tomp
Member of DD Central
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Post by tomp on May 31, 2017 13:13:11 GMT
Any idea what is changing ? Update: Here is my attempt at spotting differences: www.diffnow.com/?report=1lhds2.3 - Collateral Security Holdings Limited changed to Collateral Security Trustee Limited |
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investibod
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Post by investibod on May 31, 2017 18:22:07 GMT
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elliotn
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Post by elliotn on Jun 1, 2017 4:33:41 GMT
From investibod 's link looks like there will be Lender Resolutions like AC to agree enforcement, is that right Collateral Rep ? |
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Post by Collateral Rep on Jun 1, 2017 6:29:12 GMT
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gt94sss2
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Post by gt94sss2 on Jun 1, 2017 11:42:34 GMT
That link doesn't work for me. Collateral Rep this reminds me of when MT recently changed T&C - Collateral seems to have the same minor issues: 1. Could you produce an official summary of the main changes in the T&C for lenders? You shouldn't expect lenders to compare the old and new terms just by themselves. 2. I note there is no way to access the platform without accepting the new T&C. You should allow lenders to withdraw cash/interest from their accounts without agreeing to the new T&C. Perhaps just preventing us from buying new loan parts until we accept the T&C would have been more sensible.
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Post by Collateral Rep on Jun 1, 2017 12:49:45 GMT
Hi gt94sss2, Pete's away until next week, once he's back I'll see if he has any documentation re changes. As for accepting the terms, it's been done this way as the terms relate to all aspects of the platform and not just loan part purchases. Many thanks, Gordon |
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investibod
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Post by investibod on Jun 2, 2017 16:27:07 GMT
That link doesn't work for me. Yes, the link s dead for me now as well. when I posted, it is what the link to the existing Ts and Cs went to. It was a document with all the markup showing additions, deletions and amendments.
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gt94sss2
Member of DD Central
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Post by gt94sss2 on Jun 5, 2017 11:43:27 GMT
Hi gt94sss2 , Pete's away until next week, once he's back I'll see if he has any documentation re changes. As for accepting the terms, it's been done this way as the terms relate to all aspects of the platform and not just loan part purchases. Gordon - many thanks. Someone else has already raised in another thread that the new T&C say that funds have to come into the platform from a nominated bank account which is not the case. Looking at the T&C, I was also a bit disappointed to read: Under what circumstances would this occur? Also, a bit suprised that the T&C don't appear to mention that in the event of any complaints that customers have the right to approach the Financial Ombudsman (though I am sure Collateral would resolve them first!)
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Post by Collateral Rep on Jun 5, 2017 13:00:51 GMT
Hi gt94sss2, For AML we require funds to come from your nominated account but from time to time there may be circumstances whereby we allow funds to come from other accounts in the name of the registered lender. An example of this is when we recently changed our bank service provider, a lender was away on holiday and unable to send funds to the new account as they didn’t have their bank card reader to authorise the payment from their nominated account but did have their card reader from a different account with them. With regards to making charges for small withdrawals this will only be in extraordinary circumstances whereby a lender repeatedly deposits and withdraws numerous very small amounts into our client account (this has happened on a few occasions) we contact them in the first instance and advise that we may have to pass on any bank charges that we are charged for these transactions. We will speak to our legal team and either add in the right to contact the Financial Ombudsman in the Terms or add it into our FAQ’s. Many thanks, The Collateral Team |
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kaya
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Post by kaya on Jun 6, 2017 8:47:14 GMT
With regards to making charges for small withdrawals this will only be in extraordinary circumstances whereby a lender repeatedly deposits and withdraws numerous very small amounts In connection with this it is surprising the number of investments that are seen to be made across various platforms with amounts like £3.45, £8.12, or such like.
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n
Member of DD Central
Yet another Nick
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Post by n on Jun 6, 2017 11:11:13 GMT
With regards to making charges for small withdrawals this will only be in extraordinary circumstances whereby a lender repeatedly deposits and withdraws numerous very small amounts In connection with this it is surprising the number of investments that are seen to be made across various platforms with amounts like £3.45, £8.12, or such like. My guess would be that most of it is interest payments being re-invested on platforms where interest is paid in drips & drabs rather than one lump each month - eg ABL, FC, FE, FK, FS, LW, MT, RS, RBSoc, and Zopa.
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Post by Cashback Chaser on Jun 6, 2017 19:33:25 GMT
Is there a summary of changes? Or do we have to re-read it?
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