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Post by justinw on Nov 18, 2019 21:28:32 GMT
I know we are all in the poo on FS, so I'm not really expecting any sympathy here! but I wonder if anyone else is in the same boat, up the same creek...
I listed all my loans on the secondary market in April, and some of them sold.
But other loan parts were flagged as Processing, and therefore unsellable.
This was because FC had tried to take repayments for them on a Bank Holiday Monday, which failed, because, er, the banks were on holiday?
As a result, the loan parts were flagged as Processing, even though by the time they were supposed to be sold they were back on schedule.
I know. It would beggar belief elsewhere, but it is pretty standard incompetence for them.
So they dumped out my loans, and I had to relist them on the 17th of June.
Where they remain today; less, of course those that have defaulted since then. They wouldn't bump them up the queue. They've offered me £25.
I've lodged a formal complaint with the Financial Ombudsman on the basis of incompetence and intransigence. Not sure where that will go.
Anyone else in the same boat?
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Stonk
Stonking
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Post by Stonk on Nov 18, 2019 22:16:59 GMT
I know we are all in the poo on FS, so I'm not really expecting any sympathy here! but I wonder if anyone else is in the same boat, up the same creek... I listed all my loans on the secondary market in April, and some of them sold. But other loan parts were flagged as Processing, and therefore unsellable. This was because FC had tried to take repayments for them on a Bank Holiday Monday, which failed, because, er, the banks were on holiday? As a result, the loan parts were flagged as Processing, even though by the time they were supposed to be sold they were back on schedule. I know. It would beggar belief elsewhere, but it is pretty standard incompetence for them. So they dumped out my loans, and I had to relist them on the 17th of June. Where they remain today; less, of course those that have defaulted since then. They wouldn't bump them up the queue. They've offered me £25. I've lodged a formal complaint with the Financial Ombudsman on the basis of incompetence and intransigence. Not sure where that will go. Anyone else in the same boat?
I doubt you will be able to sufficiently explain the subtleties of the situation to the Ombudsman. I don't even think FC understand it themselves, or at least they publicly pretend not to. Suffice to say, it's related to bank holidays but it is not quite as simple as "because they tried to take payment on a bank holiday". Some payments do arrive correctly on bank holidays, and conversely a bank holiday also messes up payments for several following days which are not bank holidays.
Mind you, if you go with your argument and FC cannot adequately dispute it (which may be the case, because their public explanations of this "feature" have never yet admitted the real cause), then I guess you might win something.
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blender
Member of DD Central
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Post by blender on Nov 18, 2019 22:45:34 GMT
We get payments credited to our account on bank holidays but that is not a bank transaction. The problem is that they take the bank payment some days before they are due to credit us, but with bank holidays and short months sometimes they just do not have the cash collected in time for the due date, or they cannot catch up with all the transactions in the time each day to make the repayments. February is a problem because all loans due to pay on 28, 29, 30 and 31 of each month have to be paid on 28 Feb. Even if they collect all the cash in time, they still do not complete the repayment run, which involves a third party client account system, in the time available. The £25 sounds like the best bet, but you can go for the full pound of flesh.
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Stonk
Stonking
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Post by Stonk on Nov 19, 2019 9:25:43 GMT
It isn't that FC processing is slow. That's one problem that I have never seen with FC's IT systems! Unlike RS, FC's payment run is almost always completed by early morning.
It is true that FC may in some cases have the money before it is credited to us. Otherwise we would not receive payments at weekends: for those, FC probably arrange to take the DD on the Friday. You might expect they could make the same allowance for bank holidays, but no.
The fundamental problem is that the process of requesting the DD begins several *banking* days ahead of it being paid (to FC) -- 5 days, they always used to say -- but FC's algorithm for determining when to start this process does not correctly allow for the possibility that those 5 days may include a bank holiday or an end-of-February. If it does include one of those, then the request has not been in the system for enough banking days by the time of the payment date, and it gets paid the following day instead. That's why 1 bank holiday affects several days of payments.
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