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Post by elljay on Jan 12, 2014 10:40:11 GMT
Some commonly used terms:
ABL - Ablrate AC - Assetz Capital AER - Annual Equivalent Rate (Official rate savings) APR - Annual Percentage Rate (Official rate for borrowing) AR - Ablrate DB - DataBase DD - Due Diligence / Direct Debit / Drawdown FC - Funding Circle FE - Funding Empire FK - Funding Knight FS - Funding Secure IP - isePankur (renamed Bondora since 2nd Apr 14) / Intellectual Property / Information Pack (on TC) HNW - High Net Worth [Individual] LC - Lending Crowd LM - Lendy Marine LTV - Loan To Value MT - Money Thing OP - Original Poster PM - Primary Market ReBS - RebuildingSociety RS - Rate Setter SM - Secondary market SPV - Special Purpose Vehicle (company set up for one project, esp. dvelopment projects) SS - Saving Stream TC - Thin Cats THC - The House Crowd Ts&Cs - Terms and Conditions AKA The Small Print W&Co - Wellesley & Co
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Post by mead187 on Jan 13, 2014 13:12:40 GMT
DD - Due Diligence LTV - Loan-to-Value
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Post by elljay on Jan 13, 2014 17:53:22 GMT
Thanks - first post updated.
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Post by batchoy on Jan 13, 2014 18:38:21 GMT
FK - Funding Knight IP - isePankur/Intellectual Property OP - Original Poster LM - Lendy Marine APR - Annual Percentage Rate (Official rate for borrowing) AER - Annual Equivalent Rate (Official rate savings) Ts&Cs - Terms and Conditions AKA The Small Print
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Post by chris on Jan 13, 2014 18:42:38 GMT
DB = Database (not double banana)
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bugs4me
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Post by bugs4me on Jan 13, 2014 22:34:12 GMT
DB = Database (not double banana) My experience of some DB systems is that you'd be better off with a couple of bananas Fortunately, AC doesn't fall into this camp but I could name (& shame) one that does but the mods would loose their tolerance!!!
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Post by bracknellboy on Jan 19, 2014 0:04:05 GMT
I think Oldnick's idea of an alternative glossary is worth some further investment of time, and worthy of being listed underneath the real glossary. My first contributions:
"We are continuing to chase the borrower" (aka "WACTCTB"): a term used on some platforms to give the impression of activity in chasing delinquent borrowers while not revealing what is actually being done. Some lenders believe this to be shorthand for "Nothing's happened but its been a while since we told you nothing's happened so we have posted this".
"There was an error in setting up the Direct Debit" (see also "DD" in the Glossary): One or both of two parties on opposite sides of a transaction are unable to fill in basic paperwork correctly, despite this being a fairly fundamental aspect of running a business. If this happens A LOT, then just possible that the business that is sending the mandate out is not issuing sufficiently clear instructions. Or the "filler in" is trying to buy some time.
"We have downgraded this loan as the company is in dissolution ": If this is the first time you have come across this: PANIC ! Alternatively: DON'T PANIC ! Compulsory dissolution notices are triggered when company accounts are not filed by the due date. There is a very good chance that approximately 3-4 weeks later you will be the grateful recipient of:
"We have re-instated [....] as we have received official notification that the Dissolution has been dismissed": Means the company's accountant finally got out of bed and submitted the accounts. If you are a "holder", you may with certain borrowers get the joy of witnessing this iteration of dissolution/dissolution dismissal on an annual basis, and indeed in time may come to revel in the prospect of predicting it in advance. If this is too stressful, then avoid any loans of more than 13 months duration. Alternatively become a flipper" (see "Flipper").
Flipper: In common parlance this can have several apparently contradictory usages: - An Angel to borrowers/p2p platforms by providing market liquidity and helping to ensure that loans that would otherwise not complete end up fully funded; in turn provide a healthy stream of loan parts for future lenders on a platform's secondary market. One story has that they do this out of inherent generosity and contribute all profits from such after sales to charity. - The Spawn of the Devil who spoil the fun for other lenders by cornering the market on high rate loans and force other lenders to waste inordinate amounts of time bidding at the end of an auction as the weight of money coming drives down the marginal top rate available. And they do this in order to make money: how dare they. - A bottlenosed dolphin sometimes thought of as an "aquatic Lassie"
In the first of the two usages there is however one commonality: a flipper will sell a high proportion of their stake in a loan within a reasonably short period after completion of loan drawdown. Which usage you adopt may depend quite heavily on your personal P2P lending strategy. Note: The dolphin predates the origins of p2p lending and therefore was never to the editors knowledge seen buying or selling loans. Plus the nature of its appendages means it struggles with a keyboard, and causes havoc with mobile or touchscreen devices, making it an unreliable market manipulator.
Holder: Someone who buys into the fundamental intent of p2p by participating in loans which they tend to hold for the duration of the loan agreement. Holders often view Flipper's as the Spawn of the Devil. Holders may however sometimes think of flippers as Angels when they ensure that a loan they want a piece of manages to complete in an otherwise illiquid market. Flippers invariably view Holder's as prospective Buyers.
Late: For such a short word, this can have a surprisingly complex set of meanings. A loan can be late, it can be very late, or even very very late. One thing however is clear: its still only Late, and if its Late it is not yet in Default and therefore does not constitute a Bad Debt. This term is often seen in close proximity to occurrences of WACTCTB; sometimes quite a lot of them.
Underwriter: A person who helps to ensure that a p2p provider doesn't have to take a particular lending proposal to the Undertakers. Under no circumstances should the function performed by an Underwriter be confused with the function that is sometimes provided by a Flipper, bearing in mind that the latter are the Spawn of the Devil.
Update: HNWI: High Net Worth Individual: The holy grail which many aspire to but few achieve. Many flippers would like to be HNWIs, but no genuine HNWI will ever be a flipper as they have better things to spend their time on: they may however be an Underwriter. If you know an HNWI then get to know them better. If they are single and of an appropriate gender, get to know them a lot lot better. You are likely to get good investment tips. But just make sure you don't get s*****d: if on the other hand that is your intent, make sure they make it worth your while; one of the things HNWIs have better things to spend their time on than being a flipper is scrutinizing statements of any jointly held credit cards. Bear that in mind.
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mikes1531
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Post by mikes1531 on Jan 19, 2014 3:33:41 GMT
I like it! Flipper: In common parlance this can have several apparently contradictory usages: - A borrower and p2p platform Angel who ... Should that be a "lender" rather than a "borrower"?
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Glossary
Jan 19, 2014 7:07:27 GMT
via mobile
j likes this
Post by oldnick on Jan 19, 2014 7:07:27 GMT
A magnificent body of work bracknellboy - this could develop into a stocking filler for next Christmas. As you didn't create acronyms for all of the entries may I suggest : SOD - spawn of the devil. One who doesn't care that a loan might fill without them - only in it for the profit. UDER - an underwriter. One who makes sure a loan is accepted but gives up loan parts before draw down if demand is belatedly forthcoming. (I have the image of a newly born calf making its first faltering steps and requiring some life giving milk.) FReD - Flipper the dolphin. Someone inbetween a SOD and an UDER: the smartest thing in the ocean that runs rings round the slower witted denizens of the deep and generally lives the life of Riley, but means no harm by it. SKPY - Skippy. A poster who has important things to say but requires a convenient human interpreter to render them intelligible. This would take in comedic errors in spelling, grammar, facts, emotional incontinence and other forum faux pas. (We're all only a fat finger away from being a SKPY.)
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Post by oldnick on Jan 19, 2014 7:50:35 GMT
Just thought of a title for this stocking filler - P2Pedia.
The title could increase sales at the B****** B********** C********** and the V******* with any luck.
(For sad asterix counters: they are deliberately wrong to keep the lawyers at bay)
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Post by bracknellboy on Jan 19, 2014 8:29:24 GMT
I like it! Flipper: In common parlance this can have several apparently contradictory usages: - A borrower and p2p platform Angel who ... Should that be a "lender" rather than a "borrower"? No, but it was confusingly phrased. since amended.
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Post by Duane Dibley on Jan 19, 2014 11:26:30 GMT
* - An asterix. Something people in the know use instead of letters so you've no idea what the f**k they're on about. But if you c**nt the nu***er of mi****n* l*t**rs and t*y to *i*l in t*e *l***ks then s*m*ti**s y*u *an ev**ua**y w**k o*t w**t th*y'*e act***ly sa**n*.
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Post by elljay on Jan 19, 2014 12:31:59 GMT
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Post by oldnick on Jan 19, 2014 13:56:43 GMT
Ah, Asterix and Obelix. Goscinny and Uderzo's finest creation. It appears I've sent the first SKPY post by referring to an asterisk as an asterix.
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j
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Penguins are very misunderstood!
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Post by j on Jan 19, 2014 17:43:59 GMT
WTDD -Waiting to draw down.....quite mundane, I know, I don't have the imagination of bracknellboy
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