fasty
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Post by fasty on Jul 16, 2015 15:28:52 GMT
Historically they have, AFAIK, only ever moved one way .... I.e. down. And not four bands at once. Indeed, a change from "E" direct to "A" may reasonably be considered a bold move.
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Post by GSV3MIaC on Jul 16, 2015 15:32:37 GMT
Any sensible piece of software would have asked 'Are you SURE' at least twice. And then asked for a note from your mum. 8>. All of which begs the question, if it was so trivially easy to make the E->A change, so easy that Fundamentally Clueless could do it without thinking, why is it apparently IMPOSSIBLE to make the A->E change which would fix it .. instead we have to go Risk-Band-Removed for some number of hours/days, and employ a couple of consultants to put it back right?  ? |
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blender
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Post by blender on Jul 16, 2015 16:39:12 GMT
Maybe they will use Windows 'system restore'. It works for me sometimes.
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SteveT
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Post by SteveT on Jul 16, 2015 17:55:04 GMT
This is in respect of my earlier comment about loan 13924 (I'm not very good with forums). I still think that there will be problems ahead, of the £44k or so at the min I'd say around £40k are flippers. The only thing that will drive it all the way down to 18.2 across the board are even more flippers and there could well be a supply outweighs demand come maturity. In addition flippers won't want to be sat with loads of Es for very long and the abandon ship siren might sound fairly quickly. I do a bit of flipping myself but wouldn't touch this with a proverbial barge pole but each to their own. 13924, the big E, now answering questions - and it seems a bit much for lenders to complain in the Q&A of lack of answers a few hours into a 7 day auction. The chap has a business to run and answers can only get him down to 18.2% from 20. Answers seem ok to me and it will probably not be taken today, so we will see if/when it hits MBR. Also if I were the borrower I would look to find a better deal asap - so not one to buy on the SM at 3%. But I think worthwhile to hold a few months and sell at par if I have to. This E band is not for those with a nervous disposition. After all that, the big E "no longer needs the funding"
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Post by GSV3MIaC on Jul 16, 2015 17:55:57 GMT
Problem with system restore is that it returns (almost) everything to an earlier state .. been bitten by that a couple of times (when it just didn't completely fail) .. I think FC just need to roll back this one loan rating, not the whole system. 8>.
You go pushing buttons like that (as I believe they once had to?) and you suddenly wind up with closed loans that are only 83% filled, and D's renamed as C-s and cancelled auctions (of which there are still way too many) magically resurrected.
I will just have to hope that someone can find the 'E' (it's just right of the Q and W guys!) before the loan goes mammaries skyward.
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fasty
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Post by fasty on Jul 16, 2015 18:13:09 GMT
I read on the Internet that E's may get you high but can be toxic and dangerous.
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blender
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Post by blender on Jul 16, 2015 22:14:42 GMT
13924, the big E, now answering questions - and it seems a bit much for lenders to complain in the Q&A of lack of answers a few hours into a 7 day auction. The chap has a business to run and answers can only get him down to 18.2% from 20. Answers seem ok to me and it will probably not be taken today, so we will see if/when it hits MBR. Also if I were the borrower I would look to find a better deal asap - so not one to buy on the SM at 3%. But I think worthwhile to hold a few months and sell at par if I have to. This E band is not for those with a nervous disposition. After all that, the big E "no longer needs the funding" Yes, a big disappointment and cash tied up for nearly two weeks. I said he would look for a better deal asap, and perhaps he found one on the basis of being creditworthy with FC. I'm not going to take any more Es - they don't work.
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min
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Post by min on Jul 17, 2015 6:13:50 GMT
Any sensible piece of software would have asked 'Are you SURE' at least twice. And then asked for a note from your mum. 8>. All of which begs the question, if it was so trivially easy to make the E->A change, so easy that Fundamentally Clueless could do it without thinking, why is it apparently IMPOSSIBLE to make the A->E change which would fix it .. instead we have to go Risk-Band-Removed for some number of hours/days, and employ a couple of consultants to put it back right? ? I suspect that having made the mistake and once loan parts were put on SM that they immediately got hoovered up by any number of bots. Suspect that Failing Carthorses have to negotiate/buy back all the parts before they can restore (what passes for) normality.
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adrianc
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Post by adrianc on Jul 17, 2015 7:16:49 GMT
Suspect that Failing Carthorses have to negotiate/buy back all the parts before they can restore (what passes for) normality. It will be very interesting indeed. I did buy a few at a medium premium - the lowest available at the time, and they were disappearing fast. I did so knowing full well I was taking advantage of a cockup, and in the hope of doing a quick flip at a higher premium. If I'm stuck with them, I'm stuck with them - looking just at the numbers shown, I don't find it an unattractive loan - but, if nobody else is where I am, I shall keep you all abreast of what might happen...
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am
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Post by am on Jul 17, 2015 10:00:40 GMT
Any sensible piece of software would have asked 'Are you SURE' at least twice. And then asked for a note from your mum. 8>. All of which begs the question, if it was so trivially easy to make the E->A change, so easy that Fundamentally Clueless could do it without thinking, why is it apparently IMPOSSIBLE to make the A->E change which would fix it .. instead we have to go Risk-Band-Removed for some number of hours/days, and employ a couple of consultants to put it back right? ? I suspect that having made the mistake and once loan parts were put on SM that they immediately got hoovered up by any number of bots. Suspect that Failing Carthorses have to negotiate/buy back all the parts before they can restore (what passes for) normality. If they don't reinstate the risk band (as E) then any flippers who didn't manage to dump their holding will have a complaint about having been locked into the loan due to FC's error. They might have to buy out the flippers as well. Ditto for the sell after 3/6/whatever months brigade. I expect that they will reinstate the risk band, but if they don't the simple solution may be to buy out anyone who wants to be bought out. (I suggest at purchase cost, rather than nominal value.)
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pom
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Post by pom on Jul 17, 2015 10:30:00 GMT
Well the note says "We are downgrading the loan temporarily to prevent any loan parts being sold whilst it displays the incorrect risk rating and the correct risk band will be reinstated as soon as possible. Any investors who purchased a part in this loan will be contacted separately."
So just a question of what their version of "soon" is
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Post by GSV3MIaC on Jul 17, 2015 11:18:59 GMT
It's an acronym, Pom .. "Sometime, Or Optionally Never" (see also "new forum", "API release", etc.)
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adrianc
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Post by adrianc on Jul 21, 2015 14:36:17 GMT
Well the note says "We are downgrading the loan temporarily to prevent any loan parts being sold whilst it displays the incorrect risk rating and the correct risk band will be reinstated as soon as possible. Any investors who purchased a part in this loan will be contacted separately." So just a question of what their version of "soon" is That was Friday morning. It's now Tuesday PM, and no more hint of a whiff of a rumour of a comment. Anybody holding their breath? No, me neither.
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Post by goldservice on Jul 22, 2015 8:34:17 GMT
Loan 14243E - I messaged them this morning about the lack of information and lack of progress. Within the hour this appeared in the loan comment: "22 Jul 2015 Work continues to rectify the issue so that the risk band can be reinstated. We apologise for any inconvenience caused." So, still no information on what that 'work' is.
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adrianc
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Post by adrianc on Jul 22, 2015 8:36:17 GMT
Loan 14243E - I messaged them this morning about the lack of information and lack of progress. Within the hour this appeared in the loan comment: "22 Jul 2015 Work continues to rectify the issue so that the risk band can be reinstated. We apologise for any inconvenience caused." So, still no information on what that 'work' is. "Oh, bugger. We'd forgotten about that. Umm, what we going to do?"
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