blender
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Post by blender on Jul 22, 2015 8:48:15 GMT
I doubt they have forgotten. More likely the problem is challenging and they are (hopefully) thinking at all through carefully before they do it. How on earth do you wind back a single live loan and its trades and then restart it retrospectively on a different basis - without screwing up the statistics and maintaining the integrity of the system from an audit viewpoint? As long as it is done before the first repayment. I think a few more checks may be built in!
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Post by GSV3MIaC on Jul 22, 2015 8:56:26 GMT
Changing the risk band back should be trivial. Unwinding trades is not. I guess they don't want my more 'good' trades to be able to happen before they fix the 'bad' ones?
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registerme
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Post by registerme on Jul 22, 2015 9:36:18 GMT
I'm not sure if the contracts allow for it, but if I was FC I think I'd have a "force majeur" clause that allowed FC to take all of a loan onto its own books in situations like this.
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Post by GSV3MIaC on Jul 22, 2015 10:00:26 GMT
But why would you want to do that? It's a perfectly good E rated loan, which was auctioned as such ... It is just a few SM trades which were done when it was temporarily mislabelled as an A. Fix those trades (assuming the buyers want them fixed), relabel it as the E it really is, and get on with things.
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Post by goldservice on Jul 22, 2015 10:29:57 GMT
Loan 14243E - I've already had a reply from Furiously Crunching to my message of only two hours ago. The reply includes:
"The Tech team have placed a comment on the loan this morning to update investors that work continues to rectify the issue that is occurring on the platform.
This technical issue is unique and therefore requires thorough investigation to determine how it happened and how it can be prevented from happening again."
I wonder if every time they put the RB back on, it reverts to A, and they're not yet quite sure why? When I used to have a job, stranger things than this used to happen (my employer was unhappily committed to Oracle DBMS). Ferrite Cores is too young to be using legacy code of their own.
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Post by yorkshireman on Jul 22, 2015 10:49:31 GMT
This technical issue is unique In my book, Financial Clowns’ operations as a whole are unique.
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Post by yorkshireman on Jul 22, 2015 10:51:07 GMT
There's a simple explanation... ![]() Yes, a bunch of clowns running things.
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blender
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Post by blender on Jul 22, 2015 11:20:30 GMT
But if you made a collage of the lenders' icons on this forum how would you describe the group? And at least we have chosen our own images.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 22, 2015 11:40:22 GMT
But if you made a collage of the lenders' icons on this forum how would you describe the group? And at least we have chosen our own images. For some reason an image of a forumites game of Guess Who? has just come into my mind! Far beyond my skills to mock it up but might need a few tweaks to the rules. Is he a lizard, sheep or literary concept werent standard questions if I recall 
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blender
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Post by blender on Jul 22, 2015 11:51:40 GMT
Who are you calling a sheep, six eyes?
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mikeb
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Post by mikeb on Jul 22, 2015 17:11:48 GMT
But if you made a collage of the lenders' icons on this forum how would you describe the group? And at least we have chosen our own images. Probably a bit like the Sgt Pepper's Loany Hearts Club Band cover...
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blender
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Post by blender on Jul 22, 2015 20:25:39 GMT
But why would you want to do that? It's a perfectly good E rated loan, which was auctioned as such ... It is just a few SM trades which were done when it was temporarily mislabelled as an A. Fix those trades (assuming the buyers want them fixed), relabel it as the E it really is, and get on with things. Those SM trades are a real problem - how many we do not know. Each trade is a sale contract between two lenders, to which FC is not party. But FC has mishandled the information on which the trades were based, such that each purchaser has bought a pig in a poke. But the sellers have done nothing wrong and are entitled to their trade. I imagine that FC will need to approach each purchaser, own up to the screw-up and ascertain their wishes - because they cannot really break into any contract and undo it without consent. Easiest is to offer to purchase the parts from anyone who has purchased on the SM and does not wish to keep the part, and to hold such parts on FC's balance sheet. But it has been RBRd so how do they purchase? They have to change it all to E, then remove the RBR and then purchase the unwanted parts, perhaps by part number. All good fun.
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adrianc
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Post by adrianc on Jul 22, 2015 21:09:54 GMT
But it has been RBRd so how do they purchase? They have to change it all to E, then remove the RBR and then purchase the unwanted parts, perhaps by part number. And if they're looking to unwind everything before they de-RBR, it's going to be a while before they can realistically guarantee they'll have given everybody a chance to give/deny consent - what with it being peak time for summer holidays... which'll put them into first repayment. And if that goes south...? Plus, of course, what happens to interest payments for the period it's up in the air? And opportunity cost if they do unwind. And... and... and... Indeed. Whoever managed to change the band is not going to be Mr Popular.
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blender
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Post by blender on Jul 23, 2015 7:27:26 GMT
Interesting, thank you. But the decision to repay a loan in full is taken by the Borrower - it does not require the lenders' consent. Presumably the Borrower agreed.
Yes E band rate might as well be fixed - at 19%.
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coop
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Post by coop on Jul 23, 2015 13:17:20 GMT
There's a new E up if you're interested in that sort of thing.
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