shimself
Member of DD Central
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Post by shimself on Sept 18, 2019 9:58:55 GMT
AC are getting mighty antsy, hereunder the blurb heading a vote today. So narky they said it twice
This communication and the information contained within it is confidential. It is sent to you as a Lending Syndicate Member in this loan to assist your voting decision; it is not to be used for any other purpose. We remind you of your duty of confidentiality to us under our terms and conditions and ask that you do not share this communication (or any part of it) with any other person or on any forum or other media.
Open for votes until xxxx
You are a lending syndicate member (“Lender”/“Lenders”) in a loan made toXXXXX (“Borrower”). You should read all of this document as it contains important information throughout upon which you are being asked to vote. The information contained in this Lender vote is strictly confidential and is sent for your information only as a Lender in the loan to assist your voting decision and for no other purpose. We remind you of your duty of confidentiality to us under our terms and conditions and ask that you keep this communication confidential and do not share it with anyone or on any forum because to do so may prejudice other persons and the recovery of the loan security.
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jlend
Member of DD Central
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Post by jlend on Sept 18, 2019 11:48:47 GMT
Does this also apply to the AC private board?
For example #593 has an extract from a vote that was recently posted by a moderator containing financial information.
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Post by mrclondon on Sept 18, 2019 12:17:11 GMT
Does this also apply to the AC private board? For example #593 has an extract from a vote that was recently posted by a moderator containing financial information. And if the first reaction of AC hadn't been to "delete" (hide in practical terms) my question from the Q&A on the website, and to have acknowledged immediately there was a fault with the rendering of the vote text, there would have been no need for me to post on the forum, as I would have patiently waited for a fix.
I'm getting thoroughly fed up with having questions deleted by AC. The proper place to seek clarification on votes is via the loan Q&A, but its inevitable that details will appear on forums if the Q&A is censored.
In terms of #593 some of the updates (incorporated into tranche credit reports) have been mis-leading as its only recently AC have admitted that the borrower is marketing the properties individually ... something that has been obvious to me living nearby for months.
What p2p platforms mean when they plaster confidentiality clauses over everything is that they don't want their santised version of events to be challenged.
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jlend
Member of DD Central
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Post by jlend on Sept 20, 2019 6:27:53 GMT
It is interesting
In recent instance I asked AC if I could ask RICS/FCA/FOS a question about a loan, I even offered not to release the name of the borrower.
The reply came back "... we must object..."
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Post by Ton ⓉⓞⓃ on Sept 20, 2019 14:49:31 GMT
It is interesting In recent instance I asked AC if I could ask RICS/FCA/FOS a question about a loan, I even offered not to release the name of the borrower. The reply came back "... we must object..." Did AC give any basis for their objection, such as confidential info never-the-less?
I guess when a loan gets reported to FOS etc. it must make more work for the team over seeing that loan
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jlend
Member of DD Central
Posts: 1,817
Likes: 1,444
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Post by jlend on Sept 20, 2019 15:00:12 GMT
It is interesting In recent instance I asked AC if I could ask RICS/FCA/FOS a question about a loan, I even offered not to release the name of the borrower. The reply came back "... we must object..." Did AC give any basis for their objection, such as confidential info never-the-less?
I guess when a loan gets reported to FOS etc. it must make more work for the team over seeing that loan
I offered not to reveal the borrower. Quotes from AC "... that we are not sure what detrimental effect..." "We cannot say with any certainty that we would not pursue action against you in these circumstances as we don’t know where your enquiries will lead" So I felt I had no choice but not to submit a related complaint to the FOS. The risk to me was just to great in this instance.
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Post by investor01010101 on Dec 20, 2019 17:21:04 GMT
they delete most of my questions because they swap from being just the agent of the loan to the manager of the loan to the borrowers spokesperson as they see fit. Mostly to avoid giving out pertinent information that might send a big loan into administration that will have a negative impact on their business.
I get pi$$ed with their inconsistency, example....
Two votes today, first is a few hundred K and AC decided there should be a lender vote because the borrower keeps making his payments late. Second loan a few million and it extends month on month with no repayments made in over 2 years and all they do when the vote eventually has to come up is offer option A get all your money back or option B lose most of it and the text is heavily biased towards A.......
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dead-money
Rocket to the Moon
Posts: 736
Likes: 645
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Post by dead-money on Dec 21, 2019 16:42:37 GMT
Well that's the old adage - “If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.” John Maynard Keynes.
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Post by investor01010101 on Jan 19, 2020 12:47:25 GMT
AC are getting mighty antsy, hereunder the blurb heading a vote today. So narky they said it twice
This communication and the information contained within it is confidential. It is sent to you as a Lending Syndicate Member in this loan to assist your voting decision; it is not to be used for any other purpose. We remind you of your duty of confidentiality to us under our terms and conditions and ask that you do not share this communication (or any part of it) with any other person or on any forum or other media.
Open for votes until xxxx
You are a lending syndicate member (“Lender”/“Lenders”) in a loan made toXXXXX (“Borrower”). You should read all of this document as it contains important information throughout upon which you are being asked to vote. The information contained in this Lender vote is strictly confidential and is sent for your information only as a Lender in the loan to assist your voting decision and for no other purpose. We remind you of your duty of confidentiality to us under our terms and conditions and ask that you keep this communication confidential and do not share it with anyone or on any forum because to do so may prejudice other persons and the recovery of the loan security.
Is there any legal basis on this? I'd be quite happy to spill the beans on a number of failed loans and bad borrowers to protect other lenders from being passed the bad debts AC fail to resolve.
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alibaba
Member of DD Central
Posts: 341
Likes: 245
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Post by alibaba on Jan 19, 2020 13:17:23 GMT
I agree, we should be able to make AC and others more accountable and transparent, they should be made to identify and list defaults including the number, size and age of the loan. I am of the opinion that as with other sites e.g TC the true figure will only emerge after years of prevarication and putting off the inevitable, the hope being that the early investors will walk away without making too much fuss.
When you look back at the in house TC forum many investors where concerned about posting negative comments for fear of bad publicity for the site, in my opinion this has proved to be a grave and expensive mistake.
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