bugs4me
Member of DD Central
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Post by bugs4me on Feb 4, 2014 13:46:46 GMT
From memory Andrew did mention about delayed drawdowns being the bane of his life. Not sure if there's really anything AC can do to stop this type of behaviour from 'prospective' borrowers in the future unless it is just from one broker/introducer. As mentioned previously by Andy we've been working away behind the scenes to revise our processes to stop this from happening in the future and from now on loans will be much further along the path to drawdown before they are listed on the site. There will also be a hard cut off point of 4 weeks by which point a loan must have drawn down. You still can't stop a 'prospective' borrower shopping around after they have been approved for auction by AC Chris. Unless of course you managed to charge them a non-refundable up front deposit if they did not proceed after a successfully funded auction. Now there's a thought!!
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Post by chris on Feb 4, 2014 13:51:22 GMT
As mentioned previously by Andy we've been working away behind the scenes to revise our processes to stop this from happening in the future and from now on loans will be much further along the path to drawdown before they are listed on the site. There will also be a hard cut off point of 4 weeks by which point a loan must have drawn down. You still can't stop a 'prospective' borrower shopping around after they have been approved for auction by AC Chris. Unless of course you managed to charge them a non-refundable up front deposit if they did not proceed after a successfully funded auction. Now there's a thought!! Indeed, there is a thought. Whether we'll go that far or not is not my place to say (plus I don't know) but as you say there are certainly ways of strengthening our position (and that of our lenders) and these are being explored.
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Post by yorkshireman on Feb 4, 2014 13:53:28 GMT
From memory Andrew did mention about delayed drawdowns being the bane of his life. Not sure if there's really anything AC can do to stop this type of behaviour from 'prospective' borrowers in the future unless it is just from one broker/introducer. As mentioned previously by Andy we've been working away behind the scenes to revise our processes to stop this from happening in the future and from now on loans will be much further along the path to drawdown before they are listed on the site. There will also be a hard cut off point of 4 weeks by which point a loan must have drawn down. I know that it’s easy to be wise after the event but why has it taken so long to come to this conclusion Chris?
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Post by chris on Feb 4, 2014 14:02:49 GMT
I know that it’s easy to be wise after the event but why has it taken so long to come to this conclusion Chris? This was actually decided upon in December but given the long lead time of deals it can take several months for changes to take effect. New deals listed will all have been through our new processes, hence there being a delay in getting deals on the site in January as we've made our lead times longer by doing more work up front. Beyond that I'd have to defer to Andy to give more details.
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Post by yorkshireman on Feb 4, 2014 14:11:22 GMT
I know that it’s easy to be wise after the event but why has it taken so long to come to this conclusion Chris? This was actually decided upon in December but given the long lead time of deals it can take several months for changes to take effect. New deals listed will all have been through our new processes, hence there being a delay in getting deals on the site in January as we've made our lead times longer by doing more work up front. Beyond that I'd have to defer to Andy to give more details. Thanks for the prompt response, I trust that things will be better going forward.
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Post by jevans4949 on Feb 4, 2014 15:30:45 GMT
I noticed from the SavingStream board that they charge an upfront fee of 4% to cover setup costs. Different sort of market, of course, but would make the borrower think twice.
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