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Post by hammertime on Feb 4, 2019 14:38:21 GMT
Seems ok to me but it will obviously change daily.
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trium
Member of DD Central
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Post by trium on Feb 5, 2019 0:55:59 GMT
We used to stop accruing interest on certain loans that had credit events, and lenders complained that their interest wasn't accruing. There isn't a sinister plot we just did what lenders asked us to do. The current workaround that allows interest to show on overdue loans (admin staff entering an arbitrary future payment) results in investors being given incorrect information about the remaining term on overdue loans.
As you're promising to do what lenders ask, please can stop misleading us in this way, and display overdue loans as overdue (e.g. picking a loan almost at random, loan #57 currently incorrectly shows Term Remaining 47 / 99 mths, which implies that it has just under 4 years remaining on the agreed payment schedule, something that can readily be discovered to be false by reading the detailed updates).
PS showing overdue loans as overdue does NOT mean stopping accruing interest. Other platforms are perfectly capable of doing both!
This one gets my back up. Messing around with the repayments tab frequently results in the removal of data relating to a missed scheduled payment so at a glance the repayment record looks clean. Also, many of us highlight overdue loans by looking at the "next payment" date to see if it is in the past, which it won't be if they've been fiddling with the repayments tab. Having said that I'm not sure I agree that accrued interest should not reflect loans on which interest is not actually being paid at the present time. So long as the principal has not been written off, so long as I still have a claim on the security for such accruing interest, it represents an asset which should be taken into account when valuing my total Assetz holding. There remains a case for separate reporting of accrued interest on non-performing loans as suggested by bg, but to ignore it altogether seems like premature acceptance that it won't be forthcoming
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bg
Member of DD Central
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Post by bg on Feb 5, 2019 7:04:47 GMT
The current workaround that allows interest to show on overdue loans (admin staff entering an arbitrary future payment) results in investors being given incorrect information about the remaining term on overdue loans.
As you're promising to do what lenders ask, please can stop misleading us in this way, and display overdue loans as overdue (e.g. picking a loan almost at random, loan #57 currently incorrectly shows Term Remaining 47 / 99 mths, which implies that it has just under 4 years remaining on the agreed payment schedule, something that can readily be discovered to be false by reading the detailed updates).
PS showing overdue loans as overdue does NOT mean stopping accruing interest. Other platforms are perfectly capable of doing both!
This one gets my back up. Messing around with the repayments tab frequently results in the removal of data relating to a missed scheduled payment so at a glance the repayment record looks clean. Also, many of us highlight overdue loans by looking at the "next payment" date to see if it is in the past, which it won't be if they've been fiddling with the repayments tab. Having said that I'm not sure I agree that accrued interest should not reflect loans on which interest is not actually being paid at the present time. So long as the principal has not been written off, so long as I still have a claim on the security for such accruing interest, it represents an asset which should be taken into account when valuing my total Assetz holding. There remains a case for separate reporting of accrued interest on non-performing loans as suggested by bg , but to ignore it altogether seems like premature acceptance that it won't be forthcoming I agree with you but the problem is on AC principal is never written off even when the security has been disposed of. The balance of the outstanding interest just sits there accruing interest forever.
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Post by investor01010101 on Feb 8, 2019 21:27:00 GMT
Had exactly the same experience with Thin Cats, they know that the loans will not be repaid, the dashboard figure is an illusion, then one day about three to five years later you realise that a very large chunk of your investment has vanished, in the interim period they are pulling in new investors with inducements, it reminds me of one big ponzi scheme Agree with you about 'illusion'. My AC account shows £1020 of accrued interest. Given £650 of that is from loan 227, where AC are doing everything they can to avoid calling the loan in, I doubt I'll see even a fraction of that £1K It depends how many decimal places you want to go down to ;-)
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cb25
Posts: 3,521
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Post by cb25 on Feb 20, 2019 11:56:22 GMT
As mentioned previously, I have £0 holdings in loan 327 (having sold out), but AC say I have £113.05 of accrued interest. Having checked with AC, I'm ineligible to partake in the current Lender Vote. However, if I'd £113.05 holdings and £0 accrued interest, I could. Seems wrong to me.
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Post by hammertime on Feb 20, 2019 12:23:51 GMT
Thats because you have no money invested so you dont get a vote. Because you are not participating in the loan. The accrued interest in that loan is yours to do what you want with it As soon as it clears but it has nothing to do with the loan anymore.
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walktall7
Member of DD Central
Posts: 181
Likes: 34
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Post by walktall7 on Feb 20, 2019 14:29:19 GMT
As mentioned previously, I have £0 holdings in loan 327 (having sold out), but AC say I have £113.05 of accrued interest. Having checked with AC, I'm ineligible to partake in the current Lender Vote. However, if I'd £113.05 holdings and £0 accrued interest, I could. Seems wrong to me. You could have kept a nominal amount and then you also get to see the updates which is something that I try to do.
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cb25
Posts: 3,521
Likes: 2,665
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Post by cb25 on Feb 20, 2019 14:45:25 GMT
As mentioned previously, I have £0 holdings in loan 327 (having sold out), but AC say I have £113.05 of accrued interest. Having checked with AC, I'm ineligible to partake in the current Lender Vote. However, if I'd £113.05 holdings and £0 accrued interest, I could. Seems wrong to me. You could have kept a nominal amount and then you also get to see the updates which is something that I try to do. Thanks for the suggestion. I'd seen the update saying there was a Lender Vote, emailed AC to see if my accrued interest made me eligible. Answer:no
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delboy
Member of DD Central
Posts: 79
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Post by delboy on Feb 20, 2019 15:02:55 GMT
As mentioned previously, I have £0 holdings in loan 327 (having sold out), but AC say I have £113.05 of accrued interest. Having checked with AC, I'm ineligible to partake in the current Lender Vote. However, if I'd £113.05 holdings and £0 accrued interest, I could. Seems wrong to me. You could have kept a nominal amount and then you also get to see the updates which is something that I try to do. Careful now - you know where that strategy got some people in the LY London Loan debacle!
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walktall7
Member of DD Central
Posts: 181
Likes: 34
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Post by walktall7 on Feb 20, 2019 18:06:10 GMT
You could have kept a nominal amount and then you also get to see the updates which is something that I try to do. Careful now - you know where that strategy got some people in the LY London Loan debacle! This is the forum for Assetz I have no idea about the London Loan and do not want to as I think you are referring to a different web site which I do not use . But 50 pence gives you the email updates which when a vote is in distress on Assetz gives you alot more information than the web site update and you might find out if you might receive some of the accrued interest.
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delboy
Member of DD Central
Posts: 79
Likes: 49
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Post by delboy on Feb 20, 2019 18:12:04 GMT
Careful now - you know where that strategy got some people in the LY London Loan debacle! This is the forum for Assetz I have no idea about the London Loan and do not want to as I think you are referring to a different web site which I do not use . But 50 pence gives you the email updates which when a vote is in distress on Assetz gives you alot more information than the web site update and you might find out if you might receive some of the accrued interest. Understood. And I won't bore you with the detail here as you're right, it's not (currently) an issue affecting Assetz loans, but you might be interested to read about the risks involved in retaining a nominal investment in a loan for the sake of receiving updates; eye-opening is an understatement.
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Post by stuartassetzcapital on Feb 20, 2019 18:37:09 GMT
This one gets my back up. Messing around with the repayments tab frequently results in the removal of data relating to a missed scheduled payment so at a glance the repayment record looks clean. Also, many of us highlight overdue loans by looking at the "next payment" date to see if it is in the past, which it won't be if they've been fiddling with the repayments tab. Having said that I'm not sure I agree that accrued interest should not reflect loans on which interest is not actually being paid at the present time. So long as the principal has not been written off, so long as I still have a claim on the security for such accruing interest, it represents an asset which should be taken into account when valuing my total Assetz holding. There remains a case for separate reporting of accrued interest on non-performing loans as suggested by bg , but to ignore it altogether seems like premature acceptance that it won't be forthcoming I agree with you but the problem is on AC principal is never written off even when the security has been disposed of. The balance of the outstanding interest just sits there accruing interest forever. I understand that this will change shortly chris
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Post by stuartassetzcapital on Feb 20, 2019 18:38:48 GMT
This is the forum for Assetz I have no idea about the London Loan and do not want to as I think you are referring to a different web site which I do not use . But 50 pence gives you the email updates which when a vote is in distress on Assetz gives you alot more information than the web site update and you might find out if you might receive some of the accrued interest. Understood. And I won't bore you with the detail here as you're right, it's not (currently) an issue affecting Assetz loans, but you might be interested to read about the risks involved in retaining a nominal investment in a loan for the sake of receiving updates; eye-opening is an understatement. We have strong legal advice that this type of issue does not apply to our paperwork and terms, from what we understand of the case that is from public domain information. I would hope so given the cost of our legal advice !
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