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Post by GSV3MIaC on Oct 11, 2017 7:14:04 GMT
In the interests of even handedness, it should be noted that Ly did it for years, on many loans, before acknowledging it with SBL status, before ceasing to do it at all. Not sure about any other platforms.
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elliotn
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Post by elliotn on Oct 11, 2017 7:43:30 GMT
In the interests of even handedness, it should be noted that Ly did it for years, on many loans, before acknowledging it with SBL status, before ceasing to do it at all. Not sure about any other platforms. True although it was only for overdue loans and presumably cash flow / platform risk (with a growing overdue book) in conjunction with the fca approval process put a stop to it. From my loans I think monthly interest paid by MT themselves for bullet loans was the most common where MT stand last in any recovery process (which did not seem to impede their fca authorisation although funding loans before selling on via the SM did). Next most common were loans paid for by the borrower where we are typically given no debt servicing cover data and must rely on MT's updates' filter to learn if any payments have been missed where as Ly covers this with IA labelling. I have a couple of MT loans with retained interest which are now incidentally my largest holdings; whilst these can default intra-term ie Birkenhead, it removes one unknown about whether borrower repayments have actually been made or not and my holdings have been re-balanced accordingly.
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stevio
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Post by stevio on Oct 11, 2017 8:28:00 GMT
In the interests of even handedness, it should be noted that Ly did it for years, on many loans, before acknowledging it with SBL status, before ceasing to do it at all. Not sure about any other platforms. True although it was only for overdue loans and presumably cash flow / platform risk (with a growing overdue book) in conjunction with the fca approval process put a stop to it. From my loans I think monthly interest paid by MT themselves for bullet loans was the most common where MT stand last in any recovery process (which did not seem to impede their fca authorisation although funding loans before selling on via the SM did). Next most common were loans paid for by the borrower where we are typically given no debt servicing cover data and must rely on MT's updates' filter to learn if any payments have been missed where as Ly covers this with IA labelling. I have a couple of MT loans with retained interest which are now incidentally my largest holdings; whilst these can default intra-term ie Birkenhead, it removes one unknown about whether borrower repayments have actually been made or not and my holdings have been re-balanced accordingly. Did you find out which had retained interest simply by going through the details or is there an easier way?
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elliotn
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Post by elliotn on Oct 11, 2017 9:25:01 GMT
True although it was only for overdue loans and presumably cash flow / platform risk (with a growing overdue book) in conjunction with the fca approval process put a stop to it. From my loans I think monthly interest paid by MT themselves for bullet loans was the most common where MT stand last in any recovery process (which did not seem to impede their fca authorisation although funding loans before selling on via the SM did). Next most common were loans paid for by the borrower where we are typically given no debt servicing cover data and must rely on MT's updates' filter to learn if any payments have been missed where as Ly covers this with IA labelling. I have a couple of MT loans with retained interest which are now incidentally my largest holdings; whilst these can default intra-term ie Birkenhead, it removes one unknown about whether borrower repayments have actually been made or not and my holdings have been re-balanced accordingly. Did you find out which had retained interest simply by going through the details or is there an easier way? Yep, went through all my loans individually - we need some kind of central repository to track loans.
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ptr120
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Post by ptr120 on Nov 2, 2017 21:05:22 GMT
Hi ablrateposting on this thread as I've previously posted here, although I may start a separate thread shortly. I know that one of the questionable loans has repaid, not sure about the other - but you previously posted that you were waiting for an update. Please can you advise what is happening re. ACF / APF and the security (or lack of) on the loans in question? Additionally it would be good to know, given how many loans you host from this originator, what your future intentions are regarding these loans? TVM.
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ptr120
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Post by ptr120 on Nov 13, 2017 21:32:51 GMT
ablrateI know that I can be quite annoying but it really would be good to have an answer to what is going on here. Please can you advise? I see that the most recent loan is somehow related to ACF / APF. Are you trying to hide the connection? I also see that my emails directly to you have been ignored. That doesn't seem very professional.
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Post by ablrate on Nov 14, 2017 15:42:27 GMT
ablrate I know that I can be quite annoying but it really would be good to have an answer to what is going on here. Please can you advise? I see that the most recent loan is somehow related to ACF / APF. Are you trying to hide the connection? I also see that my emails directly to you have been ignored. That doesn't seem very professional. Again, we have not had sufficient information to be able to tell our lenders anything, or we would have. We have some meetings next week where this is on the agenda. To your other points; we believe our documents are very transparent but we are looking to improve all the time. The sponsor of the loan was named in the borrowing proposal so accusing us of 'trying to hide the connection' is moot and we wouldn't hide it anyway as we have a great relationship with the company. We have been contributors to this forum since day one of our operations, we are happy to hear views that disagree with ours, we take them seriously, act upon them where we can in a timely manner and when they are relevant implement tech, policy or procedural changes... and this has been evident on this board since 2014. I am sorry that you feel we are not professional but to paraphrase Hall - 'I may disagree with what you say but will fight to the death your right to say it'.
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r00lish67
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Post by r00lish67 on Mar 27, 2018 10:17:30 GMT
ablrate I know that I can be quite annoying but it really would be good to have an answer to what is going on here. Please can you advise? I see that the most recent loan is somehow related to ACF / APF. Are you trying to hide the connection? I also see that my emails directly to you have been ignored. That doesn't seem very professional. Again, we have not had sufficient information to be able to tell our lenders anything, or we would have. We have some meetings next week where this is on the agenda. To your other points; we believe our documents are very transparent but we are looking to improve all the time. The sponsor of the loan was named in the borrowing proposal so accusing us of 'trying to hide the connection' is moot and we wouldn't hide it anyway as we have a great relationship with the company. We have been contributors to this forum since day one of our operations, we are happy to hear views that disagree with ours, we take them seriously, act upon them where we can in a timely manner and when they are relevant implement tech, policy or procedural changes... and this has been evident on this board since 2014. I am sorry that you feel we are not professional but to paraphrase Hall - 'I may disagree with what you say but will fight to the death your right to say it'. ablrate , four months further down the line, are you any closer to being in a position to disclose information to lenders regarding what occurred with these loans?
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r00lish67
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Post by r00lish67 on Apr 4, 2018 16:28:03 GMT
Again, we have not had sufficient information to be able to tell our lenders anything, or we would have. We have some meetings next week where this is on the agenda. To your other points; we believe our documents are very transparent but we are looking to improve all the time. The sponsor of the loan was named in the borrowing proposal so accusing us of 'trying to hide the connection' is moot and we wouldn't hide it anyway as we have a great relationship with the company. We have been contributors to this forum since day one of our operations, we are happy to hear views that disagree with ours, we take them seriously, act upon them where we can in a timely manner and when they are relevant implement tech, policy or procedural changes... and this has been evident on this board since 2014. I am sorry that you feel we are not professional but to paraphrase Hall - 'I may disagree with what you say but will fight to the death your right to say it'. ablrate , four months further down the line, are you any closer to being in a position to disclose information to lenders regarding what occurred with these loans? bump ablrate
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Post by ablrate on Apr 5, 2018 9:12:33 GMT
Hi
I have asked the same questions again, we have something on this shortly.
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ptr120
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Post by ptr120 on Apr 12, 2018 4:23:24 GMT
Hi ablrateCan you define shortly? I like the platform and would consider increasing my investments with new borrowers. However this issue has been hanging around for some time now and needs to be addressed.
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Post by ablrate on Apr 13, 2018 8:40:50 GMT
We have spoken with the borrower once again and are comfortable that there is nothing untoward in this transaction. Prior to draw down all our due diligence checks were carried out as usual and we are comfortable there was a bona fide loan in place to the ultimate borrower. As with most transactions there is commercially sensitive information that can't be released to lenders, especially as we are no longer in it, but it is our job as a platform operator to source quality loan transaction and ensure they repay - and that is what we have done! All lenders were repaid ahead of time and with full interest.
We appreciate that there has been some speculation around this project, but we don't intend to get in to a 'he said, she said' debate between competitor lending platforms and hope we can now draw a line under this.
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