shimself
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Post by shimself on Jul 3, 2017 12:37:00 GMT
Dear Andrew
Can you have a word with whoever and ask them to try harder. Here are two very recent examples of boilerplate replies in Q&A which make no sense.
Thanks
Loan 314
Q
The loan has expired as you report. What consideration was given to applying default interest? Thanks
Asked by ....
30th Jun 2017 at 16:48
A
Thank you for your question. Please note that as a result of its complexity, the AC team is unable to provide an immediate answer and will need to seek information from other third parties. We aim to have an answer or, at the very least, a further update on progress within the next five working days.
Answered by Assetz Capital
3rd Jul 2017 at 11:28
Loan 327
Q
Is this loan still eligible for the GBBA to hold? If not, what is it that changed that rendered it no longer eligible for the GBBA to hold (forcing it to list its entire holding for sale)?
Asked by ...
29th Jun 2017 at 10:26
A
Thank you for your question. Please note that as a result of its complexity, the AC team is unable to provide an immediate answer and will need to seek information from other third parties. We aim to have an answer or, at the very least, a further update on progress within the next five working days.
Answered by Assetz Capital
30th Jun 2017 at 17:08
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agent69
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Post by agent69 on Jul 3, 2017 15:50:37 GMT
I always have a bit of a grin when I see these. Typically:
Q - is today Tuesday
A - Due to the complexity of your question .......
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
Posts: 787
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Post by skippyonspeed on Jul 3, 2017 16:26:58 GMT
I always have a bit of a grin when I see these. Typically: Q - is today Tuesday A - Due to the complexity of your question ....... I have similar thoughts........like if your a wife someone asks "Does my bum look big in this?" This post is becoming the director's cut
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shimself
Member of DD Central
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Post by shimself on Jul 3, 2017 19:00:26 GMT
I always have a bit of a grin when I see these. Typically: Q - is today Tuesday A - Due to the complexity of your question ....... I have similar thoughts........like if your wife asks "Does my bum look big in this?" I think you are unwise discussing the size of agent69's wife's nether regions in public
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
Posts: 787
Likes: 424
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Post by skippyonspeed on Jul 3, 2017 19:24:46 GMT
I have similar thoughts........like if your wife asks "Does my bum look big in this?" I think you are unwise discussing the size of agent69's wife's nether regions in public Hopefully the edit will save me!!
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ianj
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Post by ianj on Jul 3, 2017 19:32:58 GMT
I think you are unwise discussing the size of agent69's wife's nether regions in public Hopefully the edit will save me!! Possibly, but, admittedly at a stretch, it could now be read as impling he has more than one wife! 
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agent69
Member of DD Central
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Post by agent69 on Jul 3, 2017 19:33:05 GMT
I have similar thoughts........like if your wife asks "Does my bum look big in this?" I think you are unwise discussing the size of agent69's wife's nether regions in public No offence taken (well at least not by me)
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
Posts: 787
Likes: 424
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Post by skippyonspeed on Jul 3, 2017 19:49:56 GMT
Here's hoplng the final cut gets me out of all hot water!!!!  |
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Post by stuartassetzcapital on Jul 5, 2017 11:02:04 GMT
Andrew is on it and seeking to improve this. Thanks for the flag.
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SteveT
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Post by SteveT on Jul 7, 2017 20:38:19 GMT
I'm amused at how (unintentionally) complex my question about #327 is proving:
Q
Is this loan still eligible for the GBBA to hold? If not, what is it that changed that rendered it no longer eligible for the GBBA to hold (forcing it to list its entire holding for sale)?
Asked by STLtd
29th Jun 2017 at 10:26
A
Thank you for your question. Due to its complexity, we want to inform you that the third party involved in providing the answer to your question is unable to do so within the stipulated five working days. We are still pursuing an answer, or at least an update on our progress which we will post by 14th July 2017.
Answered by Assetz Capital
7th Jul 2017 at 09:00
Who is this mysterious third party, I wonder?
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amphoria
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Post by amphoria on Jul 7, 2017 21:46:05 GMT
If it's of any help I still have #327 in my GBBA account, although that raises the question of why the answer to your Q&A is so difficult.
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Post by Butch Cassidy on Jul 12, 2017 19:10:06 GMT
Andrew is on it and seeking to improve this. Thanks for the flag. Whilst he's on the subject perhaps a bit more openness & honesty in those replies wouldn't go a miss too.
A couple of recent examples; #393 repaid 6th July & the interest rate fell to 0% but no dispersal had happened by 11th July so I queried where the money was & miraculously it then was paid a couple of hours later & I was told "The payout of funds to lenders is a manual process which can also involve inter-account transfers and so is not always achievable immediately upon redemption." Now whilst that maybe true & it may just be a coincidence of timings but this has happened 6/7 times before with repayments all appearing shortly after I have sent a reminder, perhaps admitting human error & that someone forgot might have been more accurate & honest.
#95 a lender asked if the proposed repayment had been discussed with the borrower then a week later asked if the borrower had been chased & the answer was "Yes the borrower has been chased" such a facetious answer is clearly not what was required so I asked a follow up "Have AC spoken with the borrower? If so what was said? Will they have £150k by the 17th July? If not when do they propose to settle loans 85/95? Lenders are simply seeking clarity on the future of what after all is our money & as our agent it is your duty to provide these answers." & was told "It is not AC's duty to provide these answers, AC can ask the questions of the borrower but have no duty to provide an answer as the answer may not be forthcoming."
I should not need to push for the specific detailed answers they should be provided as the information becomes available & if the borrower refuses to answer this should also be noted, AC seem to want to deny borrowers the information that they have & extracting the relevant details is often like getting blood out of a stone. I will not even get into the "Thank you for your post. However, please note that it breaches the posting rules laid out in our guide to the Q&A section as it is not a question. Please click the following link for access to the guide. Consequently we have deleted your post and ask that you use the appropriate channel to highlight your concerns." which simply antagonise lenders.
DELETING or refusing to answer a lender question SHOULD BE AN ABSOLUTE LAST RESORT (excluding bad language, threats or incorrect & misleading information) as it may not seem relevant or important to AC staff but then again it is not their money that is at risk!
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Post by andrewholgate on Jul 13, 2017 7:50:13 GMT
Thanks for the feedback. I've noted it and I am working on improving this part of the system.
In terms of repayments, most of them are sent to us by CHAPS. We receive the notification that we are in funds from the solicitor but the nature of CHAPS payments mean funds don't clear fully until the next working day. Under the CASS rules, we can't distribute funds that we physically don't have which is why there is the delay. That doesn't explain why it sometimes takes longer which is the human element to then applying the funds to lenders. Yesterday I implemented a new process that should ensure lenders get the funds the next working day. We will be updating our T&Cs to reflect this and also the FAQs.
For the rest, bear with me.
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shimself
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Post by shimself on Sept 21, 2017 15:25:39 GMT
Andrew is on it and seeking to improve this. Thanks for the flag. Q concerning 525 Burr The credit report shows a different LTV (worse) to the page header. Which should we discard (I understand it is according to special considerations but which should we see first?) A: Thank you for your question. Please note that as a result of its complexity, the AC team is unable to provide an immediate answer and will need to seek information from other third parties. We aim to have an answer or, at the very least, a further update on progress within the next five working days.
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sl75
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Post by sl75 on Sept 28, 2017 19:42:47 GMT
... the nature of CHAPS payments mean funds don't clear fully until the next working day... If that were true, a "property chain" where each buyer is relying on the funds from their sale in order to proceed with their purchase would take an awfully long time. The whole point of CHAPS is that payments fully clear the same day... (which is also why it has fees so much higher than net settlement systems such as "Faster Payments" which do take until the following working day to fully clear)
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