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Post by Ton ⓉⓞⓃ on Jul 1, 2014 7:54:38 GMT
While checking this loan, I noticed there is a fee in the repayment section linked to the final repayment. Anyone knows what is it? underwriting fee? AIUI That is the exit fee and it (to be paid in sept) is for AC, not us. If you look at the interest payments they're not 1% of the principle some of this is AC's fee too. That's about as much as I know, but others might (will!) have a better idea than I. IN EDIT Are you called capucino coz you don't sleep?
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Sept 19, 2014 14:41:03 GMT
The units available on AM for Eppy are going down very fast now with the high possibility of going into default. A number of questions remain unanswered by AC in relation to the issues with Ippy. All of which can affect both loans as they inter-related. Do people really think it worth the risk to buy units, albeit with higher default rates-possibly 18%, when I think given security for both loans are dependent on each other. We wouldn't be spreading the risk over two loans, but one in reality. Unless I'm misunderstanding! Maybe andrewholgate or davidricketts1 can oblige with an update |
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baz657
Member of DD Central
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Post by baz657 on Sept 19, 2014 15:19:32 GMT
The units available on AM for Eppy are going down very fast now... I've been relieved of £400 worth today. I'm happy for them to be gone - so be it if they all get sold and I lose out on the higher default rates.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Sept 19, 2014 16:01:50 GMT
The units available on AM for Eppy are going down very fast now... I've been relieved of £400 worth today. I'm happy for them to be gone - so be it if they all get sold and I lose out on the higher default rates. Eppy sales may slow down now that GoCardless is unavailable. It could go into default before lenders can get additional funds in place.
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Post by chielamangus on Sept 19, 2014 17:31:49 GMT
Anyone seen any sign of the Ipswich Report promised for today?
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Post by Ton ⓉⓞⓃ on Sept 21, 2014 18:11:34 GMT
Lots of AM activity now has Eppy down to 36.7k
For a long time about 10% of the whole loan was up for sale but now with D-Day coming it's now at less than 2%
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tonyr
Member of DD Central
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Post by tonyr on Sept 21, 2014 20:32:31 GMT
Lots of AM activity now has Eppy down to 36.7k For a long time about 10% of the whole loan was up for sale but now with D-Day coming it's now at less than 2% I guess it's risk/reward. Who wouldn't go for 18% p.a., as the other loan has the lead and looks to be progressing well and the cover still looks good. On the other hand there are the unknown unknowns - I've no clue about these but if anyone does please post here...
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andy2001
Member of DD Central
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Post by andy2001 on Sept 21, 2014 20:57:12 GMT
Lots of AM activity now has Eppy down to 36.7k For a long time about 10% of the whole loan was up for sale but now with D-Day coming it's now at less than 2% Likely some of the 300k paid back early from Cr****ve Capital.
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unmadem
Member of DD Central
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Post by unmadem on Sept 22, 2014 18:05:30 GMT
Anyone seen any sign of the Ipswich Report promised for today? andrewholgate / davidricketts1 what is happening with these 2 bridges ? There was supposed to be a meeting with the borrower on the 17th but we have heard nothing. There are a lot of people asking questions on the QA for both and understandably getting a bit annoyed about being ignored.
An update was promised on 19th at the latest. Even if it is still a work in progress AC would really help themselves by saying so on 19th to pre-empt the many questions from borrower lenders (especially as in this case there are 2 loans).
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Post by henders on Sept 23, 2014 5:09:08 GMT
Whatever happens wrt these loans, I am rapidly losing confidence in AC.
I have, unfortunately, worked for a couple of companies who promise "will definately get back to you by xx at the latest"; and it never is the latest and those companies are ones that I would not have wanted to be a customer of.
To say it an not do it is disrespectful and unprofessional and I do not want my money tied up with an unprofessional outfit.
AC can present a brilliant "front-face" (I was at the London event earlier in the year and was impressed and AH impresses me on these boards).
However, these ongoing promises of updates that appear to always slip indicate that behind the scenes customer care is not a high priority.
AC should not adopt the high street banks standard of customer care.
Sort it out AC or expect to lose lenders!!
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Sept 23, 2014 9:29:10 GMT
henders I agree with most of what you said about Assetz. Recently I have shifted about a quarter of my holding from AC to elsewhere. Back in the Spring I thought that they would hit their £100M target by the end of this year now it looks like it will take something close a miracle to achieve that figure. The other factor has been falling interest rates and IMO increasing risks on the new loans offered.
Currently AC seem to pinning their hopes on a new system which has been in development since the Spring meeting that you referred to. Inevitably that will bring with it bugs, because new systems always do, with all the consequences they can have. Perhaps they should be putting more effort into customer relations as you suggest?
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Post by davidricketts1 on Sept 23, 2014 9:42:19 GMT
Dear All
As you'll appreciate 2 weeks holiday generates rather a lot of work......
This is high on my "To Do" list but in the interim I've put a short holding update on the website - I'll be looking to provide fuller updates on all the outstanding loans by the end of this week but please bear with me while I get back up to speed.
Thanks
David
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Post by henders on Sept 23, 2014 10:34:39 GMT
Thanks DR.
My point really is don't make "commitments" that you cannot keep.
No problem with "I have a holiday coming up so there may not be any feedback on this for a couple of weeks" but "We will provide a further update as soon as we have more information and at the latest by close of business on Friday 19 September." and then not doing it is not acceptable.
Anyway, we look forward to "A fuller update...over the course of this week".
Cheers.
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Post by chris on Sept 23, 2014 11:20:43 GMT
Currently AC seem to pinning their hopes on a new system which has been in development since the Spring meeting that you referred to. Inevitably that will bring with it bugs, because new systems always do, with all the consequences they can have. Perhaps they should be putting more effort into customer relations as you suggest? I wouldn't say we're pinning all our hopes on the new platform but it is clearly a very important release for us. It's the next step in the evolution of the business as we look towards changing the financial landscape rather than just acting like a thin bank that takes a smaller margin. In some ways the changes are going to underwhelm, in others they'll no doubt annoy a few who disagree with the direction we're heading. But for us the new site opens up new ways of doing business, whilst trying to make investing far easier for casual investors. At the same time I'm continuing my personal quest to make sure that there's a level playing field for as many types of lender as we can accommodate. For those that want to totally optimise everything that means complexity. For casual investors we're trying to remove all the complexity of the current process and interface. What we're doing is ambitious and represents something like a 75% rewrite of the entire code base. As such we're not going to get everything right, and you're right there are bound to be bugs. But at some point we need to release the system and get it in to the hands of the end user so that we can learn what we're doing right and adapt what we're getting wrong. As ever I'd rather have a few more weeks but there are other pressures, including regulatory ones from the FCA, that need the new site to address them. Frustratingly dealing with those changes also got in the way of a wider beta test which would have been helpful but we'll be monitoring the site intently and will be on hand to fix any issues as they occur. At launch myself and the rest of the development team will also be very active on the forum to answer any questions, fix issues, etc. If its needed we can also set up things like Google Hangouts in order to help support lenders and discuss all the changes.
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unmadem
Member of DD Central
Posts: 377
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Post by unmadem on Sept 23, 2014 11:30:55 GMT
Currently AC seem to pinning their hopes on a new system which has been in development since the Spring meeting that you referred to. Inevitably that will bring with it bugs, because new systems always do, with all the consequences they can have. Perhaps they should be putting more effort into customer relations as you suggest? I wouldn't say we're pinning all our hopes on the new platform but it is clearly a very important release for us. It's the next step in the evolution of the business as we look towards changing the financial landscape rather than just acting like a thin bank that takes a smaller margin. In some ways the changes are going to underwhelm, in others they'll no doubt annoy a few who disagree with the direction we're heading. But for us the new site opens up new ways of doing business, whilst trying to make investing far easier for casual investors. At the same time I'm continuing my personal quest to make sure that there's a level playing field for as many types of lender as we can accommodate. For those that want to totally optimise everything that means complexity. For casual investors we're trying to remove all the complexity of the current process and interface. What we're doing is ambitious and represents something like a 75% rewrite of the entire code base. As such we're not going to get everything right, and you're right there are bound to be bugs. But at some point we need to release the system and get it in to the hands of the end user so that we can learn what we're doing right and adapt what we're getting wrong. As ever I'd rather have a few more weeks but there are other pressures, including regulatory ones from the FCA, that need the new site to address them. Frustratingly dealing with those changes also got in the way of a wider beta test which would have been helpful but we'll be monitoring the site intently and will be on hand to fix any issues as they occur. At launch myself and the rest of the development team will also be very active on the forum to answer any questions, fix issues, etc. If its needed we can also set up things like Google Hangouts in order to help support lenders and discuss all the changes. Hope you have done lots formal system testing if you have changed 75% of code.
What about user guides / FAQs etc, particularly for the large number of your users who don't this forum ?
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