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Post by goldservice on Aug 6, 2014 12:44:45 GMT
On 5/8/14 I bought 5 parts in loan 5320 with 3% premium. The next morning I noticed that all 5 had been sold, again with 3% premium, even though I most certainly did not put them up for sale (I would have had to choose the premium for each one and I haven't done anything like that for months.) FC deny that they did this. They also say that they have no way of selling parts for a lender. Has anyone else ever experienced this? IIRC, I did once read of a lender who bought parts that turned out to have been sold by FC twice who then cancelled his purchase but I can't find the post.
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blender
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Post by blender on Aug 6, 2014 13:13:27 GMT
The case of selling twice is a rare bug where a loan part up for sale is sold twice by the system, and one of the sales has to be cancelled. But I have never heard of FC selling a lender's loan part which the lender had not put up for sale, and I tend to agree with FC that they do not have the ability to do such a thing (or should not). They would have to hack into your account - or use some special emergency administrative access that no normal operative could use.
I would look carefully at your transaction history and find the records of the purchase and the sale of each loan part on the appropriate days, and cross check with 'loan parts sold'. That should tell you what happened, but whatever it turned out to be, unless the sale of the five loan parts to you have been cancelled due to double purchase (almost infinitely improbable) it is most likely that you have sold them, somehow.
BTW it is not a good idea to build up a portfolio by purchasing at a high premium. The occasional fantastic bargain, perhaps.
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is
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Post by is on Aug 6, 2014 13:24:30 GMT
The case of selling twice is a rare bug where a loan part up for sale is sold twice by the system, and one of the sales has to be cancelled. But I have never heard of FC selling a lender's loan part which the lender had not put up for sale, and I tend to agree with FC that they do not have the ability to do such a thing (or should not). They would have to hack into your account - or use some special emergency administrative access that no normal operative could use. I would look carefully at your transaction history and find the records of the purchase and the sale of each loan part on the appropriate days, and cross check with 'loan parts sold'. That should tell you what happened, but whatever it turned out to be, unless the sale of the five loan parts to you have been cancelled due to double purchase (almost infinitely improbable) it is most likely that you have sold them, somehow. BTW it is not a good idea to build up a portfolio by purchasing at a high premium. The occasional fantastic bargain, perhaps. Good suggestion to try to reconcile, but I am (unsuccessfully of course) trying to get an explanation from FC for why I have some sales visible on the transaction statement that do not appear on "loan parts sold" (and indeed specific loan parts are still in my inventory)...
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Post by goldservice on Aug 6, 2014 14:47:30 GMT
The case of selling twice is a rare bug where a loan part up for sale is sold twice by the system, and one of the sales has to be cancelled. But I have never heard of FC selling a lender's loan part which the lender had not put up for sale, and I tend to agree with FC that they do not have the ability to do such a thing (or should not). They would have to hack into your account - or use some special emergency administrative access that no normal operative could use. I would look carefully at your transaction history and find the records of the purchase and the sale of each loan part on the appropriate days, and cross check with 'loan parts sold'. That should tell you what happened, but whatever it turned out to be, unless the sale of the five loan parts to you have been cancelled due to double purchase (almost infinitely improbable) it is most likely that you have sold them, somehow. BTW it is not a good idea to build up a portfolio by purchasing at a high premium. The occasional fantastic bargain, perhaps. I did the reconciliation that you suggest but it simply showed that I apparently sold those parts shortly after buying them. But I didn't. When I say that FC sold my parts, I mean that I guess they cancelled the transaction and that the cancellation shows up in my history as parts sold. In the cancelled case that you refer to, how did it show up in the transaction history? 'almost infinitely improbable' and 'rare': any more info on this?
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pikestaff
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Post by pikestaff on Aug 6, 2014 14:54:23 GMT
Have you been charged a fee for the "sales"? If not, I'd suggest it was probably a cancellation.
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blender
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Post by blender on Aug 6, 2014 16:16:00 GMT
Have you been charged a fee for the "sales"? If not, I'd suggest it was probably a cancellation. Agree with this, though I would think that a cancelled purchase would be corrected by FC by just removing the purchase transaction rather than adding a sale with no fee - as with a rejected bid on a loan. Seeing the current problems with the site and the other comments I would like to review (reduce) the probability of Goldservice having sold by accident (my implication of finger trouble was probably unjustified and I retract it) in favour of increasing the probability of the website having screwed up the transaction due to a new or mutated bug.
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Post by goldservice on Aug 6, 2014 17:18:29 GMT
Have you been charged a fee for the "sales"? If not, I'd suggest it was probably a cancellation. Yes, the usual 0.25% sales fee for each of the five parts was in my transaction history. I simply did not sell these parts. Selling would have involved several actions: choosing the parts, setting the premium, choosing sell, confirming, agreeing to T&Cs, and final confirmation. There is no way I could have done all that accidentally. I shall have to continue to press FC on this - wish me luck.
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mikeb
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Post by mikeb on Aug 6, 2014 17:40:28 GMT
Also check your end: Scan for viruses, malware, keyloggers, unidentified USB dongles, rogue pets with access to your FC password (on the post it note) etc. etc. It's unlikely someone has hacked your account, but change your password anyway? Would someone hacking your account really just sell off a few loan parts? Possibly, as a test to see if you noticed, and then sell the lot, followed by withdrawal to a new account? Just be really vigilant, as I don't think I've ever come across this sort of thing on FC. The above comments on FC silently backing out transactions are far more likely than FC leaving an audit trail of what happened. I think I started using the word "unhappened" for the first time in relation to trying to explain a Funding Circle statement  FCs explanation really really should include details of when the transaction took place (time, date) and the IP address the contact came from. Just to be sure. I do find it hard to believe someone could accidentally sell 5 loan parts, unless you were aiming to sell 5 others at the time! |
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Post by easteregg on Aug 6, 2014 18:45:29 GMT
Perhaps the most likely scenario is a fault with the system. These loan parts would have been in the database tagged as having a 3% markup. When purchased the database should have been updated to show you these loan parts were not for sale. If however the database transaction did not go through then these loan parts could have still been tagged as being up for sale.
I would contact funding circle to ask them to prove to you that you put these loan parts up for sale yourself. I would also point out that it would be highly unlikely you would put a loan up for sale immediately after purchasing it.
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blender
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Post by blender on Aug 6, 2014 22:40:57 GMT
The problem with the faulty system theory is that there is not a single purchase by Goldservice of five parts which could go wrong, but five separate lender-initiated purchases of one part each, and all of these have to go wrong in the same way without anyone else or any of Goldservice's other loan parts being similarly affected -ever before or since. That is what I considered infinitely improbable, and I think FC will not spend much time on it unless others have the same problem. I accept that Goldservice did not put the parts up for sale in the normal way, but the problem is more likely to be in Goldservice's kit then in FC's system - if we look for the factors which are common to the five mis-operations. Mikeb's advice is very good.
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