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Post by captainconfident on Jan 28, 2014 20:11:48 GMT
I just assumed that FC were as useless as ever at getting the direct debit in place on new loans and WACTB in these cases meant phoning and begging them to send a cheque.
I think we're all probably ankle deep in Telly Company and there would be major ructions if those A+ers fell over. It's sure to be a DD issue.... isn't it?
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oldgrumpy
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Post by oldgrumpy on Jan 28, 2014 20:25:44 GMT
I'm not too worried about tellyco. They have a history of slapdash starts but then payments carry on OK - like all the other January payments on time in the last ten days (2860 today).
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Post by bracknellboy on Jan 28, 2014 22:10:18 GMT
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Post by captainconfident on Jan 29, 2014 0:02:06 GMT
I'm confident that tellyco are in exactly the same boat as all these other first hurdle fallers. There is something slapdash about the setting up of the initial direct debit. WACTB does not tell us whether the direct debit bounced from an empty account or was simply not set up in time. These two possibilities carry very different implications, but with only wactb to go on, the course taken by many is to dump their holding.
FC should really be more specific, but the current situation rewards them either way. If you sell your loan parts they profit on commission, so why would they tell us that it was their error which caused the late payment?
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markr
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Post by markr on Jan 29, 2014 9:30:00 GMT
What makes me slightly nervous (but not enough to lose sleep over!) is that DD issues are normally stated as such "Administrative errors blah blah direct debit rhubarb rhubarb not received in time etc etc". WA(CT)CTB seems to be code for "This is most irregular and we are kicking the borrowers botty as much as we can without actually leaving our desk".
I would think that if Tellyco and/or Piles of Cranes went pop it would pretty much be the end of FC. The new telly loan is 4211 "*qui*m*** Pu****s*"
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Post by batchoy on Jan 29, 2014 10:24:40 GMT
Direct Debit issues occur so regularly that one starts to wonder who is a fault.
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blender
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Post by blender on Jan 29, 2014 10:26:08 GMT
I think we're all probably ankle deep in Telly Company and there would be major ructions if those A+ers fell over. It's sure to be a DD issue.... isn't it? Ankle would be good, but I am up to the tail in telly's and cranes. A month or two ago I would have said it was the telly co not getting the DD in place, but now there is such a problem on collections that I tend to believe that the telly co has made the repayment as stated. FC have always needed a strong operational manager to take control across the departments - now it seems desperate with questions about those in charge of technology and collections. Usually a loan company makes its money through collections, but FC makes its money though sales, and is probably sales led when it should be collections led.
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Post by captainconfident on Jan 29, 2014 10:52:39 GMT
4211 "*qui*m*** Pu****s*" Initially I thought this should be whistled for a yellow card at least, but on closer observation I note that it is in fact a heroic Roger Mellie-style attempt to keep up with the tradition of the old board. Congratulations!
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Post by bracknellboy on Jan 29, 2014 11:29:44 GMT
I think we're all probably ankle deep in Telly Company and there would be major ructions if those A+ers fell over. It's sure to be a DD issue.... isn't it? .... Usually a loan company makes its money through collections, but FC makes its money though sales, and is probably sales led when it should be collections led. Some truth in that: but note that the 1% fee on lenders is contingent on collections.
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blender
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Post by blender on Jan 29, 2014 14:17:11 GMT
Agreed that in time the 1% fee will be a large part of annual income, but at present and while the loan book is growing fast, the annual income is much more dependent on the up front 4% ish of loans arranged. The shareholders will be looking at cash flow and growth, which is mainly to do with sales. Poor lending and collections will affect the financial performance of FC downstream. But what really puts the collections person in the lower seat is the fact that FC takes no risk directly on the 'FC' loan book.
The lenders will need to keep up the shouting in support of collections, IMO.
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markr
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Post by markr on Feb 3, 2014 13:29:00 GMT
Still no word from TellyCo, the promised proof of payment is a long time coming. Wondering if a few FC lenders (me included) will be uttering another word frequently used by Roger Mellie soon...
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Post by bracknellboy on Feb 3, 2014 13:43:02 GMT
Still no word from TellyCo, the promised proof of payment is a long time coming. Wondering if a few FC lenders (me included) will be uttering another word frequently used by Roger Mellie soon... 3014 and 983 both paid up on time (18/01 and 20/01 respectively). What was the due date on the new loan ?
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markr
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Post by markr on Feb 3, 2014 14:42:09 GMT
Payment was due on 12/01, proof of payment was requested on the 24th. I'm still in the "cock up" camp, but slowly edging my way to "conspiracy". All we need is a "the person in charge of payments is away..." and I'll know its on the slippery slope!
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blender
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Post by blender on Feb 3, 2014 15:15:56 GMT
I am getting more concerned about Telly Co. and the lack of progress in deciding whether a payment has been made or not. I bought a large amount as a safe longer term hold. My theory is that FC is so busy with the defaulting process for the zombie loans that it has no spare staff effort to chase these routine problems. Telly Co. is always late with the first payment but this is getting silly.
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Post by captainconfident on Feb 3, 2014 17:38:04 GMT
I logged into the forum on this visit specifically to write about my concerns about the tellyco payment. And I find us all here, with the same worry. I'm somewhat mollified by the payments made on the other loans but still, they apparently claimed to have paid 24th Jan. Surely it's just another cock-up. If only FC were more arsed to keep us poor saps informed.
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