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Post by dan1 on Apr 21, 2017 10:26:32 GMT
I've had two incidences of my account balance not updating correctly following transactions on my account. It happened the first time when I sold a loan on the SM. You can see from the extract of my account history (I've added £ signs to aid readability) that at 08:51 my account balance went down following the sale. It appears that the balance ignored the previous sale on the SM at 08:47. 05/04/2017 08:51 Accrued Interest £0.17 £1,232.95
05/04/2017 08:51 Secondary trade £24.1 £1,232.78
05/04/2017 08:47 Accrued Interest £2.18 £1,413.86
05/04/2017 08:47 Secondary trade £202.99 £1,411.67
05/04/2017 08:18 Interest repayment £0.5 £1,208.68
I emailed ABL straight away and to their credit they applied a correction to my account the following day to restore my balance. The second time was following an updated bid. From the extract my balance has increased by £34.25 (£72.11 - £37.86) following an updated bid at 09:28 but it should have increased by £66.57 - i.e. my account balance is down by £32.32. 10/04/2017 09:29 Bid placed £30.08 £102.18
10/04/2017 09:28 Bid placed £66.57 £72.11
10/04/2017 09:28 Cancelled bid £19.67 £37.86
10/04/2017 09:18 Investment £-100.17 £18.19
Again, I reported this by email straight away and received a quick response to say they'd speak with the developers. However, I received no contact since then. I've requested updates by email on 13 April and yesterday but I'm still waiting for a correction after more than two weeks. I'm concerned that there appears to be an error in the system on the platform. This system is being rolled out to at least one other platform, Huddle Capital. In practical terms it means that I have to manually check my account balance following each transaction. Please help.... 1) Has anyone else experienced the same sort of errors in their account balances? 2) How concerned should I be in the response from ablrate? I don't want to be negative or jump to conclusions - I've delibrately tried to make this post factual. 3) How should I go about resolving this? I've not phoned yet because this is quite a technical issue that I think is best resolved by email but also, in the scheme of things it's a very small amount. I'll remain patient and wait until the end of next week before progressing but any help/advice from the forum would be welcome. |
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SteveT
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Post by SteveT on Apr 21, 2017 10:35:11 GMT
I find that intra-day balances often appear strange (or at least, the sequence of transactions on the statement doesn't reflect the sequence of changes to the account balance). However these typically resolve themselves with the next transaction (I wish that the system would always list the capital sale and the accrued interest sale in the same order, rather than doing so randomly). I've only once had a case like your first example where my account balance wasn't credited for the value of the capital and accrued interest sold, despite both being listed as statement entries. After a fair delay and a couple of prods to ablrate to investigate, I was credited with the missing funds as a "Correction", but I don't know whether the root cause was ever found. I too keep an off-line reconciliation of all my Ablrate transactions. |
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Post by dan1 on Apr 21, 2017 11:03:44 GMT
Thanks SteveT. Good to know it isn't isolated to my account. I know what you mean with the order of transactions, I would like the accrued interest to be split from capital+premium/discount on purchases as well as sales on the SM. In response to a separate query about reconciling my account balance following dozens of bids and subsequent updates to the bids (I can't reconcile to the Dashboard account balance from my actual trades - i.e. ignoring all the bids/bid updates) I received the following (I'm sure they won't mind me sharing): What we identified was that in times of load the server timed out a small amount of trades. This was down to a combination of processing power, the way the physical agreement system worked and the way that each trade accessed the database. Any of the above in isolation was not an issue, but when there was heavy load and this trifecta of issues were operating some trades were calculated incorrectly in the database. In order to solve this issue we:
1. Increased the RAM on the server from 24GB to 74GB
2. We changed the way the agreement system works. Instead of creating pdf files and sending it via email, we now have those accessible from Current Investments
3. We change the way that trades access the database to make it more efficient.
We believe this has solved the problem |
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Post by ablrate on Apr 21, 2017 11:40:49 GMT
dan1 - I will chase this. I know that yesterday we uploaded some new code which deals with the potential problem here. It was to do with simultaneous update of the database which caused a few issues. Apologies for the delay, I wouldn't stand on ceremony and politely wait on issues like this, feel free to deploy cattle prod.
Regards
Ablrate
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Post by dan1 on Apr 21, 2017 12:58:02 GMT
dan1 - I will chase this. I know that yesterday we uploaded some new code which deals with the potential problem here. It was to do with simultaneous update of the database which caused a few issues. Apologies for the delay, I wouldn't stand on ceremony and politely wait on issues like this, feel free to deploy cattle prod. Regards Ablrate Many thanks for the quick response ablrate. I don't mind waiting for the correction (updates like this one give me the confidence to remain patient!) and taking a longer term view I really hope that the updated code will resolve the issue. I know the developers are working hard on updating the account history section and as previously stated you'd rather make sure it's correct than release it too early.
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Post by dan1 on Apr 21, 2017 13:38:28 GMT
Very pleased to receive an email from ABLrate resolving the issue that I reported only a few hours ago on the forum. Thank you ablrate. Confidence restored and it sounds like the developers have resolved the issue and are actively working on the system. Thanks again |
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wysiati
Member of DD Central
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Post by wysiati on Apr 25, 2017 1:20:34 GMT
Very pleased to receive an email from ABLrate resolving the issue that I reported only a few hours ago on the forum. Thank you ablrate . Confidence restored and it sounds like the developers have resolved the issue and are actively working on the system. Thanks again Perhaps giving slightly too much credit - the platform has known about the issues since at least January 2017 and this is at least the second 'fix' which has been deployed. Issues still not resolved for some of us.
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Post by dan1 on Apr 25, 2017 8:16:48 GMT
Very pleased to receive an email from ABLrate resolving the issue that I reported only a few hours ago on the forum. Thank you ablrate . Confidence restored and it sounds like the developers have resolved the issue and are actively working on the system. Thanks again Perhaps giving slightly too much credit - the platform has known about the issues since at least January 2017 and this is at least the second 'fix' which has been deployed. Issues still not resolved for some of us. Yes, I might be inclined to agree with you! I'd lost a little confidence but the resolution had restored it. It was perhaps relief but also the knowledge that trades are now queued to the DB thus mitigating the simultaneous issue where one transaction doesn't get accounted for correctly. I've certainly had to wait a a short time when I've bought or sold from the SM, which is consistent with queued access to the DB.
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Post by ablrate on Apr 25, 2017 9:25:20 GMT
Very pleased to receive an email from ABLrate resolving the issue that I reported only a few hours ago on the forum. Thank you ablrate . Confidence restored and it sounds like the developers have resolved the issue and are actively working on the system. Thanks again Perhaps giving slightly too much credit - the platform has known about the issues since at least January 2017 and this is at least the second 'fix' which has been deployed. Issues still not resolved for some of us. Hi - if you would like to DM me your details I will look into your issue if it is not being resolved to your satisfaction
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wysiati
Member of DD Central
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Post by wysiati on Apr 26, 2017 12:22:20 GMT
Perhaps giving slightly too much credit - the platform has known about the issues since at least January 2017 and this is at least the second 'fix' which has been deployed. Issues still not resolved for some of us. Yes, I might be inclined to agree with you! I'd lost a little confidence but the resolution had restored it. It was perhaps relief but also the knowledge that trades are now queued to the DB thus mitigating the simultaneous issue where one transaction doesn't get accounted for correctly. I've certainly had to wait a a short time when I've bought or sold from the SM, which is consistent with queued access to the DB. Well, now that it has all been 'fixed' shall we see how the system coped yesterday, 25/04/17? I had 6 bids on the secondary market matched at prices between 94.1% and 97.1% of par. Total principal purchased: +£306.63 Capital cost of that principal: -£294.56 (i.e. there was an overall gain / transfer of value to my account for buying below par) Accrued interest charge -£0.09 There were also two bid updates with a net refund of +£2.18 There were no interest or capital repayments. In response to the above daunting list of activity the 'fixed' Ablrate system has generated the following dashboard/account changes: Funds currently lent: +£261.63 (i.e. an additional shortfall just for 25/04/17 transactions of £45.00, which was the value of the first secondary mkt matched bid) 'Total funds on Ablrate' -£33.21 (Yes, MINUS?!) So, another failure of the same type which has persisted for months now. Unacceptable. PR and public/private reassurances aside, the reality appears to be that, until these issues are genuinely 'fixed' there is a risk of investors on this platform facing systematic shortfalls as a result of repeated system errors. None of the errors I have encountered appear to have been flagged up by any internal checks / safeguards so you appear to be on your own to guarantee that they are picked up and to then grind out a response from the platform operator. I would urge other users, if not already doing so, to consider conducting their own routine checks to better safeguard their interests. This is particularly true of active users of the Ablrate secondary market. I am now on a regime of daily dashboard screenshots to supplement the data downloads, which really should not be necessary if a platform is to retain trusted provider status. As intimated above, user experiences of platform support do vary and at times the process has seemed unresponsive and frustrating. Any user who has received resolutions/corrections to reported shortfalls within a quick or even reasonable timeframe is clearly a better class of customer than me and I would genuinely like to know their secret(s). Personally, I am not sure whether the invited 'cattle prod' will do the job.
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Post by dan1 on Apr 26, 2017 12:50:34 GMT
Yes, I might be inclined to agree with you! I'd lost a little confidence but the resolution had restored it. It was perhaps relief but also the knowledge that trades are now queued to the DB thus mitigating the simultaneous issue where one transaction doesn't get accounted for correctly. I've certainly had to wait a a short time when I've bought or sold from the SM, which is consistent with queued access to the DB. Well, now that it has all been 'fixed' shall we see how the system coped yesterday, 25/04/17? I had 6 bids on the secondary market matched at prices between 94.1% and 97.1% of par. Total principal purchased: +£306.63 Capital cost of that principal: -£294.56 (i.e. there was an overall gain / transfer of value to my account for buying below par) Accrued interest charge -£0.09 There were also two bid updates with a net refund of +£2.18 There were no interest or capital repayments. In response to the above daunting list of activity the 'fixed' Ablrate system has generated the following dashboard/account changes: Funds currently lent: +£261.63 (i.e. an additional shortfall just for 25/04/17 transactions of £45.00, which was the value of the first secondary mkt matched bid) 'Total funds on Ablrate' -£33.21 (Yes, MINUS?!) So, another failure of the same type which has persisted for months now. Unacceptable. PR and public/private reassurances aside, the reality appears to be that, until these issues are genuinely 'fixed' there is a risk of investors on this platform facing systematic shortfalls as a result of repeated system errors. None of the errors I have encountered appear to have been flagged up by any internal checks / safeguards so you appear to be on your own to guarantee that they are picked up and to then grind out a response from the platform operator. I would urge other users, if not already doing so, to consider conducting their own routine checks to better safeguard their interests. This is particularly true of active users of the Ablrate secondary market. I am now on a regime of daily dashboard screenshots to supplement the data downloads, which really should not be necessary if a platform is to retain trusted provider status. As intimated above, user experiences of platform support do vary and at times the process has seemed unresponsive and frustrating. Any user who has received resolutions/corrections to reported shortfalls within a quick or even reasonable timeframe is clearly a better class of customer than me and I would genuinely like to know their secret(s). Personally, I am not sure whether the invited 'cattle prod' will do the job. I'll add my comments as someone who has recently been caught by this issue. Firstly, it's useful for other lenders to know that this issue is still present, at least we know to keep an eye on our balances (as I guess most of those present on the forum do for most platforms anyway). I feel your frustration but I personally would give ablrate the opportunity to rectify your account balance before venting too much on a public form. Yes, let us know the issue persists but give them a chance to fix your account. Those of us on the forum know there's an issue and with that knowledge we invest, if I wasn't comfortable with this situation then I'd sell up and leave. I do believe they will get to the bottom of the issue because this issue is a barrier to growth (third part support to Huddle etc) - and growth is required for platform stability/critical mass etc. Btw nice discounts.
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wysiati
Member of DD Central
Posts: 397
Likes: 86
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Post by wysiati on Apr 26, 2017 13:10:58 GMT
ablrate Well, now that it has all been 'fixed' shall we see how the system coped yesterday, 25/04/17? I had 6 bids on the secondary market matched at prices between 94.1% and 97.1% of par. Total principal purchased: +£306.63 Capital cost of that principal: -£294.56 (i.e. there was an overall gain / transfer of value to my account for buying below par) Accrued interest charge -£0.09 There were also two bid updates with a net refund of +£2.18 There were no interest or capital repayments. In response to the above daunting list of activity the 'fixed' Ablrate system has generated the following dashboard/account changes: Funds currently lent: +£261.63 (i.e. an additional shortfall just for 25/04/17 transactions of £45.00, which was the value of the first secondary mkt matched bid) 'Total funds on Ablrate' -£33.21 (Yes, MINUS?!) So, another failure of the same type which has persisted for months now. Unacceptable. PR and public/private reassurances aside, the reality appears to be that, until these issues are genuinely 'fixed' there is a risk of investors on this platform facing systematic shortfalls as a result of repeated system errors. None of the errors I have encountered appear to have been flagged up by any internal checks / safeguards so you appear to be on your own to guarantee that they are picked up and to then grind out a response from the platform operator. I would urge other users, if not already doing so, to consider conducting their own routine checks to better safeguard their interests. This is particularly true of active users of the Ablrate secondary market. I am now on a regime of daily dashboard screenshots to supplement the data downloads, which really should not be necessary if a platform is to retain trusted provider status. As intimated above, user experiences of platform support do vary and at times the process has seemed unresponsive and frustrating. Any user who has received resolutions/corrections to reported shortfalls within a quick or even reasonable timeframe is clearly a better class of customer than me and I would genuinely like to know their secret(s). Personally, I am not sure whether the invited 'cattle prod' will do the job. I'll add my comments as someone who has recently been caught by this issue. Firstly, it's useful for other lenders to know that this issue is still present, at least we know to keep an eye on our balances (as I guess most of those present on the forum do for most platforms anyway). I feel your frustration but I personally would give ablrate the opportunity to rectify your account balance before venting too much on a public form. Yes, let us know the issue persists but give them a chance to fix your account. Those of us on the forum know there's an issue and with that knowledge we invest, if I wasn't comfortable with this situation then I'd sell up and leave. I do believe they will get to the bottom of the issue because this issue is a barrier to growth (third part support to Huddle etc) - and growth is required for platform stability/critical mass etc. Btw nice discounts. To clarify, the platform has had 3 months since I reported discrepancies on my own account. These issues have not yet been fully resolved so I feel that I have been more than patient and have been prepared to deal with things off-line. I think your suggestion that this is impulsive venting is a mischaracterisation, possibly because you have not had full knowledge of the situation. What I do find disconcerting is a public narrative of things being fixed with recent posted user communications citing remedial steps, some of which were actually taken weeks ago, and which are known not to have solved the issues, not least because I have needed to report additional errors since their implementation. I want to be able to continue using the platform and in that sense I am aligned in terms of seeking a proper fix. Keeping matters from public or more formal scrutiny and/or failing do debunk public statements which conflict with real user experiences does not necessarily achieve this, however.
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Post by ablrate on Apr 26, 2017 16:21:27 GMT
I'll add my comments as someone who has recently been caught by this issue. Firstly, it's useful for other lenders to know that this issue is still present, at least we know to keep an eye on our balances (as I guess most of those present on the forum do for most platforms anyway). I feel your frustration but I personally would give ablrate the opportunity to rectify your account balance before venting too much on a public form. Yes, let us know the issue persists but give them a chance to fix your account. Those of us on the forum know there's an issue and with that knowledge we invest, if I wasn't comfortable with this situation then I'd sell up and leave. I do believe they will get to the bottom of the issue because this issue is a barrier to growth (third part support to Huddle etc) - and growth is required for platform stability/critical mass etc. Btw nice discounts. To clarify, the platform has had 3 months since I reported discrepancies on my own account. These issues have not yet been fully resolved so I feel that I have been more than patient and have been prepared to deal with things off-line. I think your suggestion that this is impulsive venting is a mischaracterisation, possibly because you have not had full knowledge of the situation. What I do find disconcerting is a public narrative of things being fixed with recent posted user communications citing remedial steps, some of which were actually taken weeks ago, and which are known not to have solved the issues, not least because I have needed to report additional errors since their implementation. I want to be able to continue using the platform and in that sense I am aligned in terms of seeking a proper fix. Keeping matters from public or more formal scrutiny and/or failing do debunk public statements which conflict with real user experiences does not necessarily achieve this, however. As we have said, it would be really helpful for these to be reported to us... we are going through very thorough procedures on any errors... I can only guess what account this is unless you tell us... like I asked the other day.
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Post by ablrate on Apr 26, 2017 17:38:26 GMT
Hi wysiati
We have identified your account and balance errors have been corrected, as you know, with a correction deposit to your account. We have analysed the balance of your account on the 25th and can find no balance errors. We are, as we have communicated, reconciling your account to account for the anomolies on any 'funds on ablrate' errors. This is something that we are doing across the platform, and I can appreciate it is frustrating, but it will be solved.
Regards
Ablrate
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