spiral
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Post by spiral on Apr 7, 2015 13:55:41 GMT
OK sounds obvious but Thincats have a habit of crediting interest to your account on a date that is different to that that appears on your statement and today, you've guessed it, they've credited some interest and dated it in March.
Usually this is not such an issue but now we've spanned tax years so does that interest belong in this tax year or last tax year?
My instinct tells me this tax year but from my statements, it looks as though I had this money in the last tax year so I'd have difficulty in proving it.
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Post by tybalt on Apr 7, 2015 16:57:45 GMT
I took screen grabs of the Dashboard at 6th April. There are a number of issues about ThinCats and interest shown as received which are actually debtors or inflation adjustments which will be received in future years. If you have a look at the 'old' TC forum there is a thread running on adjustments.
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spiral
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Post by spiral on Apr 12, 2015 17:53:12 GMT
I took screen grabs of the Dashboard at 6th April. tybalt, excuse my ignorance but what does that prove? I can make a screenshot of the dashboard showing interest received between the dates of the previous tax year (today) but cannot prove the date it was made as I can set the computer's date to whatever I like so any date associated with that screenshot is meaningless. e.g. if I did this 6 months ago and set the computers date to 6/4/15, it would appear as though I'd had only half the interest I actually had in the last tax year. I'm keen to bottom this out as I'm in S*****g which is due to settle soon and I suspect that TC will credit all the missing payments to the months that they were due which doesn't suit me as my tax status is more favourable this year as opposed to last year.
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Post by tybalt on Apr 13, 2015 6:52:43 GMT
As you rightly point out it proves nothing but allied with the postings about dates on the forum it provides some evidence that the adjustments you choose to make to he figures provided by TC are legitimate. Please yourself - I think it is pretty unlikely to be a source of contention with HMRC but I am in no position to offer detailed tax advice particularly for free.
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spiral
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Post by spiral on Apr 13, 2015 7:47:42 GMT
OK thanks, I thought I was missing something obvious as after reading some of the posts at TC I'd noted that others also take screenshots.
I thought that maybe somewhere you were getting a website date generated by TC linked to a screenshot.
Ultimately you (and others on TC own forum) seem to agree with me that interest is received when it's received and not when either TC receive it or TC think you should have received it. This begs the question as to why they do it and is it legal.
It wouldn't be so bad if they at least added the date that it was paid into my account as well as the fictional date that they post.
I spent 2 hours Friday afternoon trying to untangle repayments for last year (10 loans) getting my statement to match TC. God only knows how these people with 100+ loans over there sort it out.
Mods, feel free to move this to the TC section as I originally posted here on the expectation that someone would have encountered this elsewhere within the financial industry and although my post originally reflected a TC issue, I expected, no hoped, it was a wider reaching issue than just TC.
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Post by tybalt on Apr 13, 2015 8:02:39 GMT
Having spent too much of my life dealing with ThinCats idiosyncrasies I have reached the conclusion it is to do with the rigid structure of their current software.
However including losses on a pessimistic basis I am still at above 10% so all in all I like them.
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spiral
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Posts: 908
Likes: 455
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Post by spiral on Apr 13, 2015 9:35:58 GMT
Having spent too much of my life dealing with ThinCats idiosyncrasies I have reached the conclusion it is to do with the rigid structure of their current software.
However including losses on a pessimistic basis I am still at above 10% so all in all I like them. I liked the concept when I first signed up but after a few loans I realised there were many issues with their operation. I then parked myself on one side after this no longer investing but keep an eye on their forums awaiting for the day they get it right. Unfortunately very little that I read (or experience) installs confidence in me. I too have achieved 10%+ but stopped investing before I was divested enough so 1 bad loan will wipe out well over half of that. Unless they make big inroads in the next year or so, my last investment will come to an end and I will no longer have cause to "monitor" their progression.
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