trium
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Post by trium on Aug 3, 2021 18:01:05 GMT
My "not impressed" comment was less about how they deal with Q&A rather how they communicate about suspending a brand new loan, which was agreed a year ago, without any kind of explanation.
I've been quite a fan of AC, even while the malcontents have been moaning loudly. I am regrettably about to join them, because every indication at the moment is that AC couldn't care less.
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blender
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Post by blender on Aug 3, 2021 21:36:12 GMT
I think I will give a little more time before joining the malcontents. Presumably there are issues to resolve before making a statement, or removing the suspension.
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trium
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Post by trium on Aug 6, 2021 10:47:12 GMT
I had a reply this morning. Basically it says they are working on an update which will explain the "temporary suspension". They further say that as similar Q&A has already been published (??) my question has been deleted.
So none the wiser.
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Post by Ton ⓉⓞⓃ on Aug 6, 2021 14:18:19 GMT
I had a reply this morning. Basically it says they are working on an update which will explain the "temporary suspension". They further say that as similar Q&A has already been published (??) my question has been deleted. So none the wiser.
Update now on site. Basically saying that the wrong Risk Category was showing in the detail of the CR, specially as "medium"; whereas it's really "Medium High", but it was correct on the loan's main page.
I suppose they had to cough up the details of their misdemeanour to the FCA and wait for their permission to the inform us. If anyone feels mislead etc. you have to email them, AC not the FCA thank goodness
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ilmoro
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'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 6, 2021 15:15:36 GMT
I had a reply this morning. Basically it says they are working on an update which will explain the "temporary suspension". They further say that as similar Q&A has already been published (??) my question has been deleted. So none the wiser.
Update now on site. Basically saying that the wrong Risk Category was showing in the detail of the CR, specially as "medium"; whereas it's really "Medium High", but it was correct on the loan's main page.
I suppose they had to cough up the details of their misdemeanour to the FCA and wait for their permission to the inform us. If anyone feels mislead etc. you have to email them, AC not the FCA thank goodness
Begs the question ... did anyone read the docs before investing? Also suggests AC really aernt paying any attention to this forum any more as the age of the docs was flagged before launch. Valuer seems to be sticking to his guns which is possibly fair given didnt attribute much to the trading value. More conservative 180 day sale puts LTV at 75%
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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
Posts: 10,877
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Post by ilmoro on Aug 6, 2021 16:23:10 GMT
Pipeline has now hit the staggering heights of 4 with a dev loan in everybody's go to city for development fraud
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Post by overthehill on Aug 6, 2021 18:54:49 GMT
Pipeline has now hit the staggering heights of 4 with a dev loan in everybody's go to city for development fraud
I think I know which one you mean but it only states the county surely. Or it could be the last one which is a favorite location of a certain FS borrower. Three out of four of the loans are on my geographical blacklist which funnily enough I started when FS went into admin. Purely subjective but set your own criteria, stick to it religiously and hope for the best. I'm neutral on Chesterfield for which I can only find one active/past loan, funnily enough it is not having a smooth ride with CP.
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p2pfan
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Post by p2pfan on Aug 6, 2021 20:55:35 GMT
Pipeline has now hit the staggering heights of 4 with a dev loan in everybody's go to city for development fraud Three places I will never give my money to anyone for development loans is Ulan Bator, Nairobi and Liverpool. I've lost too much money in the latter.
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Post by Ace on Aug 6, 2021 21:29:07 GMT
Pipeline has now hit the staggering heights of 4 with a dev loan in everybody's go to city for development fraud Three places I will never give my money to anyone for development loans is Ulan Bator, Nairobi and Liverpool. I've lost too much money in the latter. You'll not be keen on their new scouse yurt development for African Princes then!
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Post by oliveau on Aug 7, 2021 16:42:25 GMT
I'm sure the pipeline loans are not for the likes of us - just there for the underwriters and institutional boys to pick up.
I've now got c. £6k in QAA waiting for a better home, and by last night another £7k in MLA also waiting for a home [which they have been promising since April.] In despair I pulled £6k from MLA last night and I'm going to add to my K*****k portfolio.
After a disaster with FatCats, I'm now quite disillusoned with p2p, but with virtually no returns from savings accounts, where does on invest these days? Answers on a postcard please..........
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agent69
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Post by agent69 on Aug 7, 2021 17:29:29 GMT
I'm sure the pipeline loans are not for the likes of us - just there for the underwriters and institutional boys to pick up. I've now got c. £6k in QAA waiting for a better home, and by last night another £7k in MLA also waiting for a home [which they have been promising since April.] In despair I pulled £6k from MLA last night and I'm going to add to my K*****k portfolio. After a disaster with FatCats, I'm now quite disillusoned with p2p, but with virtually no returns from savings accounts, where does on invest these days? Answers on a postcard please.......... If TC is your only disaster in P2P land you have done well.
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Post by overthehill on Aug 7, 2021 17:55:50 GMT
I'm sure the pipeline loans are not for the likes of us - just there for the underwriters and institutional boys to pick up. I've now got c. £6k in QAA waiting for a better home, and by last night another £7k in MLA also waiting for a home [which they have been promising since April.] In despair I pulled £6k from MLA last night and I'm going to add to my K*****k portfolio. After a disaster with FatCats, I'm now quite disillusoned with p2p, but with virtually no returns from savings accounts, where does on invest these days? Answers on a postcard please.......... If TC is your only disaster in P2P land you have done well.
In a nutshell, how did StrayCats turn out to be a disaster ? I'm not going to read their thread but they seem to be doing very nicely indeed. I know they got out of retail lending, I assume it wasn't done with much distinction.
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Post by oliveau on Aug 8, 2021 10:44:49 GMT
A certain Somerset borrower who along with the sponsors led everybody up the garden path before being made bankrupt for C.£8m, with assets worth diddly squat.
The platform's failure to do their own DD and failure to monitor the progress of loans is well catalogued in the number of successful complaints to FOS. It was indeed the upholding of complaints that led ESF to fold the TC business as they couldn't repay lenders as FOS had required.
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Post by Ton ⓉⓞⓃ on Aug 10, 2021 20:39:26 GMT
A few hours ago, it appears there was an auction for the single loan presently sitting in "Up Coming loans" it's an internal refi that had been in "Pipeline loans" Sorry I don't remember the draw down date.
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Post by df on Aug 10, 2021 21:38:09 GMT
A few hours ago, it appears there was an auction for the single loan presently sitting in "Up Coming loans" it's an internal refi that had been in "Pipeline loans" Sorry I don't remember the draw down date. Amasing! 100.00% funded three days before estimated drawn down. At the same time "This loan is coming soon. Investments will not be processed until the loan has drawn down." Auction? I'm curious who was bidding or was it bought by AAs? I've put my bid in anyway, happy with the borrower - no issues with them in previous loan. Interest is down, but 6% for a lower risk loans is a new normal.
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