Post by andrewholgate on Feb 2, 2014 13:40:57 GMT
I'll be blunt...that didn't go too well. I'm glad January is now over and a number of major changes we have put in place have all be done. It's just not been pretty (I wonder whether a certain Scottish bank famed for IT collapses recently would ever say that!).
However, everything is now fixed and looking correct. I have ensured that the new process is followed to the letter from 1st February and the result should also allow for shorter drawdown timescales. These changes have come from your feedback, moans, grumbles and general willingness to shout at us. Yet again, we have responded to you and implemented the changes necessary. The new process is:
You should have seen in my recent email, we will limit the amount any lender can take of a loan to ensure all lenders can get a slice. Should the loan not fill that way, we will open it up to unlimited bids. I am standing firm to my principle of a fairer world.
I will also add, we are the only P2P platform to offer a preview and pre-bid system. In general it has been well received.
It's not been an easy month, but we have still filled £3.2m of loans in that time including the largest true P2P loan of £2.175m (another site say they have done a larger but when you are backed by a principle lender and their cash and not just by private investor money...) Our pipeline is healthy and a good regular flow of loans will come in the coming weeks.
Thank you for your patience, even if a few became animated in their frustration. I know there is a lot of goodwill towards AC and that has been tested to the full in the last few days. Remember, as yet we have had no defaults and only one payment slightly delayed. We have full asset security on every loan and a team who are heavily experienced in bad debt management and recoveries. I want to maintain our good record and pulling auctions at the last minute is part of that, although it doesn't engender much praise from our lenders, but I'd rather you didn't lose your money and if I can help to prevent that then I will stand by my decisions.
Andrew
However, everything is now fixed and looking correct. I have ensured that the new process is followed to the letter from 1st February and the result should also allow for shorter drawdown timescales. These changes have come from your feedback, moans, grumbles and general willingness to shout at us. Yet again, we have responded to you and implemented the changes necessary. The new process is:
- Loans will preview with limited information once we are close to finalising everything
- Only when the full information pack is available will pre-bids be accepted and an auction start time be announced. This will last for at least 24 hours.
- A full auction will then take place.
You should have seen in my recent email, we will limit the amount any lender can take of a loan to ensure all lenders can get a slice. Should the loan not fill that way, we will open it up to unlimited bids. I am standing firm to my principle of a fairer world.
I will also add, we are the only P2P platform to offer a preview and pre-bid system. In general it has been well received.
It's not been an easy month, but we have still filled £3.2m of loans in that time including the largest true P2P loan of £2.175m (another site say they have done a larger but when you are backed by a principle lender and their cash and not just by private investor money...) Our pipeline is healthy and a good regular flow of loans will come in the coming weeks.
Thank you for your patience, even if a few became animated in their frustration. I know there is a lot of goodwill towards AC and that has been tested to the full in the last few days. Remember, as yet we have had no defaults and only one payment slightly delayed. We have full asset security on every loan and a team who are heavily experienced in bad debt management and recoveries. I want to maintain our good record and pulling auctions at the last minute is part of that, although it doesn't engender much praise from our lenders, but I'd rather you didn't lose your money and if I can help to prevent that then I will stand by my decisions.
Andrew
