unmadem
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Post by unmadem on Oct 29, 2015 16:57:09 GMT
chris, andrewholgate: This looks an awful lot like AC don't want to provide this info. The excuse they gave in the Q&A was that it was "impractical", yet you've indicated that the work required already has been coded.Surely AC have the info requested -- if they don't then we investors should be very concerned. And answers like the one given in the Q&A for Loan #45 are distinctly unhelpful. The Q was "What is the current balance in the buffer?" AC's reply didn't answer the question, just saying that the payment was less than a month's worth but not specifying the amount. So we weren't told how short the payment was at the time, yet we'll find out when the payment due tomorrow is partially paid by whatever is in the buffer. Since we're going to find out anyway, why are AC so reluctant to release this info on a timely basis? IMHO, all AC are accomplishing here -- aside from holding back info that lenders have requested -- is to generate more work for the people who have to deal with the Q&A. In checking the #45 Q&A while writing this message, I see that someone else has asked, among other things, the same question again -- "what is the current level of the buffer? The bit in red is wrong. I coded a mechanism for the admin team to enter the figures on to the front end website, that doesn't make it practical for the admin team to have to do so. They would need to manually enter the new balance whenever it changes. I'll raise this internally as I'd like to see the figures displayed on the site but if it's not practical to do so then I'll need to figure out a different methodology. andrewholgate chris I wouldn't have thought that the size of buffer altered often (only when the borrower tops it up or it has to be used to make a payment from it. Surely less effort for admin to enter a figure at these times than to constantly look up the figure and type out answer to frequent questions. Plus it avoid any possibility of being accused of not letting us know or textual answers being misinterpreted. In addition if you publish the figure we can help you police it if some issue occurs ( let's face it in the real world they do).
(If there were some reason on a loan where the buffer value changes frequently for some reason and it wasn't practical might it not be deal with separately with a message saying it couldn't be published and let us see it on all the others.)
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Post by chris on Oct 29, 2015 17:03:20 GMT
The bit in red is wrong. I coded a mechanism for the admin team to enter the figures on to the front end website, that doesn't make it practical for the admin team to have to do so. They would need to manually enter the new balance whenever it changes. I'll raise this internally as I'd like to see the figures displayed on the site but if it's not practical to do so then I'll need to figure out a different methodology. andrewholgate chris I wouldn't have thought that the size of buffer altered often (only when the borrower tops it up or it has to be used to make a payment from it. Surely less effort for admin to enter a figure at these times than to constantly look up the figure and type out answer to frequent questions. Plus it avoid any possibility of being accused of not letting us know or textual answers being misinterpreted. In addition if you publish the figure we can help you police it if some issue occurs ( let's face it in the real world they do).
(If there were some reason on a loan where the buffer value changes frequently for some reason and it wasn't practical might it not be deal with separately with a message saying it couldn't be published and let us see it on all the others.)
Not my call and Andy is away this week. I'll raise your thoughts internally and see how far I can get with them but it's probably one Andy will need to pick up next week.
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pikestaff
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Post by pikestaff on Oct 29, 2015 19:04:31 GMT
This is the 1st time I've viewed this thread as it has been a bit dormant until today. I was wondering as the buffers seem to be dead money legally owned by the borrowers, could an account similar to QAA be set up for the borrowers to give them a little incentive maintain their buffer........or perhaps I'm missing something (a lot have been saying that for years  ) I'd think not. Client money rules will require them to hold the buffer separately.
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Post by Ton ⓉⓞⓃ on Oct 29, 2015 21:06:35 GMT
I think I only want to know how many months payments it holds not the value, it would be useful/nice to have something like the following for loans with buffers: where 6 is the max size and 5 is how many months worth of payments are currently held. I'm not too interested if it's really 5.275 worth of payments held, a round figure is good enough. Would that be any easier for Admin chris? |
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Post by chris on Oct 29, 2015 21:10:34 GMT
I think I only want to know how many months payments it holds not the value, it would be useful/nice to have something like the following for loans with buffers: where 6 is the max size and 5 is how many months worth of payments are currently held. I'm not too interested if it's really 5.275 worth of payments held, a round figure is good enough. Would that be any easier for Admin chris? I'm not sure. Will ask but suspect it wouldn't change the picture significantly.
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unmadem
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Post by unmadem on Nov 10, 2015 11:13:11 GMT
chris I was very pleased by your commitment to display the current value of the buffer quickly. However this has not happened. Can this be done now please ?
There was immediately after all the buffer issues arose an improvement in the reporting of activity around buffers. However this involves us having to wade through all of the activity log records and Q&As. Having a figure displayed is obviously easier and less open to interpretation.
I also feel that the information provided through the textual comments are slipping a little again. See for example loan 45 leeds property where a user has asked what the buffer level is. There has been a reply but it doesn't actually say either in terms of cash or months coverage what the buffer level is. If it was just displayed automatically as you promised all this could be avoided.
It's been coded (the display of the current buffers) so I'll have to check in with the rest of your post with the rest of the team. Will make sure it is addressed. Edit: Just seen Mike's post which would explain why it's not being used.
andrewholgate chris I wouldn't have thought that the size of buffer altered often (only when the borrower tops it up or it has to be used to make a payment from it. Surely less effort for admin to enter a figure at these times than to constantly look up the figure and type out answer to frequent questions. Plus it avoid any possibility of being accused of not letting us know or textual answers being misinterpreted. In addition if you publish the figure we can help you police it if some issue occurs ( let's face it in the real world they do).
(If there were some reason on a loan where the buffer value changes frequently for some reason and it wasn't practical might it not be deal with separately with a message saying it couldn't be published and let us see it on all the others.)
Not my call and Andy is away this week. I'll raise your thoughts internally and see how far I can get with them but it's probably one Andy will need to pick up next week.
Hi andrewholgate, chris suggested this was your call, have you had time to consider the issue of automatically displaying buffer values/month coverage on the site?
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Post by andrewholgate on Nov 10, 2015 11:16:01 GMT
I am working on displaying a lot more information about security and defaults in the next few weeks. We need to get our default stats up on the site and also the recovery stats. We have our board this week where I am due to present the layput of the information and then we need to code.
This will be available in due course. Please bear with me.
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Post by mrclondon on Nov 10, 2015 12:59:20 GMT
I am working on displaying a lot more information about security and defaults in the next few weeks. We need to get our default stats up on the site and also the recovery stats. We have our board this week where I am due to present the layput of the information and then we need to code. This will be available in due course. Please bear with me. Thanks for the update on this. I know chris has on his long to do list the inclusion of XIRR type info on the dashboard drop down (both excluding and including accrued interest). Could I suggest given there are a number of lthe distresed loans which may not be able to cover all the acruing interest, that the XIRR excluding accrued interest be pushed up the priority list please as its a useful measure of the actual return being achieved on a lenders loanbook.
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Post by Butch Cassidy on Dec 22, 2015 19:32:56 GMT
I am working on displaying a lot more information about security and defaults in the next few weeks. We need to get our default stats up on the site and also the recovery stats. We have our board this week where I am due to present the layput of the information and then we need to code. This will be available in due course. Please bear with me. Six weeks on andrewholgate - Has there been any progress? All investors want is open, clear & honest information about what is happening to their money - why is that so unreasonable?
Kent finally seems to have had some progress however the latest update is far from convincing - "The Receivers have rounded-up interest and are currently in the final stages with one potential purchaser. We have not yet received a recommendation but expect to do so shortly. With this in mind and the approaching Christmas holidays, we will provide a full update in respect of this offer by close of business Friday 15 January 2015 at the latest. If there are no issues and the final stages of the offer are completed between the purchaser and the Receivers, our update will include the anticipated net result to Lenders. We cannot currently provide any indication of the offer level."
Seems that AC & the LPA have forgotten who the money is actually owed to, whilst exact figures may still remain to be finalised a ball park figure or at least some guidance such as 100% capital return but unsure on interest owed, ought to be possible. Investors are understandably frustrated with this loan as any action was bluntly denied by AC for at least 9 months after any payments had ceased, with the consequent delay eroding virtually all the remaining valuation headroom of the security, so continuing to be the last to know what is happening is really no way to regain our confidence.
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Post by andrewholgate on Jan 7, 2016 13:43:08 GMT
I have never forgotten whose cash it is that funds the loan and I constantly remind our team of that fact. Secured lending of this nature is complex and getting the right outcome takes time.
In terms of the data, I want to have something on the website by the end of Q1. I am also looking at comparables and stress tests we can use for lenders to make a judgement.
I want to make it very clear, AC is very transparent and does not operate a closed system where you can't see who you are lending to or what is happening. We do not just "knock on" a loan for a further 6 months and hope for the best as that delays the inevitable. Our recovery rates and expected recovery are in excess of 99% for principal capital and I am looking at ways to further de-risk lenders to the shock of a capital loss.
Your money is our life blood. If you read comments in the press I have consistently said that. Please don't ever think I have forgotten whose cash it is.
A
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unmadem
Member of DD Central
Posts: 377
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Post by unmadem on Jan 7, 2016 14:40:32 GMT
andrewholgate, Hope you had a relaxing holiday. Will the information published in Q1 include the automatic display of buffer interest held against a loan ?
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Post by andrewholgate on Jan 7, 2016 14:42:19 GMT
Yes.
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Post by andrewholgate on Jan 7, 2016 16:56:57 GMT
Oh, should have some good news coming out later on one of the loans.
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Post by Lep Recorn on Jan 7, 2016 17:08:21 GMT
What a tease!!
Or is it a late xmas present as with the Irish furniture retailer?
??
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Post by andrewholgate on Jan 7, 2016 17:21:05 GMT
Home Counties related.
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