clay
Posts: 33 
Likes: 22
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Post by clay on Sept 5, 2017 20:48:33 GMT
If a loan says "Interest to be retained and paid monthly to lenders", why would there be any delay in repayments? Surely if AC have retained the interest then they can pay it out automatically on the due date?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
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Post by ilmoro on Sept 5, 2017 23:30:30 GMT
If a loan says "Interest to be retained and paid monthly to lenders", why would there be any delay in repayments? Surely if AC have retained the interest then they can pay it out automatically on the due date? AFAIUI it's held by the Trustee company not by AC themselves and has to be requested from the custodian, which possibly cant be done until it is actually due. This used to involve getting hold of the right person at GT which seemed surprisingly difficult.
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Post by stuartassetzcapital on Sept 6, 2017 6:28:12 GMT
In fact we have moved on from that cumbersome security trust structure to a simpler trust structure so I doubt that would create a delay itself. I will ask if and why we are seeing any time delays on withheld interest payments.
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Post by stuartassetzcapital on Sept 6, 2017 8:10:30 GMT
Having looked into this it appears to be a planned system upgrade area - we agree it is too slow
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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 Sept 6, 2017 12:35:45 GMT
In fact we have moved on from that cumbersome security trust structure to a simpler trust structure so I doubt that would create a delay itself. I will ask if and why we are seeing any time delays on withheld interest payments. If AC has moved on, why hasn't any change to the software automatically been done at the time, this appears to happen with every change in the system. I would have thought all necessary changes would be included at the same time, this would avoid chris being inundated with unnecessary enquiries making his 'To Do List' considerably shorter, therefore his working time easier and more efficient.
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Post by stuartassetzcapital on Sept 6, 2017 15:43:49 GMT
The legal structure is separate from the software structure so the legal delays have gone but the scale of the business needs the software to now also be updated and that's in the plan I understand. It isn't acceptable at present so is being improved.
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Post by Butch Cassidy on Sept 6, 2017 16:02:55 GMT
It isn't acceptable at present so is being improved. I couldn't agree more & welcome this management focus on what should be a basic, infallible "bread & butter" function, AC have often been long on promises & short on delivery in the past, I just hope this is not going to be another example.
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clay
Posts: 33
Likes: 22
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Post by clay on Jan 2, 2018 10:07:40 GMT
The legal structure is separate from the software structure so the legal delays have gone but the scale of the business needs the software to now also be updated and that's in the plan I understand. It isn't acceptable at present so is being improved. Any update on the timescale for the improvement? 50% of my MLIA loans are currently awaiting overdue payments, almost all of which have interest retained by AC but not distributed to lenders.
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jfm
Member of DD Central
Posts: 135
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Post by jfm on Jan 2, 2018 12:30:31 GMT
Perhaps stuartassetzcapital could share with us an aged analysis of unposted credits so we can see an overall picture? I assume this is readily available as part of the AC office management controls. |
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