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Be prepared, be very prepared - make sure accounts are in credit

1 week 1 day ago #7096 by Paddy Delaney
Good morning Barbara

I would recommend RealStew Number Links syndication
The following user(s) said Thank You: Barbarella

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1 week 2 days ago #7094 by Paddy Delaney
HI Dennis, a couple of things...

We are not a bank, and cannot purport to be a bank - we are a Fintech company providing financial services..

If we just 'allowed' people to go into OD (even £1-00 limit) and these funds are distributed (revenue splits) and we wait for people to pay before we are paid we will end up with such a big cash flow problem we will be out of business in no time ...

The biggest asset we have is to seamlessly provide a service, allow the account to be overdrawn for a short period and only a small amount and then use the opportunity to bring to their attention that they on a hiding to nothing if they do not take what has happened seriously they will feel the pain....

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1 week 2 days ago #7093 by Barbarella

Barbarella wrote: I deposited 25 $
What is tha smartest was to spend it?
How could I overdraw my account?


Hopefully never :-)

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1 week 2 days ago #7092 by Barbarella
I deposited 25 $
What is tha smartest was to spend it?
How could I overdraw my account?

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1 week 2 days ago #7091 by Dennis
Paddy your thinking was like a businessman. As a banker you have to think differently.

Paddy we already are a bank. There has to be a way the programmers can feed the 20% to the realstew purchase numbers while waiting for accounts to return to credit. Set up the time frame internally. No one needs to know how long before the derived rights can be sold.

In truth a sale has been made and the seller has been paid. The money to pay for the ad has already transferred hands. It just needs to pass from the sellers hand to the collectives. I am surprised that you haven't found a way to take it off the top.

This way it will become a win/win for the collective. People will realize like any bank there are penalties for not meeting the collective ethos.
The following user(s) said Thank You: Clive Taylor, Carol USA Global Support, Barbarella

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1 week 2 days ago #7089 by Clive Taylor
I am with you Paddy - we cannot sustain the uncleared effect again. As harsh as it seems the 7 days seems enough notice to correct and if anything this might be an area to consider perhaps daily notice for 14 days? The only reason for the suggestion is the travelling, limited internet access etc some people experience.

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1 week 2 days ago #7088 by Dennis
As a professional financial coop we need to have clear guidelines in place. A bank wouldn't wait, they start charging interest and fees the minute an account is overdrawn. We are going to be the same as a bank, so we should do the same.

I think we need to make it clear that any overdrawing of accounts will incur a 20% forfeit fee which will stop once they deposit the necessary funds to balance their frega account.

This way customers are taking cooperative responsibility and meeting our ethos.

Overdrawing your account will incur a 20% forfeit fee. This will stop once your account is in balance.

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1 week 2 days ago #7085 by Whatsup
Yeah we don't want to go back to the uncleared funds again, nobody wins. Pay up or lose out.

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1 week 2 days ago #7081 by Paddy Delaney
We must keep in mind that the account will ONLY go into an overdrawn state because the Member has elected to make use of a service, that we have provided and that carries a success fee ... any other platform would have expected them to have paid money into their online account BEFORE any service will be rendered so I do not see what the issue is ... the 7 day and then 14 remedy period is reasonable I believe and it shows respect for meeting obligations for a service rendered.

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1 week 2 days ago #7079 by Paddy Delaney
We will not be unreasonable and will come up with solution but we have to start with very clear harsh rules otherwise we will be taken advantage of and then we are finished before we even start

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1 week 2 days ago #7077 by Paddy Delaney
Yes loose another 20% ..if we charge interest we still have the problem of funding and back to square one with Uncleared effects

You must look at this from the perspective of the many, not the few who will not take this seriously ...believe me we do not want to prejudice anyone and if they contacted us with a genuine scenario of unfortunate circumstances and they are in trouble we will solve the issue through a P2P loan or something but we cannot get ourselves into situation of uncleared accounts

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1 week 2 days ago #7076 by wayne kemp

Paddy Delaney wrote: If we do what you suggest Wayne of locking until they settle means OD and we are back to uncleared effects again

and if they do it again do they loose another 20% .Cant you do what banks do ,charge huge interest on unauthorsed overdraft .untill paid in full ,plus interest .

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1 week 2 days ago #7074 by Paddy Delaney
If we do what you suggest Wayne of locking until they settle means OD and we are back to uncleared effects again

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1 week 2 days ago #7073 by Paddy Delaney
It raises more complications than it is worth with exceptions to the rule etc .... if we freeze their account we still have not solved the problem of now having given credit we have to wait until paid from their passive flow as opposed to it covered from reserved derived funds (10%) everyone is sitting worth...we do not want to end up with another uncleared effect where everyone sits on fence and waits for things to come right.

Keep it simple, you are overdrawn, you have 7 days from the date you went overdrawn to correct the account (maximum £1-00 OD), if you fail to do so within 7 days we balance books and forfeit 20% of future income for life but you will still have 14-days to correct the situation failing which the 20% will be placed with Members that have funds in derived reserved accounts ,,..., harsh but there is no ambiguity in the rule and EVERYONE will take what is happening seeriously and we will be super successful because Members will start taking things seriously and not believe it is not theor responsibility to sort out.

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1 week 2 days ago - 1 week 2 days ago #7068 by Kapil Arn
the fact that they managed to get into a situation to get into debt means they must have some income already. Why not just freeze their account untill de debt is payed back. Then add some appropriate penalty as an effective deterrent ?
20 % forfiture for ever just is not right . and not fair. Im totally against it.

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1 week 2 days ago #7066 by Dave Cato

wayne kemp wrote:

Paddy Delaney wrote: We can set a rule that after 7 days 20% is forfeited and we will not on-sell the derived income to those Members with accumulated funds for 14 days, giving them 14 additional days to rectify failing which it is gone ...we can balance, forfeit and then 14 days to rectify ...more than this will cause an issue - compromise

cant you just lock them out ,and they receive no income at all until they are in credit .and that income goes to the trust or something .


In the early days of someone joining the collective and not having any or very little income being generated to their Frega Account, this in conjunction with a genuine reason of mot being able to go online, this intended rule seems too harsh to me. I like what Wayne has suggested.

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1 week 2 days ago #7063 by wayne kemp

Paddy Delaney wrote: We can set a rule that after 7 days 20% is forfeited and we will not on-sell the derived income to those Members with accumulated funds for 14 days, giving them 14 additional days to rectify failing which it is gone ...we can balance, forfeit and then 14 days to recify ...more than this will cause an issue - compromise

cant you just lock them out ,and they receive no income at all untill they are in credit .and that income goes to the trust or something .

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1 week 2 days ago #7061 by Viv Hill
I have to agree with you there Kapil. There could be any number of reasons for not being able to login for 7 days, and often circumstances beyond our control.

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1 week 2 days ago #7060 by Paddy Delaney
We can set a rule that after 7 days 20% is forfeited and we will not on-sell the derived income to those Members with accumulated funds for 14 days, giving them 14 additional days to rectify failing which it is gone ...we can balance, forfeit and then 14 days to recify ...more than this will cause an issue - compromise

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1 week 2 days ago #7059 by Paddy Delaney
HI Wayne

The problem is this, the actual funding of the failure to get the account back in credit is done by then placing this 20% with those Members with accumulated derived income reserves (the 10% we are setting aside for everyone from their passive flow) ...once we start creating exceptions/ special classes of derived right sales it creates its own nightmare.

The giving of credit up to £1-00 for 7 days is definitely something that has to be taken seriously and yes, failure to meet the exacting terms will be a harsh lesson but it will similarly be then taken seriously.

It will only happen a few times and then everyone will respond accordingly and you will see an increasing numbers of Members ensuring they are never even close to NIL

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