rogerbu
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Post by rogerbu on Mar 28, 2016 12:17:44 GMT
MoneyThing . Ed. I see that starting today you have (as requested elsewhere) split the interest from the capital in the transaction lists. - thanks. Also, I see that the managed portfolio renewals are gaining new numbers, ie CSP117 renews as CSP359 and CSP118 renews as CSP352. So when interest is paid on 28/4/16 I assume it will be against CSP359 & CSP352, not 117 or 118. Is that correct? Further - If we look at 'My Loans' It seems that you have re-numbered all previous renewals. eg CSP114 has been renumbered as CSP356, but the 'transaction' listing shows this as a renewal of CSP114. This is the same for all previous renewals. What is going to happen when interest and capital is paid. Will it be identified as (for example) CSP114 or CSP356? Can you explain what is happening and what the end results will look like?
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rogerbu
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Post by rogerbu on Mar 29, 2016 8:29:38 GMT
MoneyThing. Ed, you seem to have missed answering my questions above. The recent renumbering of historical renewal loans is very confusing, can you explain what has happened and what you expect the results to be? For those of us who actively reconcile all P2P (including MT) payments to their loan portfolios, your changes are difficult to understand and I don't know what changes to my reconciliation data base is required.
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spiral
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Post by spiral on Mar 29, 2016 8:57:24 GMT
For those of us who actively reconcile all P2P (including MT) payments to their loan portfolios, your changes are difficult to understand and I don't know what changes to my reconciliation data base is required. I've asked a similar question on another thread regarding whether the statement will be retrospectively updated or a lookup table provided.
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Post by MoneyThing on Mar 29, 2016 9:02:33 GMT
Morning rogerbu,
Apologies for the delay.
We have maintained the original numbering of all the loans (including CSP loans). All we have added is reference to the number of the original loan the renewal was in reference to.
As you are aware, all CSP loans are continues, with 6 month breaks.
The interest (and capital), repayments will be credited against the latest number (e.g. CSP356 as CSP114 has already ended).
In summary, the code at the start of the string is the latest loan number and the additional code is just added to assist lenders to reference the original loan the renewal was renewing.
I hope this makes sense. If it is too confusing then we can simply remove the 'renewal of CSP/MT/etc.+number' altogether?
Kind regards,
Ed
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duck
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Post by duck on Mar 29, 2016 9:08:41 GMT
my preference would for it to stay, makes cross referencing so much easier and avoids having to make manual entries in spreadsheets!
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treeman
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Post by treeman on Mar 29, 2016 9:23:30 GMT
Morning rogerbu, Apologies for the delay. We have maintained the original numbering of all the loans (including CSP loans). All we have added is reference to the number of the original loan the renewal was in reference to. As you are aware, all CSP loans are continues, with 6 month breaks. The interest (and capital), repayments will be credited against the latest number (e.g. CSP356 as CSP114 has already ended). In summary, the code at the start of the string is the latest loan number and the additional code is just added to assist lenders to reference the original loan the renewal was renewing. I hope this makes sense. If it is too confusing then we can simply remove the 'renewal of CSP/MT/etc.+number' altogether? Kind regards, Ed AIUI Renewals are effectively auto-repay of capital & auto re-invest. ie the original loan ' has already ended ' and a new loan starts on renewal date MoneyThing, it might help, for 'home reconciling', if the statement could show extra entries on the renewal date for: - <original/previousID> - Capital Repayment
- <New ID> - Loan Part purchase
Then only the new/current ID needs to be used. Any thoughts? Happy to be corrected if I'm wrong !
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 29, 2016 9:38:53 GMT
my preference would for it to stay, makes cross referencing so much easier and avoids having to make manual entries in spreadsheets! Same here, all my tracking done using original number as thats what was in the statement.
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ianj
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Post by ianj on Mar 29, 2016 9:50:03 GMT
I think what has been asked previously is not so much what has changed, but rather why it's had to change: ie why does the loan known as £20,000 Managed Portfolio (CSP229) - RENEWAL on the 23rd, a loan which had already been renewed without having had any name change (new ID) applied, now have to be referenced as (CSP305) RENEWAL of (CSP229) £20,000 Managed Portfolio?
This appears to be of no benefit to those who have held the loan from the very start, and to some this is considered problematic. Or put another way, why couldn't the previous continuity of name on renewal be maintained? It might technically be a new loan, but a rose by any other name, etc.
Just an idea: for those concerned, would (CSP209) RENEWED as ID (CSP305) £20,000 Managed Portfolio enable easier sorting / reconciliation?
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