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Post by dodgeydave on Oct 9, 2015 9:58:38 GMT
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Post by oldnick on Oct 11, 2015 17:14:05 GMT
Also, there's a spelling mistake in the last sentence of section 4 - Court Action.
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shimself
Member of DD Central
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Post by shimself on Oct 12, 2015 9:04:19 GMT
But actually, and not knowing much about recovery, this looks like a pretty decent first effort procedure. Good on you rebs.
Being picky:
can you redo the flow chart image to improve its readability?
stage 3 the 15% charge for late payment - you obv mean 15% of the overdue amount, not the total amount owed.
stage 5 should contact the guarantors again
stage 6 - I think when you suspend microloans the message on the loan page is missing documents - please instead give a true message
stage 7 - being very picky, this doesn't say what happens if the security includes a charge or debenture.
being less picky - do you take lender votes at any point or is it all your choice?
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Post by badger on Oct 12, 2015 16:06:14 GMT
Good to see there is a formal procedure, but I can't see any reference to notifying lenders. At some point lenders need to be told. Should it be before microloan trading is suspended or after? Which is fairer?
At present, the only way you can find out if something is amiss (before trading is suspended) is by looking at the Q&A on every loan you hold. Even if you do that, the information might be well down an existing thread, so you would have to read to the end of every question for every loan! - impossibly tedious if you are well diversified. On the other hand, those lenders who do spot a problem get the advantage of being able to put their units up for sale earlier than those that don't.
Assetz have a different model (in theory at least) - as I understand it, they suspend trading immediately there is a potential problem ("monitoring event"). Later, after lenders have been notified by email, and if it's deemed a minor problem, trading can be resumed. Also, these notifications are in an "activity" tab, separate from the Q&A. This seems fairer to me.
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Post by ladywhitenap on Oct 17, 2015 10:58:50 GMT
Good to see there is a formal procedure, but I can't see any reference to notifying lenders. At some point lenders need to be told. Should it be before microloan trading is suspended or after? Which is fairer?
At present, the only way you can find out if something is amiss (before trading is suspended) is by looking at the Q&A on every loan you hold. Even if you do that, the information might be well down an existing thread, so you would have to read to the end of every question for every loan! - impossibly tedious if you are well diversified. On the other hand, those lenders who do spot a problem get the advantage of being able to put their units up for sale earlier than those that don't.
Assetz have a different model (in theory at least) - as I understand it, they suspend trading immediately there is a potential problem ("monitoring event"). Later, after lenders have been notified by email, and if it's deemed a minor problem, trading can be resumed. Also, these notifications are in an "activity" tab, separate from the Q&A. This seems fairer to me.
There is an easier way of seeing if anything is amiss. Go to the dashboard, click on the column heading date of next payment and this will bring to the top, all the bad loans (for whatever reason) and payment due dates prior to todays date will be listed next. Sadly the website does not store this sorting preference (Grr!) so you need to keep doing it each time you return to the dashboard view. A minor irritation compared to all the other website issues I suppose. hth LW
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shimself
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Post by shimself on Oct 17, 2015 13:16:02 GMT
REBS is there anybody there?
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