spiral
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Post by spiral on Mar 31, 2017 16:14:19 GMT
Anyone else reconciled today's interest?
I appear to have 4 loans (at least) for which I have only received 30 days interest (since their last payment on 28/2)
I'm not sure if the 28 day month has something to do with it or whether we are experiencing the reverse phenomenon of the clocks going back issue we had last autumn.
My four are AE654, BPF622, AE638 and BPF528.
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Forward
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Post by Forward on Mar 31, 2017 18:32:04 GMT
You’re not wrong guys just checked my interest received, i’m in FP545, 546, 547, 548 all are missing two days interest, all together i’ts only a couple of quid for me, but could be a lot more for other’s
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Post by sannytwist on Mar 31, 2017 18:49:13 GMT
You’re not wrong guys just checked my interest received, i’m in FP545, 546, 547, 548 all are missing two days interest, all together i’ts only a couple of quid for me, but could be a lot more for other’s A couple of quid? , its only a couple of pennies for me
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spiral
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Post by spiral on Apr 1, 2017 7:49:17 GMT
I spent the best part of 6 hours yesterday trying to correct some spread sheet formulas that were caused by adding 1 month to 31st Jan only to have it return 3rd March as the next payment date then reverting correctly back to 31st March as the next payment date thus calculating yesterdays payment as from the 3/3 - 31/3. After correcting the formulas, my 31/3 still didn't seem right and I spent the bulk of the above time trying to find out what was wrong. I continued assuming that my formula was somehow wrong. I came here assuming if it was an error, it would already have been noted. I saw the thread on P*****s but that seemed a slightly different issue. I don't know whether I'm more happy at knowing I've lost a few pence interest or that I haven't got to spend a further 6 hours trying to correct my spreadsheet.
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Forward
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Post by Forward on Apr 1, 2017 8:38:34 GMT
I spent the best part of 6 hours yesterday trying to correct some spread sheet formulas that were caused by adding 1 month to 31st Jan only to have it return 3rd March as the next payment date then reverting correctly back to 31st March as the next payment date thus calculating yesterdays payment as from the 3/3 - 31/3. After correcting the formulas, my 31/3 still didn't seem right and I spent the bulk of the above time trying to find out what was wrong. I continued assuming that my formula was somehow wrong. I came here assuming if it was an error, it would already have been noted. I saw the thread on P*****s but that seemed a slightly different issue. I don't know whether I'm more happy at knowing I've lost a few pence interest or that I haven't got to spend a further 6 hours trying to correct my spreadsheet. I’ve all ways trusted MT but this little episode is a possible chink in their armour, i’m also interest light with my Wigan loans FYI i’m using EDATE in excel to a add month(s) to a date
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blink
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Post by blink on Apr 1, 2017 12:17:55 GMT
I've got numerous loans light of interest as well....Think MT should look in to this....
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DeafEater
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Post by DeafEater on Apr 1, 2017 12:49:44 GMT
All true but if you look back at the same loans paying interest on 28th Feb I suspect you'll find you were overpaid interest for the 28 day month. MT's interest calculation on short months for those loans that pay on the 31st has been distinctly questionable since I've been investing here but they seem to pull it back at the end of the long month that follows. It's more obvious than it used to be because there are so many loans scheduled to pay on the 31st. Given the swings and roundabouts aspect of the error, I don't think I'm appreciably down on the deal but it would be nice if they could sort it out.
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gt94sss2
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Post by gt94sss2 on Apr 1, 2017 13:25:15 GMT
If* there is a issue that needs addressing, I'd be grateful if MoneyThing would be able to address it before the end of the tax year if at all possible.. (*Don't know and haven't checked myself)
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Post by sannytwist on Apr 1, 2017 13:30:57 GMT
If* there is a issue that needs addressing, I'd be grateful if MoneyThing would be able to address it before the end of the tax year if at all possible.. (*Don't know and haven't checked myself) +1 !
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spiral
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Post by spiral on Apr 1, 2017 14:52:33 GMT
DeafEater , you are indeed right, I have 29 days interest in Feb for the loans in question. Forward , thanks for the EDATE tip, that's a new one for me. I'll use that in future.
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Post by MoneyThing on Apr 1, 2017 15:04:33 GMT
Afternoon,
Thank you for alerting us to this. There does indeed appear to be a bug when a loan ends on the 31st of a month.
For months that have fewer than 31 days, the repayment days should be set to the 12am on the last day of the month. Some how the platform was setting the repayment to 11pm of the last day.
This means that we are paying one extra days interest for that month and 1 fewer days interest for the month after. This however doesn't affect the total interest a user receives though.
We are looking at a solution now to fix the bug.
Kind regards,
Ed
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Post by Deleted on Apr 1, 2017 15:12:02 GMT
This means that we are paying one extra days interest for that month and 1 fewer days interest for the month after. This however doesn't affect the total interest a user receives though. We are looking at a solution now to fix the bug. Kind regards, Ed Have you seen the FP452 thread though? I seem to have received an entire months interest in advance for this one, not just a couple of days worth...
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Post by marcusponds on Jun 2, 2017 9:58:13 GMT
Same here for FPAA664 (development in Bradford)
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archie
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Post by archie on Jun 2, 2017 10:06:10 GMT
FPAA664 paid on 2nd last month.
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Post by marcusponds on Jun 2, 2017 10:30:23 GMT
FPAA664 paid on 2nd last month. Agree archie - I was paid on 2/5.
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