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Post by ladywhitenap on Jul 29, 2021 10:13:53 GMT
I agree that it is self inflicted. If the payments table was set up to show payments deferred to the next working day after a weekend/BH etc in the first place, expectations would be managed and the "button push" thread be a lot quieter and only be used for late payments where an admin note had not been issued. This should be a simple coding change well within the capability of the IT elves LW
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blender
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Post by blender on Jul 29, 2021 13:30:13 GMT
I vote for the Friday before - what does the contract say? What I mean is that this is a statement of when the payment is due according to the contract, and you cannot just change the dates of due payments unless you change what's in the loan contract.
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blender
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Post by blender on Aug 28, 2021 7:51:26 GMT
I don't see how the borrower was allowed by ablrate to draw down loan 165 yesterday and not to make the due repayment on the earlier tranche 160? Maybe the funds are in and it will be paid this morning. If not then this should not have been allowed and instant returns should have continued until up-to-date.
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Balder
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Post by Balder on Aug 28, 2021 8:39:22 GMT
I don't see how the borrower was allowed by ablrate to draw down loan 165 yesterday and not to make the due repayment on the earlier tranche 160? Maybe the funds are in and it will be paid this morning. If not then this should not have been allowed and instant returns should have continued until up-to-date. I hope ablrate are ensuring that 165 isn't required to pay 160!
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Post by Badly Drawn Stickman on Aug 28, 2021 16:38:07 GMT
I don't see how the borrower was allowed by ablrate to draw down loan 165 yesterday and not to make the due repayment on the earlier tranche 160? Maybe the funds are in and it will be paid this morning. If not then this should not have been allowed and instant returns should have continued until up-to-date. I hope ablrate are ensuring that 165 isn't required to pay 160! I had always assumed there was an element of new lamps for old with the tranches, which probably effectively makes the amortisation mostly an illusion. Never bothered me a huge amount. The conspiracy theory is best served by wondering why 165 is not currently available to be traded. I do note neither of the overdue loans have been paid today. Guess that means after the bank holiday now?
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criston
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Post by criston on Aug 28, 2021 16:59:30 GMT
160/158
As long as this borrower does not start to do a 120/124.
Has a very good record of payments on time.
We don't know what's happened here. Has the borrower paid or have Ablrate failed to pay lenders, as yesterdays notification ?
All the same, it's a pity situations like this occur & cause lenders concern.
When Ablrate put out a statement like yesterdays it should be followed up when nothing happens.
Lenders unfortunately always seem to be given a backseat, from borrowers & platforms.
If I ran a company such as this, if the payment is still outstanding, my message would be :-
'We again contacted the borrower & demanded the payments be made immediately. We stated we do not accept your apologies on behalf of lenders. Lenders are rightly concerned & should not be treated with contempt. This grates, especially as £500k has just been handed over.'
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Post by oktaeder on Aug 30, 2021 19:01:29 GMT
162/164 missed payments?
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p2pfan
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Full-Time Investor
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Post by p2pfan on Aug 30, 2021 21:37:46 GMT
160/158 As long as this borrower does not start to do a 120/124. Has a very good record of payments on time. We don't know what's happened here. Has the borrower paid or have Ablrate failed to pay lenders, as yesterdays notification ? All the same, it's a pity situations like this occur & cause lenders concern. When Ablrate put out a statement like yesterdays it should be followed up when nothing happens. Lenders unfortunately always seem to be given a backseat, from borrowers & platforms. If I ran a company such as this, if the payment is still outstanding, my message would be :- 'We again contacted the borrower & demanded the payments be made immediately. We stated we do not accept your apologies on behalf of lenders. Lenders are rightly concerned & should not be treated with contempt. This grates, especially as £500k has just been handed over.' I'd second this. However, don't expect any P2P network to bother too much about lenders. They would consider taking 30 seconds to type what you've suggested a waste of time, as their main priorities are (a) to fill their own pockets and (b) to please the borrowers they go on holidays with and enjoy meals out with. Of the last fifty-odd conversations I must have had with staff at P2P platforms, I'm sure about forty eight of them have been the staff taking the side of borrowers, being a mouthpiece for the same type of usually lame excuses I've been hearing from folk who don't want to pay back their loans for decades and decades; in recent years, it's the same tired excuses of general election, economic downturn, Brexit, Covid etc. Only on a couple of incidences have those staff expressed even the slightest interest in the rights of lenders. It proves how obsessed they are with their beloved borrowers, no matter how many times they choose not to pay up.
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Post by minionbob on Aug 31, 2021 7:56:56 GMT
Dos someone need a change of username?
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blender
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Post by blender on Aug 31, 2021 8:00:05 GMT
Maybe that pre-occupation with borrowers has something to do with the fact that the goods that the platform is selling are the loans, the customers are the potential borrowers, and the competitors are the other platforms and institutional lenders. We lenders supply the raw materials, cash for creating loan opportunities, to the platform, but the platform is totally responsible for creating a loan product for sale to customers. If Ablrate looks at the top line of its accounts it will see fees from borrowers = 100% and fees from lenders = 0%. Looking more specifically at Ablrate's business model it is decidedly niche, in that it tends to provide bespoke loans to individual borrowers, which requires both a complex evaluation and continuous monitoring (hence the monthly fees). The bespoke approach require a close and tight customer relationship and the the maximum development of each borrower in terms of loans. Origination is the factor that limits the growth of the business - not available cash from lenders. You would expect a business to be obsessed with serving its customers, the borrowers. We lenders are more easily replaced as sources of cash for good opportunities - as the reduction of retail platforms shows - and basically we just need to sit on our arses and wait for the payments. If we think we are being taken for granted or exploited we should say so, but we need to get real.
[Perhaps I over-simplify and over-state this - but we do not get the borrower side presented much on this forum.]
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 31, 2021 15:26:35 GMT
160/158 As long as this borrower does not start to do a 120/124. Has a very good record of payments on time. We don't know what's happened here. Has the borrower paid or have Ablrate failed to pay lenders, as yesterdays notification ? All the same, it's a pity situations like this occur & cause lenders concern. When Ablrate put out a statement like yesterdays it should be followed up when nothing happens. Lenders unfortunately always seem to be given a backseat, from borrowers & platforms. If I ran a company such as this, if the payment is still outstanding, my message would be :- 'We again contacted the borrower & demanded the payments be made immediately. We stated we do not accept your apologies on behalf of lenders. Lenders are rightly concerned & should not be treated with contempt. This grates, especially as £500k has just been handed over.' I'd second this. However, don't expect any P2P network to bother too much about lenders. They would consider taking 30 seconds to type what you've suggested a waste of time, as their main priorities are (a) to fill their own pockets and (b) to please the borrowers they go on holidays with and enjoy meals out with. Of the last fifty-odd conversations I must have had with staff at P2P platforms, I'm sure about forty eight of them have been the staff taking the side of borrowers, being a mouthpiece for the same type of usually lame excuses I've been hearing from folk who don't want to pay back their loans for decades and decades; in recent years, it's the same tired excuses of general election, economic downturn, Brexit, Covid etc. Only on a couple of incidences have those staff expressed even the slightest interest in the rights of lenders. It proves how obsessed they are with their beloved borrowers, no matter how many times they choose not to pay up. You are so RIGHT on the money p2pfan . [Thumbs Up emoticon here] I am intrigued (but mostly bemused) by anyone who will still extol the virtues of P2P "Investing." Platform interests are SO obviously aligned with themselves First, and Borrowers a very close Second, Lenders are VERY last. You have all been warned. Yet again. I thank you. OzBoy.
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GreenZero
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The early bird may get the worm, but it's the second mouse who gets the cheese
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Post by GreenZero on Aug 31, 2021 18:35:06 GMT
I don't see how the borrower was allowed by ablrate to draw down loan 165 yesterday and not to make the due repayment on the earlier tranche 160? Maybe the funds are in and it will be paid this morning. If not then this should not have been allowed and instant returns should have continued until up-to-date. I hope ablrate are ensuring that 165 isn't required to pay 160! It seems Tranches II, IV and V are now overdue along with 158. Not a good look having only just been allowed to draw down on 165. Does Balder have a point?
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blender
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Post by blender on Sept 1, 2021 8:15:25 GMT
Maybe Balder understates it. Perhaps, despite having received nearly £500k on Friday, the borrower was unable to make the payments on three late loans on Tuesday. Or perhaps they've just all gone for their staycations. It's a very poor look for the borrower and Abl.
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Balder
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Post by Balder on Sept 1, 2021 9:27:56 GMT
ablrate where are all the admin notes for late payments? You keep going on about improving your communications and you keep failing - perhaps that is the real indicator for all us lenders about where you really put communications on your priority list. Poor service.
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blender
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Post by blender on Sept 1, 2021 12:03:06 GMT
I'd second this. However, don't expect any P2P network to bother too much about lenders. They would consider taking 30 seconds to type what you've suggested a waste of time, as their main priorities are (a) to fill their own pockets and (b) to please the borrowers they go on holidays with and enjoy meals out with. Of the last fifty-odd conversations I must have had with staff at P2P platforms, I'm sure about forty eight of them have been the staff taking the side of borrowers, being a mouthpiece for the same type of usually lame excuses I've been hearing from folk who don't want to pay back their loans for decades and decades; in recent years, it's the same tired excuses of general election, economic downturn, Brexit, Covid etc. Only on a couple of incidences have those staff expressed even the slightest interest in the rights of lenders. It proves how obsessed they are with their beloved borrowers, no matter how many times they choose not to pay up. You are so RIGHT on the money p2pfan . [Thumbs Up emoticon here] I am intrigued (but mostly bemused) by anyone who will still extol the virtues of P2P "Investing." Platform interests are SO obviously aligned with themselves First, and Borrowers a very close Second, Lenders are VERY last. You have all been warned. Yet again. I thank you. OzBoy. yes - you are both so right, p2pfan and OzBoy. What puzzles me is firstly why you think the order for the platform should not be self (viability), borrowers (income), and lastly suppliers or lenders (cost of product) and secondly whether you think it has ever been different? The fact that there have always been forums of lenders complaining, and sites with borrowers giving testimonials, should give a clue. To be successful as a lender you have to recognise that you do and should come third and that you need the platform to spend its time and cash supervising borrowers. Once you do that, the trick is to seek out an otherwise competent platform which cares the most about its lenders, gives the fullest information and monitoring, and supplies a secondary market, and you have to be prepared to make your own decisions about individual borrowers - and get out if you can. Sure we should complain when justified, but a great danger to retail p2p is lenders having unrealistic expections, volumes of trivial but time-consuming complaints going to platforms and regulators, and platforms being discouraged from retail lending.
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