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Post by savingstream on Dec 19, 2016 9:43:32 GMT
We have taken on board the fact that communication with investors has been wholly unsatisfactory and lets what is otherwise an excellent and successful lending platform down. We have grown exponentially and that aspect of the business has been neglected to an extent.
We have a dedicated professional communications manager starting in January (subject to contract) in order to create and implement our new communications strategy. This should see regular, detailed and accurate improvements to our weekly loan updates. We might even implement the Q & A section on the platform which I know many investors have requested...
As we have always maintained, we are trying to keep overheads low in order to pass as much profit on to you as possible. Our number 1 focus has always been to write the best loans and recover them as speedily and efficiently as possible. Our appetite for lending is still gargantuan, our credit and DD is rigorous, our recovery processes are robust and our track record speaks for itself. We have built a sustainable, award winning, long term business on the back of the above and we do not take our investors for granted.
Many say our communications is our major weakness, we hear you and will resolve this from this point onwards.
End of year, detailed loanbook update to follow before COB Friday.
Liam Brooke
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moist
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Post by moist on Dec 19, 2016 10:32:14 GMT
thank you
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jcb208
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Post by jcb208 on Dec 19, 2016 10:44:03 GMT
Thanks savingstream you have a good platform which works well .I know you have been given a lot of stick on here but as you stated communications has let you down,lets hope for great 2017 with vastly improved Updates so we know how are investments are progressing |
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Post by portlandbill on Dec 19, 2016 10:48:36 GMT
Well done
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fasty
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Post by fasty on Dec 19, 2016 11:53:04 GMT
If executed correctly, this could greatly increase confidence and convey significant benefits to SS business.
If you make a mistake, I will respect you much more for being transparent. Absolutely avoid trying to hide things or adjust reports after the event because people will find out and it engenders immediate distrust.
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hector
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Post by hector on Dec 19, 2016 12:32:30 GMT
Liam, thank you for some form of communication. Can you advise lenders of SS Christmas/New Year office opening/closed hours? Best wishes
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Post by Deleted on Dec 19, 2016 12:59:41 GMT
I really didn't think any respectable company could ignore the strength of opinion voiced in the recent poll. I'm very pleased I was right and hope this recognition really is the first step to improving the one area which lets down an excellent platform!
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Post by jackpease on Dec 19, 2016 13:17:31 GMT
Best of luck SS. I really hope this works but fear that every question you answer will generate ever-more complex requests in a sort of chain reaction of people seeking perfection and a favourable answer, and eventually you'll get criticised for not answering a navel-contemplation type question posed at the weekend within minutes - and be accused of poor communication.
WHERE ARE THE 12% LOW RISK LOANS SS? I WANT AN ANSWER NOW... etc etc
Jack P
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Post by Deleted on Dec 19, 2016 13:46:43 GMT
Best of luck SS. I really hope this works but fear that every question you answer will generate ever-more complex requests in a sort of chain reaction of people seeking perfection and a favourable answer, and eventually you'll get criticised for not answering a navel-contemplation type question posed at the weekend within minutes - and be accused of poor communication. WHERE ARE THE 12% LOW RISK LOANS SS? I WANT AN ANSWER NOW... etc etc Jack P To a degree I think you're right but equally there is a minimum standard. Repeating 'expected to repay within a week' on many overdue loans where this update was provided over a month ago falls a long way short! Or stating 'no change' as loans fall further and further into negative days really isn't acceptable ....
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oldgrumpy
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Post by oldgrumpy on Dec 19, 2016 14:00:29 GMT
To a degree I think you're right but equally there is a minimum standard. Repeating 'expected to repay within a week' on many overdue loans where this update was provided over a month ago falls a long way short! Or stating 'no change' as loans fall further and further into negative days really isn't acceptable .... You only have to look at some of the sequences of updates characterized by the "imminent" (and synonyms) virus which have gone on for as long as six months to appreciate how far SS now need to improve their communications and procedures. It's not a matter of responding to every trivial (even silly) question. We can recognize those too, and are not necessarily averse to "slapping down" nuisance posters from time to time*. It's a matter of treating lenders with due respect rather than (perceived) "dismissiveness" (is that even a word?). If a borrower is being evasive or otherwise a PITA, say so, don't be evasive (or devious) also. Thanks to Liam for (at last) coming to the fore to acknowledge that there is a valid grievance being discussed. Admin: is there any facility for a "don't like this" button on pro-Boards? 
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Post by jackpease on Dec 19, 2016 14:16:38 GMT
Admin: is there any facility for a "don't like this" button on pro-Boards? I would really like a 'don't like this' button - I think sometimes platforms might appreciate some confidence to ignore nuisance/chatty/haranguing posters - a dislike button would be relatively polite way of suggesting someone back off. Westonkev when he slipped away from RS explained the impact that endless trivial questions/follow ons have on answering the important factual ones Jack P
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Liz
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Post by Liz on Dec 19, 2016 14:41:07 GMT
Admin: is there any facility for a "don't like this" button on pro-Boards? I would really like a 'don't like this' button - I think sometimes platforms might appreciate some confidence to ignore nuisance/chatty/haranguing posters - a dislike button would be relatively polite way of suggesting someone back off. Westonkev when he slipped away from RS explained the impact that endless trivial questions/follow ons have on answering the important factual ones Jack P A few years back Thincats introduced a "kudos" system, bear in mind TC has a minimum bid of £1000, so well-off, HNW's, educated, mature etc etc. Well they tested this "kudos" system and the forum was carnage! Arguments broke out, members got offended and kicked off when "awarded" negative kudos, rows, petty bickering, members left the forum, dirty tricks were used. One nasty trick was to negatively kudos every post oa member made if you fell out with, so someone could have a kudos of 100 one minute, then the next -100 kudos. It really was the most entertained I have ever been online  The rows and bickering reminded me of a school playground; some attacks even got very aggressive, bordering on threatening. I think the Mods have a hard enough time as it is, without needing to referee.
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oldgrumpy
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Post by oldgrumpy on Dec 19, 2016 14:55:17 GMT
Probably right Liz . There are two kinds of "don't like". 1) I don't like your post because it is trivial, silly, pointless and timewasting - and basically your presence on this forum is a Royal Pain in the Sphincter!  2) I don't like the content of the message you have posted here, but thanks for posting it - you are a mine of relevant and pertinent information.   I wonder how many "don't likes" I would amass!  |
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jonno
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nil satis nisi optimum
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Post by jonno on Dec 19, 2016 15:04:49 GMT
Probably right Liz . There are two kinds of "don't like". 1) I don't like your post because it is trivial, silly, pointless and timewasting - and basically your presence on this forum is a Royal Pain in the Sphincter! 2) I don't like the content of the message you have posted here, but thanks for posting it - you are a mine of relevant and pertinent information. I wonder how many "don't likes" I would amass! Mmm; the max available digits would have to be of AC proportions
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registerme
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Post by registerme on Dec 19, 2016 15:11:23 GMT
I would really like a 'don't like this' button - I think sometimes platforms might appreciate some confidence to ignore nuisance/chatty/haranguing posters - a dislike button would be relatively polite way of suggesting someone back off. Westonkev when he slipped away from RS explained the impact that endless trivial questions/follow ons have on answering the important factual ones Jack P A few years back Thincats introduced a "kudos" system, bear in mind TC has a minimum bid of £1000, so well-off, HNW's, educated, mature etc etc. Well they tested this "kudos" system and the forum was carnage! Arguments broke out, members got offended and kicked off when "awarded" negative kudos, rows, petty bickering, members left the forum, dirty tricks were used. One nasty trick was to negatively kudos every post oa member made if you fell out with, so someone could have a kudos of 100 one minute, then the next -100 kudos. It really was the most entertained I have ever been online The rows and bickering reminded me of a school playground; some attacks even got very aggressive, bordering on threatening. I think the Mods have a hard enough time as it is, without needing to referee. Yes, I think Pro-Boards has "down vote / dislike" button functionality, but no, I doubt very much that we will implement it. I never used the old ThinCats forum but, where I have seen down vote functionality available and as Liz describes, it turns nasty, quickly. I think it's better to ignore silly posts and report ones you find genuinely troubling for whatever reason.
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The rows and bickering reminded me of a school playground; some attacks even got very aggressive, bordering on threatening.
