adrianc
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Post by adrianc on May 6, 2015 8:52:15 GMT
Help! I'm being groomed! <runs as fast as little legs will take me>
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blender
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Post by blender on May 6, 2015 9:36:33 GMT
Hmmmm. Extensive research has uncovered the fact that the ZX80 is not the choice of modern lads, but was discontinued in 1981. Legs perhaps not so little, unless a person of limited stature. Who is grooming whom here?
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registerme
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Post by registerme on May 6, 2015 9:43:42 GMT
The ZX80 has such an amazing interface, and was such an amazing user experience, I'm surprised FC aren't using it as inspiration for their website.....
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fasty
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Post by fasty on May 6, 2015 10:14:20 GMT
I fear that this thread may have diverged a teeny bit away from the original topic...
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SteveT
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Post by SteveT on May 12, 2015 11:44:25 GMT
Loan 7541 was listed as Late over the weekend (payment due 4th May) but is restored to health this morning with no note of explanation. Under my rules, it is now an ex-loan.
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blender
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Post by blender on May 12, 2015 12:58:59 GMT
Loan 7541 was listed as Late over the weekend (payment due 4th May) but is restored to health this morning with no note of explanation. Under my rules, it is now an ex-loan. Just, but rules is rules. Will add to the OP
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fasty
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Post by fasty on May 12, 2015 13:24:20 GMT
Was 7451 lateness influenced by Funky Chicken's post-bank-holiday incompetence? (and, if so, they are potentially excused by my variant of the rules)
I have seen two loans in a similar situation recently; 7451 was one of them, both now up to date again with payments.
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SteveT
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Post by SteveT on May 12, 2015 13:31:32 GMT
Was 7451 lateness influenced by Funky Chicken's post-bank-holiday incompetence? (and, if so, they are potentially excused by my variant of the rules) I have seen two loans in a similar situation recently; 7451 was one of them, both now up to date again with payments. Impossible to know, unless Feeble Communications begin to add an explanatory note to every loan that has triggered a Late flag. That said, if a Borrower has set up the Direct Debit and has sufficient funds in their account to cover the monthly payment, even a Bank Holiday should be navigated seamlessly! All my Direct Debits seem to manage it.
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blender
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Post by blender on May 12, 2015 13:46:10 GMT
Them at the Fairy Castle have now added a note. So I remove from the OP.
And 8395 has a note so have removed that also.
Football Champions on the ball!
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SteveT
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Post by SteveT on May 12, 2015 14:14:15 GMT
Them at the Fairy Castle have now added a note. So I remove from the OP. And 8395 has a note so have removed that also. Football Champions on the ball! So they have. There's now a note on 11221 too, also Late over the weekend. "May payment has been distributed today" gives little insight into who / what caused the delay in payment but I guess it was probably down to the borrower (at least, if it wasn't then I hope Finally Clarifying would admit to their culpability)
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SteveT
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Post by SteveT on May 12, 2015 14:15:40 GMT
That said, if a Borrower has set up the Direct Debit and has sufficient funds in their account to cover the monthly payment, even a Bank Holiday should be navigated seamlessly! All my Direct Debits seem to manage it. Does FC's T&Cs for borrowers state that a direct debit must be set-up? In my experience, companies dislike establishing direct debits for their outgoing payments. I assume so, given the number of loans where the reason given for a late first payment is "Failure to set up the Direct Debit properly", or words to that effect
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blender
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Post by blender on May 12, 2015 14:44:15 GMT
Direct debit or debit/credit card (taken by FC) according to 5.2 of the borrowers' T&Cs.
I remember the good old days when the first method of control of expenditure, when in a situation of limited cash, was to lock away the cheque book.
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adrianc
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Post by adrianc on May 12, 2015 17:37:02 GMT
I remember the good old days when the first method of control of expenditure, when in a situation of limited cash, was to lock away the cheque book. 7396 has a note saying "The borrower has made a cheque payment for this month. Due to our internal processes, this payment will be frozen for 21 days to ensure that the payment does not bounce. Once the cheque has cleared, we will be making a distribution to investors. We thank investors for their patience."
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registerme
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Post by registerme on May 12, 2015 21:58:10 GMT
21 days due to their internal processes? It shouldn't take more than 5 working days (max) for a UK sterling - UK sterling cheque to clear. FC don't (I think) actually hold client funds, so they'll then have to redistribute any monies received. Let's take a cheque received by FC on Wednesday the 24th December 2014 as a working example:-
1-24/12/2014 Wednesday Cheque recieved, assume not cashed.
2-25/12/2014 Thursday not a working day (Christmas day)
3-26/12/2014 Friday not a working day (Boxing day)
4-27/12/2014 Saturday not a working day
5-28/12/2014 Sunday not a working day
6-29/12/2014 Monday working day 1
7-30/12/2014 Tuesday working day 2
8-31/12/2014 Wednesday working day 3
9-01/01/2015 Thursday not a working day
10-02/01/2015 Friday working day 4
11-03/01/2015 Saturday not a working day
12-04/01/2015 Sunday not a working day
13-05/01/2015 Monday working day 5 - cheque cashed
14-06/01/2015 Tuesday working day 6 allow one day for clearance
15-07/01/2015 Wednesday working day 7 allow a second day for clearance (generous)
16-08/01/2015 Thursday working day 8 transfer to recipient accounts
17-09/01/2015 Friday working day 9 allow a second day for transfer to recipient accounts (generous)
18-10/01/2015 Saturday not a working day
19-11/01/2015 Sunday not a working day
20- 12/01/2015 Monday working day 10 funds received by recipients
21- 13/01/2015 Tuesday and a day for any more slippage.
Taking the worst start point in the year I can just about make it take 21 days, if everything takes as long as it could (assuming FC don't sit on unopened post etc). But for most other days in the year..........?
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adrianc
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Post by adrianc on May 13, 2015 7:29:41 GMT
21 days due to their internal processes? It shouldn't take more than 5 working days (max) for a UK sterling - UK sterling cheque to clear. The cheque is guaranteed to be cleared at the end of (working) day 6, with the day the cheque is paid in being day 0. A big step forward from the way it used to be, before 2007, when a cheque could be bounced at ANY stage - "but you're probably in the clear after a few months", as my old business account manager said to me when we were very worried about a very large cheque from a business that'd done a midnight flit from their premises the day after we paid it in... www.chequeandcredit.co.uk/cheque_and_credit_clearing/the_cheque_clearing_cycle/I don't think it's unreasonable to say "Look, this is the worst-possible-case elapsed time, so we quote this as the policy for backside-covering purposes". If anything, it'll act to dissuade people from writing cheques, because the clock is ticking - late count plus interest - during that process. Yes, we're held up a bit, but isn't that better than Folded Chequebook saying "Oops, sorry, there was this bank holiday, y'see, and it got distributed just before somebody noticed it'd bounced, so we're taking it back..."? (I think I just about remember what to do with a cheque. Gawd knows where my cheque book is, though...)
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