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Post by rebsrep on Feb 2, 2016 22:27:12 GMT
Lenders,
We appreciate that to date we have not been as comunicative as we could. It's the nature of our platform that each loan has a discussion thread that many of the p2p sites don't, this allows for open communication but also means you expect more from us than other platforms when lenders and borrowers raise questions.
We hope that since the New Year you've noticed a marked increase in the engagement from us and from Corporate & Commercial but we appreciate we have some way to go. The policy has been to update you when there are concrete updates but often we are let down by process's e.g. liquidators, solicitors, banks etc and then it appears that we aren't communicating when in fact there is nothing to communicate that we can be specific about. However we are going to endeavour to update each non-performing loan weekly with a "no update" update so that you know it is still in process and hasn't been forgotten, but we will of course prioritise those where there is an update. Also if we promise an update by a specific date then we will diarise that date to ensure we do update the post.
There are a few mostly overdue specific loans with specific issues that are to undergo a full review by one of our Non-Exec Directors and our Legal Officer over the coming fortnight or so and a short summary of the current situation will be posted on each loans discussion forum as and when each loan is ready to be updated. This is to ensure that we are being as open as we can be on each case e.g. why a decision was made for example or why we are not chasing security perhaps. We believe we have communicated everything we can but it is often buried deep in discussion threads and may also be unintentionally ambiguous.
We will also be implementing Ladywhitenap's journal idea but this is taking time to develop and then each journal needs back populating with actions taken and that is being extracted from the discussion threads.
If you have any specific queries you've sent to support and which you don't believe have been answered please send a pm to rebsrep stating the date and time of your query and where the query was submitted to e.g. support@ and we will ensure we look into each and every case, if we get inundated it may take time to get back to you.
Finally this username is currently being manned by one of our NED's but intime will transition to a dedicated resource who can commit more time to it.
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Post by Butch Cassidy on Feb 3, 2016 7:54:36 GMT
This is an excellent proposal that will be welcomed by lenders & should be maintained going forward; perhaps in time a dedicated update/activity log (where only Rebs staff can post relevant stuff) would help augment the discussion thread, not sure if that is what was meant by ladywhitenap reference. AC also dedicate a page to the relevant security/guarantees taken for each specific loan to save trawling through each detailed profile text, I also like the green/amber/red system employed by FC to indicate the future recovery potential of distressed loans. |
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baldpate
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Post by baldpate on Feb 3, 2016 18:19:36 GMT
Your proposals are very welcome. Thank you. On the subject of better communications, may I make a few suggestions which hopefully will be useful and will not take too much extra effort: 1. When your Non-Exec Directors and your Legal Officer make their coming review, could they please reconsider the formal status of your more 'distressed' loans. I recently took the time to examine all the loans accessible on the website, and found quite a few which show many or all the signs of a defaulted loan, but whose status has NOT been set to "Default - under enforcement". I mentioned some of them in another thread ( Defaults, Bad debt etc) on this board. To take a specific example (perhaps the most egregious) : loan application #126 to E***********L H****** S******* L*****D seems to be irredeemably distressed, yet has not been defaulted. There are others too which merit consideration. Of course, there may be technical reasons why this, and other loans, have not been defaulted - but if there are, I think some explanation is due to lenders and a clearer and more consistent policy promulgated on when loans can be expected to be placed in default. Without such clarity and consistency, one can only think that ReBS are trying to 'flatter' their default statistics. (And, to be clear, I am not talking about loans where the company is still in Administration or have only recently been disolved - where it would be too soon to expect any real idea of the long-term outcome). 2. The government is proposing, with effect from next tax year, to allow bad debts to be offset against interest earned for tax purposes (provided subsequent recoveries are treated as income). This is an important concession to P2P lenders who are taxpayers. It is also proposed that this concession be available for bad debts incurred in the current tax year. Obviously until these proposals are fixed in law, no platform can act upon them. But it would be helpful to lenders if you would consider how you might indicate, on a case by case basis, the point in the life of a distressed loan at which ReBS considers that it meets the criteria for a loss to be offset against interest. The proposed 'journal' seems like an ideal vehicle for such announcements. 3. Finally, I think there is a lot of uncertainty among many lenders about the nature and significance of the various types security offered with loans, and what the various legal routes are by which recoveries can be effected against the different types of security. Would it be possible to offer somewhere on the site a guide to such matters, or at least a glossary for the uninitiated & those of us who are confused about such elementary things as: the difference betweem Administration & Liquidation? what is CVA? what is Bankruptcy? What is a debenture? How is a personal guarantee enforced? ... etc. etc. Thanks for conidering these suggestions. |
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Post by captainconfident on Feb 3, 2016 19:19:10 GMT
I highly commend the above post, which covers all the main concerns of REBS investors.
I have been dismayed by the failure to claim assets to which lenders have a legal right under debentures, such as in the case of the defaulted loan known here as Les Misrables. The impression, the very strong impression is that the debentures are arranged to lure in lenders with a promise of some security, but should the loan cease repaying, that REBS does not act on behalf of investors seemingly in any circumstances.
Secondly, responding to statements by broker jh in another thread, REBS needs to explain underwriting procedures which validated loans to investors who were the unable to make more than one or two repayments before defaulting. I understand that these are not the most creditworthy clients, but one would expect even the most distressed to be able to make the first few months repayments from the lump sum they have received. The ones which crash straight into repayment crises have surely not had their finances correctly analysed before presentation to lenders, and the haphazard follow-up of restating the borrowers' bizarre excuses for not paying to the lenders instead of taking immediate legal steps to enforce lenders rights has been demoralising.
You will be aware of lenders recently liquidating their entire holdings for this reason. I too am on the threshold of the exit. I look forward to the promised new engagement with lenders by REBS which has been so singularly lacking recently.
Edit******
Having just posted this, three emails from Michael arrived in my inbox giving updates to processes for recovery in the case of three distressed loans. This is very welcome. |
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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 Feb 9, 2016 17:03:40 GMT
Dear rebsrep. I deposited funds to my account earlier today, and used ADD FUNDS, but my account doesn't show the deposit. Sent email to accounts dept as stated on website, Postmaster message - unreachable. Tried phoning the landline, no answer. Lets hope I get a response here. |
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Post by rebsrep on Feb 9, 2016 22:16:35 GMT
Dear rebsrep . I deposited funds to my account earlier today, and used ADD FUNDS, but my account doesn't show the deposit. Sent email to accounts dept as stated on website, Postmaster message - unreachable. Tried phoning the landline, no answer. Lets hope I get a response here. You certainly shouldn't be getting a postmaster rejection. What email address are you sending it to? Please pm me your User ID and the amount and I'll pass on the message to the accounts team Thanks
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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.
Posts: 1,426
Likes: 1,211
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Post by sqh on Feb 9, 2016 22:50:47 GMT
Dear rebsrep . I deposited funds to my account earlier today, and used ADD FUNDS, but my account doesn't show the deposit. Sent email to accounts dept as stated on website, Postmaster message - unreachable. Tried phoning the landline, no answer. Lets hope I get a response here. You certainly shouldn't be getting a postmaster rejection. What email address are you sending it to? Please pm me your User ID and the amount and I'll pass on the message to the accounts team Thanks The reply from postmaster@rebuildingsociety.com: Your message to accounts@rebuildingsociety.com couldn't be delivered. accounts wasn't found at rebuildingsociety.com. Just resent it now and get the same message.
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Post by rebsrep on Feb 10, 2016 8:54:03 GMT
The email address issue has been raised with support this morning.
I haven't received a pm from you with the deposit amount and use ID so I can't chase up your deposit. Please confirm that it has now been successfully credited to your account.
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Post by rebsrep on Feb 10, 2016 9:38:28 GMT
This has now been fixed and in addition accounts@ will generate a support ticket so you know it's been received and can be tracked.
Thank you for your input.
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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.
Posts: 1,426
Likes: 1,211
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Post by sqh on Feb 10, 2016 12:08:34 GMT
The email address issue has been raised with support this morning. I haven't received a pm from you with the deposit amount and use ID so I can't chase up your deposit. Please confirm that it has now been successfully credited to your account. May, on the customer phone line, arranged for the deposit to be cleared. FP took over 26 hours and manual intervention. Something needs fixing.
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Post by rebsrep on Feb 10, 2016 12:35:41 GMT
The email address issue has been raised with support this morning. I haven't received a pm from you with the deposit amount and use ID so I can't chase up your deposit. Please confirm that it has now been successfully credited to your account. May, on the customer phone line, arranged for the deposit to be cleared. FP took over 26 hours and manual intervention. Something needs fixing. Please PM me your User ID and the deposit amount and I'll get this looked into. It's only by investigating specific examples that we can improve.
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