blender
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Post by blender on Mar 27, 2015 22:28:42 GMT
This thread is offered as a place to list loans which have been late and are now live but have acquired no note, and therefore seem to have an unblemished payment history. In the past I thought that any loan that goes late, even on the first payment and even if the fault was 'administrative' a note would be added. Now loan 7289 has been late on its seventh payment by nearly two weeks, is back on track (today 27 March) but has attracted no note from FC. Why this happened is not known, but in case it is a new practice I note it here and ask that if other forum members have this experience with other loans they share it here for the benefit of forum members. Please do not identify the borrower and just stick to the facts of the non-listed lateness - people will make their own inferences. Please also post on the day of discovery.
If a note does get added to 7289 then we will know that there is no new policy to exclude lateness from loan notes. Edit: retrospective note added 31 March. It would still be generally useful to keep this thread going in case of further omissions.
Loans which have been late without a note and are now live (from forum posts)
5333
6276
9507 late with 7th payment July 2015
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min
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Post by min on Mar 28, 2015 8:02:42 GMT
6552 is 'overdue' by 4 days (officially on retry) and there is no note. When does retry become late?
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Post by bonfemme on Mar 28, 2015 8:11:11 GMT
This thread is offered as a place to list loans which have been late and are now live but have acquired no note, and therefore seem to have an unblemished payment history. In the past I thought that any loan that goes late, even on the first payment and even if the fault was 'administrative' a note would be added. Now loan 7289 has been late on its seventh payment by nearly two weeks, is back on track (today 27 March) but has attracted no note from FC. Why this happened is not known, but in case it is a new practice I note it here and ask that if other forum members have this experience with other loans they share it here for the benefit of forum members. Please do not identify the borrower and just stick to the facts of the non-listed lateness - people will make their own inferences. Please also post on the day of discovery. If a note does get added to 7289 then we will know that there is no new policy to exclude lateness from loan notes, but it would still be generally useful to keep this thread going in case of further omissions. Excellent idea. I know 6276 was late a month or two ago by more than a week. No note was ever added. Also 5333, was in a similar situation a few months ago.
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blender
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Post by blender on Mar 28, 2015 8:38:41 GMT
6552 is 'overdue' by 4 days (officially on retry) and there is no note. When does retry become late? Late is 'late' in the status, four working days after the date on which the payment should have been made to the lenders. There has never been a note for processing or retry or FC failure to do the distribution. But late is a formal defined performance problem which should be noted in the payment history (or always was). If you are buying a loan part on the SM it is material information. It seems there may well be a general problem here, from bonfemme's post. So let us collect them. I will list in the OP.
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Post by goldservice on Mar 28, 2015 9:52:24 GMT
Hmmm - I'm a bit nervous about this list of 'late' loans. Is there a right of reply? Do I apply my 'sell if once late' rule? We already know that being late with first payment can be a bank error or even a Fiery Capers error so some of us ignore late first payments. How do we know what the causes of these other late payments are eg is it bank errors again? Are these allegations of lateness based on processing of transaction files which are themselves notorious for inaccuracies, arbitrariness and complexity?
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blender
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Post by blender on Mar 28, 2015 10:15:05 GMT
Hi Goldservice,
The 'late' is just a fact - that the status of the loan was shown as late by FC, but the loan did then pay and FC did not add a note - which means that there is no trace of the late payment in the payment history. No need for a right to reply because nothing other than a fact is stated. What you choose to do with the knowledge is up to you.
If you buy a 7289 part on the SM now you will not know that it has just paid after being nearly two weeks late on its March payment.
Just helping FC to do their job. If they do it, we will not have to.
I do sell loans which have gone late and come back. But I wish the purchaser to be able to see the true payment history - before or after purchase.
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oldgrumpy
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Post by oldgrumpy on Mar 28, 2015 10:50:16 GMT
It will be interesting to read Fleshy Concubine's response if anyone asks them for to explain why late payments are not noted by default for all investors' reference.
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blender
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Post by blender on Mar 28, 2015 11:41:42 GMT
It will be interesting to read Fleshy Concubine's response if anyone asks them for to explain why late payments are not noted by default for all investors' reference. I would have asked my fleshy concubines but they were otherwise engaged. My bony ones said it was nothing to do with them, but they appreciated being asked.
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maxmarengo
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Post by maxmarengo on Mar 28, 2015 15:02:54 GMT
I take a snapshot of the loan book once a week so I can check if a loan has ever been late, before I buy a part on the SM.
Useful if I have time to look before I buy. Got sold a pup a couple of weeks ago - a snap purchase at 2% discount turned bad a day later. Must have a look at who sold me that part!
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Post by GSV3MIaC on Mar 28, 2015 17:33:36 GMT
I used to have a whole bunch of loan book snapshots so I could add up the 'total lateness events' for loans, but that got sort of sidelined when Floury Custard hid the loan book for several months. It was illuminating .. 'late' seems to be habit forming, a bit like booze or fags .. and frequently has the same eventual result (death) .. statistically significantly.
As to SM purchases, I'd leave the deep discounted parts for the bots to eat, they are usually discounted for a reason (it =may= just be someone wants a quick exit, or suffered from finger trouble, but mostly not. Some folks get CCJ info and Duedil reports a bit faster than some others).
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adrianc
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Post by adrianc on Mar 31, 2015 7:20:41 GMT
6552 is 'overdue' by 4 days (officially on retry) and there is no note. When does retry become late? This morning... But no comment yet.
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Post by bonfemme on Mar 31, 2015 12:42:09 GMT
7445 is now eleven days late and still no note.
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blender
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Post by blender on Mar 31, 2015 13:02:14 GMT
7445 is now eleven days late and still no note. Unfortunately that is the new normal. If it pays up and still has no note we must add it to the list. If it does not pay up, then perhaps an e-sympathy card required for bonfemme.
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SteveT
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Post by SteveT on Apr 2, 2015 8:52:53 GMT
5105 is now 13 days late but, as yet, no note.
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blender
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Post by blender on Apr 2, 2015 11:05:06 GMT
5105 is now 13 days late but, as yet, no note. Please let us know what happens. Our thoughts are with you.
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