oldgrumpy
Member of DD Central
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Post by oldgrumpy on Jan 26, 2017 12:14:45 GMT
Are we still waiting for the updates that were promised? Wow, my confidence in this platform has taken yet another hit Do you mean the ones uploaded to the loans on 19 January?
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Post by dualinvestor on Jan 26, 2017 12:16:39 GMT
Are we still waiting for the updates that were promised? Wow, my confidence in this platform has taken yet another hit There was a general update last week, but as far as I read it the content was much the same as before the appointment of the new communications manager, vague and unreliable. It is early days yet and the man has hardly got his feet under his desk, but he should not rely on a long honeymoon period pretty much like Donald Trump. 
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am
Posts: 1,495
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Post by am on Jan 26, 2017 13:12:19 GMT
Are we still waiting for the updates that were promised? Wow, my confidence in this platform has taken yet another hit There was a general update last week, but as far as I read it the content was much the same as before the appointment of the new communications manager, vague and unreliable. It is early days yet and the man has hardly got his feet under his desk, but he should not rely on a long honeymoon period pretty much like Donald Trump. The last batch refers to SS's agents. This is probably an improvement from prior references to receivers. (I think that SS employs the company as agents, and also appoints them as receivers, and in the past didn't distinguish between the two roles in the updates.)
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Post by 101proof on Jan 26, 2017 14:51:30 GMT
Are we still waiting for the updates that were promised? Wow, my confidence in this platform has taken yet another hit Do you mean the ones uploaded to the loans on 19 January? Usually I get an email saying the general updates... I don't really count 'no change' on a negative term loan as an update.
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star dust
Member of DD Central
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Post by star dust on Jan 26, 2017 16:19:53 GMT
Do you mean the ones uploaded to the loans on 19 January? Usually I get an email saying the general updates... I don't really count 'no change' on a negative term loan as an update. There was an email entitled "GENERAL UPDATE" that arrived in my inbox at 7:07 a.m on Friday 20/01/2017. It's been repeated here, it's quality is debatable, but there do seem to have been a few more things happening as and when suggested at least with repayments this week, and perhaps (?) a better idea of the source of the information. It threatened weekly updates, which in theory means tomorrow for the next one, but I won't be holding my breath. If there are weekly updates however, I'd be expecting a lot more 'no changes' as things don't tend to happen that frequently in bridging finance, what's important to me is to get as reliable an idea as possible of what is expected to happen approximately when, and notifications if/when things diverge or there is some other material change.
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dan83
Posts: 243
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Post by dan83 on Feb 4, 2017 10:30:51 GMT
I just received your latest general update, received today at 9:59.
After reading it, it seems to be out of date.
I see even after appointing a new communication person, savingstream still can't get it right.
Ive recently joined and invested in another P2P site, I've not been a member for a week yet, but their communication is far better then saving stream.
In total I'm an active investor in 5 P2P sites, when I joined saving stream I could see the potential in a fantastic site, but it's slowly going down hill.
If you was in charge of communication and marketing in my business, I'd sack you for sending out old info to investors.
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lobster
Member of DD Central
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Post by lobster on Feb 4, 2017 10:42:58 GMT
I just received your latest general update, received today at 9:59. After reading it, it seems to be out of date. I see even after appointing a new communication person, savingstream still can't get it right. Ive recently joined and invested in another P2P site, I've not been a member for a week yet, but their communication is far better then saving stream. In total I'm an active investor in 5 P2P sites, when I joined saving stream I could see the potential in a fantastic site, but it's slowly going down hill. If you was in charge of communication and marketing in my business, I'd sack you for sending out old info to investors. Hi, could you be a bit more specific here, please ? Perhaps an example or two of updates that are out of date would be helpful. Thanks in advance, Lobster
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twoheads
Member of DD Central
Programming
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Post by twoheads on Feb 4, 2017 10:52:38 GMT
I just received your latest general update, received today at 9:59. After reading it, it seems to be out of date. Hi, could you be a bit more specific here, please ? Perhaps an example or two of updates that are out of date would be helpful. Try PBLs 150, 151 and 152: DD nearly completed, expected on Monday.
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SteveT
Member of DD Central
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Post by SteveT on Feb 4, 2017 11:17:29 GMT
Hi, could you be a bit more specific here, please ? Perhaps an example or two of updates that are out of date would be helpful. Try PBLs 150, 151 and 152: DD nearly completed, expected on Monday.
What makes you think that this update is out of date? These 3 loans have not yet been drawn down, so it's natural that some sort of DD might be ongoing (with draw-down expected for Monday)
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twoheads
Member of DD Central
Programming
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Post by twoheads on Feb 4, 2017 11:32:43 GMT
SteveT , you may be right; this is not something I had considered.
ADDITION: In fact, looking at the 'recent updates' for PBL152 (rather than reading the e-mail), the same wording appears, posted one hour ago. So it looks like you're right and I'm not!
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ianj
Member of DD Central
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Post by ianj on Feb 4, 2017 11:41:08 GMT
SS's latest 'management of expectations' strategy, aka Obsfuscatory Phrase Of The Week. Updates on PBLs 37/38/39/68/69/70/71 " The borrower has made us an offer to settle the outstanding debt and we are now working towards this objective." What do we know we know from the above? Others may disagree, but, IMO, the only message conveyed is that the borrower is not offering to repay the 'outstanding debt' in full, and SS are therefore working towards a less than totally satisfactory outcome! What we know we don't know is the level if dissatisfaction lenders might come to experience. Hope I'm wrong Paul64 , (not unknown) and there's a completely innocent explanation. EDIT: PBL 31 " We have had an offer from the borrower to settle the outstanding debt which we have accepted. Progressing to legals next week." Less than full loan amount??? |
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dan83
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Post by dan83 on Feb 4, 2017 11:43:26 GMT
DFL005, that trench has been and gone.
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dan83
Posts: 243
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Post by dan83 on Feb 4, 2017 11:47:41 GMT
PBL020, expecting settle very soon, then they go on to say, they can not be certain when the new buyer is going to be ready to complete.
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Post by dualinvestor on Feb 4, 2017 12:26:00 GMT
PBL020, expecting settle very soon, then they go on to say, they can not be certain when the new buyer is going to be ready to complete. Almost word for word the same as an earlier update on a diferent offer on the same loan that eventually fell through a few months ago.
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am
Posts: 1,495
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Post by am on Feb 4, 2017 13:15:28 GMT
I am concerned by the lack of information around the appointment of an administrator on PBL040. If that's not a significant event worthy of (demanding of?) communication, I don't know what is. Seems that the strategy at play here is: "Give them something - so we can't be accused of saying nothing - but don't give them everything, as that may be too damaging." On occasion, the devil is in the lack of detail. I'm not (and never was) in this loan, but I did some digging out of curiosity. I had some difficulty finding out the name of the borrower (confirmed by the record of a charge to Lendy at Companies House) and then finding the recent reports, but I'd did finally find the report in The Gazette that administrators were appointed. What I haven't found out yet is who appointed the administrators. Lendy or some other creditor? In the latter case one could have a degree of sympathy with a wish to clarify the situation in ones own mind before passing on the information (though I would think that an immediate update with a promise of details later is preferable); in the former case Lendy should know what's going on, and be ready to communicate it with us.
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