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Post by chris on Sept 23, 2014 11:38:17 GMT
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 ?
Yes we are doing lots of testing. Included in the 25% that remains is our very very robust virtual banking solution that tracks all funds this has been untouched save for some additional meta data that can be assigned against individual transactions. The new loan model is also routinely double checked against the old loan model for every loan ever entered into the system to make sure it produces the same results. All the parts that touch lender funds, allocation of funds, or movements of funds is being tested in similar ways. This is on top of our usual testing procedures. Edit: User guides, documentation, help text etc. is all being created. We have a new marketing manager who is producing all this text, and we'll have an interactive tutorial guiding users through the key steps of depositing funds and making an investment. Some of the more advanced features may lack documentation to begin with but that will be addressed over the next couple of weeks.
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Post by chielamangus on Sept 23, 2014 11:51:22 GMT
Sept 23, 2014 11:42:19 GMT 2 davidricketts1 said:
Dear All
As you'll appreciate 2 weeks holiday generates rather a lot of work......
Yes, but ..... We don't make a commitment with an individual but with the organisation. The organisation should ensure continuity of functions by ensuring all absences, especially planned absences, are fully covered by other staff. The lack of information has just created much uncertainty in the market - and it has all become a bit of a gamble as to whether to sell or hold. I prefer investing based on information to gambling.
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shimself
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Post by shimself on Sept 23, 2014 12:57:08 GMT
Sept 23, 2014 11:42:19 GMT 2 davidricketts1 said:
Dear All
As you'll appreciate 2 weeks holiday generates rather a lot of work......
Yes, but ..... We don't make a commitment with an individual but with the organisation. ...... I'll give that the full Meg Ryan (yes yes YES!)
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Post by Ton ⓉⓞⓃ on Sept 23, 2014 13:30:50 GMT
<ship> 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. If the one of the purposes of the 'New Site' is get AC to meet regulatory requirements as stated above then, unless I'm mistaken, it has to be up by the 1st October or break the new regs. that come in at that time. As we can all see there is just 7days left. I hope we can all leave Chris and his team alone for that week to allow them to get on with the work. The Google Hangouts sound useful, never heard of it before but Wikipedia does have a page on it. I hope Lenders who solely use the AC site are made well aware.
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mikes1531
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Post by mikes1531 on Sept 23, 2014 21:42:19 GMT
<ship> 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. If the one of the purposes of the 'New Site' is get AC to meet regulatory requirements as stated above then, unless I'm mistaken, it has to be up by the 1st October or break the new regs. that come in at that time. As we can all see there is just 7days left. I hope we can all leave Chris and his team alone for that week to allow them to get on with the work. Earlier, IIRC, it was suggested that since the new system was going to be such a significant change, the details would be released at least two weeks before it went live so that lenders could learn about it and be ready for it when it actually arrived. If it has to be in operation by 1/Oct, which is only a week away, then we clearly aren't going to get two weeks notice. It's looking more like we'll have two days if we're lucky -- or possibly two hours if we're not!
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ilmoro
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Post by ilmoro on Oct 17, 2014 15:53:49 GMT
Update  'Move along there, nothing to see here' |
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thebillet
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Post by thebillet on Oct 31, 2014 17:39:41 GMT
October 31st is down as deadline day for these loans but so far nothing on the site about either of them. Will we get an update before home time?
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thebillet
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Post by thebillet on Nov 3, 2014 8:49:49 GMT
To answer my own question no we won't get an update before home time. However there is an answer to my question about the deadline.
Assetz say
The borrower has missed the deadline - our Relationship Manager spoke to him on Friday with a view to arranging a meeting this week. This will be to introduce a property agent to sell the properties. Current thoughts are that if we can obtain his co-operation to sell through our agent without an LPA Receiver then this will be better as it will save on costs in the long run.
An update will be provided today / tomorrow in this regard.
So we have had a couple of deadlines set, October and November the first missed so the second would be also and the response is to get an estate agent in! At least it is 18%, if we ever get it.
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merlin
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Post by merlin on Nov 4, 2014 18:02:58 GMT
Todays news suggest that we are very close to being on the road to the trash can. If this happens it could be an excellent test of the original LTV's and AC's contracts. Trouble is sorting this problem could take quite awhile and in the mean time interest will be building at 18%.
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mikes1531
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Post by mikes1531 on Nov 4, 2014 19:22:00 GMT
Todays news suggest that we are very close to being on the road to the trash can. If this happens it could be an excellent test of the original LTV's and AC's contracts. Trouble is sorting this problem could take quite awhile and in the mean time interest will be building at 18%. Not good, but not unexpected, I guess. davidricketts1: What I don't understand is why we have to wait two weeks before we can even ask for a vote. Can't we ask lenders now whether they would support the appointment of a receiver if a consensual sale can't be organised in the next week or so? I expect the vote would be overwhelmingly in favour of such an appointment, so it might provide a bit of leverage during the upcoming discussions. What don't I understand? elljay and other moderators: When do we move this discussion to the pink pages?
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Post by bracknellboy on Nov 4, 2014 19:58:50 GMT
I see no reason to move this discussion at the moment. The borrower is clearly aware of the meeting with the agent, and presumably is aware of the potential to appoint receiver.
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sqh
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Post by sqh on Nov 4, 2014 23:03:24 GMT
Todays news suggest that we are very close to being on the road to the trash can. If this happens it could be an excellent test of the original LTV's and AC's contracts. Trouble is sorting this problem could take quite awhile and in the mean time interest will be building at 18%. I agree, the borrowers plan for the student block didn't come to anything. Yet this is an experienced developer with £1.6M of equity at risk, surely the borrower has a Plan B. I'm intrigued to know what the legal consequences of the following from the security section of the Credit Reports mean. "Personal guarantee of the borrower (if loan not in personal name)" - Ippy "Loan in personal names of the borrowers". - Eppy Anyway, it could be time to rename them IFFY and EPIC.
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mikes1531
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Post by mikes1531 on Nov 5, 2014 0:06:14 GMT
Todays news suggest that we are very close to being on the road to the trash can. If this happens it could be an excellent test of the original LTV's and AC's contracts. Trouble is sorting this problem could take quite awhile and in the mean time interest will be building at 18%. I agree, the borrowers plan for the student block didn't come to anything. Yet this is an experienced developer with £1.6M of equity at risk, surely the borrower has a Plan B. I'm intrigued to know what the legal consequences of the following from the security section of the Credit Reports mean. "Personal guarantee of the borrower (if loan not in personal name)" - Ippy "Loan in personal names of the borrowers". - Eppy Anyway, it could be time to rename them IFFY and EPIC. These comments about personal guarantees is very interesting inasmuch as there is no reference to any PGs on the Security tabs of either of the loans on the website. In view of the current situation, perhaps we should raise a question about this in the Q&A. Any volunteers?
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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 Nov 5, 2014 0:58:22 GMT
I agree, the borrowers plan for the student block didn't come to anything. Yet this is an experienced developer with £1.6M of equity at risk, surely the borrower has a Plan B. I'm intrigued to know what the legal consequences of the following from the security section of the Credit Reports mean. "Personal guarantee of the borrower (if loan not in personal name)" - Ippy "Loan in personal names of the borrowers". - Eppy Anyway, it could be time to rename them IFFY and EPIC. These comments about personal guarantees is very interesting inasmuch as there is no reference to any PGs on the Security tabs of either of the loans on the website. In view of the current situation, perhaps we should raise a question about this in the Q&A. Any volunteers? Just raised the question on Epping. Then noticed the question was raised and answered on Ippy 4th Nov. PG's are in place.
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thebillet
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Post by thebillet on Nov 12, 2014 15:13:42 GMT
On the Q&A section there is mention of an offer on the Ippy dorms of £2m, update to be provided within 48hrs.
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