andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150 
Likes: 115
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Post by andyp on Jul 5, 2017 16:44:27 GMT
Avoid this one, don't be tempted by the £830 loan part up for sale now at 13.5% par or any of the other 8 smaller loan parts still for sale until you have read yesterdays comment.
It doesn't look very downgraded to me, but what do I know.
I have sent FC a message, so it should be fixed by Friday evening.
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
Likes: 115
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Post by andyp on Jul 5, 2017 16:58:02 GMT
Something looks really odd here. This loan shows as A+ currently, but the rate is 13.5% and their credit score fr the past year was in the teens. Could this possibly have been a C or D and some bright spark at FC have made a hash of the downgrade and instead re-rated it A+. It's only a theory on my part, I have nothing solid. Can anyone cloud the issue with facts?
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
Likes: 115
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Post by andyp on Jul 5, 2017 17:03:16 GMT
Looks like the FC rapid response team was on the job, it has been pulled from the SM and even though it's in my watchlist I can't look at it, presumably because I am not one of the lenders heading towards default.
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r00lish67
Member of DD Central
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Post by r00lish67 on Jul 5, 2017 17:33:54 GMT
Yes, this one started popping up yesterday afternoon, I flagged it on the 'that website again, again..' thread, so they're not that rapid  Apparently it's happened before, and as was suggested, it seems very probable that it's simply an administrative error and that the A+ button is just a finger slip away from the 'default' button. I'm not sure why FC can't resolve it more quickly though, and also not sure what they do w.r.t reimbursing lenders who presumably accidentally buy a 'downgraded' loan. Perhaps the time taken is to unwind all of the consequences. |
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
Likes: 115
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Post by andyp on Jul 5, 2017 19:01:36 GMT
Looks like the FC rapid response team was on the job, it has been pulled from the SM and even though it's in my watchlist I can't look at it, presumably because I am not one of the lenders heading towards default. So much for that theory, normal service has been resumed. There are currently 2 loan parts for sale at an optimistic 3% premium, I can also see the loan details again from my watchlist. Caveat emptor I would suggest. You know, if FC put in a really concerted improvement program, they might be able to pass themselves off as semi-professional within a year or so.
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Post by crabbyoldgit on Jul 5, 2017 20:26:29 GMT
No completely incompetent is the biggest possible improvement acheivable in such a short time scale.
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Post by transo on Jul 6, 2017 7:25:02 GMT
Something looks really odd here. This loan shows as A+ currently, but the rate is 13.5% and their credit score fr the past year was in the teens. Could this possibly have been a C or D and some bright spark at FC have made a hash of the downgrade and instead re-rated it A+. It's only a theory on my part, I have nothing solid. Can anyone cloud the issue with facts? Yep, it was originally a C-rated loan, so FC appear to have got themselves into a spot of bother here; unwinding any loan part purchases done while it claimed to be A+ (clearly not a communication the FCA would consider "fair, clear and not misleading").
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andyp
Stubborn Yorkshireman from the rhubarb triangle
Posts: 150
Likes: 115
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Post by andyp on Jul 6, 2017 8:02:21 GMT
Not so much downgraded as upgraded then!
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adrian77
Member of DD Central
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Post by adrian77 on Jul 6, 2017 11:57:17 GMT
Maybe I am being a bit thick but surely this sort of thing should not happen with a properly designed IT system - I would have thought a such key field should be defined once when created and then any changes to the record,such as downgrading, done by a computer programme (that contains internal cross-validation) so this sort of thing does not happen!
Am I convinced the FC staff aren't firefighting with bespoke manual entry programmes all over the place - answers on a postcard...
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