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Post by goldservice on Jul 16, 2015 11:19:56 GMT
Maybe here's a keeper: 14243 60 mo was E and closed yesterday at 18.2%. Drawn down today with a new RB of A. No comment in the Repayments tab.
Edit: I've got £300 of it so I Like Thursdays ...
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adrianc
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Post by adrianc on Jul 16, 2015 11:25:33 GMT
Maybe here's a keeper: 14243 60 mo was E and closed yesterday at 18.2%. Drawn down today with a new RB of A. No comment in the Repayments tab. The SM buybots are tripping over each other with that... A-band 18.2%? Oooh, matron!
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am
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Post by am on Jul 16, 2015 11:34:44 GMT
Maybe here's a keeper: 14243 60 mo was E and closed yesterday at 18.2%. Drawn down today with a new RB of A. No comment in the Repayments tab. Edit: I've got £300 of it so I Like Thursdays ... Has anyone mentioned it to Fumbling 'Countants? That could be an operational error.
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Post by goldservice on Jul 16, 2015 11:36:50 GMT
From Paradise to Purgatory (A to RBR) - I've been Ferrite Cored
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arbster
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Post by arbster on Jul 16, 2015 12:04:15 GMT
The only thing I intend to keep is fluid  (I'm chicken, but I find being Faintly Cautious works well in this neck of the woods, a 5 figure gain vs a 3 figure sum in RBR'd loans leaves me Firmly Contented) RBR?
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SteveT
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Post by SteveT on Jul 16, 2015 12:05:39 GMT
RBR = "rate band removed"
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arbster
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Post by arbster on Jul 16, 2015 12:10:50 GMT
RBR = "rate band removed" Thanks.
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am
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Post by am on Jul 16, 2015 12:51:06 GMT
RBR = "rate band removed" When I tried to look at it via the secondary market the website failed to display the relevant tabs (Financial and Q&A), and it has since disappeared (presumably because of being RBR'd). Can you provide a summary of what happened with this loan? And, will FC have to buy back loan parts missold on the secondary market?
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adrianc
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Post by adrianc on Jul 16, 2015 13:00:09 GMT
Can you provide a summary of what happened with this loan? Simples. They listed an E at E rates. It hit 100% MBR, drew down... then somebody dropped a bollock and slapped an A-band on it. Then they realised what kind of monster they'd unleashed - 18.2% A? Not possible! - and they've panicked and pulled the band, pulling it from the SM completely. I rather suspect that there's some Fraught Conversations going on this very minute... Have to admit, the numbers didn't look too bad - small turnover, but a decent amount of profit, and a good chunk of equity.
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registerme
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Post by registerme on Jul 16, 2015 13:14:34 GMT
Can you provide a summary of what happened with this loan? Simples. They listed an E at E rates. It hit 100% MBR, drew down... then somebody dropped a bollock and slapped an A-band on it. Then they realised what kind of monster they'd unleashed - 18.2% A? Not possible! - and they've panicked and pulled the band, pulling it from the SM completely. I rather suspect that there's some Fraught Conversations going on this very minute... Have to admit, the numbers didn't look too bad - small turnover, but a decent amount of profit, and a good chunk of equity. Like I said in the investor conference thread, operational risk all over the platform :/.
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Post by goldservice on Jul 16, 2015 13:16:50 GMT
14243 - As a lender, I've messaged Furiously Crunching to ask what's going on.
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adrianc
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Post by adrianc on Jul 16, 2015 14:25:44 GMT
I'm actually mildly boggled that it's POSSIBLE to change the risk band once the auction's gone live, let alone once it's closed on the SM.
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registerme
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Post by registerme on Jul 16, 2015 14:46:18 GMT
All too easy to see how, unfortunately. You only have to imagine no lock down functionality / privileged access in the app they use as a front end, or a DBA with unfettered access who finger stutters, and a general lack of segregated access and change control process.
In other words immaturity of systems, people and process. Which, as it happens, is practically the dictionary definition of operational risk, in the broadest sense, and crappy IT in the simplest.
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fasty
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Post by fasty on Jul 16, 2015 14:54:18 GMT
I'm actually mildly boggled that it's POSSIBLE to change the risk band once the auction's gone live, let alone once it's closed on the SM. However in fairness, Flailing Choppers own published procedures allow for risk bands on drawn-down loans to be changed to reflect changed circumstances of the borrower.
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Post by GSV3MIaC on Jul 16, 2015 15:23:26 GMT
Historically they have, AFAIK, only ever moved one way .... I.e. down. And not four bands at once.
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(I'm chicken, but I find being Faintly Cautious works well in this neck of the woods, a 5 figure gain vs a 3 figure sum in RBR'd loans leaves me Firmly Contented)
