shimself
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Post by shimself on May 25, 2016 21:24:55 GMT
Thanks James. It would be too unwieldy to quote all that so:
True they prob would help, I agree ABL are good like that What is in the lender terms, that they might grant extensions if they think it's a good idea? - ok fair enough, but it's more limited than that, see 6.6 6.7 below Nothing less than a year seems like an oversight but thanks for the pointer I don't see SS as an example to be followed. Anyway 12 is their number and the number is 12, they can't do any other numbers.
6.7 We will notify you of our intentions to amend the loan agreements not less than 1 week before making such arrangements, but will seek to have agreement with all lenders before such an action, however, if a quorum cannot be reached Ablrate will have absolute discretion to act in what we believe is in the best interest of all Lenders They haven't managed the 1 week in fact. They don't seem to be assembling a quorum to date.
6.6 may agree with the borrower to restructure the loan and amend the Loan Contract in any of the following (limited) ways: (1 2 3 years) This seems badly drafted in that in my reading it specifically precludes extensions of other than 1 2 or 3 years. In our case we are imagining a few months I think.
Notably the T&Cs were amended 5 days ago! I have asked what the change was.
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james
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Post by james on May 26, 2016 2:54:58 GMT
6.7 is for changes of one, two or three years, so not applicable to this situation.
SavingStream's approach recognises the reality of the businesses their loans are for and that delays are a normal fact of life in that area. Same can be expected in a range of other areas, including the one for this loan. It's something of a trade-off since Ablrate have written that they won't allow early loan exits without protecting the returns of those who have bought on the secondary market. That naturally means that there's going to be some reluctance to ask for longer than thought reasonably likely for an initial loan term, since the borrower is somewhat locked in to paying for the loan anyway.
MoneyThing approaches this rather differently with a new loan for the extra term and opt in/out choice. In practice opting in is the usual result for almost all of the money there.
In this situation the previous secondary market buyers at a premium will end up with a higher yield than they thought they would get at the time of their purchase, so they win unless they need the money back.
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shimself
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Post by shimself on May 26, 2016 9:43:25 GMT
Just to say the T&C changes were 7.7 & 7.8 to do with SM transactions, not therefore relevant to this discussion
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stevio
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Post by stevio on May 28, 2016 14:34:25 GMT
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Post by ladywhitenap on May 29, 2016 21:02:57 GMT
Just had two emails saying this loan has repaid 0.00 and interest 0.00
Ok this is possibly to do with it being extended BUT
It has also disappeared off my loans list on the dashboards etc??
Puzzled??
LW
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johnfleet
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Post by johnfleet on May 29, 2016 21:10:45 GMT
ditto - £24K has just...... vanished!
I have no idea what they are playing at - after all the hoo ha about the loan being extended for 2 months and now this.
Not very clever is it?
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Balder
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Post by Balder on May 29, 2016 21:13:55 GMT
Whoever looks after IT should understand how their system works and how to make changes without causing these issues, not impressed!!
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TitoPuente
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Post by TitoPuente on May 29, 2016 21:15:07 GMT
Yes, not impressed.
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Post by ladywhitenap on May 29, 2016 21:18:26 GMT
Agreed! it either needs to show up as a prospective loan of duration 2 months or needs to be on my current loans list at the original value.
Possibly not going to get resolved until Tuesday now but it is a bit concerning. The only record of my investment now is the transaction history back in February.
That is a "could do better" for Andy & the team.
LW
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hazellend
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Post by hazellend on May 29, 2016 21:25:54 GMT
checking here to find out if anybody knows *** is going on with this loan? Has it been repaid all of a sudden or is it still extended? I am missing 5k at the moment!
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Post by ablrate on May 29, 2016 21:29:32 GMT
Hi
Just about to send out an email. I have to say that I am exasperated with our developers, Geeks, on this one. We thoroughly tested all scenarios on this one and something is reacting on live differently to how it acted on our UAT system. We are on it and will get it sorted as soon as possible. All records, of course, are intact so it won't be an issue to fix it.
Please accept my apologies on this, we will get it done soonest.
Ablrate
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registerme
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Post by registerme on May 29, 2016 22:32:40 GMT
Hi Just about to send out an email. I have to say that I am exasperated with our developers, Geeks, on this one. We thoroughly tested all scenarios on this one and something is reacting on live differently to how it acted on our UAT system. We are on it and will get it sorted as soon as possible. All records, of course, are intact so it won't be an issue to fix it. Please accept my apologies on this, we will get it done soonest. Ablrate The fact that it has happened is disappointing, but well done for the rapid, clear, communication.
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blender
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Post by blender on May 30, 2016 7:48:27 GMT
Yes, this is an unusual situation, not the expected repayment, and personally I can understand a delay. If you wish to see a real mess with late completions see FC property loans, where they cannot even distribute the interest they held from the start of the loan. However, may I suggest that it is not good policy for a customer service business to blame its suppliers (developers) in public, even if well deserved. Better to take total responsibility rather than handing off blame. They are not in a position to defend themselves and software development contracts are notoriously difficult to pin down. You have to get on with developers or change them. They might be justified in giving their side of the story on this board, and that would not be good for the future relationship. (OK I did say a while back that you must have engaged Geckos by mistake, but I'm a customer and they are always right even when they contradict themselves.)
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Post by ablrate on May 30, 2016 11:08:03 GMT
Hi Blender
We do accept responsibility, and are in the process of replacing them with our own developers. I won't comment any further on the developers other than to say we realise that this kind of error is utterly unaceptable and are making steps to make sure that we are not exposed to this again.
Regards Ablrate
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shimself
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Post by shimself on May 30, 2016 14:53:07 GMT
Hi Blender We do accept responsibility, and are in the process of replacing them with our own developers. I won't comment any further on the developers other than to say we realise that this kind of error is utterly unaceptable and are making steps to make sure that we are not exposed to this again. Regards Ablrate Would this be a third development team?
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