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Post by webbski9 on Dec 19, 2016 16:48:21 GMT
Blender,I partly agree with you.But there is huge room for improvement.I can only site Ed at Money Thing.And I assume their human resources are not THAT huge.
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Post by ablrate on Dec 19, 2016 18:38:46 GMT
We are implementing a 'tool tip' on payments so you can see why they are late... yes... it has been our fault in the past... this one was a Sunday due payment, which wasn't confirmed in the account until Monday's rec, but you will be able to see this on the repayment section soon.
webski... I can understand your viewpoint to a certain extent, but to say our communication is 'appalling' is over the top. We are praised widely for the level of communication we have compared to others many times larger than us with vast resources. If we have let you down individually then we apologise and will do better, but making broad statements as fact doesn't help. While we genuinely do appreciate feedback, both good and bad (and have shown countless times, that we also ACT on this feedback), making statements such as this on a public forum does not encourage communication here, in fact quite it does quite the opposite.... i.e damned if you do, damned if you don't!
Having said that we take on board the comments and, as you know, are making all sorts of improvements to the platform. The main area is information for lenders where we hope to provide information you can get straightaway, rather than waiting for an update etc, as well as a ticketing support system which will make feedback to individual inquiries more efficient
Regards Ablrate
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registerme
Member of DD Central
Posts: 6,193
Likes: 6,002
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Post by registerme on Dec 19, 2016 19:56:39 GMT
The tooltip idea is a good one. I've been relatively relaxed about "press the button" issues, but as the platform scales it will become more of a problem. If it's because David is out that night then... grumble but fine. If it's because there's a payment issue then... not so fine. Knowing which of the two it is is extremely important to me. As for communications in general, yes, it's hard to get the balance right. In general I would say that ablrate have done a very good job, particularly with the errant container loan. The clarity of the comms there has, in my opinion, been without compare. That having been said, if you set expectations you need to meet them. Saying "we will update you on ddmmyy" and then failing to do so will bother people - nobody likes uncertainty. Lender frustration in such circumstances is not without merit or cause. One of the ways that I found fundamental to building trust, and therefore respect, back in my days on a trade floor, was always to go back when I said I would, even if it was only to say "sorry, no update yet" or "sorry, I still have no idea what's going on". You get growled at, sure, but with time, people believe you. Add a bit more time, and similar communication, and delivery, and you have a relationship that can really take a battering. It took a year or two, but there came a point where MDRs who ran businesses would just nod when I said "sorry, I've got something more important to deal with". They trusted me, even if they saw I was going to help a desk assistant (eg who couldn't book a mega-trade because of something trivial). How effective comms can scale is an interesting question, and one to which I don't have a perfect answer. It's something I talked to SophieThing about on Wednesday night at arbster's drinks. In their own way, but not comprehensively, I think that MoneyThing , ablrate and AC ( andrewholgate , chris ) all do well. It would be fantastic for everybody if a way could be found to distil all of the approaches for best practice and employ it across the board (yada yada competitive advantage not withstanding). EDIT: If this conversation proves fruitful I will move associated posts to a new thread in "General" so as not to keep it ablrate specific. EDIT2: Correcting appalling grammar.
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Post by Butch Cassidy on Dec 19, 2016 20:34:42 GMT
I rather agree with registerme lending money is essentially about trust both with the platform & ultimately & most importantly with the borrower. I am not an investor who worries too much over late payments or lack of updates (when there is clearly nothing to add) & would much rather the platform use it's limited human resources getting on with making the business successful, generating growth & chasing errant borrowers than with meaningless chatter on forums such as this.
Platforms that have created a lot of goodwill by constantly providing attention to forum users have often found, as they grow, that it has become an overly burdensome duty (AC, SS, RS) & then when they are unable to maintain the previous levels they get caned for poor communication. Yes if an update is promised it should be delivered in a timely manner but often it would be wiser not to "overpromise & then under deliver" on this front as I'm sure AC can confirm. If human error has been at fault just be open & say so, most investors will accept honesty over flannel - just read the lender frustration on the FC forum for further evidence!
I have quite a lot of sympathy with the platforms on communication, especially on this open forum, & feel they would be better served by saying nothing other than when something of substance is necessary & available. Abl's handling of the errant containers has been exemplary & should be a text book case study that all other platforms should endeavour to emulate, however it finally pans out - but they have had to show restraint in what they have published to protect lender options.
Overall I think the platforms mentioned in this thread do a decent job but for those who disagree you can always move your investments to rival platforms.
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ptr120
Member of DD Central
Posts: 1,197
Likes: 1,346
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Post by ptr120 on Dec 20, 2016 8:44:11 GMT
I do appreciate the challenges that ablrate have regarding scale and communication, but I sometimes feel that they don't help themselves. By way of example: The container company was in court for a winding up hearing on the 12th. It took seven days for investors to be told that the hearing had been adjourned until the new year, but no information was forthcoming as to why the hearing was adjourned. Some good questions were asked of the lease company loan on this forum. No answers were forthcoming. Although the loan filled, this won't always be the case and answers to questions will influence the willingness of many to invest. Ablrate was once custodian to my biggest P2P holdings. Although I continue to invest, more new funds have gone elsewhere and will continue to do so unless things change.
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Post by andrewholgate on Dec 20, 2016 9:11:19 GMT
The tooltip idea is a good one. I've been relatively relaxed about "press the button" issues, but as the platform scales it will become more of a problem. If it's because David is out that night then... grumble but fine. If it's because there's a payment issue then... not so fine. Knowing which of the two it is is extremely important to me. As for communications in general, yes, it's hard to get the balance right. In general I would say that ablrate have done a very good job, particularly with the errant container loan. The clarity of the comms there has, in my opinion, been without compare. That having been said, if you set expectations you need to meet them. Saying "we will update you on ddmmyy" and then failing to do so will bother people - nobody likes uncertainty. Lender frustration in such circumstances is not without merit or cause. One of the ways that I found fundamental to building trust, and therefore respect, back in my days on a trade floor, was always to go back when I said I would, even if it was only to say "sorry, no update yet" or "sorry, I still have no idea what's going on". You get growled at, sure, but with time, people believe you. Add a bit more time, and similar communication, and delivery, and you have a relationship that can really take a battering. It took a year or two, but there came a point where MDRs who ran businesses would just nod when I said "sorry, I've got something more important to deal with". They trusted me, even if they saw I was going to help a desk assistant (eg who couldn't book a mega-trade because of something trivial). How effective comms can scale is an interesting question, and one to which I don't have a perfect answer. It's something I talked to SophieThing about on Wednesday night at arbster's drinks. In their own way, but not comprehensively, I think that MoneyThing , ablrate and AC ( andrewholgate , chris ) all do well. It would be fantastic for everybody if a way could be found to distil all of the approaches for best practice and employ it across the board (yada yada competitive advantage not withstanding). EDIT: If this conversation proves fruitful I will move associated posts to a new thread in "General" so as not to keep it ablrate specific. EDIT2: Correcting appalling grammar. Very brief interlude onto someone else's board... Why wouldn't we want to talk to our customers? Feedback allows us to make changes and I think we have been good at that. As we get bigger it does get harder to do this but I have no plans on sealing up the ivory tower and climbing to the top. Over and out.
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Post by alamosurvivor on Dec 20, 2016 12:39:18 GMT
As a customer of Abl and AC I completely agree with Andrew Holgate. There are 101 reasons why platforms should communicate regularly and AC are a good example of how to do it. Communications should come 1st, 2nd and 3rd if you want to prosper. Where loans have gone bad and are in legals like the container loans, I think we all understand the need for confidentiality, but in return for this, customers must be informed exactly when the platform has promised the info - not days or weeks after. If the info is not available at the time or day promised, simply apologise and say when it will be forthcoming. I like Ablrate's novel approach to P2P in terms of the products availabie and I will continue to invest with them in the hope that the communication standards will eventually equal the product quality soon.
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Post by webbski9 on Jan 4, 2017 16:01:49 GMT
Re Loan 1000037...push the button please
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Post by webbski9 on Jan 5, 2017 8:13:55 GMT
Thank you Ablrate
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Post by ablrate on Jan 10, 2017 9:31:36 GMT
Hi webski
1000037 was paid on time?
Regards Ablrate
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Post by webbski9 on Jan 10, 2017 9:38:43 GMT
All good thank you kind Sir. My impatience is to be regretted
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,848
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Post by ilmoro on Jan 19, 2017 19:43:09 GMT
Before anyone says it, they have for today's (19/1) payment but it doesnt work. They are now waiting for R2D2 to fix the hyperdrive.
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Post by ablrate on Jan 20, 2017 10:14:57 GMT
Before anyone says it, they have for today's (19/1) payment but it doesnt work. They are now waiting for R2D2 to fix the hyperdrive. Hyper drive fixed... Go about your business... these aren't the droids your looking for.
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SteveT
Member of DD Central
Posts: 6,873
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Post by SteveT on Feb 8, 2017 7:51:32 GMT
(1000041)
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treeman
Member of DD Central
Posts: 1,026
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Post by treeman on Feb 14, 2017 10:57:23 GMT
Bump ! 1000021 ?
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