arbster
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Post by arbster on Sept 29, 2015 13:32:23 GMT
Nope - the aborted one was an A+. OK, I've seen this borrower before though. Maybe an earlier loan that didn't draw down and revisited for a lower rate? Almost certainly one of the ones that wasted our time last week on an auction that finished above the new fixed rates.
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Post by longjohn on Sept 29, 2015 13:33:14 GMT
Nope - the aborted one was an A+. OK, I've seen this borrower before though. Maybe an earlier loan that didn't draw down and revisited for a lower rate? Yep. It was 15618 ending on 17 Sept. Excuse for not taking it was - 'This borrower is unable to accept funds at this time'. Shame as I was in for 12.9%. John
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grahamg
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Post by grahamg on Sept 29, 2015 13:49:41 GMT
16105 The flippers are very hungry
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TitoPuente
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Post by TitoPuente on Sept 29, 2015 13:51:35 GMT
16105 The flippers are very hungry The question is: Will it flip?
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arbster
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Post by arbster on Sept 29, 2015 13:56:50 GMT
16105 The flippers are very hungry The question is: Will it flip? I think this is the question - it seems they're gambling on FC keeping the dealflow throttled and all those disappointed people who miss out when the loans all fill within hours will head to the SM to pick up whatever is available.
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SteveT
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Post by SteveT on Sept 29, 2015 14:36:22 GMT
And now we have today's A+ £150k (ish) loan, trying to fly without the safety-net of CB!
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acky
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Post by acky on Sept 29, 2015 14:38:44 GMT
And now we have today's A+ £150k (ish) loan, trying to fly without the safety-net of CB! ... and it's relisting 16118 which was cancelled yesterday having been sold out with 1% CB. Cynical cost saving by FC!
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arbster
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Post by arbster on Sept 29, 2015 14:49:31 GMT
Yes, it would appear that the technical fault was to accidentally list it with cashback. If there was any justice in this world it wouldn't fill... but it will. I don't wish them any ill will, but they should have taken the "fault" on the chin and left the CB in place, rather than wasting everyone's time and losing some more goodwill.
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acky
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Post by acky on Sept 29, 2015 15:40:49 GMT
Yes, it would appear that the technical fault was to accidentally list it with cashback. If there was any justice in this world it wouldn't fill... but it will. I don't wish them any ill will, but they should have taken the "fault" on the chin and left the CB in place, rather than wasting everyone's time and losing some more goodwill. Couldn't agree more. I've not been too critical of FC through all this transition as I can accept they have to do what they think is best for their business, but this sort of thing just p*****s me off.
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Post by transo on Sept 29, 2015 15:55:12 GMT
Yes, it would appear that the technical fault was to accidentally list it with cashback. If there was any justice in this world it wouldn't fill... but it will. I don't wish them any ill will, but they should have taken the "fault" on the chin and left the CB in place, rather than wasting everyone's time and losing some more goodwill. Couldn't agree more. I've not been too critical of FC through all this transition as I can accept they have to do what they think is best for their business, but this sort of thing just p*****s me off. I didn't bid (rate was unattractive, even with CB) so it doesn't impact me, but if I had I'd definitely be complaining. That sort of behaviour is unacceptable in a regulated financial services businesses. They are expected to take their mistakes on the chin (possibly unless its such an egregious mistake the customer couldn't have been expected to believe it). Paying everyone 1% cashback on a £150k loan would only be marginally more expensive than if two or three customers take complaints to the FOS if FC don't find in their favour immediately. (As I didn't bid I can't see the original loan request to compare against the new one, so can't rule out that there was some other mistake and FC conveniently took the opportunity to remove CB as they corrected that mistake.)
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nick
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Post by nick on Sept 29, 2015 17:00:18 GMT
p.s. Did anyone figure out what the deal was on 16028, which mysteriously collected 18.1% bids after closing at MBR of 18.2% ?? Emailed Flying Carpets who are investigating (trying to work out what to do). This is how they have resolved it: "Bidding issue with loan 16028 As you may be aware, Loan 16028 was fully funded at the former minimum bid rate of 18.2% last week, however, the loan request remained on the platform and bids of 18.1% were accepted yesterday through Autobid. Shortly after we became aware of the issue, and before any action could be taken, the loan was accepted by the borrower. Unfortunately this resulted in your bid being undercut and knocked out of the loan. We would like to offer our sincere apologies that you were affected by this issue and will be crediting your available funds with one month’s interest on the amount you would have held in the loan. We can see that you had bid a total of £2920 at a rate of 18.2% and therefore would like to compensate you for the £44.29 of interest you would have earned for one month. You will see this credited to your account before the end of this week. Please accept our apologies for any disappointment or concern caused, this was an isolated issue resulting from the move over to the fixed rate model and should not occur again. If you have any further questions, please don’t hesitate to get in touch. " I would rather have had the loan, but I can't really complain about 1 months interest for no risk.
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arbster
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Post by arbster on Sept 29, 2015 17:03:57 GMT
They've done the decent thing and added the 1% cashback onto the re-listed A+ loan.
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min
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Post by min on Sept 29, 2015 17:51:46 GMT
Emailed Flying Carpets who are investigating (trying to work out what to do). This is how they have resolved it: "Bidding issue with loan 16028 As you may be aware, Loan 16028 was fully funded at the former minimum bid rate of 18.2% last week, however, the loan request remained on the platform and bids of 18.1% were accepted yesterday through Autobid. Shortly after we became aware of the issue, and before any action could be taken, the loan was accepted by the borrower. Unfortunately this resulted in your bid being undercut and knocked out of the loan. We would like to offer our sincere apologies that you were affected by this issue and will be crediting your available funds with one month’s interest on the amount you would have held in the loan. We can see that you had bid a total of £2920 at a rate of 18.2% and therefore would like to compensate you for the £44.29 of interest you would have earned for one month. You will see this credited to your account before the end of this week. Please accept our apologies for any disappointment or concern caused, this was an isolated issue resulting from the move over to the fixed rate model and should not occur again. If you have any further questions, please don’t hesitate to get in touch. " I would rather have had the loan, but I can't really complain about 1 months interest for no risk. Lucky you. I had a £20 bid in and my compensation is 30p. Better than nowt!
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arbster
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Post by arbster on Oct 1, 2015 10:23:36 GMT
Interesting to see a £182k 36mo A loan on the PM with no cashback - I imagine it'll still fill quickly. I wonder what kind of loans will need cashback help going forward.
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nick
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Post by nick on Oct 1, 2015 13:02:19 GMT
Interesting to see a £182k 36mo A loan on the PM with no cashback - I imagine it'll still fill quickly. I wonder what kind of loans will need cashback help going forward. I suspect mostly the size of the specific loan and the supply/pipeline of other loans at the time of listing.
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