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New Loan
Jan 27, 2017 10:58:14 GMT
via mobile
Post by ablrate on Jan 27, 2017 10:58:14 GMT
Hi all.
Ref instant returns on 58. The reason they were not calculated and paid by the system is that the the loan completed in less than 24 hours and closed on the 19th.
The loan is then approved by us for drawdown on a certain day. That was the 23rd, the next business day. The borrower then approved the loan (on the 19th) which triggers a close. IR are calculated from the marketing date to the close.
The IR if we took it from the marketing date to draw down on this loan woukd be 3.8 pence per £100 loaned.
IR is intended to compensate early bidders if loans take a while to fill or close not really to compensate for loans the fill quickly and are efficiently closed.
However we will calculate the pennies and credit them next week.
Regards Ablrate
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blender
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Post by blender on Jan 27, 2017 12:07:06 GMT
Hi all. Ref instant returns on 58. The reason they were not calculated and paid by the system is that the the loan completed in less than 24 hours and closed on the 19th. The loan is then approved by us for drawdown on a certain day. That was the 23rd, the next business day. The borrower then approved the loan (on the 19th) which triggers a close. IR are calculated from the marketing date to the close. The IR if we took it from the marketing date to draw down on this loan woukd be 3.8 pence per £100 loaned. IR is intended to compensate early bidders if loans take a while to fill or close not really to compensate for loans the fill quickly and are efficiently closed. However we will calculate the pennies and credit them next week. Regards Ablrate Ablrate. Your terms and conditions 5.2. (the second 5.2 that is)
'a) Instant Returns are calculated from the day you bid until the day of draw down and are calculated at the prevailing date of rate of interest on borrowing request on a daily basis'
Would you like to try that post again, please?
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blender
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Post by blender on Jan 27, 2017 13:14:15 GMT
I should point out the calculation error as well. The 'daily basis' is not a 24 hour period, or working days, and from 18th to 23rd is five days. The instant return rate on £100 is 3.8p per day, not to drawdown, and in total for this loan just over 19p per £100. Ok, it's only about £10 for me but there is a principle here, not begging for a few pennies.
What is the instant return basis for the loans currently up? Do you plan to give instant returns until the loan is filled, or until the borrower accepts subject to contract, after which there is some indeterminate period where our money is held for free? Not what I understood, nor what the T&Cs say.
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Post by ablrate on Jan 27, 2017 16:14:59 GMT
I was explaining above why the instant returns were not calculated automatically. The reference to a business day was the next business day we could complete the paperwork hence drawn down was set then.
The acceptance of the loan before that date by the borrower is what caused the error.
I accept the error on calculations.. my bad.. it will get run through the system and calculated, but it will have to be posted manually and we will do next week.
These loans will work on the same basis but we will implement a check that does not allow a loan to ne aloroved by the borrower before the draw down date.
Regards Ablrate
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blender
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Post by blender on Jan 27, 2017 17:14:27 GMT
That is understood and fine. References of IR running to a 'close' in above post was confusing. I took it to mean that IR did not necessarily run to drawdown. If close and drawdown are co-incident then all is well. Thank you for that clarification. Happy again; funds still being transferred from FC to Ablrate.
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Post by oktaeder on Feb 2, 2017 20:13:47 GMT
Have there any IR been paid now?
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blender
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Post by blender on Feb 2, 2017 23:04:47 GMT
Have there any IR been paid now? Not yet. We should receive our pennies this week, and there is some week left. The main point was to reconfirm that it runs from bid to drawdown. This one is a manual process, and Ablrate has a lot of other stuff to do, the container business being more important. As long as it gets done.
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Post by ablrate on Feb 3, 2017 16:00:41 GMT
Have there any IR been paid now? Not yet. We should receive our pennies this week, and there is some week left. The main point was to reconfirm that it runs from bid to drawdown. This one is a manual process, and Ablrate has a lot of other stuff to do, the container business being more important. As long as it gets done.
Sorry guys - this will be delayed. We have calculated but its the physical grunt of doing 200+ deposits. We will get to it shortly... you will be pleased to know that we are busy sorting out some loans for your delectation.
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james
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Post by james on Feb 3, 2017 16:13:10 GMT
New loans or a small amount of instant return money being delayed a bit... easy choice for which comes first. Good to read.
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blender
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Post by blender on Feb 3, 2017 17:26:03 GMT
Yes, delectating already.
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pom
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Post by pom on Feb 7, 2017 14:49:47 GMT
Yay! Instant Returns on loan #1000058 received Don't spend it all at once...
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littonowl
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Post by littonowl on Feb 7, 2017 16:45:28 GMT
Did I imagine it, or was their an email before Christmas about an new Airplane loan in the pipeline...?
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blender
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Post by blender on Feb 7, 2017 16:57:04 GMT
Thank you for the instant returns, Ablrate. If these is to be an aircraft loan, I may save up my £9.71 until then.
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james
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Post by james on Feb 7, 2017 17:10:59 GMT
Thank you for the instant returns, Ablrate. If these is to be an aircraft loan, I may save up my £9.71 until then. Interesting. I invested £5000 on the 18th and received £9.69 in instant returns but sold some. Wonder if this tells us enough to confirm that the returns were calculated on amount originally invested or not. Not that the odd couple of pence is a big deal, of course.
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Post by westcountry on Feb 7, 2017 17:29:08 GMT
Did I imagine it, or was their an email before Christmas about an new Airplane loan in the pipeline...? Don't worry littonowl, you didn't imagine it! I don't think it was in an e-mail though, but an aircraft dismantling loan is mentioned in Ablrate's top post on the "Ablrate - Pipeline Loans (Staff posts only, please)" pinned thread. Although this post hasn't been updated since 15th Nov 16, so it may not be happening after all.
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