Liz
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Post by Liz on Apr 1, 2017 14:02:56 GMT
Paul64 great to hear. What I would really like to know is "How much is in the Provision Fund" Also maybe a policy on likely compensation payments if say several loans or maybe a very big loan draw on the PF; and will future interest payments be covered(like PBL020)?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Apr 1, 2017 15:24:59 GMT
More importantly...
Where is Full FCA Authorisation? SS seem to be the last of the big players standing...
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elliotn
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Post by elliotn on Apr 1, 2017 15:28:17 GMT
Of the higher rate payers? No sign of The Big 3 yet.
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elliotn
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Post by elliotn on Apr 1, 2017 15:31:36 GMT
Re OP, PF data should be available for transparency if you're going to have one although of course use is discretionary (not least by regulation) so there will be no commitment to pay future accrued interest.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 1, 2017 15:35:13 GMT
More importantly... Where is Full FCA Authorisation? SS seem to be the last of the big players standing... To be fair they were the last to be given an application slot, a year after MT and I think 6 months after FS, so they were always playing catch up.
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ben
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Post by ben on Apr 1, 2017 15:37:57 GMT
It is a pretty misleading statement and is probably one of many that is holding them up going through the FCA procsess. It makes it sound like that is how much interest has been paid by borrowers, when the majority of the interest has either been paid for by Lendy or we have paid it ourselfs (as we are nice like).
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Post by GSV3MIaC on Apr 1, 2017 17:03:33 GMT
More importantly... Where is Full FCA Authorisation? SS seem to be the last of the big players standing... /mod hat off You mean "apart from Failing Cheerfully" .. or did they get approved while I wasn't looking?? 8>.
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dan83
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Post by dan83 on Apr 1, 2017 17:43:20 GMT
More importantly... Where is Full FCA Authorisation? SS seem to be the last of the big players standing... How does it benefit us if they are FCA authorised?
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GeorgeT
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Post by GeorgeT on Apr 1, 2017 17:52:22 GMT
More importantly... Where is Full FCA Authorisation? SS seem to be the last of the big players standing... How does it benefit us if they are FCA authorised? It reassures us that they have robust (buzz word apology) procedures and systems in place and look after our money properly and carefully, and all monies are safely segregated and they don't dip into it for luxury holidays to the Maldives. It also reassures us that they are transparent (buzz word apology) and all information, updates and communications they give us are accurate and in no way misleading.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Apr 1, 2017 18:05:29 GMT
More importantly... Where is Full FCA Authorisation? SS seem to be the last of the big players standing... How does it benefit us if they are FCA authorised? There are benefits, but the fact is it is required. It is not voluntary, it is compulsory. If they don't get (and the chances are they will), they can't continue to operate offering P2P in the manner that they do
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mason
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Post by mason on Apr 1, 2017 18:58:17 GMT
How does it benefit us if they are FCA authorised? Small things, like knowing whether or not a borrower is in interest arrears, and when a loan is in default. We've seen that already, and very welcome it is too. Maybe one day we'll be able to look back and see a trail of consistently accurate loan descriptions.
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GeorgeT
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Post by GeorgeT on Apr 1, 2017 20:42:45 GMT
When FCA authorised, you can't get away with saying that a loan is not in default because the borrower is putting £10,000 on a horse at Kempton Park next month and if it wins he will be able to pay.
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Liz
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Post by Liz on Apr 2, 2017 10:44:32 GMT
How does it benefit us if they are FCA authorised? Small things, like knowing whether or not a borrower is in interest arrears, and when a loan is in default. We've seen that already, and very welcome it is too. Maybe one day we'll be able to look back and see a trail of consistently accurate loan descriptions. We might also get some transparency on the PF. I got a PM from paul re the OP, I was asked to contact customer services. Read into that what you like. The PF data should be available on their website for everyone to see. Who knows if their is a pound in the PF or £5m
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TheDriver
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Slightly bonkers
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Post by TheDriver on Apr 3, 2017 19:41:11 GMT
How does it benefit us if they are FCA authorised? It reassures us that they have robust (buzz word apology) procedures and systems in place and look after our money properly and carefully, and all monies are safely segregated and they don't dip into it for luxury holidays to the Maldives.
That's all very well while it's in a CMA, but the problem is it doesn't seem to stop them then lending it out to someone else to do that sort of thing with!
It also reassures us that they are transparent (buzz word apology) and all information, updates and communications they give us are accurate and in no way misleading.
and in my experience that could be disputed in some cases - although I'm not referring to SS/Lendy.
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vmail
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Post by vmail on Apr 3, 2017 20:24:57 GMT
£21.9 million in interest paid to investors to date after administration error linked to the new website launch.
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