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Post by df on Mar 12, 2018 20:23:29 GMT
Problem has been tracked down - old loan with a balance that shouldn't have been non-zero - so everything will be recalculated for the affected lenders. The system we use can back calculate to any arbitrary point in time so once the problem's properly corrected we'll recalculate your snapshot figures. The update process has been run, so everyone should have the correct snapshot balances now. I've checked oldgrumpy 's account and it's showing the correct figure in the database and I'll let the lender team know now so that they can double check the balances of anyone else who has contacted them. Mine is showing correct figures now. Thank you for sorting this out so quickly.
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cb25
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Post by cb25 on Mar 12, 2018 21:03:49 GMT
I assume that uninvested money are kept in segregated account and in the event of platform failure will be returned to investors. Although may not be returned instantly as the recent example shows (it's 12 days since Col has gone into administration). We are very strict in our adherence to client money rules. So yes. What amount of funds are covered (per lender) ?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 12, 2018 21:12:54 GMT
We are very strict in our adherence to client money rules. So yes. What amount of funds are covered (per lender) ? AFAIUI Standard £85k but that would be across all accounts an individual holds at Barclays (so includes any funds held on other platforms who use Barclays for CM) Its only covered if the bank fails as its the banks protection not AC.
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michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on Mar 12, 2018 22:30:02 GMT
Does it not just mean that the QAA is effectively paying 4.75% on extra money for the duration? I find that quite attractive - ie this account has the highest percentage uplift and lowest risk. Or am I missing something? Yes, I think it is as simple as that. I'm thinking of parking some cash in 30-Day for the duration of this bonus. 5.25% for low risk sounds attractive. Low risk? It does have a better reputation than most but this is absolutely nowhere near a bank which is low risk.
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mikes1531
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Post by mikes1531 on Mar 13, 2018 4:09:39 GMT
While I like this it’s a bit irritating that AC are calling it interest when it is clearly a cashback. For example: time limited offer, finishes with the tax year for ISAs (i.e. incentive to trade), comes from “monitoring income” direct from AC rather than a borrower. Ok, it’s associated with lending but it doesn’t matter what kind of lending so for example the QAA is included but putting cash in the QAA isn’t always lending - it’s often underwriting which attracts fees (or cashback!) rather than interest. If AC had officially called it a cashback they’d also have to account for it differently on the tax statement since it wouldn’t be taxed. Perhaps they are calling it bonus interest because people from cash ISAs can wrap their head round it? If so, that’s not a good reason. I dont think they are allowed to call it cashabck because it will be related to a time period. Same as ablrate instant return. I'm certainly no expert, but I was under the impression that because P2P platforms, including AC, were not licensed as deposit-taking institutions -- or whatever the official descriptive phrase is -- they weren't allowed to pay 'interest'. The interest we earn comes from the borrowers, and anything paid by the platform ought to be considered an incentive payment of some sort rather than interest. Having said that, though, ISTM that even when AC made payments in the past that they described as 'cashback' their statements after the end of the tax year included those payments and indicated that we should be reporting them as income to HMRC. (My 2014/15 AC Tax Statement shows Interest = £XXX, Cashback = £YYY, and Taxable amount = £ZZZ, where £ZZZ = £XXX + £YYY.) IIRC, some people didn't agree with that position and may have omitted those payments from their tax returns, but that was their, or their accountants', choice and had nothing to do with AC -- who, no doubt, will maintain their position that they can't give tax advice/guidance, so it's all up to us to interpret the figures they supply.
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jlend
Member of DD Central
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Post by jlend on Mar 13, 2018 7:36:05 GMT
Hi chrisTotal invested funds eligible for 1% bonus (refreshed daily)Is there a rough time of day the refresh happens? Thanks |
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Post by slumberingaccountant on Mar 13, 2018 8:21:42 GMT
mine refreshed overnight. 1% bonus is showing as the total of cash deposit made yesterday, plus yesterdays MLIA interest payments.
looks good to me.
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dc848
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Post by dc848 on Mar 13, 2018 8:33:47 GMT
Mine too, so it looks like ALL interest earned on 'old money' also qualifies.
Lifes good.
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jlend
Member of DD Central
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Post by jlend on Mar 13, 2018 8:36:29 GMT
Mine too, so it looks like ALL interest earned on 'old money' also qualifies. Lifes good. Cheers I put some money in yesterday directly to the qaa account. 12th Mar 2018 at 16:06 But not showing in the qualified holding for the bonus Will check again tomorrow
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SteveT
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Post by SteveT on Mar 13, 2018 8:44:01 GMT
As a (very small) shareholder, I take my hat off to whomever in AC's Marketing Department thought up the "1% Spring Bonus" mechanic. It sounds SO much more generous than "0.277% extra interest"  |
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dc848
Posts: 150
Likes: 92
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Post by dc848 on Mar 13, 2018 8:44:08 GMT
Mine too, so it looks like ALL interest earned on 'old money' also qualifies. Lifes good. Cheers I put some money in yesterday directly to the cash account. 12th Mar 2018 at 16:06 But not showing in the qualified holding for the bonus Will check again tomorrow I think it needs to be 'swept' into the QAA to qualify...
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jo
Member of DD Central
dead
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Post by jo on Mar 13, 2018 8:44:20 GMT
Mine too, so it looks like ALL interest earned on 'old money' also qualifies. Lifes good. Cheers I put some money in yesterday directly to the cash account. 12th Mar 2018 at 16:06 But not showing in the qualified holding for the bonus Will check again tomorrow Ditto. I added funds yesterday, put some in 30 day and some in GBBA2, nothing showing. chris ?
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SteveT
Member of DD Central
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Post by SteveT on Mar 13, 2018 8:45:18 GMT
Cheers I put some money in yesterday directly to the cash account. 12th Mar 2018 at 16:06 But not showing in the qualified holding for the bonus Will check again tomorrow If it's still in your Cash Account, it's not yet invested. You'll need to at least move it into your QAA.
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jlend
Member of DD Central
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Post by jlend on Mar 13, 2018 8:48:23 GMT
Cheers I put some money in yesterday directly to the cash account. 12th Mar 2018 at 16:06 But not showing in the qualified holding for the bonus Will check again tomorrow If it's still in your Cash Account, it's not yet invested. You'll need to at least move it into your QAA. Meant qaa... 12th Mar 2018 at 16:06 Deposit: DQAA1xxxxxxxx £5,000.00 Also my cash account is set to sweep to the QAA
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jlend
Member of DD Central
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Post by jlend on Mar 13, 2018 8:51:50 GMT
Cheers I put some money in yesterday directly to the cash account. 12th Mar 2018 at 16:06 But not showing in the qualified holding for the bonus Will check again tomorrow I think it needs to be 'swept' into the QAA to qualify... It is. Plus I put cash rather than QAA in my post by mistake just to confuse matters 😀 12th Mar 2018 at 16:06 Deposit: DQAA1xxxxxxxx £5,000.00
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