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Post by davidricketts1 on Nov 5, 2014 14:39:26 GMT
#77 was on the OP list. However, while most -- all? -- of the others on the list have had their payments credited today, #77 still has not. davidricketts1: Is there a problem with #77? No issue it was just that I had to chase the borrower yesterday when I had sight of what loans had repayments due.
I've been out of the office all morning so couldn't chivvy him along but have done so now and repayment has been made.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Nov 5, 2014 14:46:51 GMT
#77 was on the OP list. However, while most -- all? -- of the others on the list have had their payments credited today, #77 still has not. davidricketts1: Is there a problem with #77? No issue it was just that I had to chase the borrower yesterday when I had sight of what loans had repayments due.
I've been out of the office all morning so couldn't chivvy him along but have done so now and repayment has been made.
:Thanks for the update,but can I ask how come these borrowers don't have automated payments,meaning you have to physically chase them up all the time?
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Post by davidricketts1 on Nov 5, 2014 15:06:03 GMT
No issue it was just that I had to chase the borrower yesterday when I had sight of what loans had repayments due.
I've been out of the office all morning so couldn't chivvy him along but have done so now and repayment has been made.
:Thanks for the update,but can I ask how come these borrowers don't have automated payments,meaning you have to physically chase them up all the time? I wish I knew.... Would save me an inordinate amount of time.
In all seriousness, we do ask them to but we are then reliant on them setting it up. It's not like a bank where you have a servicing account for your loan so standing order can be set up automatically.
Some are better than others....
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mikes1531
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Post by mikes1531 on Nov 5, 2014 15:54:19 GMT
davidricketts1:Thanks for the update,but can I ask how come these borrowers don't have automated payments,meaning you have to physically chase them up all the time? I wish I knew.... Would save me an inordinate amount of time.
In all seriousness, we do ask them to but we are then reliant on them setting it up. It's not like a bank where you have a servicing account for your loan so standing order can be set up automatically.
Some are better than others....
: Is it not possible to insist that borrowers set up that standing order as part of the loan package -- adding the failure to do that to the long list of events that are considered to be breaches of the loan contract and trigger the default clauses? If I were to take out a loan from just about anybody else, wouldn't I be required to do just that? I can't imagine there are many lenders who would allow me to make my payments on an ad hoc basis -- if I remember! But perhaps I'm totally out of touch with current lending practices -- it's been quite a while since I applied for a loan.
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Nov 5, 2014 16:33:20 GMT
I wish I knew.... Would save me an inordinate amount of time.
In all seriousness, we do ask them to but we are then reliant on them setting it up. It's not like a bank where you have a servicing account for your loan so standing order can be set up automatically.
Some are better than others....
: Is it not possible to insist that borrowers set up that standing order as part of the loan package -- adding the failure to do that to the long list of events that are considered to be breaches of the loan contract and trigger the default clauses? If I were to take out a loan from just about anybody else, wouldn't I be required to do just that? I can't imagine there are many lenders who would allow me to make my payments on an ad hoc basis -- if I remember! But perhaps I'm totally out of touch with current lending practices -- it's been quite a while since I applied for a loan. I'm really surprised this isn't the case. It's also a long time since I had any loans to service, but I do pay rent and I didn't have the option of not setting up a standing order. Back in the day when I had property to rent out myself, I also insisted on that. I know it's a different thing, but taking out a loan on which regular interest payments is part of the deal is still a commitment to pay money to someone.
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mikeb
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Post by mikeb on Nov 5, 2014 18:45:38 GMT
Is it not possible to insist that borrowers set up that standing order as part of the loan package I'm really surprised this isn't the case. Don't be too surprised -- you do know how long it was before Funding Circle looked in the "suggestions" box and pulled out "Why not include a direct debit form as part of the loan application, to save all this 'The DD was not returned on time, now we need to be paid with a cheque, but the man with the chequebook is not in' palaver ... " Some people were boggled that this suggestion needed making, and hadn't already been done 
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Post by davidricketts1 on Nov 5, 2014 21:31:23 GMT
davidricketts1: Is it not possible to insist that borrowers set up that standing order as part of the loan package -- adding the failure to do that to the long list of events that are considered to be breaches of the loan contract and trigger the default clauses? If I were to take out a loan from just about anybody else, wouldn't I be required to do just that? I can't imagine there are many lenders who would allow me to make my payments on an ad hoc basis -- if I remember! But perhaps I'm totally out of touch with current lending practices -- it's been quite a while since I applied for a loan. I'm really surprised this isn't the case. It's also a long time since I had any loans to service, but I do pay rent and I didn't have the option of not setting up a standing order. Back in the day when I had property to rent out myself, I also insisted on that. I know it's a different thing, but taking out a loan on which regular interest payments is part of the deal is still a commitment to pay money to someone. Well be fair it is the case with some of the newer loans although chasing them up isn't at the top of my list of priorities given it's considerably easier to forward on an email that says the same thing every month.
If (when!) I get some help on the credit side then this will be something I'll be able to look at (or more likely get my new colleague to!)
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Post by Ton ⓉⓞⓃ on Nov 5, 2014 22:29:12 GMT
Of course the AC accounts have changed recently, I suppose meaning that people had the opportunity to forget to set up the new details... Or was this something where AC could inform borrowers banks of the change and have it happen auto without the need for borrowers input???
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Post by davidricketts1 on Nov 6, 2014 7:32:56 GMT
Of course the AC accounts have changed recently, I suppose meaning that people had the opportunity to forget to set up the new details... Or was this something where AC could inform borrowers banks of the change and have it happen auto without the need for borrowers input??? Unfortunately (and I know you all love that word) we can't, much as we would love to. Borrower payments are made by Faster Payment or Standing Order and the bank will only take instructions from the account holder to amend a standing order. We're not (as yet although it's being considered) a Direct Debit Originator. There are a number of hoops to jump through to get the bank to agree to this given fraud is more common through this means than many other ways (something I've seen first hand).
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surby
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Post by surby on Nov 6, 2014 10:57:41 GMT
I'm really surprised this isn't the case. It's also a long time since I had any loans to service, but I do pay rent and I didn't have the option of not setting up a standing order. Back in the day when I had property to rent out myself, I also insisted on that. I know it's a different thing, but taking out a loan on which regular interest payments is part of the deal is still a commitment to pay money to someone. Well be fair it is the case with some of the newer loans although chasing them up isn't at the top of my list of priorities given it's considerably easier to forward on an email that says the same thing every month.
If (when!) I get some help on the credit side then this will be something I'll be able to look at (or more likely get my new colleague to!)
I suspect that borrowers would be less likely to need chasing if AC were able to charge borrowers interest by the day as commonly happens on mortgage contracts. Something to consider for AC's future contracts if not already in place?
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