|
|
Post by Ace on Oct 12, 2021 16:27:47 GMT
Does anyone else get confused as to their total balance on Connective Lending. They don't provide a platform total. They give 3 figures: Amount Available, Live Loans, and Active Loans. Sometimes one's total platform balance is the sum of the 3 totals, but sometimes that gives a figure that's too high. I think that the reason might be that during the early stages of a rollover the rolled-over amount is included in both the Live Loans and Active Loans totals. This is all very confusing for me, as there seems to be no way to calculate one's total balance without knowing and adjusting for the constituent parts. Or have I got this wrong? Tagging connectivelending for comment (and possible correction). |
|
dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 1,022
Likes: 591
|
Post by dave4 on Oct 12, 2021 17:08:42 GMT
On the subject of CL balance / money. How long dose it take for bank transfer funds to clear ? Is at a manual process? as i moved funds at 11 am today and there still not showing in my CL balance/ wallet? at 1800 hrs. can / is it possible that a debit card payment facility be added? PLEASE!!
|
|
|
|
Post by Ace on Oct 12, 2021 17:19:59 GMT
Balances are only updated during working hours. I presume there is a manual step involved. During working hours my deposits have been credited anything between a few minutes and a few hours. I made a deposit at about 14:30 today, which hasn't been credited yet, so I expect it will be done early tomorrow morning.
|
|
|
|
Post by mfaxford on Oct 12, 2021 18:01:09 GMT
On the subject of CL balance / money. How long dose it take for bank transfer funds to clear ? Is at a manual process? as i moved funds at 11 am today and there still not showing in my CL balance/ wallet? at 1800 hrs. can / is it possible that a debit card payment facility be added? PLEASE!! I had some that went fairly quickly (under an hour) but others have taken most of the working day, as Ace said it seems like some of it is a manual process. Don't forget to also put the deposit details in on the site before doing the bank transfer, if there is a manual process then not having that might slow things down as well.
|
|
|
|
Post by Ace on Oct 12, 2021 19:33:02 GMT
Unusually, my balance has just been updated at 20:30. Someone must be working late.
|
|
|
|
Post by connectivelending on Oct 12, 2021 20:27:51 GMT
Does anyone else get confused as to their total balance on Connective Lending. They don't provide a platform total. They give 3 figures: Amount Available, Live Loans, and Active Loans. Sometimes one's total platform balance is the sum of the 3 totals, but sometimes that gives a figure that's too high. I think that the reason might be that during the early stages of a rollover the rolled-over amount is included in both the Live Loans and Active Loans totals. This is all very confusing for me, as there seems to be no way to calculate one's total balance without knowing and adjusting for the constituent parts. Or have I got this wrong? Tagging connectivelending for comment (and possible correction). Dear AceTo address your questions, you will at times where a renewal is taking place see an increase of funds in the Live Loans and Active Loans section. As you have correctly stated, the reasoning is because when the renewal is taking place, for those investors who have rolled over, the amount that the investor has rolled over is in both the Active and Live Loans, hence showing an increased figure in the account. The amount showing in Live Loans is a holding amount, since no funds have been credited and the Available Balance is not affected. We do this so we can keep track of rollovers and identify any anomalies at the backend. Once the renewal loan is funded and activated, simultaneously the original loan is closed, the system effectively credits and then debits the investors account, placing the balance back to normal. Sorry for late reply.
|
|
|
|
Post by Ace on Oct 12, 2021 21:09:12 GMT
Does anyone else get confused as to their total balance on Connective Lending. They don't provide a platform total. They give 3 figures: Amount Available, Live Loans, and Active Loans. Sometimes one's total platform balance is the sum of the 3 totals, but sometimes that gives a figure that's too high. I think that the reason might be that during the early stages of a rollover the rolled-over amount is included in both the Live Loans and Active Loans totals. This is all very confusing for me, as there seems to be no way to calculate one's total balance without knowing and adjusting for the constituent parts. Or have I got this wrong? Tagging connectivelending for comment (and possible correction). Dear Ace To address your questions, you will at times where a renewal is taking place see an increase of funds in the Live Loans and Active Loans section. As you have correctly stated, the reasoning is because when the renewal is taking place, for those investors who have rolled over, the amount that the investor has rolled over is in both the Active and Live Loans, hence showing an increased figure in the account. The amount showing in Live Loans is a holding amount, since no funds have been credited and the Available Balance is not affected. We do this so we can keep track of rollovers and identify any anomalies at the backend. Once the renewal loan is funded and activated, simultaneously the original loan is closed, the system effectively credits and then debits the investors account, placing the balance back to normal. Sorry for late reply. Thanks for your reply and explanation connectivelending. I'm surprised that there's no requirement to display a reliable Total Account Balance. Would you please consider adding one? Currently, in order to calculate this, I need to add the 3 totals together then analyse the Live Loans figure to determine if any of it relates to rollovers (and there seems to be no easy way of doing this) and subtract any rollovers from the total.
|
|
nyneil
Member of DD Central
Posts: 348
Likes: 435
|
Post by nyneil on Oct 13, 2021 11:14:32 GMT
Dear Ace To address your questions, you will at times where a renewal is taking place see an increase of funds in the Live Loans and Active Loans section. As you have correctly stated, the reasoning is because when the renewal is taking place, for those investors who have rolled over, the amount that the investor has rolled over is in both the Active and Live Loans, hence showing an increased figure in the account. The amount showing in Live Loans is a holding amount, since no funds have been credited and the Available Balance is not affected. We do this so we can keep track of rollovers and identify any anomalies at the backend. Once the renewal loan is funded and activated, simultaneously the original loan is closed, the system effectively credits and then debits the investors account, placing the balance back to normal. Sorry for late reply. Thanks for your reply and explanation connectivelending . I'm surprised that there's no requirement to display a reliable Total Account Balance. Would you please consider adding one? Currently, in order to calculate this, I need to add the 3 totals together then analyse the Live Loans figure to determine if any of it relates to rollovers (and there seems to be no easy way of doing this) and subtract any rollovers from the total. Maybe the inclusion of an extra section, "Funds Currently Rolling Over" would help? This would allow the difference/anomaly to be identified & quantified. connectivelending
|
|
|
|
Post by connectivelending on Oct 13, 2021 15:33:55 GMT
We take this onboard and will look to adopt the measure in our next update.
Thank you.
|
|
