawing down. It just lists unsettled shadow bids. You get an email from the site when the admin team require you to settle specific shadow bids. It doesn't "just list" unsettled shadow bids. It specifically says You have shadow bids due for settlement...
Please settle the shadow bids due from the shadow bids section below.Then the buttons alongside each shadow bid are labelled settle now I don't think any other button has the word NOW included. Could you just change the wording please to something less alarming?
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shimself
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Post by shimself on Sept 21, 2014 13:53:46 GMT
Who can we write to at the FCA to explain to them why they should rethink? Actually who can we invite from the FCA to participate here (in true ask-the-people spirit) before coming up with rules that don't help? Thing is from a regulators point of view the new rules make perfect sense. They're specifically to stop a situation where in the event of a platform failure or 3rd party clearing system failure that causes the client money account to be frozen, that lender's funds are protected. Let's take an example without insisting on cleared funds. A loan is posted on our site, lender A deposits cash via GoCardless, and they then use that cash to buy a loan unit from lender B. If lender B then withdraws the cash released from that sale before lender A's cash clears then at that point in time technically it isn't lender A's cash that's being withdrawn from the site. If the account is frozen or there is a chargeback on the GoCardless transaction then in effect those funds will have come from other lender's allocated cash. The FCA's rules are trying to protect against that shortfall to make sure that lender's funds are always correctly allocated, segregated, and looked after. There are various ideas for working around this that I'm sure all the platforms will be working on, but as I understand it there's no way to know which of those ideas and systems will be acceptable to the FCA until after they question it, complain, or worse. As such we've gone for a by the book interpretation now, will be making changes within 2 weeks to address the workflow of the site to minimise the pain for lenders, and have mid term plans to add new methods of depositing cash with much faster clearance. Thanks for the explanation - but still maybe Andrew or someone could ask the FCA to join the site; I do understand that at first this will give them a fit of the vapours and Sir Humphrey will need new underpants, but still. Or (second best) get Elljay or Wiseclerk or someone onto the panel (you know, stakeholders). Just keep saying PEOPLE 2 PEOPLE, not just westminster and the city.It's not in your job spec Chris, but you must know someone who knows someone ....
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Post by Ton ⓉⓞⓃ on Sept 21, 2014 16:09:57 GMT
I think they might've just changed it for you shimself ... Now I see what you mean, I'm so used to seeing it... but you're right it's confusing. At the top of the screen you have  then further down it says 
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unmadem
Member of DD Central
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Post by unmadem on Sept 21, 2014 19:16:33 GMT
The site doesn't know when a loan will be drawing down. It just lists unsettled shadow bids. You get an email from the site when the admin team require you to settle specific shadow bids. It doesn't "just list" unsettled shadow bids. It specifically says You have shadow bids due for settlement...
Please settle the shadow bids due from the shadow bids section below.Then the buttons alongside each shadow bid are labelled settle now I don't think any other button has the word NOW included. Could you just change the wording please to something less alarming? I too was confused by this when I got shadow account. Raised it with chris way back in July. Now I bet all the regulars can guess what the answer was ..... yes , it is sorted out in the new system.  Suspect he didn't expect the launch to be so far in the future though.
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mikes1531
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Post by mikes1531 on Sept 22, 2014 3:41:18 GMT
Almost as irritating as seeing my words put into j's mouth! I'd rather much prefer fish fingers in my mouth! Fish have fingers? I thought they had fins! 
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oldgrumpy
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Post by oldgrumpy on Sept 22, 2014 7:18:45 GMT
j likes fish fins braised in a ginger sauce. That's why they are then called fish f ingers, or in his case finjers. 
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Post by Ton ⓉⓞⓃ on Sept 22, 2014 7:36:01 GMT
j likes fish fins braised in a ginger sauce. That's why they are then called fish f ingers, or in his case finjers. f ingers, or in his case finjersI think j has a new nickname.
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
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Post by j on Sept 22, 2014 8:29:52 GMT
j likes fish fins braised in a ginger sauce. That's why they are then called fish f ingers, or in his case finjers. You say potatoe I say potato, you say tomatoe I say tomato, let's call the whole thing off...lol 
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
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Post by j on Sept 22, 2014 8:30:51 GMT
j likes fish fins braised in a ginger sauce. That's why they are then called fish f ingers, or in his case finjers. f ingers, or in his case finjersI think j has a new nickname. I like it
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Sept 22, 2014 9:44:27 GMT
Indeed, and you have to go through all your auto invest mandates and turn them all off so the cash can just sit there. :-(. Hmmm. This isn't going to work at all is it? If you want AI to work for you, you can't hold any cash. I do seem to recall mention of the new system having different pots of money though, which would resolve it. i.e. a pot that's held for AI, one that's held for manual intervention, one that's held for something else etc. I think it was just alluded to, or postulated, but it would seem to be the only way that it's going to work at all in this situation.
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Post by chris on Sept 22, 2014 9:54:00 GMT
Indeed, and you have to go through all your auto invest mandates and turn them all off so the cash can just sit there. :-(. Hmmm. This isn't going to work at all is it? If you want AI to work for you, you can't hold any cash. I do seem to recall mention of the new system having different pots of money though, which would resolve it. i.e. a pot that's held for AI, one that's held for manual intervention, one that's held for something else etc. I think it was just alluded to, or postulated, but it would seem to be the only way that it's going to work at all in this situation. That's how it's implemented in the new site.
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oldgrumpy
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Post by oldgrumpy on Sept 22, 2014 10:02:33 GMT
Indeed, and you have to go through all your auto invest mandates and turn them all off so the cash can just sit there. :-(
I've had to turn all my AI off completely to prevent money meant for W London Prop (which may be drawn down early this week ... or not) being gobbled up elsewhere while waiting for a bank transfer to appear tomorrow to top up before manually settling the shadow bid. I've done as advised. Sent an email to Dominic to state the money is in the client account.
edit - cross posted with chris.
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Suspect he didn't expect the launch to be so far in the future though.
