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Post by essexboy on Aug 12, 2020 10:10:20 GMT
Yea - but they did kinda raise an expectation of delivering something today - which is something to reasonably base a wish on. EDIT ... BTW 'chat' are saying that distributions of the accumulated redemptions is not a given - this on top of AC total silence (despite many comments on here) about the money accumulated since the 3rd. I find it interesting how tolerant lenders are of P2P IT failures. When P2P started they were seen as the new kids on the block, something different from stodgy old banks. However, P2P platforms now have serious amounts of money invested with tens of thousands of customers, so they should be measured by the same standards we hold banks etc. to.
Doubt customers would accept their bank saying "sorry, you can't take your money out for a week or so because we failed to test our upgrade properly and didn't have a good Plan B (e.g. fallback or partial implementation to free up your transfers). As to management updates, dream on" Absolutely agree. I love this this forum and I have affection for many on here. What worries me is how many lenders just roll over and accept EXCUSE after excuse. Like some wise person once said on here, 'it's YOUR money'!
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chris1200
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Post by chris1200 on Aug 12, 2020 10:10:25 GMT
I assume that's some kind of sick joke? Pls see chat above - I dont know what to conclude. EDIT - And for the benefit of "warn" - no news on the price of seafood either! Reads to me more like some confusion on the CS's end as to what you're referring to, and then a general unwillingness to commit to timing (but definitely not a clear statement that we might not receive these funds)
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lara
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Post by lara on Aug 12, 2020 10:13:10 GMT
As soon as AC changed to pro rata distributions, I was quite happy to sit back and take the money as they dished it out. I don't actually care when or even if the secondary market starts up but I do care about receiving my share of all those repayments which have been coming in thick and fast recently.
From being relatively comfortable with the situation, I'm back to feeling like I'm being taken advantage of again.
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Post by essexboy on Aug 12, 2020 10:13:45 GMT
In the strictest sense, 'distributions of the accumulated redemptions' hasn't been a 'given' since March, don't see that changing any time soon. So the money we've had has not (strictly) come from redemptions? - where from then? Just had this from AC on Live Chat (one of the key guys as far as I know). Looks as we expect (and by the way, we should expect, not just accept) "Hi, the marketplace is due to launch later today. Repayments will be processed prior to the marketplace going live".
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mrsb
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Post by mrsb on Aug 12, 2020 10:15:04 GMT
Pls see chat above - I dont know what to conclude. EDIT - And for the benefit of "warn" - no news on the price of seafood either! Reads to me more like some confusion on the CS's end as to what you're referring to, and then a general unwillingness to commit to timing (but definitely not a clear statement that we might not receive these funds) Hard to see where I could have been less unambiguous Lender: No your missing my point (perhaps deliberately). I’m referring to the redemptions that have been made, and were being distributed before the 3rd.
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Post by gobuchul on Aug 12, 2020 10:20:07 GMT
I assume that's some kind of sick joke? In the strictest sense, 'distributions of the accumulated redemptions' hasn't been a 'given' since March, don't see that changing any time soon. Agree, but I do think that AC's communication could be more transparent. They are not doing themselves any favours. I particularly think that when they do communicate that seem incapable of admitting they could have done things a little better or communicated a bit better. They are always appear quite arrogant to me. Yes we get emails and videos, but they information is often wrong, late, later revised or just vague. It seems to be an ingrained culture thing. They really could do with getting some external input outside the board 'bubble' and ask for a independent view on their communication strategy, because in my view it is poor. They seem to have a the attitude to their customers that you would get in a big bank (I believe that is the background of many of the key individuals), but that's not what they are and winning hearts and minds over to their approach to dealing with this difficult time is important. They do not seem to me to give a single hoot about winning over their customers.
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chris1200
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Post by chris1200 on Aug 12, 2020 10:25:44 GMT
Reads to me more like some confusion on the CS's end as to what you're referring to, and then a general unwillingness to commit to timing (but definitely not a clear statement that we might not receive these funds) Hard to see where I could have been less unambiguous Lender: No your missing my point (perhaps deliberately). I’m referring to the redemptions that have been made, and were being distributed before the 3rd.Yes, that's when you had to clarify after their initial confusion (where they talked about 'liquidity' - which is irrelevant, so they were clearly confused...). This wasn't meant to be a criticism of you... 
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johni
Member of DD Central
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Post by johni on Aug 12, 2020 10:26:11 GMT
Reads to me more like some confusion on the CS's end as to what you're referring to, and then a general unwillingness to commit to timing (but definitely not a clear statement that we might not receive these funds) Hard to see where I could have been less unambiguous Lender: No your missing my point (perhaps deliberately). I’m referring to the redemptions that have been made, and were being distributed before the 3rd.To be honest I do not believe customer service are kept in the loop. Spoken to them a couple of times about things Stuart has said on here they new nothing about it. One rep even said I wish he wouldn't post or at least copy us in!
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mrsb
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Post by mrsb on Aug 12, 2020 10:30:31 GMT
Hard to see where I could have been less unambiguous Lender: No your missing my point (perhaps deliberately). I’m referring to the redemptions that have been made, and were being distributed before the 3rd.Yes, that's when you had to clarify after their initial confusion (where they talked about 'liquidity' - which is irrelevant, so they were clearly confused...). This wasn't meant to be a criticism of you... No worries, didn't land in my head as a criticism!
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Post by essexboy on Aug 12, 2020 10:31:54 GMT
In the strictest sense, 'distributions of the accumulated redemptions' hasn't been a 'given' since March, don't see that changing any time soon. Agree, but I do think that AC's communication could be more transparent. They are not doing themselves any favours. I particularly think that when they do communicate that seem incapable of admitting they could have done things a little better or communicated a bit better. They are always appear quite arrogant to me. Yes we get emails and videos, but they information is often wrong, late, later revised or just vague. It seems to be an ingrained culture thing. They really could do with getting some external input outside the board 'bubble' and ask for a independent view on their communication strategy, because in my view it is poor. They seem to have a the attitude to their customers that you would get in a big bank (I believe that is the background of many of the key individuals), but that's not what they are and winning hearts and minds over to their approach to dealing with this difficult time is important. They do not seem to me to give a single hoot about winning over their customers. Absolutely. In fact, I've started to compare them to the UK cabinet. In business, its not rocket. You under-promise and you over-deliver, both in terms of timing and quality. E.g. If you expect to release a product 'soon', you say within 1 month then deliver 2 weeks ahead of schedule. You don't promise 2 weeks and deliver it after a month with no reasonable explanation why. That's the most effective way to breed customer mistrust.
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iRobot
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Post by iRobot on Aug 12, 2020 10:35:26 GMT
In the strictest sense, 'distributions of the accumulated redemptions' hasn't been a 'given' since March, don't see that changing any time soon. So the money we've had has not (strictly) come from redemptions? - where from then? In the strictest sense - and ignoring any interest paid which may have been retained by AC - monies received by AA lenders has come from the partial distribution of redemptions received by AC. At no point (since March) have AC made any guarantees as the the size (in £ or % terms) of those partial distributions. So looking from the AC Service rep's perspective - they are correct in saying (in your words) " distributions of the accumulated redemptions is not a given". If the discussion was actually focusing on those apportionments of redemptions received c. 03/08 onward which have potentially been earmarked for distribution to AA lenders then that's a different matter. I suspect that whilst you may have been of opinion that what was being discussed, the CS rep was thinking of the full redemption amounts. Apologies if that appears pedantic, but it is an important distinction, IMO, and one that might help avoid unnecessary consternation.
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Post by essexboy on Aug 12, 2020 10:41:11 GMT
So the money we've had has not (strictly) come from redemptions? - where from then? In the strictest sense - and ignoring any interest paid which may have been retained by AC - monies received by AA lenders has come from the partial distribution of redemptions received by AC. At no point (since March) have AC made any guarantees as the the size (in £ or % terms) of those partial distributions. So looking from the AC Service rep's perspective - they are correct in saying (in your words) " distributions of the accumulated redemptions is not a given". If the discussion was actually focusing on those apportionments of redemptions received c. 03/08 onward which have potentially been earmarked for distribution to AA lenders then that's a different matter. I suspect that whilst you may have been of opinion that what was being discussed, the CS rep was thinking of the full redemption amounts. Apologies if that appears pedantic, but it is an important distinction, IMO, and one that might help avoid unnecessary consternation. I'm reading the 'general sentiment' as: some kind of redemptions have occurred, we're holding those loans, it IS a loan, this is a repayment, we expect to at least participate in it. And I would very much second that 
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 12, 2020 10:45:59 GMT
In the strictest sense, 'distributions of the accumulated redemptions' hasn't been a 'given' since March, don't see that changing any time soon. Agree, but I do think that AC's communication could be more transparent. They are not doing themselves any favours. I particularly think that when they do communicate that seem incapable of admitting they could have done things a little better or communicated a bit better. They are always appear quite arrogant to me. Yes we get emails and videos, but they information is often wrong, late, later revised or just vague. It seems to be an ingrained culture thing. They really could do with getting some external input outside the board 'bubble' and ask for a independent view on their communication strategy, because in my view it is poor. They seem to have a the attitude to their customers that you would get in a big bank (I believe that is the background of many of the key individuals), but that's not what they are and winning hearts and minds over to their approach to dealing with this difficult time is important. They do not seem to me to give a single hoot about winning over their customers. Quite right. Ive long argued that they need to hire staff that can see stuff from a customer side rather than the bank/finance side. Nobody seems to ever check stuff, read it back to see whether it actually answers or explains the issue, consider whether it is consumer friendly or just jargon, even use a diary correctly to make sure that if an update is set for a specific date or a loan will expire it is dealt with without lenders having to chase. Given that a lot of questions are never actually published investors dont actually see alot of the poking & prodding going on to get errors fixed. (anybody spot the loan with 124% LTGDV) They actually make work for themselves.
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Post by drphil on Aug 12, 2020 12:23:57 GMT
In the strictest sense, 'distributions of the accumulated redemptions' hasn't been a 'given' since March, don't see that changing any time soon. Agree, but I do think that AC's communication could be more transparent. They are not doing themselves any favours. I particularly think that when they do communicate that seem incapable of admitting they could have done things a little better or communicated a bit better. They are always appear quite arrogant to me. Yes we get emails and videos, but they information is often wrong, late, later revised or just vague. It seems to be an ingrained culture thing. They really could do with getting some external input outside the board 'bubble' and ask for a independent view on their communication strategy, because in my view it is poor. They seem to have a the attitude to their customers that you would get in a big bank (I believe that is the background of many of the key individuals), but that's not what they are and winning hearts and minds over to their approach to dealing with this difficult time is important. They do not seem to me to give a single hoot about winning over their customers. Couldn't agree more with this in terms of the higher schelons of AC.
In contrast I've always found the customer service desk to be great (helpful, get back to you when they say etc). The problem is that they never seem to be properly briefed, so anything they say on the subject of redemptions, marketplace becoming live etc, I would take with a pinch of salt.
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Post by drphil on Aug 12, 2020 12:30:55 GMT
Just received some redemptions (13.22).
Marketplace becoming live imminently??
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