james
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Post by james on Jan 19, 2017 18:54:52 GMT
The other one on those grounds is Bondora, mason was right.
It's likely that there are others that I would recommend against on those grounds but just haven't evaluated sufficiently to have formed an opinion.
Given the things that I mentioned here, the work experience that Paul has should be of particular interest. If the FCA had concerns similar to mine, one approach that they can take is saying that those with extensive and quite senior roles in FCA regulated businesses should be hired. While I have no idea whether this is what happened, it is entirely possible and could be a sign of welcome - at least to current and possible lenders - engagement with them.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 19, 2017 19:01:40 GMT
Errrrr, an avalanche of feedback and communication, clarifying myriad issues, from "Paul" then, eh?
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am
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Post by am on Jan 19, 2017 19:44:30 GMT
Errrrr, an avalanche of feedback and communication, clarifying myriad issues, from "Paul" then, eh? We ought to give him some time to get up to speed. He has to understand what's happening in the business before he can communicate it to us. (He's had a week so far; I would have liked to have seen something by now, such as an interim (i.e. subject to revision) statement of his priorities, but I'm not sure that was a reasonable hope.)
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Jan 19, 2017 23:04:14 GMT
He's had enough time to at least post something like, and here's a hint Paul: "I have now had a chance to read through some of what you all say and have taken it on board and will come back with answers after I have further acquainted myself with the vagaries, facts, background, etc, etc" - but nothing, so far.
Not good IMHO.
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 19, 2017 23:10:19 GMT
SS have changed the T&Cs to remove the relevant part of the clause refering to loan agreements being displayed. Have I missed an email from SS informing me that they were going to be making changes to the Ts&Cs? And speaking of changes... Is it my imagination or has the OP been edited to replace the email address that would have sent messages directly to Paul with one that will go to SS 'Support' at ZenDesk (whatever that is) instead? And hadn't there been reference to another way of contacting him, such as Facebook/Twitter, that also has disappeared?
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Jan 19, 2017 23:10:41 GMT
He's had enough time to at least post something like, and here's a hint Paul: "I have now had a chance to read through some of what you all say and have taken it on board and will come back with answers after I have further acquainted myself with the vagaries, facts, background, etc, etc" - but nothing, so far. Not good IMHO. He has been PM'ing users. Also responsive via e-mail, so the Comms from Paul is good (at the moment) He has lots learn, and it is likely his inbox is overflowing with lot's of questions he has no answers to (because her has lots to learn!) Listen guys - whatever grievances you have will always be with the top brass, not the new guy. Criticising him after he has been in the job after only a week is unfair, and isn't exactly going to encourage him to post or engage. Give him time JMHO
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Jan 19, 2017 23:13:24 GMT
SS have changed the T&Cs to remove the relevant part of the clause refering to loan agreements being displayed. Have I messed an email from SS informing me that they were going to be making changes to the Ts&Cs? And speaking of changes... Is it my imagination or has the OP been edited to replace the email address that would have sent messages directly to Paul with one that will go to SS 'Support' at ZenDesk (whatever that is) instead? And hadn't there been reference to another way of contacting him, such as Facebook/Twitter, that also has disappeared? Yes - occasionally they update it. Most recent update was on 13/01/2017. They removed the following ( which is funny, because I can't remember seeing contracts in the first place...)
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 19, 2017 23:24:59 GMT
SS have changed the T&Cs to remove the relevant part of the clause refering to loan agreements being displayed. Have I missed an email from SS informing me that they were going to be making changes to the Ts&Cs? Yes - occasionally they update it. Most recent update was on 13/01/2017. They removed the following ( which is funny, because I can't remember seeing contracts in the first place...) Two more steps backwards from transparency, then. Is there nothing in the Ts&Cs suggesting that the people to whom they apply should be informed of changes?
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mason
Member of DD Central
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Post by mason on Jan 20, 2017 6:41:19 GMT
Yes - occasionally they update it. Most recent update was on 13/01/2017. They removed the following ( which is funny, because I can't remember seeing contracts in the first place...) Two more steps backwards from transparency, then. Is there nothing in the Ts&Cs suggesting that the people to whom they apply should be informed of changes? No need for anything in the T&Cs about being informed of changes, as there is a legal requirement in The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013: 10 Information to be provided before making an off-premises contract
10.—(1) Before the consumer is bound by an off-premises contract, the trader—
(a)must give the consumer the information listed in Schedule 2 in a clear and comprehensible manner
...
(6) A change to any of that information, made before entering into the contract or later, is not effective unless expressly agreed between the consumer and the trader.
Presumably in this case SS regards the change as immaterial to the main characteristics of the service. I would tend to disagree. Of course, if we don't have access to the Loan Contracts, it goes without saying that we cannot be bound to any conditions appearing exclusively within them.
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homes119
Member of DD Central
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Post by homes119 on Jan 23, 2017 17:32:05 GMT
Two more steps backwards from transparency, then. Is there nothing in the Ts&Cs suggesting that the people to whom they apply should be informed of changes No need for anything in the T&Cs about being informed of changes, as there is a legal requirement in The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013: 10 Information to be provided before making an off-premises contract
10.—(1) Before the consumer is bound by an off-premises contract, the trader—
(a)must give the consumer the information listed in Schedule 2 in a clear and comprehensible manner
...
(6) A change to any of that information, made before entering into the contract or later, is not effective unless expressly agreed between the consumer and the trader.
Presumably in this case SS regards the change as immaterial to the main characteristics of the service. I would tend to disagree. Of course, if we don't have access to the Loan Contracts, it goes without saying that we cannot be bound to any conditions appearing exclusively within them. Exactly, but even if it was indicated in the T&Cs, we were never given access to the contracts, and now even this (meaningless) line has been removed. Which I interpret as meaning SS does not plan to grant us access to the contracts. Basically, we are entering into blind contracts with borrowers, based complete faith or T&Cs were never actually changed it is still Lendy which is the counterparty. Either way, it's not looking good. On Mintos (another platform I invest in) I have access to the contract for 10 euro micro loans!
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Post by Paul64 on Jan 23, 2017 17:34:44 GMT
Hi all,
Thanks again for your lively interactions on the forum and for the direct messages to me personally.
There are a lot of questions and I am working through them, and have messaged some members direct where they have had specific Qs to them.
If you can bear with me while I prioritise the most urgent ones it would be appreciated. Of course there may be some that I am unable to answer at the current time, but I will be clear which ones they are.
Paul
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mason
Member of DD Central
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Post by mason on Jan 23, 2017 18:31:54 GMT
Exactly, but even if it was indicated in the T&Cs, we were never given access to the contracts, and now even this (meaningless) line has been removed. Which I interpret as meaning SS does not plan to grant us access to the contracts. Basically, we are entering into blind contracts with borrowers, based complete faith or T&Cs were never actually changed it is still Lendy which is the counterparty. Either way, it's not looking good. On Mintos (another platform I invest in) I have access to the contract for 10 euro micro loans! Technically, if Loan Contract is merely a restatement of the T&Cs and aspects of the loan particulars (which appears to be the intention), there would be no specific need for SS to make them available to us. However, there is provision for the Loan Contract to override the prevailing T&Cs. This is the case, for example, with PBL020 and any other loan that predates the current version of the T&Cs. These can be bought on the secondary market by new users who have never seen the terms that applied to those loans. Another aspect is that there is sometimes confusion as to the nature of the borrower (e.g. individual vs. company), but that should be made clear in the loan particulars. If trust had not eroded to the extent that it has, this would likely be a non-issue. That said, I can't fathom why these Loan Contracts are not posted together with the valuation documents, even in redacted form if they contain sensitive information related to the borrower.
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