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Post by herrbert on Jun 23, 2016 9:43:20 GMT
Dear Rebs, why there are no updates on late payments? I have one borrower (A* E* S*) which is late by 33 days and there is no update since last Friday. Actually they don't bother to answer anything when they are late and this is not the first time.
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Post by rebsrep on Jun 23, 2016 15:27:43 GMT
We have to balance a tricky line between overcommunication, which we've tried e.g:
Daily update on late payments that just say "no update". If a borrower is late on payment they'll know they are late and will simply not answer the phone or have a receptionist screen calls etc. So we can't get updates for you on why it's late, we wish we could, it's as frustrating for us as it is for you. Lenders criticised us when we posted "no update". Hence we now post updates when we have something material to tell you. Otherwise please simply presume that the borrower is being elusive and we haven't received payment.
As well as making our own efforts in house to contact late payments we also have a professional debt recovery firm chasing overdue payments from when a payment is just 1 day late. We also pay for the advice of a leading debt recovery lawyer.
Late payers are as frustrating for us as they are for you. We would need less staff and less professional advisor costs if everyone paid on time.
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brush
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Post by brush on Jun 23, 2016 17:37:14 GMT
When a professional debt recovery firm is the one making late payments how much patience do i need, because that is a double frustration.
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Post by captainconfident on Jun 23, 2016 18:53:49 GMT
We have to balance a tricky line between overcommunication, which we've tried e.g: Daily update on late payments that just say "no update". If a borrower is late on payment they'll know they are late and will simply not answer the phone or have a receptionist screen calls etc. So we can't get updates for you on why it's late, we wish we could, it's as frustrating for us as it is for you. Lenders criticised us when we posted "no update". Hence we now post updates when we have something material to tell you. Otherwise please simply presume that the borrower is being elusive and we haven't received payment. As well as making our own efforts in house to contact late payments we also have a professional debt recovery firm chasing overdue payments from when a payment is just 1 day late. We also pay for the advice of a leading debt recovery lawyer. Late payers are as frustrating for us as they are for you. We would need less staff and less professional advisor costs if everyone paid on time. I think a fuller, fortnightly summary would be sufficient. It's the irregularity of update which is so infuriating. Some non repaying loans seem abandoned, hence the desperate calls for information seen on the website. And it's fewer staff and fewer costs. 6/10. See me after school.
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Post by herrbert on Jun 23, 2016 19:42:56 GMT
Well, that's all hunky-dory, Rebsrep, thank you. But in this particular case there was a deadline which was passed and also questions in the discussion tab. All without comment. I think these would still require a response.
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Post by herrbert on Jun 30, 2016 8:17:07 GMT
The only update we received so far that we will get an update yesterday. This was missed again. I'm losing money in this platform anyway. It's not worth the hassle.
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Post by Deleted on Jun 30, 2016 16:03:12 GMT
It is ever so easy to point out the failings in others, in systems and in processes far harder to find workable solutions upon which we can all agree, sometimes we need to seek an acceptable compomise.
There must be many hundreds of postings now spanning many, many threads and across all our funded loans, the majority that make timely repayments and a significant and irritating minority who either don't pay and are subject to a protracted Recoveries process or as more likely are just happy to string out repayments for as long as possible. The latter grouping is endemic within the Business world, SME's need their Customers to pay them before we as lenders can get paid.
In our personal lives too I wonder just how many of us hold back on making payments to the very last minute or worse still incur late payment charges on our credit cards or even in dipping into our overdrafts at the Bank?
Getting back to the theme here, I've been lending at ReBS since 2014 and I can genuinely say that communications between ReBS and us the lenders is getting better, agree or disagree with me if you like but that's the way I view things. I reckon Michael stands out for particular merit in this respect as I have just received one of his Recoveries updates, I for one cannot fault him for the Professional way in which he delivers these.
There does remain an issue with how best to effectively monitor each and every thread to pick up and get the questions filtered, directed then answered by the best equipped ReBS staff member. This has grated me since 2014 and still grates me now, you guys too no doubt judging by your comments. Well several weeks ago I emailed a suggestion through to the Office that either a single member of the support staff could be assigned this task, ie looking after this critical interface but as yet no reply. I also stuck my hand up and volunteered to do this as a lender and on behalf of everyone else, as yet no word back.
It would be fairly easy to click the 'subscribe button' across every loan site and once a day to look at what's been asked or said and collate then submit a summary of the most relevant points/questions back via the appropriate channels.
ReBSrep draws our attention to staffing and costs and just how costly in terms of time and resources keeping tabs on everything can be. I have a good grasp and understanding of such matters.
I'd like to see things improved for all of us, sometimes it may be necessary to consider giving some thought as to how we as lenders can help make the Platform a more pleasant, financially safer and more efficient place to lend our funds. I await an answer to my offer to give into helping make things easier and better and the second market and it's myriad threads and postings would be as good a place to start as any. Anyone got any thoughts?
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Post by GSV3MIaC on Jun 30, 2016 17:59:59 GMT
/mod hat off ..
They could take a leaf out of the Savingstream book and issue a weekly or bi-weekly update on all the loans (some of which are now well buried off the main website, and even the discussions need work to find), or even the FC system which spits out a list of the latest loan comments for all the chod one is unfortunate enough to still hold - right there on your front page (with the ability to open up the history of all the lies that were ever told).
IMO we have just been too much of a soft touch ... much as I like to support UK businesses, I'd personally be down on them like the wrath of God the first time I caught them lying to me ('the cheque is in the post', 'we paid last Monday') .. no Ifs, Buts, or 'one more last chance', just 'hey, meet my lawyers'. Upfront confessions ... we might work something out (but again, if that fails to materialise, then 'game over'). To quote a well known phrase or saying 'you get what you put up with', and several of these borrowers have exhibited behaviours up with which I shall not put .. nope, not even for a purely imaginary 19 or 20% PA.
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09dolphin
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Post by 09dolphin on Nov 14, 2016 16:58:50 GMT
Why don't RbS post some sort of update when there is at a delay of over 1 month of a scheduled payment. Frankly the lack of updates persuades me I shouldn't invest in future loans as I do like to know why there is a delay of over a month in the monthly repayment and what corrective action is being taken. As there are no updates I can only assume no action is taking place or RbS are just hoping for a "good" outcome. Why oy on earth should I invest in any new loans?
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Post by GSV3MIaC on Nov 15, 2016 11:35:29 GMT
/mod hat off.
It's not just ReBS though .. LC and Friendly Chaps are just as bad, they only seem to chase late payers when =I= chase them .. I mean how hard can it be to buy a calendar, or have their computer send an email when something fails to happen, for weeks at a time?? I'm currently poking FC over a 6-month loan (24435) which was 40+ days late on the first payment, the comment when it appeared being
22 Sep 2016 " The borrower’s direct debit has bounced twice, and consequently September’s payment was not collected on time. We are currently chasing the borrower to make a manual repayment, and will add another comment within the next two weeks if the situation changes. We thank investors for their patience."
(this was actually the AUGUST payment, but hey, who expects accuracy).
30 Sep 2016 "August payment has been received and will be distributed to investors today."
(so they are trainable .. they now know it was August's)
10 Nov 2016 "The borrower has been unresponsive despite us trying to contact them using various methods. We will continue to chase them and should we fail in our attempts then we may look to default the loan in order to protect the investors position. We will update investors in the next two weeks with any further developments and we thank investors for their patience."
But not very, because they took their eye off the ball for another 6 weeks, even knowing the September payment was still late.
So see .. ReBS are up there with 'best in class' when it comes to unsecured SME loans. 8<.
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09dolphin
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Post by 09dolphin on Nov 22, 2016 18:49:34 GMT
The fact that other sites are equally inadequate is no excuse, If a site is not performing to an adequate standard the best action is to stop investing, withdraw money as and when you can and use sites that are competent.
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Post by GSV3MIaC on Nov 23, 2016 14:59:29 GMT
/mod hat off
My point was that there appear to be no sites which I deem as 'competent' when it comes to unsecured SME lending. (Maybe AC, but there is little of it there). Tried ReBS, FC, LC and am equally unimpressed with the follow through in all cases.
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ablender
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Post by ablender on Nov 23, 2016 18:26:22 GMT
I am moving away from unsecured.
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Post by dodgeydave on Nov 24, 2016 10:53:17 GMT
@magenta14
Loans are not defaulted until 3 repayments have been missed .
And when they do chase they get this reply from a customer E**r**t Fa*****ies Ma*****ent
Rebs---Repayment-Collections
23/11. Spoke to customer on the telephone and he alleged he would attempt to make the required payment today by transfer. We shall monitor the receipt of same.
Kind regards, Corp & Comm.
Which just proves the standing order or direct debit system is not being used , and customers pay when they wish.
Basically ReBS are being taken for fools along with our money.
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09dolphin
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Post by 09dolphin on Nov 28, 2016 16:24:57 GMT
If RbS can't be bothered to tell investors what's happening to a loan where the payment is more than 2 months overdue I can't be bothered to invest. I refer to P........P.........
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