blender
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Post by blender on Aug 5, 2016 7:57:46 GMT
I am pleased that some folk have been kept up to date, however, I haven't and I am reducing my holdings in ABL. I agree that Ablrate should have given some information to non-holders - you will find some posts from me complaining about it. However, if I withdrew from Ablrate, particularly when holders of containers are very pleased with actions, then I think I would be would be punishing myself. Lets have a general update soon, please, Ablrate.
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Steerpike
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Post by Steerpike on Aug 5, 2016 8:07:12 GMT
I am pleased that some folk have been kept up to date, however, I haven't and I am reducing my holdings in ABL. I agree that Ablrate should have given some information to non-holders - you will find some posts from me complaining about it. However, if I withdrew from Ablrate, particularly when holders of containers are very pleased with actions, then I think I would be would be punishing myself. Lets have a general update soon, please, Ablrate.
I have funds in this loan.
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blender
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Post by blender on Aug 5, 2016 8:14:59 GMT
I agree that Ablrate should have given some information to non-holders - you will find some posts from me complaining about it. However, if I withdrew from Ablrate, particularly when holders of containers are very pleased with actions, then I think I would be would be punishing myself. Lets have a general update soon, please, Ablrate.
I have funds in this loan. Sorry, misunderstood and did not remember earlier page posts. I am sure that it is nothing personal and just a limited resource at a very busy time. However, good communications are essential to success here.
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Steerpike
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Post by Steerpike on Aug 5, 2016 8:35:44 GMT
I have funds in this loan. Sorry, misunderstood and did not remember earlier page posts. I am sure that it is nothing personal and just a limited resource at a very busy time. However, good communications are essential to success here. Agreed. For me, evidence of process failure under strain leads to decreased confidence.
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Post by ablrate on Aug 5, 2016 9:09:26 GMT
I am pleased that some folk have been kept up to date, however, I haven't and I am reducing my holdings in ABL. I agree that Ablrate should have given some information to non-holders - you will find some posts from me complaining about it. However, if I withdrew from Ablrate, particularly when holders of containers are very pleased with actions, then I think I would be would be punishing myself. Lets have a general update soon, please, Ablrate.
Hi Guys We have been thinking hard about this. There are several issues around giving information to those not in the loan. We have an obligation to those within the loan to have clear communication and robust action, but we also have an obligation to the borrower under law (and regulation I might add) to be 'reasonable' and that would include a reasonable approach to whom we inform of the issues. Having said that, I am minded to believe that our obligations under the FCA for 'treating customers fairly' extends, in this case, to all members of the platforms in that knowledge of how we approached this default could be seen as material to their use of the platform. In that case I will prepare a general update to all members of the platform. Regards Ablrate
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goopy
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Post by goopy on Aug 5, 2016 9:16:59 GMT
A general update would be much appreciated by me. Although there is positive vibes about the way you are handling the case, being left totally in the dark is a little unnerving.
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Post by ablrate on Aug 5, 2016 9:20:00 GMT
Sorry, misunderstood and did not remember earlier page posts. I am sure that it is nothing personal and just a limited resource at a very busy time. However, good communications are essential to success here. Agreed. For me, evidence of process failure under strain leads to decreased confidence. Hi Steerpike I have taken the liberty to have a look at the email string, assuming your username on the system is the same. After comment in the very early days of the platform on delivery of emails, we moved to a Google based system (for security), layered that with Virtru for encryption on sensitive mails, and routed all system mails through a third party which allows us to monitor delivery and processing of mails. In your case we are receiving a 'Bounce' from your server. This can be aggressive settings on filters or, more likely, a change in the ISPs' spam filter. This has affected blueyonder, talktalk, virgin and others, most of which are now fixed. We note your ISP and have made a report. I have made a note of your mail and will send an update directly from the info account on the next one in case our third party gateway hasn't fixed the issue beforehand. Regards Ablrate
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Steerpike
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Post by Steerpike on Aug 5, 2016 10:07:21 GMT
Agreed. For me, evidence of process failure under strain leads to decreased confidence. Hi Steerpike I have taken the liberty to have a look at the email string, assuming your username on the system is the same. After comment in the very early days of the platform on delivery of emails, we moved to a Google based system (for security), layered that with Virtru for encryption on sensitive mails, and routed all system mails through a third party which allows us to monitor delivery and processing of mails. In your case we are receiving a 'Bounce' from your server. This can be aggressive settings on filters or, more likely, a change in the ISPs' spam filter. This has affected blueyonder, talktalk, virgin and others, most of which are now fixed. We note your ISP and have made a report. I have made a note of your mail and will send an update directly from the info account on the next one in case our third party gateway hasn't fixed the issue beforehand. Regards Ablrate Thank you. As previously noted, I receive new loan and other update emails from various ABLrate email addresses, I have ISP spam filtering turned off, and experience no problems with emails (being blocked/bounced) from other respondents. From my perspective, it appears that the problem is unique to ABLrate and has affected only emails relating to this loan. Presumably there is something in these particular emails that triggers a spam filter that is not under user control.
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pom
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Post by pom on Aug 5, 2016 10:11:15 GMT
As a holder of this loan who has had no email problems naturally I am extremely pleased both with the timeliness of the updates and their contents. I'd like to think that if I wasn't in this loan it would be enough for me that it is clear those that are in the loan aren't being fobbed off with the dreaded "ongoing" type updates other platforms specialise in and that actually all I would really need to know would be the end result, that it was pursued aggressively (with a minimal factual summary of the steps taken) and that after x amount of time all investors got y% back (where y will hopefully be 100% of all capital and interest ). Yeah I might miss out on some of the more exciting gossipy rubbernecker stuff as it unfolds but I wouldn't actually need to know that level of detail. But then maybe if I wasn't in this loan I'd be curious too
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registerme
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Post by registerme on Aug 5, 2016 10:34:40 GMT
It's true that platforms need to be careful with regard to the borrower because a) there is ongoing legal action and b) they have an obligation to treat customers fairly (and borrowers are customers too). How a platform approaches a default, particularly its first, can have a significant impact on how the platform is perceived and that in turn could have major ramifications for the platform (particularly small or new platforms). It's this that makes me think a general update, including reference to the defaulted container loans, is a good idea. I've been lucky. In the two years that I've been p2ping I've had about £200 of defaults on a six figure portfolio (I'm not naive enough to think that this figure will stay this low ). So my personal experience of defaults is limited, but having a reasonable overview of the sector, I think ablrate have set the gold standard in terms of approach and communication*. * an acknowledging nod in the direction of steerpike and possibly others who've had problems with emails from ablrate
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Aug 5, 2016 10:36:30 GMT
I am with Talktalk and have had issues in the past. As far as I know I am getting them all but if I was missing some how would I know? Mods do you think it is worth having a pinned thread where Abl can report each time they send out a group email? I realise that this problem might also affect other platforms but I have only recently seen it reported on this one.
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jjc
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Post by jjc on Aug 5, 2016 11:29:43 GMT
ablrate – I think Steerpike ’s problem may not be what you think. I too am an investor in the container Dec loan & didn’t receive the first email about it sent to lenders. After talking to ablrateandy I did receive (& am receiving) subsequent ones. It seems perhaps not all lenders were/are on all this loan's email mailing lists? Also mentioned to Andy was that as a non-lender I’d like to be able to see all Abl loans (even ones I’m not in that have been suspended from trading, as this is relevant to my investment view of the platform). Currently, non-lenders cannot do this (they can only see the full list of loans on the SM & if a loan is suspended/paused – big green tick – you cannot open it). It transpired, surprisingly, that this was a glitch that no-one had seemed to notice before & Andy said should be a quick fix. It’s still there, can we get some clever hands to resolve please? Another small glitch Andy said could be fixed quickly – having all SM loans on 1 page (instead of 2) – there’s not that many.. Less clicks & back & forwards always better! Thumbs up btw on the prompt & decisive actions taken on this loan :-) Just redacted the borrower name, changing it to "container" - RM
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Post by ablrate on Aug 5, 2016 15:38:46 GMT
ablrate – I think Steerpike ’s problem may not be what you think. I too am an investor in the container Dec loan & didn’t receive the first email about it sent to lenders. After talking to ablrateandy I did receive (& am receiving) subsequent ones. It seems perhaps not all lenders were/are on all this loan's email mailing lists? Also mentioned to Andy was that as a non-lender I’d like to be able to see all Abl loans (even ones I’m not in that have been suspended from trading, as this is relevant to my investment view of the platform). Currently, non-lenders cannot do this (they can only see the full list of loans on the SM & if a loan is suspended/paused – big green tick – you cannot open it). It transpired, surprisingly, that this was a glitch that no-one had seemed to notice before & Andy said should be a quick fix. It’s still there, can we get some clever hands to resolve please? Another small glitch Andy said could be fixed quickly – having all SM loans on 1 page (instead of 2) – there’s not that many.. Less clicks & back & forwards always better! Thumbs up btw on the prompt & decisive actions taken on this loan :-) Just redacted the borrower name, changing it to "container" - RM Hi On the mails, when someone inquires on not receiving the mail we check the list first. If its not on there it gets added manually. Then we check for unsubscribes, and finally we check the activity of that email address (i.e when process, delivered, bounced etc) and we fix it from there... often it is the ISP and we report and have to wait for a response from the provider. We are moving developers to a full time team. They have set up the bug fix reporting system, have updated the open items from the old developers and will be beginning work on fixes shortly. It will take tem a few weeks to get to grips with everything, but you should see rapid updates when they are ready. We will make the suggested updates sticky and go through all of the suggestions and see what we can get done quickly. Regards Ablrate
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registerme
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Post by registerme on Aug 5, 2016 16:37:03 GMT
registerme , a remarkable achievement on defaults, I am sitting with 13.33% on a four figure invested sum for my 29 months in P2X, all linked to one Portal [Not Ablrate], nil recoveries. To be more accurate, I am sure I have had some defaults on the likes of Zopa and Ratesetter, and have been shielded from them by the provision funds, but apart from the £200 mentioned the container loans on ablrate I am in are the first other defaults I've experienced. I am hopeful that we'll see prompt and effective recoveries on those. Believing that, long term, I can keep my personal default rate to <0.5% per annum is... unwise. So I don't.
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oldgrumpy
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Post by oldgrumpy on Aug 5, 2016 17:00:47 GMT
Good job you were not around in the era of Top Tier Lawyer, Crappus ap Scrappus, Death of Foul Air, Craepping, Wanglesey, Ips-twitch, Plumber man, Len's Hop Tickle, Bill's Printers, and that one with 10,000 pairs of jeans ..... and others. (Yes, I'm stuck in two of those for quite a lot, and four more for a lot less). ... or maybe you were, but just chose more selectively.
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