agent69
Member of DD Central
Posts: 6,030 
Likes: 4,431
|
Post by agent69 on Aug 22, 2024 12:05:17 GMT
Anyone care to decipher the latest update for me. Not entirely certain how significant it might be.
|
|
|
|
Post by captainconfident on Aug 22, 2024 17:19:14 GMT
White Label Crowdfunding is www.rebuildingsociety.co.ukCongratulations to Rebs for landing the job. Rebs is about the only one of the original P2P platforms still standing in its original form. Reassuring that they have other income streams. |
|
pikestaff
Member of DD Central
Posts: 2,187
Likes: 1,546
|
Post by pikestaff on Aug 23, 2024 8:07:36 GMT
Anyone care to decipher the latest update for me. Not entirely certain how significant it might be. AIUI, ESF's contract to provide servicing and to maintain the platform was for a finite period, which they were not willing to extend. This left the liquidators with two things to resolve, going forward: (1) how to deal with loan servicing; (2) what to do about the platform. The solution they have come to is: (1) they will do the loan servicing themselves (albeit with some changes to mitigate costs), but (2) we will be migrated onto a platform operated by White Label Crowdfunding Limited. Thanks to captainconfident for explaining that they are REBS. This makes sense because the liquidators: (1) know what there is to know about the remaining loans. Not much point in taking anyone else up the learning curve; but (2) have neither the regulatory permission nor (I suspect) the expertise to operate the platform itself. REBS do. It may well be that the FCA insisted on the platform continuing to be run by an entity with the relevant permission. It's a good thing anyway, if only because it preserves without doubt UK individual lenders' ability to use p2p loss relief - one of the conditions being that the loans are "made through an operator who has permission ... to operate an electronic system in relation to the lending of money". I trust that helps with context. The update itself is pretty self explanatory. Let's hope the transfer to the replacement platform goes smoothly.
|
|
|
|
Post by bracknellboy on Aug 23, 2024 8:43:23 GMT
Anyone care to decipher the latest update for me. Not entirely certain how significant it might be. AIUI, ESF's contract to provide servicing and to maintain the platform was for a finite period, which they were not willing to extend. This left the liquidators with two things to resolve, going forward: (1) how to deal with loan servicing; (2) what to do about the platform. The solution they have come to is: (1) they will do the loan servicing themselves (albeit with some changes to mitigate costs), but (2) we will be migrated onto a platform operated by White Label Crowdfunding Limited. Thanks to captainconfident for explaining that they are REBS. This makes sense because the liquidators: (1) know what there is to know about the remaining loans. Not much point in taking anyone else up the learning curve; but (2) have neither the regulatory permission nor (I suspect) the expertise to operate the platform itself. REBS do. It may well be that the FCA insisted on the platform continuing to be run by an entity with the relevant permission. It's a good thing anyway, if only because it preserves without doubt UK individual lenders' ability to use p2p loss relief - one of the conditions being that the loans are "made through an operator who has permission ... to operate an electronic system in relation to the lending of money". I trust that helps with context. The update itself is pretty self explanatory. Let's hope the transfer to the replacement platform goes smoothly. I guess an uptodate download of ones outstanding loan position is in order......
|
|
|
|
Post by drakeinvestments on Aug 23, 2024 11:35:31 GMT
I guess an uptodate download of ones outstanding loan position is in order...... In anticipation of this move, i did a full Nominal Ledger loan book excel download at the beginning of the month..........just in case 
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
Likes: 11,523
|
Post by ilmoro on Aug 23, 2024 11:47:13 GMT
Anyone care to decipher the latest update for me. Not entirely certain how significant it might be. AIUI, ESF's contract to provide servicing and to maintain the platform was for a finite period, which they were not willing to extend. This left the liquidators with two things to resolve, going forward: (1) how to deal with loan servicing; (2) what to do about the platform. The solution they have come to is: (1) they will do the loan servicing themselves (albeit with some changes to mitigate costs), but (2) we will be migrated onto a platform operated by White Label Crowdfunding Limited. Thanks to captainconfident for explaining that they are REBS. This makes sense because the liquidators: (1) know what there is to know about the remaining loans. Not much point in taking anyone else up the learning curve; but (2) have neither the regulatory permission nor (I suspect) the expertise to operate the platform itself. REBS do. It may well be that the FCA insisted on the platform continuing to be run by an entity with the relevant permission. It's a good thing anyway, if only because it preserves without doubt UK individual lenders' ability to use p2p loss relief - one of the conditions being that the loans are "made through an operator who has permission ... to operate an electronic system in relation to the lending of money". I trust that helps with context. The update itself is pretty self explanatory. Let's hope the transfer to the replacement platform goes smoothly. Doubt it has anything to do with permissions ... that remains with BLN, ESF Capital never had any, so there isn't any issues there. Just looks like someone to run the platform backend.
|
|
|
|
Post by danraj on Aug 28, 2024 15:28:17 GMT
The BLN platform and data has now been migrated to a different system, which I'm supporting. You will need to use the password reset to access the system. If you have any questions, or need support, please email support@businessloannetwork.co.uk and we will do our best to assist. |
|
pikestaff
Member of DD Central
Posts: 2,187
Likes: 1,546
|
Post by pikestaff on Aug 29, 2024 8:32:35 GMT
Thank you, danraj , and welcome! A few points about logging in, which may help others: 1. If (like me) you had previously bookmarked the [old] login page, that no longer works. I'd hoped it might redirect, but no. You just get a "page not found" error. Go instead to the BLN homepage and use the login button there. Alternatively, go directly to the new login page businessloannetwork.co.uk/login/. 2. Login now requires your email address and not any username that you may have used before. 3. You don't need to enter your old password (which won't work) before resetting your password. Just click on "Lost your password? and take it from there. |
|
|
|
Post by drakeinvestments on Aug 29, 2024 22:46:03 GMT
Thank you, danraj , and welcome! A few points about logging in, which may help others: 1. If (like me) you had previously bookmarked the [old] login page, that no longer works. I'd hoped it might redirect, but no. You just get a "page not found" error. Go instead to the BLN homepage and use the login button there. Alternatively, go directly to the new login page businessloannetwork.co.uk/login/. 2. Login now requires your email address and not any username that you may have used before.3. You don't need to enter your old password (which won't work) before resetting your password. Just click on "Lost your password? and take it from there. I have easily logged into my TC's account using my email address and was relieved to see the current dashboard values, etc. But then I hit a major problem as I also administer several other family TC's accounts that all have unique usernames, BLN-P0xxx No's, etc, but all share my email address. Hence currently I have no way to access the other accounts as the logins are now controlled by email addresses not usernames. I have sent an email to danraj asking for a solution to this problem that will also affect some other TC users....
|
|
pikestaff
Member of DD Central
Posts: 2,187
Likes: 1,546
|
Post by pikestaff on Aug 30, 2024 7:32:17 GMT
I have easily logged into my TC's account using my email address and was relieved to see the current dashboard values, etc. But then I hit a major problem as I also administer several other family TC's accounts that all have unique usernames, BLN-P0xxx No's, etc, but all share my email address. Hence currently I have no way to access the other accounts as the logins are now controlled by email addresses not usernames. I have sent an email to danraj asking for a solution to this problem that will also affect some other TC users.... One possible solution: Setup a bunch of email addresses and have them have auto-forward all mail to your real address, so that you see any correspondence. Then give the list of email addresses to danraj so that he can update the data on the platform. Once he's done that you should be able to log in with their new emails. The reset emails sent to their accounts should be auto-forwarded to you and all should be fine from there. Alternatively use family members' real emails and have them forward communications to you. That's how my wife and I have been dealing with it for a while.
|
|
Greenwood2
Member of DD Central
Posts: 4,376
Likes: 2,780
|
Post by Greenwood2 on Aug 30, 2024 10:34:04 GMT
I have easily logged into my TC's account using my email address and was relieved to see the current dashboard values, etc. But then I hit a major problem as I also administer several other family TC's accounts that all have unique usernames, BLN-P0xxx No's, etc, but all share my email address. Hence currently I have no way to access the other accounts as the logins are now controlled by email addresses not usernames. I have sent an email to danraj asking for a solution to this problem that will also affect some other TC users.... One possible solution: Setup a bunch of email addresses and have them have auto-forward all mail to your real address, so that you see any correspondence. Then give the list of email addresses to danraj so that he can update the data on the platform. Once he's done that you should be able to log in with their new emails. The reset emails sent to their accounts should be auto-forwarded to you and all should be fine from there. Alternatively use family members' real emails and have them forward communications to you. That's how my wife and I have been dealing with it for a while. You would have to ask to set up new email addresses for the other accounts. I couldn't remember which one I had used and guessed the wrong one initially, until I got it right they wouldn't let me re-set password (not surprisingly). Why they couldn't leave it linked to the unique TC user name I don't know but I assume it doesn't fit with their normal login method.
|
|
|
|
Post by drakeinvestments on Sept 2, 2024 19:08:00 GMT
I have easily logged into my TC's account using my email address and was relieved to see the current dashboard values, etc. But then I hit a major problem as I also administer several other family TC's accounts that all have unique usernames, BLN-P0xxx No's, etc, but all share my email address. Hence currently I have no way to access the other accounts as the logins are now controlled by email addresses not usernames. I have sent an email to danraj asking for a solution to this problem that will also affect some other TC users.... One possible solution: Setup a bunch of email addresses and have them have auto-forward all mail to your real address, so that you see any correspondence. Then give the list of email addresses to danraj so that he can update the data on the platform. Once he's done that you should be able to log in with their new emails. The reset emails sent to their accounts should be auto-forwarded to you and all should be fine from there. Alternatively use family members' real emails and have them forward communications to you. That's how my wife and I have been dealing with it for a while. pikestaff. Pleased to say normal service resumed. As per your suggestion I emailed Danraj with alternative family emails that have now been assigned to the respective accounts to enable logins & password setup.
|
|
pikestaff
Member of DD Central
Posts: 2,187
Likes: 1,546
|
Post by pikestaff on Sept 6, 2024 8:25:34 GMT
The new platform is very much slimmed down and shows only those of your investments which have not yet been completely written off. Most of the detail is gone, but the Statements tab has a complete history of your cash (and now PPE) account. There is one useful feature, which I thought I should highlight: If you click on the "withdraw funds" button (regardless of whether there are any available funds at the moment) you have the option to set up an ongoing mandate so that all funds are withdrawn each week on an ongoing basis. I've done this for both of our accounts, so I will no longer have to log in regularly to look. Whether payments will actually be made once a week remains to be seen. The update sent out by Kroll on 22 August did not mention the auto-withdraw facility and said "Due to reduced borrower collection activity, and in an effort to limit costs to lenders, the Joint Liquidators will be reducing the processing frequency of Lender withdrawals to one per month, to be processed mid-month." danraj , can you clarify? |
|
markb
Member of DD Central
Posts: 79
Likes: 43
|
Post by markb on Sept 16, 2024 10:05:18 GMT
Does anyone know more details about the new support arrangements? E.g. what days of the week/month it's available, whether there's anyone besides danraj providing it, and whether there's a contact method other than email. I've been waiting/chasing for issue progress via the support email address since the end of August. And I see that this forum says danraj hasn't been online since 2nd Sep. Does anyone know when to expect their return? |
|
pikestaff
Member of DD Central
Posts: 2,187
Likes: 1,546
|
Post by pikestaff on Sept 16, 2024 16:28:37 GMT
Does anyone know more details about the new support arrangements? E.g. what days of the week/month it's available, whether there's anyone besides danraj providing it, and whether there's a contact method other than email. I've been waiting/chasing for issue progress via the support email address since the end of August. And I see that this forum says danraj hasn't been online since 2nd Sep. Does anyone know when to expect their return? I know no more than was in the 22 August update (extract below). You don't say what your question relates to, but assuming it's technical support (and you sent the request to the right address) I would have expected them to have got back to you. "Queries
Included with the Replacement Platform is an internal ticketing system (support@businessloannetwork.co.uk) which can be utilised by Lenders to seek technical assistance as necessary. For example, requiring a password reset, assistance logging onto the Replacement Platform, information regarding their accounts, historic investment activities and information, as well as other such queries.
Due to the reduction of personnel available to respond to queries from Lenders in relation to specific loans, and in an effort to limit costs, the Joint Liquidators will be unable to respond to loan-specific queries outside of any syndicate updates sent to Lenders. Please see below for further information."Lenders can also access a Frequently Asked Questions (“FAQs”) page which can be viewed to address any immediate questions Lenders may have. This page can be found here: www.businessloannetwork.co.uk.
|
|
