|
|
Post by grumbledore on Jun 16, 2016 7:49:04 GMT
As the subject says, do you think borrowers given a list of lenders by Flying Calculators?
|
|
acky
Posts: 481 
Likes: 262
|
Post by acky on Jun 16, 2016 7:57:48 GMT
This poll needs a "Don't know" or even a "Don't care" option!
|
|
|
|
Post by grumbledore on Jun 16, 2016 9:22:47 GMT
This poll needs a "Don't know" or even a "Don't care" option! You could try the "Don't read" option.
|
|
|
|
Post by GSV3MIaC on Jun 16, 2016 9:26:42 GMT
1) you (and they, if they sign up) can read the list of bidders (by username) by looking at all bids. Not 0only on their loan, on all the other too.
2) borrowers have in the past made special offers to lenders ("10% off one of our beach-front apartments!") , so they must have some way of accessing them, even if only via FC.
3) does it matter either way
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Jun 16, 2016 10:02:19 GMT
It matters because we have direct p2p contracts with them, and if they do not know the lenders individually then it gets more bank-like. I don't think it matters whether they are given a list or have access to a list, and in any case that list is just user-names, of people who could be identified through FC - as can anonymous borrowers. We had options not to novate and to take direct action following a default, and that would require identification
One thing that is a puzzle is secondary trades, and I doubt that FC would send the borrower notification of new contracts, nor can we get access to current lists. So if the borrower gets sent a list on draw down, it will be soon out of date and useless. I doubt that borrowers even have access to a list of current lenders, unless that facility was provided a long time ago and not removed.
|
|
|
|
Post by grumbledore on Jun 16, 2016 12:31:43 GMT
For those few people that are interested, borrowers are given a list of lenders including their actual name (not their username), loan part amount, loan part ID, and loan part interest rate. So in the good old days borrowers could see that Mr X was getting 9.5% and Mrs Y was getting 12.5%. This is included in the borrower's loan contract. Yeah, it doesn't matter much but I found it quite interesting.
|
|
kt
Posts: 105 
Likes: 39
|
Post by kt on Jun 16, 2016 12:48:06 GMT
Greetings and salutations Grumbledore  How did you find this out? I have not seen this mentioned anywhere on FC. I'm not sure that it matters to me much though. Although I did vote No KT |
|
baz657
Member of DD Central
Posts: 500
Likes: 189
|
Post by baz657 on Jun 16, 2016 23:52:00 GMT
I've dug out the paperwork to my FC loan from a couple of years ago. As grumbledore has already written, the loan agreement was sent as a .pdf and included a table containing the following information:- Lender's full name Loan Part amount (£) Loan part ID Interest rate applicable to Loan Part (% pa) The following was a footnote... So, using a safe example, Business Finance Partnership - £1500.00 - 3430131 - 6.4 If there was any trading carried out on the SM that fact and the ID of the purchaser was not forwarded. Of course, that was in February 2014, the loan was fully paid in May 2014 and things may have changed since then. |
|
|
|
Post by grumbledore on Jun 17, 2016 7:49:12 GMT
Greetings and salutations Grumbledore How did you find this out? I have not seen this mentioned anywhere on FC. I'm not sure that it matters to me much though. Although I did vote No KT One of my clients has taken out a loan from Fruitful Companies. Before I seen the documentation I would have thought the same. That's what struck me a bit strange about the practice because pretty soon the list would be outdated.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Jun 17, 2016 10:45:00 GMT
It's a good practice because it makes the borrower aware of the nature of P2P - that he/she is entrusted with the savings of many individuals, rather than cash from a bank. Updates on SM trades would be a nuisance, and the current position could be provided if needed. At least something reflects well on FC, imo. (I voted yes when it was zero from dim memory of 2012, thought it was usernames, but a very strange poll)
|
|
Investboy
Member of DD Central
Trying to recover from P2P revolution
Posts: 564
Likes: 201
|
Post by Investboy on Jun 17, 2016 11:20:05 GMT
Or some (laywers) may frame it and hang in their (wife's) mansion for laugh from all the suckers who borrowed them money  |
|
