Esmeralda
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Post by Esmeralda on Sept 17, 2017 10:17:17 GMT
Fortunately I took a screenshot of my dashboard "Your total investment" balance on 12th September and it's more than tonight's total so I've been able to email those to AC as evidence that there's been a reduction, and they'll see that I haven't made any withdrawal at all so they can't deny something's gone wrong this time. "Reports" then "Balance Statements" and selecting each date should tell you any reductions. Mine shows £141 less today than yesterday. Thank you for that. The reason I take screenshots is because the last time this sort of thing happened (that I noticed) AC asked me if I had dashboard screenshots showing the (at that time) £25 reduction, which I didn't so I try to remember to take them regularly now, but to be safe I will just have to get into the habit of doing so daily from now on.
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IFISAcava
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Post by IFISAcava on Sept 17, 2017 10:31:11 GMT
"Reports" then "Balance Statements" and selecting each date should tell you any reductions. Mine shows £141 less today than yesterday. Thank you for that. The reason I take screenshots is because the last time this sort of thing happened (that I noticed) AC asked me if I had dashboard screenshots showing the (at that time) £25 reduction, which I didn't so I try to remember to take them regularly now, but to be safe I will just have to get into the habit of doing so daily from now on. Would be interesting to know if your £25 reduction showed on the balance statements as above. It would be extremely worrying if there was a discrepancy.
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Sept 17, 2017 11:12:11 GMT
"Reports" then "Balance Statements" and selecting each date should tell you any reductions. Mine shows £141 less today than yesterday. Thank you for that. The reason I take screenshots is because the last time this sort of thing happened (that I noticed) AC asked me if I had dashboard screenshots showing the (at that time) £25 reduction, which I didn't so I try to remember to take them regularly now, but to be safe I will just have to get into the habit of doing so daily from now on. My flabber hasn't been so ghasted in a long time........AC actually asking for screen shots from customers!!!!! I'm sure that the image could be modifed quite easily with a few extra zeroes and the decimal point moved!!!!! They should hold backup files!!!!......... what happens if there is a total system failure
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registerme
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Post by registerme on Sept 17, 2017 11:35:29 GMT
It strikes me that some sort of post batch check that catches this sort of situation shouldn't be too difficult. All the dates are known, all the capital amounts are known. Something along these liens?
for any loan if today's capital differs from yesterday's capital by >%y then flag for review
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Post by chielamangus on Sept 17, 2017 11:47:17 GMT
Well, I'm about £9k down and when I go to Reports/Balances (never visited it before) I find going back a few months it does not tally in any way with my record. It is not even internally consistent since the total at the bottom is very different from the sum of the individual account balances. I usually check the total once a month on the dashboard and it has been OK then . But now the AC record of my balance on Sept 1st is about £9k down on what it was - nothing to do with what happened last Saturday. Very concerning, this change in the historical record. What would the explanation be for that, chris ? Later: I can see 3 immediate issues - omission of one account from the report list, zero balance on another when there is over £5k there, and the Cadeby loan. Perhaps others? |
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dermot
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Post by dermot on Sept 17, 2017 12:11:01 GMT
I used to take snapshots of my dashboard every day and, every few days or so, would see a dip of a few pounds on one day - in the total of accrued interest *and* current total lent. ie, the total investment figure went up by a smaller amount than accrued interest went down.
I assumed that the cause was something like accrued interest being normalised once it becomes 'real' - I emailed Assetz several times about this, but never received a reply.
It still seems to happen - maybe I'll start taking snapshots again and retry Assetz to get a confirmation.
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Post by rb5286 on Sept 17, 2017 15:08:58 GMT
This is very worrying. If a few users who frequent this board are missing money (which seems it may not be repaid), then what hope do the rest of us who 'invest and forget' have?
I know that I had >5k, which is still the case, but I could be missing £20, or so and I'd be none the wiser.
P.s. to the people who had money go missing and never paid back...why are you still invested in AC?
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jayjay
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Post by jayjay on Sept 17, 2017 15:23:36 GMT
It looks to me that this is the same issue with loan 26 back in June. That was a tiddler compared with the latest debacle. p2pindependentforum.com/thread/9179/disappearing-fundsIt took THREE WEEKS to remedy with IT seemingly dragging its feet to reinstate our money. There seems to be a systemic problem when capital is repaid in specific circumstances. It needs to be fixed once and for all. |
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ashtondav
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Post by ashtondav on Sept 17, 2017 17:42:27 GMT
I joined Zopa in September 2005. Believe you me IT problems and missing money are part and parcel of p2p platforms!! Had the same at Ratesetter as well. Business models are evolving at the same time as revenue and complexity is growing. It's a new industry - with the attendant risks. Diversify by platform and loan portfolio.
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Post by catsinspace on Sept 17, 2017 17:54:59 GMT
I believe the loan is suspended from trading until Wednesday anyway due to a lender vote, which will be preventing trading of loan units at incorrect values, and the issue will be resolved within that timeframe. I cannot rush a fix through in the interim as issues like this need to be very carefully investigated to make sure that we get the revised figures correct and also properly investigate the causes so that we can take steps to prevent a repeat. Hi Chris, do we still need to email AC to report our missing funds, or will they be restored automatically as part of the fix?
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Post by chris on Sept 17, 2017 19:36:10 GMT
I believe the loan is suspended from trading until Wednesday anyway due to a lender vote, which will be preventing trading of loan units at incorrect values, and the issue will be resolved within that timeframe. I cannot rush a fix through in the interim as issues like this need to be very carefully investigated to make sure that we get the revised figures correct and also properly investigate the causes so that we can take steps to prevent a repeat. Hi Chris, do we still need to email AC to report our missing funds, or will they be restored automatically as part of the fix? All handled automatically
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ashtondav
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Post by ashtondav on Sept 17, 2017 20:51:41 GMT
Hi Chris, do we still need to email AC to report our missing funds, or will they be restored automatically as part of the fix? All handled automatically Oh, that's alright then. If it wasn't for the forensic investors on thes boards there would be strange things happening in the wacky world of p2p....
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Post by peerlessperil on Sept 17, 2017 21:57:15 GMT
It's not a hack it's bad data going into the system causing the value of loan units in the loan to be erroneous. You can see the lack of a final principal repayment on the loan repayments tab. The way loan units are stored in the system is as a percentage of the loan as a whole, so if you had £100 invested in a £1,000 loan then it's stored in the system as you owning the decimal fraction of 0.1 of the loan, i.e. 10%. If the principal remaining in the loan is recalculated to be £500 then your holding in the loan would reduce to 10% of that, £50. That normally happens as part of a principal repayment where funds are distributed to lenders, however in this instance someone or something has caused the scheduled repayments to become erroneous leading to the principal outstanding to be calculated incorrectly and in turn loan units to be incorrectly valued. I believe the loan is suspended from trading until Wednesday anyway due to a lender vote, which will be preventing trading of loan units at incorrect values, and the issue will be resolved within that timeframe. I cannot rush a fix through in the interim as issues like this need to be very carefully investigated to make sure that we get the revised figures correct and also properly investigate the causes so that we can take steps to prevent a repeat. An old trick from the very backward and staid world of asset management. Set up a dummy client that holds and bids on every loan via the MLIA. Every time you run a "corporate action" or alter any loan static data take a look at this dummy client and run a common sense check at the end of the day. Take daily snapshots at the loan level of the close-of-day portfolio - both capital and accrued. If this dummy client experiences an overnight loss with no default, or if any holding value jumps up or goes negative you know you have a problem. And you will spot it before your investors tell you about it on a public forum. Since you currently appear to record holdings as % of loan issued this is not going to be straightforward, unless you have the ability to set the denominator to 101% (with the dummy portfolio owning 1%). There is also the question is whether you can do this without contaminating the accounting records and generating interest payment instructions etc. Fund managers regularly run dummy portfolios for a host of reasons (tracking the performance of internal strategies, systems testing etc), so they are set up to do this. You may wish to consider joining them.
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Mick
Be nice... People respond.
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Post by Mick on Sept 18, 2017 8:09:07 GMT
Hi Chris,
As you said.
''It's not a hack it's bad data going into the system causing the value of loan units in the loan to be erroneous. You can see the lack of a final principal repayment on the loan repayments tab''
Could I ask ... As you say, you don't think its a Hack. (1) How does the bad data get into the system (2) and where does it come from. (3) is it malicious?
Thanks, Mick.
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Esmeralda
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Post by Esmeralda on Sept 18, 2017 9:40:10 GMT
Seems to be fixed, my funds are back  Mine too ... and relax ...
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