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Arrogant Peer to Peer lender

 

 

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When blogging, I naturally have to be careful about naming names. This bothers some readers but the reasons why are obvious. The flipside is that there will be enough hints for regular observers to know who I am refering to

This week I received a mail from a major peer to peer lender (not invoice finance). I was told that unless I “Completed a deal” with them before the end of June then I would be deleted as an “introducer” (I dislike that description)

Once deleted I would be obliged to refer business through one of their appointed brokers, who will no doubt take a cut of the commission. My response consisted of two words.

It was hardly as if I had been inactive with this lender, having discussed around half a dozen accounts with them over the past year of which at least two resulted in offers which the clients didn’t take up. But thats by the by

The reason given is that it was “too much administration” to service so many “introducers”. What complete bollocks. What “servicing” do they think we need?

So what is the motivation here? Clearly there is an arrangement of some sort with the brokers they will accept leads from and we can only speculate what it is. Seedy is perhaps a word that springs to mind.

Perhaps they are simply trying to bounce certain brokers into handing them business during a slow month? The response to that is that I will never ever work for anything other than the clients best interests

The fact of the matter is that under no circumstances will any of my clients be obliged to be charged for a broker’s commission who has done absolutely nothing more than pass an email on on my behalf.

Fortunately there are plenty of competitors in the market, one of whom has already described this lender’s position as “mental”. Maybe being the market leader has gone to their head a little in a hubristic manner or maybe its just a little bit worse than that

Either way, i will not be dealing with them again

 

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