j
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Penguins are very misunderstood!
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Post by j on Jan 31, 2014 16:55:34 GMT
Perhaps I’m oversimplifying things but I cannot see why a start time should be announced let alone bids of any description allowed before all documentation is available. You wouldn’t make other types of investments without full information so why is investing through AC any different? I wouldn't disagree with you, but by introducing pre-bids AC have engineered situation where potentially the only way of securing parts of popular (least risk highest return) loans is to (pre-)bid on loans before all the documentation is available. I think the concept of pre-bidding is excellent. Not all of us can be at the pc everytime an auction starts, I know I can't. The max bid on certain loans is also a fairer scheme to allow everyone a stake. The first auction a few days ago went extremely well in terms of pre-bidding process, let's not forget the good points here. But we all agree, AC must establish a concrete process in terms of getting full reports up & running in tandem with auction start times, that seems to be their Achilles heal at the moment & they don't seem able to take proper control of that, but we must give our support as it's ultimately to our benefit to get a system that works seamlessly for AC & us. Is it 3rd parties that are the root cause? If so, as some suggested, pre-view a loan, allow pre-bids, but give a 'reasonable' start date, even if its weeks rather than days, if you feel the full report might be delayed. You can always bring an auction forward, provided all members are alerted within a decent time frame. An update wouldn't go amiss also, even if it's to say:'We're working on resolving the problem & will update further once sorted'.
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Post by pepperpot on Jan 31, 2014 17:13:22 GMT
I wouldn't disagree with you, but by introducing pre-bids AC have engineered situation where potentially the only way of securing parts of popular (least risk highest return) loans is to (pre-)bid on loans before all the documentation is available. I think the concept of pre-bidding is excellent. Not all of us can be at the pc everytime an auction starts, I know I can't. The max bid on certain loans is also a fairer scheme to allow everyone a stake. The first auction a few days ago went extremely well in terms of pre-bidding process, let's not forget the good points here. But we all agree, AC must establish a concrete process in terms of getting full reports up & running in tandem with auction start times, that seems to be their Achilles heal at the moment & they don't seem able to take proper control of that, but we must give our support as it's ultimately to our benefit to get a system that works seamlessly for AC & us. Is it 3rd parties that are the root cause? If so, as some suggested, pre-view a loan, allow pre-bids, but give a 'reasonable' start date, even if its weeks rather than days, if you feel the full report might be delayed. You can always bring an auction forward, provided all members are alerted within a decent time frame. An update wouldn't go amiss also, even if it's to say:'We're working on resolving the problem & will update further once sorted'. Check your in box - email from AH The big hint I get from it is the aftermarket may start to play a larger role. As at least half my AC book has been gained there, due to uncertain drawdowns, I'd be quite glad.
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mikeb
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Post by mikeb on Jan 31, 2014 17:57:11 GMT
An update wouldn't go amiss also, even if it's to say:'We're working on resolving the problem & will update further once sorted'. Check your in box - email from AH The big hint I get from it is the aftermarket may start to play a larger role. As at least half my AC book has been gained there, due to uncertain drawdowns, I'd be quite glad. I don't think the mail from AH is particularly in response to today's glitch -- at least it didn't read that way to me. It's all gone quiet, and I guess that's because everyone that needs to be is off doing important things, to unpick what happened and restore some kind of order.
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Post by batchoy on Jan 31, 2014 18:16:50 GMT
Check your in box - email from AH The big hint I get from it is the aftermarket may start to play a larger role. As at least half my AC book has been gained there, due to uncertain drawdowns, I'd be quite glad. I don't think the mail from AH is particularly in response to today's glitch -- at least it didn't read that way to me. It's all gone quiet, and I guess that's because everyone that needs to be is off doing important things, to unpick what happened and restore some kind of order. I agree, but a holding statement would be nice, however I also know that when fixing IT and database issues I much prefer to keep my head down and get on with it rather than having to break off and keep updating people and then try and get back into the issue.
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Post by yorkshireman on Jan 31, 2014 18:55:09 GMT
Check your in box - email from AH The big hint I get from it is the aftermarket may start to play a larger role. As at least half my AC book has been gained there, due to uncertain drawdowns, I'd be quite glad. It's all gone quiet, and I guess that's because everyone that needs to be is off doing important things, to unpick what happened and restore some kind of order. That doesn’t seem to be happening at FC. 
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Post by andrewholgate on Jan 31, 2014 19:25:36 GMT
Sorry it's taken me longer than usual to jump on this thread. Chris has now fixed the individual issue that was causing problems on this loan, but of course we have a bigger job to do to make sure that the pre-bid system is working well for all.
Please rest assured that we're taking this seriously - we'll be in touch with individual lenders to outline what we'll be doing to ensure that everyone who has made a pre-bid or live bid is treated fairly - and of course we'll be keeping you updated on here as well as to the wider changes.
Again, sincere apologies for the disruption, and thanks for bearing with us.
Andrew
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Post by chris on Jan 31, 2014 19:37:08 GMT
Just to update we've now cancelled all the bids that were placed whilst the auction was open and reinstated the prebids that those lenders had deleted after 12:00 - by reinstating the prebids the original order is preserved in the queue. This should have resolved everything for everyone in what we think is the fairest way.
I'll be watching this thread throughout the night so let me know if you think there are still any issues.
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mikeb
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Post by mikeb on Jan 31, 2014 19:42:39 GMT
Just to update we've now cancelled all the bids that were placed whilst the auction ... Any plans to cancel the pre-bids placed whilst the auction was open/closed/floating?
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Post by chris on Jan 31, 2014 19:43:50 GMT
Just to update we've now cancelled all the bids that were placed whilst the auction ... Any plans to cancel the pre-bids whilst the auction was open/closed/floating? I have no way of telling which are wanted and which are not. They're at the end of the queue though so it should be fair.
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mikeb
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Post by mikeb on Jan 31, 2014 19:52:18 GMT
OK, yes that's a good point ... I'll wait and see what happens!
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bugs4me
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Post by bugs4me on Jan 31, 2014 22:23:38 GMT
My pre-bids are showing over the original 3k limit. So to give those a 'chance' at the end of the queue this needs to be adjusted (unfortunately) downwards.
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bugs4me
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Post by bugs4me on Jan 31, 2014 22:33:11 GMT
My pre-bids are showing over the original 3k limit. So to give those a 'chance' at the end of the queue this needs to be adjusted (unfortunately) downwards. Over the limit pre-bid now deleted so back to the original.
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Post by chris on Jan 31, 2014 22:35:59 GMT
My pre-bids are showing over the original 3k limit. So to give those a 'chance' at the end of the queue this needs to be adjusted (unfortunately) downwards. Just to note that bugs4me PM'd this to me and it's worth saying here that during the conversion from prebids to bids the original rules are double checked, so in his case the original £3k prebid would have been allowed through but anything over that would have failed. When restoring the prebids of people who had bid during our little mix up earlier, had they deleted their prebids at that time and placed subsequent prebids once I'd closed the auction then the restoration would have caused all their prebids to become active. As this was a manual step that I performed directly within the database the bidding rules weren't checked. They are checked for each prebid as they are converted into a bid though, so there was never any danger of lenders being able to breach the rules and gain an unfair advantage. Edit: I should add that bugs4me deserves a gold star for his honesty in letting me know that he'd possibly found a way around the rules 
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bugs4me
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Post by bugs4me on Feb 12, 2014 19:32:08 GMT
Is this loan ever going to get to auction? Description says "We apologise for the delay in providing the full credit report, the director of the company has been on holiday so we have been unable to get final agreement on a number of points and consent to release the full report. We are advised that this information and consent will be available in the next day or so" but that was a week ago! Anybody heard anything more recent? Let's get down to basics on this as I do not buy the holiday excuse. Unless the director has gone to the moon then the reality is you can stay in communication of sorts wherever you are. I manage a number of web sites and it's never been a problem looking after them wherever I've been in the world. The only delay has been in differing time zones but we were talking hours not days on end. So I'll probably post on the Q&A section asking where this so called director has been as obviously he/she hasn't been able to communicate! You could be forgiven that the director is not serious. Is this another case of playing AC off against someone else?
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mikes1531
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Post by mikes1531 on Feb 13, 2014 4:09:20 GMT
Is this another case of playing AC off against someone else? My guess is that the director is trying to get the cheaper 'mainstream' finance in place quickly enough that they don't actually need the bridging loan. The only good news I can see is that we lenders don't have real money tied up in this deal any more, only pre-bids. Which seem to be being withdrawn faster than they're being added to. ISTM that the pre-bids were 110+% of the loan amount a few days ago, and now they're only 105%.
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