oldgrumpy
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Post by oldgrumpy on Jul 24, 2015 13:25:20 GMT
In line with the policy we are looking to move towards, the loan was suspended from trading whilst the vote was conducted. Following the vote, all manual investment targets have been cancelled and lenders will need to reset these if required. The loan will now remain suspended until 5pm on Monday 27 July 2015 to allow lenders time to view the updated information and reset targets as required.
What is going to happen? In simple words please. My manual target has been cancelled. It was £1000. Is it now £0 (it doesn't show that on the loan page)? Supposing I am on holiday when this scenario occurs and I don't reset my target - does that mean when the loan is un-suspended on Monday my target will be re-activated as £0, despite me not authorising it, and all my holding sold?
I do hope not!!! If my target has been changed, supposedly temporarily, due to a pending vote, why is it not reinstated as it was if I have given no instructions?
It seems you are protecting people from buying "tainted" loans as others bale out, but are forcing other people to bale out, who don't want to, when they are not in a position to reset their targets within three days.
Or have I got it all wrong?
edit: In fact it seems to me that everybody who doesn't log in and reset their target within three days will be placed in an immediate "sell the lot" situation. Really?
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Post by pepperpot on Jul 24, 2015 13:32:53 GMT
In line with the policy we are looking to move towards, the loan was suspended from trading whilst the vote was conducted. Following the vote, all manual investment targets have been cancelled and lenders will need to reset these if required. The loan will now remain suspended until 5pm on Monday 27 July 2015 to allow lenders time to view the updated information and reset targets as required.
What is going to happen? In simple words please. My manual target has been cancelled. It was £1000. Is it now £0 ? Supposing I am on holiday when this scenario occurs and I don't reset my target - does that mean when the loan is un-suspended on Monday my target will be re-activated as £0, despite me not authorising it, and all my holding sold?
I do hope not!!! If my target has been changed, supposedly temporarily, due to a pending vote, why is it not reinstated as it was if I have given no instructions?
It seems you are protecting people from buying "tainted" loans as others bale out, but are forcing other people to bale out, who don't want to, when they are not in a position to reset their targets within three days.
Or have I got it all wrong?
See -here-, targets are just disabled and need to be re-enabled after being pointed to any new info. So in the holiday scenario your target/holding would just be on pause till you got back, not sold. Edit; but equally importantly you wouldn't inadvertently buy any more till you authorised it. chris andrewholgate davidricketts1, if regulars here are still getting this mixed up a change of wording is needed.
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oldgrumpy
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Post by oldgrumpy on Jul 24, 2015 13:58:26 GMT
Thank you pepperpotIt's this insistence on the words "all manual investment targets have been cancelled and lenders will need to reset these if required" which concerns me.
If that is not what they mean, why can't AC simply say, "all manual investment targets have been frozen and lenders will need to reset or reactivate these if required"? |
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Post by bracknellboy on Jul 24, 2015 14:08:21 GMT
Thank you pepperpotIt's this insistence on the words "all manual investment targets have been cancelled and lenders will need to reset these if required" which concerns me.
If that is not what they mean, why can't AC simply say, "all manual investment targets have been frozen and lenders will need to reset or reactivate these if required"? Isn't this just a question of semantics/pedantics ? If you disable investment in a loan you have cancelled your target. The fact that the system happens to retain a number which is displayed in a box is neither here nor there. If I manually disable / switch off investment as far as I'm concerned I have cancelled my target investment.
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arbster
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Post by arbster on Jul 24, 2015 14:09:20 GMT
Thank you pepperpotIt's this insistence on the words "all manual investment targets have been cancelled and lenders will need to reset these if required" which concerns me.
If that is not what they mean, why can't AC simply say, "all manual investment targets have been frozen and lenders will need to reset or reactivate these if required"? I'm not an investor here, but am increasingly likely to become one having seen some of the exchanges from staff. However, my interpretation of the discussion would suggest that your revised wording might also be misleading, as in the event that you had an investment target of £1000 and a holding of £500, the system would not acquire any more units for you until you reactivated the investment target, explicitly. Hence, something like: "all holdings are frozen until lenders reset or reactivate their investment targets" might be more accurate.
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oldgrumpy
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Post by oldgrumpy on Jul 24, 2015 14:27:48 GMT
Thank you pepperpotIt's this insistence on the words "all manual investment targets have been cancelled and lenders will need to reset these if required" which concerns me.
If that is not what they mean, why can't AC simply say, "all manual investment targets have been frozen and lenders will need to reset or reactivate these if required"? Isn't this just a question of semantics/pedantics ? If you disable investment in a loan you have cancelled your target. The fact that the system happens to retain a number which is displayed in a box is neither here nor there. If I manually disable / switch off investment as far as I'm concerned I have cancelled my target investment. Hi Brackers! Not just semantics/pedantics. If AC mean "disabled my targets", they should just say so. I know what that means as a existing function. Don't say "cancelled" them. That looks like another "initiative" when it needn't (It just happens to be in one). That makes me think I haven't got a target, and that means £0.
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Jul 24, 2015 14:51:52 GMT
Isn't this just a question of semantics/pedantics ? If you disable investment in a loan you have cancelled your target. The fact that the system happens to retain a number which is displayed in a box is neither here nor there. If I manually disable / switch off investment as far as I'm concerned I have cancelled my target investment. Hi Brackers! Not just semantics/pedantics. If AC mean "disabled my targets", they should just say so. I know what that means as a existing function. Don't say "cancelled" them. That looks like another "initiative" when it needn't (It just happens to be in one). That makes me think I haven't got a target, and that means £0. It's the old AC communications fail, as usual, because the system itself actually did use the word disabled, and was perfectly clear (apart from the disfunctional 'slider' as noted earlier). It's the humans involved in the comms that have caused confusion. And as it was perfectly clear, then I'm not sure why we have to have a new and probably more complex system when the current tools available seem to have met the requirement perfectly well ( chris said "New system isn't actually live yet. This is just the admin team using the tools they currently have.") I am aware that the slider/button was intended for another purpose, but perhaps it's better suited to what it got used for today anyway.
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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 24, 2015 15:10:14 GMT
Thread seems to going round in circles. Seemed like the solution was very easy, see page 1 (my post) and wording page 3 (pepperpot). Seems to have turned into a right pavlova!
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Post by bracknellboy on Jul 24, 2015 15:50:28 GMT
Isn't this just a question of semantics/pedantics ? If you disable investment in a loan you have cancelled your target. The fact that the system happens to retain a number which is displayed in a box is neither here nor there. If I manually disable / switch off investment as far as I'm concerned I have cancelled my target investment. Hi Brackers! Not just semantics/pedantics. If AC mean "disabled my targets", they should just say so. I know what that means as a existing function. Don't say "cancelled" them. That looks like another "initiative" when it needn't (It just happens to be in one). That makes me think I haven't got a target, and that means £0. But you haven't got a target. Not unless you set it by enabling it.
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Post by chris on Jul 24, 2015 18:58:53 GMT
Hi Brackers! Not just semantics/pedantics. If AC mean "disabled my targets", they should just say so. I know what that means as a existing function. Don't say "cancelled" them. That looks like another "initiative" when it needn't (It just happens to be in one). That makes me think I haven't got a target, and that means £0. It's the old AC communications fail, as usual, because the system itself actually did use the word disabled, and was perfectly clear (apart from the disfunctional 'slider' as noted earlier). It's the humans involved in the comms that have caused confusion. And as it was perfectly clear, then I'm not sure why we have to have a new and probably more complex system when the current tools available seem to have met the requirement perfectly well ( chris said "New system isn't actually live yet. This is just the admin team using the tools they currently have.") I am aware that the slider/button was intended for another purpose, but perhaps it's better suited to what it got used for today anyway. For the new solution as far as lenders are concerned the targets will work in the same way. For the site admins instead of simply being able to activate or deactivate the aftermarket there will be several states, each with their own warning messages and alerts for lenders. For lenders this will mean the aftermarket is either tradable, tradable for MLIA but not other investment accounts, or not tradable at all. Independently of setting that state the admins will be able to "disable all targets" to force lenders to reconfirm their intentions. When this is used the market will be suspended for at least 3 days and all lenders notified of the credit event. Full details will be emailed out next week.
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Jul 24, 2015 20:29:47 GMT
It's the old AC communications fail, as usual, because the system itself actually did use the word disabled, and was perfectly clear (apart from the disfunctional 'slider' as noted earlier). It's the humans involved in the comms that have caused confusion. And as it was perfectly clear, then I'm not sure why we have to have a new and probably more complex system when the current tools available seem to have met the requirement perfectly well ( chris said "New system isn't actually live yet. This is just the admin team using the tools they currently have.") I am aware that the slider/button was intended for another purpose, but perhaps it's better suited to what it got used for today anyway. For the new solution as far as lenders are concerned the targets will work in the same way. For the site admins instead of simply being able to activate or deactivate the aftermarket there will be several states, each with their own warning messages and alerts for lenders. For lenders this will mean the aftermarket is either tradable, tradable for MLIA but not other investment accounts, or not tradable at all. Independently of setting that state the admins will be able to "disable all targets" to force lenders to reconfirm their intentions. When this is used the market will be suspended for at least 3 days and all lenders notified of the credit event. Full details will be emailed out next week. Good answer  Hope it's going to be nice and simple for the admins to use so that we get the desired effect when they use it 
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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 27, 2015 11:30:08 GMT
'All lender manual investment targets have been suspended and you will need to reactivate these in due course.' Much better wording on the Aber**** loan email. Well done AC |
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mikes1531
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Post by mikes1531 on Jul 27, 2015 12:54:24 GMT
The suggestion that Aber******* parts might become tradeable before the borrower has cleared all the arrears has raised an interesting issue regarding how interest payments received after a part is sold would be divided between the seller of the part and the buyer. A question about this has been asked in the Aber******* Q&A.
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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 27, 2015 13:08:28 GMT
The suggestion that Aber******* parts might become tradeable before the borrower has cleared all the arrears has raised an interesting issue regarding how interest payments received after a part is sold would be divided between the seller of the part and the buyer. A question about this has been asked in the Aber******* Q&A. I predict the response will be ' we have asked the IT dept & will update once theyve come up with the answer' 
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Post by chris on Jul 27, 2015 18:59:35 GMT
The suggestion that Aber******* parts might become tradeable before the borrower has cleared all the arrears has raised an interesting issue regarding how interest payments received after a part is sold would be divided between the seller of the part and the buyer. A question about this has been asked in the Aber******* Q&A. I predict the response will be ' we have asked the IT dept & will update once theyve come up with the answer' Not 100% sure I've understood the question but I'll give it a go. The capital risk is assumed by the buyer of the loan unit, so any capital repayments or eventual recoveries will only deal with the current holder of a loan unit. Interest has always been deferred so that the buyer does not assume risk that interest payments are not made (unlike most other platforms as I understand it). When an interest payment is made we calculate ownership over the time during which that interest was earned, so that each lender ends up with a percentage of the loan owned multiplied by the percentage of the duration over which the interest was earned. That figure gives a percentage of the overall interest payment due to each lender. Ownership is currently calculated at each midnight throughout the payment period, so buy a loan unit at 23:59 and sell it at 00:01 and you'll earn a full day's interest on it. It's up to the admin team to determine which order due or overdue payments are made and they have the ability to pay capital and interest independently for each payment as well as make part payments. I'm sure they'll be able to advise as to their policy via the Q&A.
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Hope it's going to be nice and simple for the admins to use so that we get the desired effect when they use it 
