kaya
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Post by kaya on Jan 10, 2015 23:03:35 GMT
When a loan defaults and loan-part trading ceases, the loan disappears from general view, becoming just an unrecognisable statistic. It effectively ceases to exist, unless invested in. Wouldn't it be nice, and open, and transparent, if every platform had a 'loan defaulted' page where full details of the loan application could be viewed? If necessary, the company name could be deleted. Any chance of that happening?
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mikes1531
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Post by mikes1531 on Jan 10, 2015 23:31:02 GMT
When a loan defaults and loan-part trading ceases, the loan disappears from general view, becoming just an unrecognisable statistic. It effectively ceases to exist, unless invested in. Wouldn't it be nice, and open, and transparent, if every platform had a 'loan defaulted' page where full details of the loan application could be viewed? If necessary, the company name could be deleted. Any chance of that happening? It would be helpful, but surely current practice varies considerably between platforms. For instance, at AC all active loans are visible to everyone. They only disappear when they are closed, and there's a page on this forum with links to most closed loans. At FS, by contrast, every loan disappears from view to all but those who have invested just as soon as they draw down.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jan 11, 2015 0:15:21 GMT
When a loan defaults and loan-part trading ceases, the loan disappears from general view, becoming just an unrecognisable statistic. It effectively ceases to exist, unless invested in. Wouldn't it be nice, and open, and transparent, if every platform had a 'loan defaulted' page where full details of the loan application could be viewed? If necessary, the company name could be deleted. Any chance of that happening? It would be helpful, but surely current practice varies considerably between platforms. For instance, at AC all active loans are visible to everyone. They only disappear when they are closed, and there's a page on this forum with links to most closed loans. At FS, by contrast, every loan disappears from view to all but those who have invested just as soon as they draw down. There are at least 4 AC loans which owe pre-drawdown interest which have been removed from the platform. I want AC to re-list these, but they keep ignoring my requests. I think AC consider the amount owing is insignificant, but it's not. In total it is a five figure sum.
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Post by batchoy on Jan 11, 2015 10:56:25 GMT
If taxation changes as have been muted go through so that lenders can offset losses against tax then it follows that Platforms will have to keep default (lost) loans visible as a minimum to those who were affected by the loss.
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Post by mrclondon on Jan 11, 2015 11:24:59 GMT
If taxation changes as have been muted go through so that lenders can offset losses against tax then it follows that Platforms will have to keep default (lost) loans visible as a minimum to those who were affected by the loss. Excellent point. Maybe nicky of FK should add the display of written off loans onto their IT "to do" list.
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pikestaff
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Post by pikestaff on Jan 11, 2015 11:32:59 GMT
It would be helpful, but surely current practice varies considerably between platforms. For instance, at AC all active loans are visible to everyone. They only disappear when they are closed, and there's a page on this forum with links to most closed loans. At FS, by contrast, every loan disappears from view to all but those who have invested just as soon as they draw down. There are at least 4 AC loans which owe pre-drawdown interest which have been removed from the platform. I want AC to re-list these, but they keep ignoring my requests. I think AC consider the amount owing is insignificant, but it's not. In total it is a five figure sum. These are loans which were never made, which is a slightly different thing. I'm not holding my breath about getting any pre-drawdown interest on these. It does not seem to be a priority for AC, which may be because the levers to enforce are not there, and/or the cost of enforcement is disproportionately high. Pre-drawdown interest is not going to be an ongoing feature at AC, because they have changed how their market works. Wherever pre-drawdown interest does exist, I would like to see it settled monthly as a condition of keeping the loan offer open. AC said that they were going to do this for the NI wind turbine (#135), which is the last loan offer outstanding from their old model, but seem to have reneged on that commitment.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jan 11, 2015 12:42:18 GMT
There are at least 4 AC loans which owe pre-drawdown interest which have been removed from the platform. I want AC to re-list these, but they keep ignoring my requests. I think AC consider the amount owing is insignificant, but it's not. In total it is a five figure sum. These are loans which were never made, which is a slightly different thing. I'm not holding my breath about getting any pre-drawdown interest on these. It does not seem to be a priority for AC, which may be because the levers to enforce are not there, and/or the cost of enforcement is disproportionately high. I would have thought these claims are ideally suited for the small claims court. The costs are low if the paperwork is correct, and we all know that AC pride themselves in getting the paperwork correct. If it is not enforceable then AC are misleading lenders.
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mikeb
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Post by mikeb on Jan 11, 2015 20:00:41 GMT
There are at least 4 AC loans which owe pre-drawdown interest which have been removed from the platform. I want AC to re-list these, but they keep ignoring my requests. I think AC consider the amount owing is insignificant, but it's not. In total it is a five figure sum. These are loans which were never made, which is a slightly different thing. Oh, well, then there's always the loans that DID drawdown, and the pre-drawdown interest hasn't been paid (WLPI 110, Aber 79). Despite prompting. Many replies "it's ongoing", "we're working on it", "coming soon", "now ...", "we left the cash in our other account" (seriously), etc. later and -- still not paid. A couple of them did pay up recently, which gave false confidence that the process had been sorted  These manual processes seem to be not working well, so I'm glad that pre-drawdown interest is a thing of the past. When they finally pay them all up, we can stop asking where the cash is, I guess. As to no enforcement levers, at least one is subject to ongoing legal action to recover it, from AH's comments, -- but we've heard no more since. (High Wy*****) Pre-drawdown And Cancellation Bingo: Eyes down, cash owing on :- 100, 80, 122, 124 -- all upcoming and then vanished into the background. Also further back on High Wy*****, East M****s Prop**** Dev Loan, Redr*** Dev Loan, West** Sup** Ma** Dev Loan, Lon*** Soft**** Business, North Wa*** Bridging Loan, York***** Mobile Ph*** Loan, and probably some others I didn't get caught up in. It would be good if there was somewhere on the platform these could be tracked, because having removed them from the lists etc. it's almost impossible to know a) that anything was ever promised, b) How much, and c) that it's not been paid.
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mikes1531
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Post by mikes1531 on Jan 11, 2015 21:01:10 GMT
Despite prompting. Many replies "it's ongoing", "we're working on it", "coming soon", "now ...", "we left the cash in our other account" (seriously), etc. later and -- still not paid. A couple of them did pay up recently, which gave false confidence that the process had been sorted These manual processes seem to be not working well, so I'm glad that pre-drawdown interest is a thing of the past. When they finally pay them all up, we can stop asking where the cash is, I guess. Has anyone here tried to work out what the total amount of interest owed for these various delayed-drawdown loans is? Perhaps andrewholgate knows. I can't help thinking that AC would be so much better off if they could put this whole matter -- and the related bad press and negative feelings generated in their lenders -- behind them by digging into their promotion/marketing/customer care budget and paying out the amount owed sooner rather than later. They could then continue their recovery efforts from their recalcitrant applicants/borrowers out of the spotlight and in their own time, and replenish the AC coffers as and when recoveries are made. And maybe even write off some of those cases because they're deemed not worth the time/effort/legal costs to pursue. They could do that once their lenders were out of the equation, whereas they can't now when bothered periodically by lenders asking "Where's the money?"
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mikeb
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Post by mikeb on Jan 12, 2015 18:29:32 GMT
mikes1531 -- for at least some of them there's no digging into coffers needed. The money was retained at drawdown and is just sat waiting to be given back to lenders.
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mikes1531
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Post by mikes1531 on Jan 12, 2015 18:59:44 GMT
mikes1531 -- for at least some of them there's no digging into coffers needed. The money was retained at drawdown and is just sat waiting to be given back to lenders. : You mean it's just a case of AC being unable to work out how to distribute the money they have received among the long list of affected lenders? That's disappointing, as I would have thought that the allocation process would be rather straightforward because the 'delay' interest wouldn't have started accruing until after the auction had closed, so the list of affected lenders should be stable from the start of accrual until drawdown. I can see how the calculation of 'default' interest that accrues later in a loan's life, during a period when loan parts are being bought and sold would be much more complicated, but the 'delay' interest ought to be simple to work out by comparison. But what do I know? -- I'm just a punter! 
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mikeb
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Post by mikeb on Jan 13, 2015 18:36:38 GMT
See #110's Q&A, and (as the time of writing) see #79's Q and no A.
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