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Post by bracknellboy on Mar 26, 2017 8:07:24 GMT
I can't find a link to actually download copy as opposed to reading online.
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Post by GSV3MIaC on Mar 26, 2017 8:30:59 GMT
I'd like to add my 10 cents worth to the request for a SUMMARY of what the main changes are .. not a comma by comma text comparison, but something along the lines of "We have changed the way we handle defaults and ..' or whatever, so we can look most carefully at the bits we might be concerned about.
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Post by SophieThing on Mar 27, 2017 9:50:23 GMT
SophieThing Under the section Risk Acknowledgement there is the following: "You acknowledge that some lending activities through the Platform are authorised and regulated by the Financial Conduct Authority, whilst others are not. We do not treat regulated activities differently to non-regulated activities on the Platform." Can you please specify what is authorised and regulated by the FCA and what is not? Hi Ablender, The FCA do not regulate business to business loans. They are concerned with protecting individuals and so loans between businesses are outside of their remit. We operate a mixed platform, where we arrange loans between individual lenders and business borrowers (regulated) and business lenders and business borrowers (unregulated). As far as possible, we treat our business lenders the same as we treat our individual lenders. They can't of course make a compliant to the Financial Ombudsman like an individual since they are not regulated loans, however I think that is the main difference. As far as possible within the regulations we treat everyone the same. Kind regards Sophie
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Post by SophieThing on Mar 27, 2017 11:34:52 GMT
I can't find a link to actually download copy as opposed to reading online. HI Bracknellboy, Good idea, I will get this done. Kind regards Sophie
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Post by SophieThing on Mar 27, 2017 11:40:34 GMT
I'd like to add my 10 cents worth to the request for a SUMMARY of what the main changes are .. not a comma by comma text comparison, but something along the lines of "We have changed the way we handle defaults and ..' or whatever, so we can look most carefully at the bits we might be concerned about. Hi GSV3MIaC, The requests for highlighted changes are not unreasonable, just unpractical given the number of 'working versions' between different sets of legal counsel over a number of months. It would take considerable time to do a line by line analysis. Your suggestion of a summary is a good one and I will aim to put one together to cover the main changes. Kind regards Sophie
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Mar 27, 2017 20:38:16 GMT
"In the event there is any conflict or inconsistency between: The Website Terms of Use; and These Terms or any Loan Agreement, the latter will take precedence.
In the event there is any conflict or inconsistency between: These Terms; and any Loan Agreement, the latter will take precedence."
So, will lenders be told when either of these situations arises on a particular loan? Otherwise we are lending blind.
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Post by spareafewcoppersguv on Mar 28, 2017 7:45:14 GMT
I'd like to add my 10 cents worth to the request for a SUMMARY of what the main changes are .. not a comma by comma text comparison, but something along the lines of "We have changed the way we handle defaults and ..' or whatever, so we can look most carefully at the bits we might be concerned about. I would also like this.... SophieThing
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Post by SophieThing on Mar 28, 2017 13:04:20 GMT
"In the event there is any conflict or inconsistency between: The Website Terms of Use; and These Terms or any Loan Agreement, the latter will take precedence. In the event there is any conflict or inconsistency between: These Terms; and any Loan Agreement, the latter will take precedence." So, will lenders be told when either of these situations arises on a particular loan? Otherwise we are lending blind. Hi littleoldlady, Thanks for your question. These new clauses are to provide additional contractual protections for our lenders. The key principle behind peer to peer lending in general, and on our platform in particular, is that you have a direct contractual loan relationship with a borrower to whom you lend. We therefore think it is important for the terms of our loan agreement to take precedence over the terms and conditions we have with you, in the unlikely event that the terms between the documentation conflicted or were inconsistent. The terms of our loan agreements have been drafted by our expert finance lawyers and signed-off by the FCA. I am very reluctant to provide an example loan agreement as suggested by Please turn me over as our agreements contain commercially sensitive information. We have spent considerable time and we have gone to considerable expense to get FCA approved loan documents and I'm sure lenders will understand that. Instead, I will undertake to inform lenders if we become aware of any inconsistencies between the lender terms and the loan agreements and I will make sure this is also explicit to lenders not on this forum. In practice this is very unlikely to occur since the agreements have been reviewed as a complete set and we have made sure that they work together. Kind regards Sophie
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Post by SophieThing on Mar 28, 2017 13:08:00 GMT
I'd like to add my 10 cents worth to the request for a SUMMARY of what the main changes are .. not a comma by comma text comparison, but something along the lines of "We have changed the way we handle defaults and ..' or whatever, so we can look most carefully at the bits we might be concerned about. I would also like this.... SophieThing Hi spareafewcoppersguv and GSV3MIaC, I've managed both a tracked version and a summary of changes. I am reviewing it with our legal team to make sure I haven't missed anything. Shaung has been working on a new 'updates' section to the platform so we can easily provide general updates to lenders. This will be the first thing I add. Hopefully it will be available on the platform tomorrow. Kind regards Sophie
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johni
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Post by johni on Mar 28, 2017 22:09:15 GMT
#moneything With the new loan. As this is under new t&cs is interest not being paid yet as it still hasn't filled? Also could it be made clear how long you have to purchase the loan before the underwriters take the rest as this will have a bearing on when interest will start to be earned. Thanks
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elliotn
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Post by elliotn on Mar 29, 2017 1:45:29 GMT
#moneything With the new loan. As this is under new t&cs is interest not being paid yet as it still hasn't filled? Also could it be made clear how long you have to purchase the loan before the underwriters take the rest as this will have a bearing on when interest will start to be earned. Thanks SThing said above there would be "instant drawdowns" from their fees when asked if they would be implementing their version of instant returns for loan bids.
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Post by SophieThing on Mar 29, 2017 10:10:45 GMT
#moneything With the new loan. As this is under new t&cs is interest not being paid yet as it still hasn't filled? Also could it be made clear how long you have to purchase the loan before the underwriters take the rest as this will have a bearing on when interest will start to be earned. Thanks Hi johni, Lenders earn interest from the point they commit funds. That applies to this loan and all future loans. Kind regards, Sophie
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Post by SophieThing on Mar 30, 2017 11:45:11 GMT
Hi All,
Just to let you know that we have launched a new 'updates' page under 'support' on the platform. I have added a summary of the changes to the T&C's and a 'tracked' version. Also included are details of the changes we will be making over the coming weeks to new and existing loans.
All snags for the marketing sit should now be fixed. All snags for the platform are in progress.
Kind regards
Sophie
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littleoldlady
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Post by littleoldlady on Mar 30, 2017 11:54:02 GMT
What provision will made for investors who may be away for the transition period with no Internet for periods of time? Can we provide wholesale instructions to roll over into the loans for example? I agree. Just one button for all loans (optional naturally) please!
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Post by SophieThing on Mar 30, 2017 12:14:03 GMT
What provision will made for investors who may be away for the transition period with no Internet for periods of time? Can we provide wholesale instructions to roll over into the loans for example? I agree. Just one button for all loans (optional naturally) please! Hi @leopardcat and littleoldlady, Yes. We plan to allow lenders to select all loans to roll over and yes we will accept instructions by email from lenders that will be away over the transition period. Kind regards Sophie
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