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Post by mfaxford on Dec 18, 2021 11:57:37 GMT
For the loan that renewed today (original loan ...872, new Loan ...561) it seems I might have needed a time machine to enable renewal on it.
At 10:02 I received an email saying this loan was going to be renewed. I went onto the site to try and set it for renewal and it wouldn't allow me to. Contacted CL and it turns out you have to enable the renewal at least an hour before the new loan launches (which happened at 11:00 today).
From what I can see the email was originally sent by CL (or their mailing provider) just before I received it so the issue looks to be at the sending end rather than an intermediary or my own email account.
I suppose I could have worked out that I was in the original loan from the new loan launching email (which was sent out at 23:30 last night) - so an under 12 hour window when most sane people are sleeping (I had looked at the updates on that loan earlier yesterday evening and the only update at that point was from a week ago saying they had tried to contact the borrower).
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Post by Badly Drawn Stickman on Dec 18, 2021 12:15:19 GMT
For the loan that renewed today (original loan ...872, new Loan ...561) it seems I might have needed a time machine to enable renewal on it. At 10:02 I received an email saying this loan was going to be renewed. I went onto the site to try and set it for renewal and it wouldn't allow me to. Contacted CL and it turns out you have to enable the renewal at least an hour before the new loan launches (which happened at 11:00 today). From what I can see the email was originally sent by CL (or their mailing provider) just before I received it so the issue looks to be at the sending end rather than an intermediary or my own email account. I suppose I could have worked out that I was in the original loan from the new loan launching email (which was sent out at 23:30 last night) - so an under 12 hour window when most sane people are sleeping (I had looked at the updates on that loan earlier yesterday evening and the only update at that point was from a week ago saying they had tried to contact the borrower). Does seem somewhat confusing. Not their finest moment to date, I suspect they will learn from it.
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trium
Member of DD Central
Posts: 379 
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Post by trium on Dec 18, 2021 14:23:25 GMT
it turns out you have to enable the renewal at least an hour before the new loan launches It strikes me they could do with drawing a line somewhat earlier than that as it's difficult for them to set sensible bid limits without knowing exactly how much they will be offering to new lenders. I think they were wrong-footed today by the surprisingly low number of people leaving the larger loan, taking only £900 with them, compared to the smaller loan which was not so well-received. Bid limits had already been set by the time this outcome was apparent, at seemingly inappropriate levels. I appreciate you were making a different point and it is unfortunate that you didn't receive more timely notice. Perhaps they're putting in too much overtime just lately
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Post by Badly Drawn Stickman on Dec 18, 2021 15:11:30 GMT
it turns out you have to enable the renewal at least an hour before the new loan launches It strikes me they could do with drawing a line somewhat earlier than that as it's difficult for them to set sensible bid limits without knowing exactly how much they will be offering to new lenders. I think they were wrong-footed today by the surprisingly low number of people leaving the larger loan, taking only £900 with them, compared to the smaller loan which was not so well-received. Bid limits had already been set by the time this outcome was apparent, at seemingly inappropriate levels. I appreciate you were making a different point and it is unfortunate that you didn't receive more timely notice. Perhaps they're putting in too much overtime just lately I suspect the lower take up in renewal on the smaller loan reflects the somewhat confusing messaging more than a lack of popularity (My renewal was set, so not a personal gripe). An earlier cut off point would probably be difficult to implement fairly, an educated guess would not seem beyond the platform in setting a viable bid limit however.
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Post by mfaxford on Dec 18, 2021 15:24:25 GMT
I wonder if this might just be a case of things being rushed - Looking just after my earlier post I saw that the original loan still only listed last weeks update about trying to contact the borrower (that may have changed since).
At least CL seem to be willing to take comments on board and change things as needed (I'd already emailed them about this earlier as well). It certainly make a change to some other platforms.
I have fewer issues with mistakes happening if they turn into "Learning Experiences".
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Post by df on Dec 18, 2021 16:58:24 GMT
It strikes me they could do with drawing a line somewhat earlier than that as it's difficult for them to set sensible bid limits without knowing exactly how much they will be offering to new lenders. I think they were wrong-footed today by the surprisingly low number of people leaving the larger loan, taking only £900 with them, compared to the smaller loan which was not so well-received. Bid limits had already been set by the time this outcome was apparent, at seemingly inappropriate levels. I appreciate you were making a different point and it is unfortunate that you didn't receive more timely notice. Perhaps they're putting in too much overtime just lately I suspect the lower take up in renewal on the smaller loan reflects the somewhat confusing messaging more than a lack of popularity (My renewal was set, so not a personal gripe). An earlier cut off point would probably be difficult to implement fairly, an educated guess would not seem beyond the platform in setting a viable bid limit however. I don't have any problem with the existing cut off time. I change grey to green as soon as I see it on the list. I remember on FS we could tick that box at the time of pledge, I thought that was a good idea because most pawn investors want to rollover and you can turn it off later if you changed your mind. I think 1 hour cut off is just a part of traditional FS model, which CL is based on. The same bid limit at rollover is also part of it as well as £25 minimum and £25 increments. It will be very difficult or in some cases impossible to set a viable bid limit for rollovers within this model.
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