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Post by goldservice on Apr 19, 2016 13:05:26 GMT
A recent reply from Festina Cautiously about the TrustPilot case included:
"You may find it useful to note that we will be introducing pre-acceptance for loan requests in the next couple of months which will mean that the borrower is committed to the loan before the loan is listed on the platform. This will mean that as soon as the loan is fully funded, investors will be earning interest and therefore will not have to wait for the loan to accepted - this will also mean that no loan can be rejected by the borrower once it is on the platform."
Edit: AFAIK this is the first time they have implied a date for its introduction viz end of June.
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blender
Member of DD Central
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Post by blender on Apr 19, 2016 21:54:35 GMT
Dead cash time at the start of loans is now being replaced by dead cash time at the end of property loans. 12170 seven days late tomorrow.
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fasty
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Post by fasty on Apr 19, 2016 22:14:52 GMT
Dead cash time at the start of loans is now being replaced by dead cash time at the end of property loans. 12170 seven days late tomorrow. Indeed, and I don't see mention about interest on the late payment of 12170 either. Is it time to start stamping our little feet?
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blender
Member of DD Central
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Post by blender on Apr 19, 2016 23:08:01 GMT
Dead cash time at the start of loans is now being replaced by dead cash time at the end of property loans. 12170 seven days late tomorrow. Indeed, and I don't see mention about interest on the late payment of 12170 either. Is it time to start stamping our little feet?
In short, yes. They indicate in another place that loans will need to go 14 days late and then they will charge a month. Where did we agree to that? And delays which are not caused by the borrower - bad weather etc - justify waiving interest on late payment! Stamp away and let them know who is the principal and who the agent.
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spyrogyra
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Post by spyrogyra on Apr 20, 2016 9:28:16 GMT
Walked away. Being p...ed by numerous small annoyances like dead cash. And who would be able to convince us that dead cash didn't serve a purpose every now and than, whenever needed. To fill hard-to-fill big loans,for example. Dumped on the SM next day. Millions of transactions everyday and millions of cash floating- who's to check.
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Post by brianac on Apr 20, 2016 17:30:03 GMT
Walked away. Being p...ed by numerous small annoyances like dead cash. And who would be able to convince us that dead cash didn't serve a purpose every now and than, whenever needed. To fill hard-to-fill big loans,for example. Dumped on the SM next day. Millions of transactions everyday and millions of cash floating- who's to check. FCA surely? isn't client nmoney supposed to be seperate and ringfenced? Brian
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Apr 20, 2016 18:13:14 GMT
You can't even check on over-running property loans, they won't tell you what interest, if any, has been charged after the scheduled repayment date. With someserious detective work, you can ultimately works out what has been credited to your account, but you have no way of knowing what should have been charged and whether you've been paid correctly.
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Post by transo on Apr 20, 2016 18:16:38 GMT
Yes, FCA will require them to ensure they can account for all the client money, in separate client money bank accounts. But it doesn't stop them earning the interest on that money and pocketing it if their Ts&Cs allow them to do this (which I believe they do).
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blender
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Post by blender on Apr 20, 2016 21:10:05 GMT
The client accounting requirements do cost FC money, and likely require the outsourced services of some really secure system which records every transaction of every lender and borrower. Whether the interest pays for the service is an interesting question, but I doubt that FC will make much from client money. Any experts out there?
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bigfoot12
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Post by bigfoot12 on Apr 21, 2016 6:45:52 GMT
No expert, but I'd be surprised if they get any interest and I'd be reasonably sure that the whole client money thing is a net cost to FC.
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Post by transo on Apr 22, 2016 23:13:43 GMT
Indeed, and I don't see mention about interest on the late payment of 12170 either. Is it time to start stamping our little feet?
In short, yes. They indicate in another place that loans will need to go 14 days late and then they will charge a month. Where did we agree to that? And delays which are not caused by the borrower - bad weather etc - justify waiving interest on late payment! Stamp away and let them know who is the principal and who the agent. In the other place they seem to have finally admitted (after many meetings) that, as was obvious to anyone outside FC who'd read the loan conditions, that interest is due for every day the loan is outstanding, and are going to start some remedial work to pay the interest that has not been paid on the past property loans. That may take a month though, they say.
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fasty
Member of DD Central
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Post by fasty on Apr 22, 2016 23:54:06 GMT
In short, yes. They indicate in another place that loans will need to go 14 days late and then they will charge a month. Where did we agree to that? And delays which are not caused by the borrower - bad weather etc - justify waiving interest on late payment! Stamp away and let them know who is the principal and who the agent. In the other place they seem to have finally admitted (after many meetings) that, as was obvious to anyone outside FC who'd read the loan conditions, that interest is due for every day the loan is outstanding, and are going to start some remedial work to pay the interest that has not been paid on the past property loans. That may take a month though, they say. About time too. Thanks for the update, transo; I've not been keeping up with the other place.
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