Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Mar 27, 2016 21:32:35 GMT
Just received email: I can see this loan in my active loans. But when I go to my account my balance not only did not decrease but it increased: I don't think that is correct behaviour  |
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Post by ablrateandy on Mar 27, 2016 21:53:33 GMT
Pretty sure it will be. If your username begins with an "L", looks like you got filled on a bid. You placed a bid on 25th February for £500 of that loan. We deducted £507.50 from your account to cover the cost of potential accrued interest. Someone just sold you £500 but you didn't need to pay as much accrued interest as we had taken originally, so the £3.23 refund is that balance.
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james
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Post by james on Mar 27, 2016 23:14:03 GMT
Such transactions are a pain to trackbecause you're not told in the account history text the price paid and markup so you're somewhat sunk if you didn't note things down originally. The emails are nice but since they do not seem to reach gmail reliably they aren't really sufficient.
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Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Mar 29, 2016 10:16:14 GMT
Pretty sure it will be. If your username begins with an "L", looks like you got filled on a bid. You placed a bid on 25th February for £500 of that loan. We deducted £507.50 from your account to cover the cost of potential accrued interest. Someone just sold you £500 but you didn't need to pay as much accrued interest as we had taken originally, so the £3.23 refund is that balance. I see... Checked my transaction log and indeed I see that I was "charged" for that loan when I placed my bid upfront. And then when the purchase actually happened I got refunded overpaid interests.. Is it just me or is it confusing? I can already see this being a pain when I'll have to collate all my transactions for my accountant. The above looks like I made a purchase when in reality I did not.
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SteveT
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Post by SteveT on Mar 29, 2016 10:22:38 GMT
Simple enough once you understand the system. If Ablrate didn't take payment upfront, the market could easily be rigged by people posting unfunded Buy orders at artificially high rates to lure other lenders into offering to Sell their stakes at higher rates than they need.
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blender
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Post by blender on Jun 7, 2016 17:16:03 GMT
Bug, or termites? Today I sold part of a loan and on going to account history found that I had been credited with interest of £0.20. But in the explanation (good feature, much better than FC) it explained how I had earned £0.19. I got a penny extra, thanks, but rather concerned that the calculation of the amount and the calculation of the explanation of that amount end up with different figures. Slightly troubling. I hope there is not a stash of pennies or non-pennies down the back of the software sofa.
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Post by ablrateandy on Jun 7, 2016 18:27:28 GMT
We round internally to a large number of decimal places so if the amount says 19p on accrued interest it was more likely 0.1923456789. If your previous balance was £20.0044444 then it would have taken you up from a balance of £20.00 to a balance of £20.19678 which would display as £20.20.
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blender
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Post by blender on Jun 7, 2016 19:10:08 GMT
Aha! I see. My account balance is also rounded which I now remember is why the last penny cannot always be invested.
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Post by dan1 on Feb 17, 2017 23:01:02 GMT
I'm not sure whether this query deserves a separate thread but, anyway...
I'm failing to reconcile the "Total funds on Ablrate" with my own records and wanted to see if I'd missed anything obvious before bugging Ablrate.
I thought I'd get the total funds by summing the following:
- all deposits, withdrawals, instant returns and interest taken from the account history, and
- the difference between the "Amount matched" and "Total cost" taken from the SM matched emails - the difference includes the premium and accrued interest. I didn't want to use the account history because there are dozens of entries for bids, updated bids etc. All that should matter is when the trade is made
But there's a difference of more than a pound, i.e. probably more than rounding. Am I missing something obvious? Oh, I cancelled all bids before doing the calcs.
I understand why the system includes these bid transactions but it'd be nice if they were replaced with the actual trade.
The account history filters also include "Auto invest" so I guess that functionality may be added soon?
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elliotn
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Post by elliotn on Feb 18, 2017 3:44:12 GMT
I reconciled last month based on: Deposits - withdrawals + available balance = Bought (loan capital + discount - premium + accrued interest) + Sold (Capital sold + premium - discount + accrued interest) - Total buying cost of loan part sold + Interest (Repaid - Interest Bought in that month matched to repaying loan parts) + Instant Returns This month I will need to factor in capital repayments of amortising loans. ablrateandy abl forces me into by far the most work - more so than FS as the capital/premium/interest bought split is not available on the website - all I want to know is how much interest I have earned in that month (not bought) and tie back to a cash banking app. I see the interest bought filter was not added during the recent maintenance, do you have an eta on this? That still wouldn't tie back my (capital) Funds to my cash records but would take one of the chores out ie matching staggered bought interest over month-ends to their interest repayments. |
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Post by dan1 on Feb 18, 2017 9:06:10 GMT
I reconciled last month based on: Deposits - withdrawals + available balance = Bought (loan capital + discount - premium + accrued interest) + Sold (Capital sold + premium - discount + accrued interest) - Total buying cost of loan part sold + Interest (Repaid - Interest Bought in that month matched to repaying loan parts) + Instant Returns This month I will need to factor in capital repayments of amortising loans. It’s reassuring to know it is possible (without using the bid updates from the account history). I'll have to revisit my calcs - I find it difficult to move on! In terms of the account history, I'd recommend splitting out into purchased accrued interest and premium/discount, which would replace the bid updates - these I find are the source of my confusion.
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elliotn
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Post by elliotn on Feb 18, 2017 9:17:41 GMT
Yes, we need interest bought and premium/discount separated out in account history!
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elliotn
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Post by elliotn on Feb 19, 2017 12:51:03 GMT
I reconciled last month based on: Deposits - withdrawals + available balance = Bought (loan capital + discount - premium + accrued interest) + Sold (Capital sold + premium - discount + accrued interest) - Total buying cost of loan part sold + Interest (Repaid - Interest Bought in that month matched to repaying loan parts) + Instant Returns This month I will need to factor in capital repayments of amortising loans. ablrateandy abl forces me into by far the most work - more so than FS as the capital/premium/interest bought split is not available on the website - all I want to know is how much interest I have earned in that month (not bought) and tie back to a cash banking app. I see the interest bought filter was not added during the recent maintenance, do you have an eta on this? That still wouldn't tie back my (capital) Funds to my cash records but would take one of the chores out ie matching staggered bought interest over month-ends to their interest repayments. Capital repayments were a relatively painless manual addition but bids...a whole new layer of time wasting, especially if you work out you don't have one of the emails to complete!
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sg
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Post by sg on Feb 24, 2017 14:53:15 GMT
I was going to raise a thread on something very similar because I have been unable to resolve my account history against the totals shown on the website. I have read the thread (three times) and think I get it from elliottm's post above.
My question is - is it possible to resolve the account from the information downloadable from the website or am I going to have to go through all my back emails to retrieve numbers ?
Also is the necessity for this explained anywhere on the website (or anywhere else), along with an official or otherwise methodology.
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SteveT
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Post by SteveT on Feb 24, 2017 15:09:09 GMT
Without the emails or another manual record of SM purchases you've made, you won't easily be able to split your SM purchases between accrued interest purchased and premium paid / discount received. It's possible to work out what the accrued interest should have been from the purchase date, the loan payments date and the interest rate, but it's non-trivial in some cases (eg. the quarterly interest loans).
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