adrianc
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Post by adrianc on Apr 15, 2016 19:21:20 GMT
Just reading some of the threads about tracking loans and payments and whatever with umpteen spreadsheets and downloaded transaction statements. Am I unusual?
I cba with any of that. I trust the platforms to get the payments kinda right, and keep everything kinda in equilibrium. After all, we're only going off the numbers they provide anyway.
Aren't we? Or am I missing something fairly important here?
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Post by uncletone on Apr 15, 2016 19:28:57 GMT
Maybe. Maybe not. My interest in MoneyThing for example: I can see in advance when loans are going to be repaid/optionally renewed, and can plan for the injection (or not) of more behind-the-sofa-cushions cash accordingly. The data provided by the various platforms is fine, but tends to be historical. I like to be able to plan the future with my spreadsheets.
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Post by jackpease on Apr 16, 2016 5:56:02 GMT
Well the reason i asked the question on the FC thread was that in previous years when i've done a basic consolidation I found I was owed a reasonable sum - I showed my working to FC and they showed me their working and they agreed they had missed a double sale and paid up. That kept my accountant happy.
This year instead of helping me they have said that the totals are not going to add up.
I have no reason to doubt any of the other platforms I use and don't double check those.
Jack P
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SteveT
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Post by SteveT on Apr 16, 2016 7:01:37 GMT
I do a quick visual check daily that my FC account remains in balance (I've only ever transferred round £1000s in and out, so it's instantly obvious when I've been hit with a dodgy sale) but otherwise their dashboard figures give me all I need for the company books so I don't try to replicate their statements. Similarly I've never felt the need with AC (but know that I could very easily). For most other platforms I lend with (SS, MT, ABL, FS) it's easy enough to keep a running track of transactions by copying / extracting to a spreadsheet and pivot table. ReBS is the one I can never get to balance properly, a problem which they admit and seem incapable of resolving.
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james
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Post by james on Apr 16, 2016 7:31:56 GMT
Just reading some of the threads about tracking loans and payments and whatever with umpteen spreadsheets and downloaded transaction statements. Am I unusual? ... I trust the platforms to get the payments kinda right, and keep everything kinda in equilibrium. After all, we're only going off the numbers they provide anyway. You're not unusual, more the norm. I've used four platforms so far. Every one of them has made significant errors in the finances sometimes. I don't do complete reconciliations for all platforms, just at present two, periodically cross-checking that my results match theirs. New platforms can be pretty much expected to have and fix mistakes, with how graciously they handle that process being one of the signs of their quality: acceptance of the inevitable and handling it well matters. Zopa might well be the star for getting things wrong. From being more than a hundred Pounds out on my first annual statement as a borrower through overcharging all borrowers who'd made extra payments on their loans until some years after I'd repaid mine and on to recent mistakes on what appear to be relatively small errors on past loans. I suspect that the FCA working with them might be doing useful things. Part of what makes them the stars is the sheer time they had to get things right, with my own loan not even starting until the end of 2008. I can't claim to have noticed most of the issues with my own Zopa account, that was largely others, including the kind lender - and fellow active participant here! - who thanked me for paying more than 100% of the capital back on my loan. It's one reason why I do more reconciling now and mentioned specifically lest you think that a platform just being around for a few years means that everything will surely be right. You may not want to check things but it's good that some people do because it really does catch errors and help everyone involved to get things bedded down and working as they should. Similar considerations apply to things like observations about product descriptions and wanting details of exactly how they work to be well described. It isn't just for error catching of course. It's also for things like tax planning so I know my current interest received position in P2P and other accounts throughout the year and can manage say VCT buying or some aspects of cash flow planning appropriately.
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duck
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Post by duck on Apr 16, 2016 8:00:57 GMT
Just reading some of the threads about tracking loans and payments and whatever with umpteen spreadsheets and downloaded transaction statements. Am I unusual? .... My gut feeling is that you might be unusual on this forum but for the general lender less so .... but since I don't have a spreadsheet to back up that feeling it remains a rumbling in my gut  I'm a prolific spreadsheet holder/builder for my investments for a fair number of reasons .... probably the least important/least used being checking up on the platforms figures. 1. As mentioned by uncletone knowing when I'm likely to have cash un-invested. Or where I can get my hands on some cash quickly if an attractive offer comes up is important to keep the returns coming in. 2. Knowing what I have invested in each platform and the trend (increasing/decreasing) per month. 3. How much un-invested cash I have in each platform. Is this 'normal' or just a one off? 4. Asset classes - how much I have in for example property (% holding and cash value). Easy to establish with say SS but with MT I have property, cars etc .... these I have totalled across all platforms. 5. Borrowers with multiple loans on multiple projects - am I too exposed to one borrower? 6. What interest am I expecting? I have a running tax calc to see what my liabilities are - I don't want to go up a tax band. 7. Keeping notes. Most loans I go into I'm happy to keep until term but there are the odd few that I know I will sell early, so note when to sell. Loan updates I also keep if they might influence a hold/sell decision. That way I have information to hand. 8. I invest as an individual, for my Ltd Co and for my wife (first time I've typed that, got hitched yesterday!) so I have all the reasons above 3 times over ..... along with all the permutations! Life without the spreadsheet would for me be a big stab in the dark and with a very decent 6 figure sum at stake that is one risk too far. That's enough for now!
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james
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Post by james on Apr 16, 2016 8:21:32 GMT
I invest as an individual, for my Ltd Co and for my wife (first time I've typed that, got hitched yesterday!) ... for me be a big stab in the dark... one risk too far. Oh dear, hopefully not the last. 
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Post by tybalt on Apr 16, 2016 8:29:44 GMT
90%of ThinCats is routine and works perfectly however there are 'odd' loans where interest is rolled up, where interest is paid from auction close not draw down and bidding bonuses which do warrant checking. In addition there is no reporting of loans by main shareholder, therefore in the interest of diversity, I do keep an off line spread sheet.
It takes perhaps an hour per month and also serves to check that all payments have been made.
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ribs
Probably not James Marshall
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Post by ribs on Apr 16, 2016 8:48:48 GMT
Meh. Not really. The very fact we are on this forum makes us unusual and niche. Whilst P2P is a nice idea and some really good products come out of it, we are very much in a bubble here. We are a well informed and vocal bubble, but a bubble nonetheless. We've supposedly gone from being the worst to the best savers in the EU in a very short space of time. I'd also say the UK boasts the best variety of choice when it comes to P2P. But even with that, the majority of people just shove money into Zopa, Ratesetter and Funding Circle and have probably never even heard of this forum. I wonder how many of them have spreadsheets... If it works for you, do what you wanna do. I personally wouldn't lose sleep over it.
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Post by bracknellboy on Apr 16, 2016 9:16:15 GMT
90%of ThinCats is routine and works perfectly however there are 'odd' loans where interest is rolled up, where interest is paid from auction close not draw down and bidding bonuses which do warrant checking. In addition there is no reporting of loans by main shareholder, therefore in the interest of diversity, I do keep an off line spread sheet.
It takes perhaps an hour per month and also serves to check that all payments have been made. and I am eternally grateful to the likes of yourselves and other such TC members for this monitoring, as I am reliant on this crowd due dil of the loan book.
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nush
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Post by nush on Apr 16, 2016 13:29:19 GMT
in my case i am a tech numpty so want to learn how to use a spreadsheet. so having this as a reason to use one is a start
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adrianc
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Post by adrianc on Apr 16, 2016 15:27:21 GMT
in my case i am a tech numpty so want to learn how to use a spreadsheet. so having this as a reason to use one is a start There are a couple of sheets I keep - XIRR (annualised interest rate) for each platform; and a list of SS loans I'm interested in, tracking how long remaining for each, and whether I want more or less of each.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Apr 16, 2016 17:50:09 GMT
One reason to keep your own record of your holdings (does not need to be in a spreadsheet) is in case the platform fails and their website goes down. It will probably be helpful to have something to show the liquidators/administrators, but much will depend on what they find when they take over the failed platform's books. Let's hope it never happens but I think it's a good idea to hope for the best and plan for the worst.
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Post by uncletone on Apr 16, 2016 18:53:12 GMT
One reason to keep your own record of your holdings (does not need to be in a spreadsheet) is in case the platform fails and their website goes down. It will probably be helpful to have something to show the liquidators/administrators, but much will depend on what they find when they take over the failed platform's books. Let's hope it never happens but I think it's a good idea to hope for the best and plan for the worst. And it's not just platforms and websites can go down, so can your system. Backup, backup, backup!
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stevio
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Post by stevio on Apr 16, 2016 20:05:54 GMT
How did everyone learn their spreadsheet skills? Anyone any tips on learning the skills to be able to produce an effective tracker (I know people kindly offered example spreadsheet but the skills to adapt these or produce your own would be great - teach a man to fish and all)
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