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Post by ladywhitenap on Jan 6, 2018 22:41:02 GMT
Could do with a bit of button pushing on 57, 76 & 87 to name but 3 Ok it is Saturday night lol
LW
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blender
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Post by blender on Jan 6, 2018 23:01:07 GMT
Could do with a bit of button pushing on 57, 76 & 87 to name but 3 Ok it is Saturday night lol LW Doesn't matter what day of the week it is. Other platforms manage to credit the payments on the contractual date. It makes the borrowers look late, and the platform look a bit amateurish. Still, there's an hour left during which I could have to eat these words.
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Post by investorman on Jan 7, 2018 14:36:26 GMT
Still nothing, must have been a heavy night. They usually come through early the next day if they are late for recreational reasons.
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Post by ladywhitenap on Jan 7, 2018 17:02:31 GMT
Still nothing, must have been a heavy night. They usually come through early the next day if they are late for recreational reasons. Agreed! I'll have another two to add to the list this evening. 41 and 89. Surely these payments should not be a manual process for a platform the size of ABL? It can't be difficult for software to interrogate the bank to see if a borrowers payment has arrived and then invoke an automatic credit to all lenders. LW ablrate
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ilmoro
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Post by ilmoro on Jan 7, 2018 18:03:14 GMT
Thought they said they were only making payments on working days going forward. I suspect a lot harder to interrogate bank as would need intergrated secure API which isnt cheap.
AC are worse, significant backlog over holiday period & they have bank API (not for borrower payments though I suspect).
How many platforms where the payment is being made by the borrower ie not MT, LY or Col, make it on the exact due date
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marka
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Post by marka on Jan 7, 2018 18:13:58 GMT
Thought they said they were only making payments on working days going forward. I suspect a lot harder to interrogate bank as would need intergrated secure API which isnt cheap. AC are worse, significant backlog over holiday period & they have bank API (not for borrower payments though I suspect). How many platforms where the payment is being made by the borrower ie not MT, LY or Col, make it on the exact due date If they did say that (I assume you mean on here over the last few days as I don't recall it being mentioned in an email, and we got a payment from 1000078 as per schedule last Sunday), then it should be formally communicated to lenders and the "All Upcoming Payments" page should reflect the actual payment dates not the due ones.
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treeman
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Post by treeman on Jan 7, 2018 19:24:04 GMT
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ilmoro
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Post by ilmoro on Jan 7, 2018 19:27:09 GMT
Thought they said they were only making payments on working days going forward. I suspect a lot harder to interrogate bank as would need intergrated secure API which isnt cheap. AC are worse, significant backlog over holiday period & they have bank API (not for borrower payments though I suspect). How many platforms where the payment is being made by the borrower ie not MT, LY or Col, make it on the exact due date If they did say that (I assume you mean on here over the last few days as I don't recall it being mentioned in an email, and we got a payment from 1000078 as per schedule last Sunday), then it should be formally communicated to lenders and the "All Upcoming Payments" page should reflect the actual payment dates not the due ones. Not sure where I got the working days thing from exactly, though Stevet makes the same point earlier in this thread. Point 3 in the faq on interest payments refers to payments due over the weekend. crossed with treeman who found the actual post which is refering to the faq I referenced
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blender
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Post by blender on Jan 7, 2018 20:19:50 GMT
That (treeman post)was back in April and refers to the date of payment by the borrowers, and that Ablrate must have the payment in the bank before they can credit the lenders. It may be that Ablrate have not received the payments for 6th by 5th and therefore cannot credit us until they receive the payment on 8th. However, this is p2p and the repayment is not complete until the lenders have had it credited - which should on the due date. FC, for example, requires payment a few days before to allow for things such as weekends, and pays normally through weekends without human intervention. This is the twenty first century?
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gibmike
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Post by gibmike on Jan 7, 2018 20:28:05 GMT
I am missing a fair few:
1000076 06/01/2018 1000057 06/01/2018 1000087 06/01/2018 1000089 07/01/2018 1000079 07/01/2018 1000041 07/01/2018
Not overly concerned as the loan I am reinvesting in is moving as fast as I am in the gym after too much Christmas Turkey...
Regards,
Mike
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ilmoro
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Post by ilmoro on Jan 7, 2018 20:47:36 GMT
That (treeman post)was back in April and refers to the date of payment by the borrowers, and that Ablrate must have the payment in the bank before they can credit the lenders. It may be that Ablrate have not received the payments for 6th by 5th and therefore cannot credit us until they receive the payment on 8th. However, this is p2p and the repayment is not complete until the lenders have had it credited - which should on the due date. FC, for example, requires payment a few days before to allow for things such as weekends, and pays normally through weekends without human intervention. This is the twenty first century? Is it? Nobody seems to have told the banks who, other than FP, dont do anything on non-working days, (does everybody email their bank every time there interest isnt paid on the due date?) and P2P has to work within the prevailing financial structure. However, I take your point that platforms should ensure that the payment is made in sufficient time to allow it be credited to lenders on the indicated due date. Great if FC do, (only got defaults left but dont remember them being that punctual when I was an active lender a few years back) and struggle to think of any other platform that pays on time where the borrower is paying.
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Post by dan1 on Jan 7, 2018 20:59:44 GMT
P2P, particularly high rate stuff, is all about confidence and this repeated issue does ABL no favours. Personally, I'm not concerned but perhaps only because of the engagement by ABL on this forum - come to think of it I probably would be invested if it were not for those words and this very thread. But take your average punter, registers on the site and takes a look at the repayment tabs - you what, buy into a loan at a premium to a borrower who repeatedly doesn't pay on time? To exacerbate the issue, it's now been ported to Huddle Capital who again have to come to this forum to explain the situation. It's all a bit needless, it's not like the frustrations on some of the overdue loan threads (Lendy, FC, FS come to mind) where there is obviously real tension between borrower->platform->lender but this ABL issue is an system / IT issue.
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blender
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Post by blender on Jan 7, 2018 21:05:01 GMT
Perhaps I've been spoiled. Currently my only other platform is FC, and they have been paying on the due date, weekends and bank holidays, for the 5.5 years I have held an account. They have trouble at the end of short months, bringing payments forward. My point is that the payment has been made when the lender has the credit, and systems should be designed around the requirement to make that credit on the contracted date. Also it is curious not to know if the payment has not been credited because the payment has not been received in time, or because some human, master or minion, has not pressed a button.
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Balder
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Post by Balder on Jan 8, 2018 9:52:24 GMT
ablrate nearly 10am Monday morning wakey wakey......
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garfield
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Post by garfield on Jan 8, 2018 9:59:55 GMT
ablrate nearly 10am Monday morning wakey wakey...... Perhaps it has something to do with the launch of the new site? In which case they'll have been hard at it testing over the weekend. Let's give them a chance...
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