|
|
Post by andrewholgate on Jun 22, 2015 14:10:38 GMT
Tell me.
|
|
star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
|
Post by star dust on Jun 22, 2015 15:03:23 GMT
I'm trying to make up my mind whether it's good or bad that you are asking. A perusal of these threads and the pink pages should give a pretty good idea, but then I guess asking demonstrates a high level interest especially if something improves as a result.
In any event for me 'one' is not enough, the most irksome isn't that simplistic either relating to linked issues around loan monitoring really, in my view it needs to be seriously tightened up, together with far more consistent and reliable feed- back to lenders and adherence to your own stated deadlines. And for the rest of my pennies worth, in no particular priority, deal flow, quality of deals, communication, and system glitches.
I'm not suggesting there haven't been improvements in some of these areas already, I think there have but more is needed. I wish I could say differently, but after a year of lending with AC I have barely increased my holding and find myself wondering why I am still lending with you on a fairly frequent basis. Thanks for asking, I hope mine and other's answers can lead to improvements and a renewed confidence (and hopefully thus larger stake) in your platform.
|
|
SteveT
Member of DD Central
Posts: 6,875 
Likes: 7,924
|
Post by SteveT on Jun 22, 2015 15:25:12 GMT
My biggest issue with AC is the way that any of my loan holdings can become entirely "unsellable" at zero notice, whether it's over a minor payment issue or a more serious potential default. This means I'm obliged limit ALL of my holdings to the sum that I'm prepared to see frozen and (ultimately) perhaps substantially written down / written off. There needs to be a mechanism for trading "impaired" loans, even if that means accepting an upfront write-down on some of my holding to mitigate larger potential losses on the whole lot. Until such an option is available, my total AC investment is effectively "capped" by the number of live loans you have that I'm willing to invest in multiplied by my "personal maximum" holding. I'd happily invest more in loans that I regard as lower risk if there was a route to reducing my exposure later if problems emerged.
|
|
ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
|
Post by ramblin rose on Jun 22, 2015 15:54:52 GMT
For me it's overpromising, be that deal flow, update promises, drawdown estimates. You name it, it seems to be overpromised and underdelivered. It's largely unnecessary with a modicum of sensible forethought and realism based on past experience, and creates so many own-goals. It must create a great deal of extra workload by way of answering queries and complaints - time that could be much better spent. It certainly causes me extra workload when I go to check x,y or z happened, and then find it didn't, so I have to go n+ times to recheck later. A dose of realism might produce lesser promises that people find unpalatable in the first place, but at least they won't be complaining when it comes to pass as you said it would. (Well, no doubt some WILL still be complaining, but it will be many fewer).
|
|
ianb
Posts: 161
Likes: 54
|
Post by ianb on Jun 22, 2015 16:05:44 GMT
I think the software is pretty good now, and the volume of upcoming loans seems healthy (hope it can be sustained). I do like the covenant trackers (or whatever they are called, where we get updates as to the financial state of the borrower) - and wish they were present for all loans, but its probably unrealistic to ask them to be inserted into old agreements which didn't have them. So i'll say communication..... especially around drawdowns, where an email comes out (sometimes) some days later .... I think most would like to know immediately its out there; but also communication in general compared to other platforms is weak (even a weekly newsletter announcing new upcoming loans, significant changes on suspended loans, drawdowns etc would be better than nothing) - meaning you have to log on each day and scan the loans for updates, new upcoming ones, changes to predicted drawdown etc. That said, the change on having online access to updates is a heck of an improvement for having to peruse this forum to find whats changed.
|
|
|
|
Post by mrclondon on Jun 22, 2015 16:10:51 GMT
To delay the release of the underwritten loan units on loan drawdown to give lenders chance to fund their MLIA accounts.
Ideally the release should be timed such that e.g. loan draws down Monday pm, an email goes out to lenders Monday evening, lenders fund accounts during Tuesday, lender funds credited to cash accounts Wednesday am, lenders move money from cash account to MLIA during Wednesday (most will do this during the evening on return from work), underwritten loan units released early hours Thursday.
Given the most popular day for drawdown is Friday, that time table becomes loan draws down Friday pm, email goes out to lenders Friday evening, lenders fund accounts during Sat/Sun/Mon, lender funds credited to cash accounts Tuesday am, lenders move money from cash account to MLIA during Tuesday (most will do this during the evening on return from work), underwritten loan units released early hours Wednesday. Of course if a near instantaneous way of creditting our accounts could be introduced, the timetable could be compressed somewhat.
For a 12 month loan (such as #166) whose drawdown slips and slips and slips, the overall rate of return including n weeks of upfront zero return awaiting drawdown reduces the yield significantly. Whilst many of the recent loans have not "sold out" immediately, the more popular loans do, and I am £k's short of target in several loans due to not having had adequate notice to fund my account.
|
|
tonyr
Member of DD Central
Posts: 477
Likes: 258
|
Post by tonyr on Jun 22, 2015 16:40:46 GMT
The marketing.
Where are the lenders? There are lots of loans available which averaged out will give much better rates than banks, bonds, stock market, premium bonds, and most if not all other P2P lenders. So why aren't there more lenders? Sure, the IT is very broken (e.g. not managing to display accrued interest or the demented GEIA algorithm) but this would get fixed fast if the lenders were queuing up.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Jun 22, 2015 16:47:18 GMT
Task management!
which covers a lot Ill admit, including but not limited to
- updates to promised deadlines
- responses to questions within 24hrs even if just an acknowledgement pending more detailed enquires to a deadline (replies can be edited so thats not a barrier) and with the chance to provide an answer that a) answers the question or questions fully with necessary detail so the lender doesnt have to repeat/seek clarification. Answers at time seem to have been dashed off in seconds.
- loan documentation, sufficient time to review for errors, clarity and lack of ambiguity (conditions precedent/subsequent clear)
- payment of installments in AC control
- loan monitoring, more robust with delegation of responsibility for timely updates to borrowers, after all they are the beneficiaries of our largesse so why shouldnt they be expected to provide regular progress/check ins and key info (eg illness that will warrant an extension) No comms on one loan for a year. My impression is AC spends most of its time chasing borrowers.
- loan extensions - planned so extra phases added in advance (2 loans at 0%/£0 accruals currently & 2 unnecessary questions to answer), votes in timely fashion
- expectations management - SMART = less questions
Couple of minor things that might help, site wide banner if there are any widespread technical issues eg interest accrual issues, (no questions to waste time on). Bold statement of next update date on loan pages (again no questions) Really need to eliminate the 'are we there yet' type questions, must annoy the staff and frustrate the lenders - similarly 'ghost updates' - get back to the loan pertinent questions rather than admin.
|
|
|
|
Post by johnny on Jun 22, 2015 16:54:43 GMT
I would like to see questions answered within a business day and when an update is promised then an update should be promulgated even if its to inform of no news. There is nothing worse than feeling ignored, silence always feels like bad news.
|
|
bg
Member of DD Central
Posts: 1,368
Likes: 1,929
|
Post by bg on Jun 22, 2015 16:56:32 GMT
To delay the release of the underwritten loan units on loan drawdown to give lenders chance to fund their MLIA accounts. I don't see how this really achieves anything. I see two issues you are referring to. First having money sitting there earning nothing waiting for loans whose drawdown gets pushed back and back (often with no explanation). Second a simple supply/demand imbalance for popular loans. I don't see how delaying the release of units would solve issue two. The fact that you have loans you are £k's short of target wouldn't be solved by giving you more notice - there simply isn't enough of these loans to go round and someone has to miss out. As for money sitting there earning nothing - if it's a loan where there isn't excess demand you have plenty of time to load funds and buy (as evidenced by numerous loans right now). Biggest issue for me is still communication. It's still abysmal. Why has drawdown on #166 been put back for the umpteenth time again today with no explanation? One sentence could easily explain this. Why are there 4 questions still unanswered in the Q&A for this loan (3 from last week). I really feel some of the people working for Assetz Capital have no real concept of customer service and the damage it is doing to the platform.
|
|
bugs4me
Member of DD Central
Posts: 1,845
Likes: 1,478
|
Post by bugs4me on Jun 22, 2015 17:39:02 GMT
Many valid points have already been raised, in particular about communication (or a lack of it sometimes) so no point in going over old ground.
My main problem/concern is the policy taken towards distressed loans. I fully appreciate the necessity of complying with the TCF rules as outlined by the FCA. In my experience though these are widely open to interpretation and my impression is that often, in fact too often, AC are far too cautious when dealing with defaulters. Often an event is classified as 'significant' or 'material' when it is nothing of the sort but rather the borrower (again) trying to buy yet more time before the inevitable happens.
Compliance folk who tend to be the 'experts' in the field of FCA compliance often hold totally opposing views when interpreting the various FCA guidance. Nonetheless, whilst I'm all in favour of fairness it must be seen to be operating both ways and often the defaulter appears to be given the benefit of the doubt time and time again. This directly of course impacts lenders and I feel in many ways acts as a disincentive to reinvest in the platform.
So to sum up, AC IMO must take a far more robust approach towards defaulters with firm time limits kept to.
|
|
rogerbu
Member of DD Central
Posts: 398
Likes: 213
|
Post by rogerbu on Jun 22, 2015 17:59:13 GMT
The lack of downloadable payment schedules at the loan and lender level. Means that it takes me a hour to set up a new AC loan that takes a minute on other platforms. Cannot afford to add to a loan or partially sell a loan as the resultant payment stream is impossible to calculate. I cannot be the only one to track all expected and actual repayments! As a result, AC is my 4th choice platform.
|
|
chrisf
Member of DD Central
Posts: 224
Likes: 67
|
Post by chrisf on Jun 22, 2015 18:57:53 GMT
I'd want to change to amount of time I have money earning 0% interest. I have tended to transfer money in based on drawdown estimates and taking into consideration the day or two it takes for my money to arrive in my account after the transfer. Obviously this could be achieved by one of two means. Or preferably both. (i) speed up money transfer, (ii) Be more accurate on drawdown estimates. I appreciate that there are problems associated with both of these wants. But other platforms manage it ok.
|
|
Steerpike
Member of DD Central
Posts: 1,977
Likes: 1,687
|
Post by Steerpike on Jun 22, 2015 18:59:21 GMT
Mmmm. Two. Stop frightening the horses. Improve deposit/withdrawal speed.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Jun 22, 2015 19:43:14 GMT
Depositing money and having it available to invest needs to very much quicker. SS, it's instant. FK takes about twenty minutes, depending on the bank speed, so does FS. RS, it's instant. FC it's instant. MT, it's just a few minutes, depending on bank speed....etc. Yes, I know we've been through all this before, but AC can still take days rather than minutes, or even hours.
Be less accommodating to borrowers who fail to pay anything for months on end while spinning AC a web of tales and other delaying tactics to avoid action being started against them. The very least that should be insisted upon is maintenance of interest owed to lenders even if repayment of principal or settling up at the end of a loan term is delayed. You have to decide which ones are not actually bullsniffing* and really do need (and deserve) some leeway because they stay fully in communication.
Oh, sorry - that's two.
*typo
|
|
