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Post by bobthebuilder on Mar 30, 2018 9:04:08 GMT
Just as a heads up to other lenders on BM, for at least the last four days I have been hit with fees that are six times the amount they should have been. I am not so paranoid as to think that I have been singled out for special treatment, so I presume that this has happened across the board. I only emailed BM about this a couple of days ago, and given that this is a bank holiday weekend I would not have expected them to have resolved the issue yet, but what concerns me is that I seem to be the first person on this forum who has noticed it. And that for me is the nub of the matter. There has to be a full audit trail of every entry that affects my cash balance, like there is for every other platform I am invested with.
The only reason I know that I have been overcharged is because I’m a geek who records daily the figures shown on BM’s Balance and Returns statements for cash in bank, capital deployed, fees collected/outstanding and interest paid and accrued. If there are any purchases, or movements in the capital deployed or interest paid figures, I also download the entire loan book so that I can identify which loans have had interest or capital repayments in the previous 24 hours. But I really shouldn’t have to do this. There are plenty of other “fire and forget” platforms who provide me with a proper audit trail of what they are doing, and I don’t see why BM should be an exception.
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ashtondav
Member of DD Central
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Post by ashtondav on Mar 30, 2018 9:32:49 GMT
for a taxpayer those others provide higher returns as well.
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Brainer
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Post by Brainer on Mar 30, 2018 15:35:11 GMT
Thanks for the heads up. I'd like to be able to comment on whether this has affected me as well, but as you say, this isn't possible without a proper audit trail. I guess I'll have to start tracking my account figures on a daily basis too... the exact opposite of what I want from a 'fire and forget' platform.
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Post by stevefindlay on Mar 30, 2018 16:26:06 GMT
We've found the issue:
In cases where a client has insufficient cash available to pay the daily fee amount, then the fee rolls over to the next day etc, until there are sufficient cash balances.
Unfortunately, the fee calculation wasn't being reset once it was collected, so the higher cumulative fee amount was being carried forward to the next day.
This arose when the new website went live, and the total amount impacted across the platform is about £500.
This will be corrected next week, and any over charges reversed.
Many thanks
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ashtondav
Member of DD Central
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Post by ashtondav on Mar 30, 2018 18:04:40 GMT
Since fees are non deductible the returns are negligible compared to the competition post tax. Non taxpayers, companies and ISAs (?) only need apply.
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Post by stevefindlay on Mar 30, 2018 18:55:58 GMT
Since fees are non deductible the returns are negligible compared to the competition post tax. Non taxpayers, companies and ISAs (?) only need apply. I think you've tried to make this point a few times before. You can also further reduce your tax bill with the 'competition' by racking up large losses. Crack on...there are plenty of P2P sites for you to choose from... A related point: did you know that less than half of the underlying loans through BondMason are from P2P lending sites? And as we were excluded from P2P Independent Forum annual polls for not being P2P (which we are happy to accept), it may be time for you to reassess who is our competition. As a clue, its not Rebs, RS, LfSS etc etc...
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Post by stevefindlay on Apr 4, 2018 11:31:44 GMT
The fees have all been rectified.
Please let us know if you have any questions, or if your account doesn't look correct.
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Apr 9, 2018 5:48:03 GMT
Since fees are non deductible the returns are negligible compared to the competition post tax. Non taxpayers, companies and ISAs (?) only need apply. It seems to me that although this factor is correct, it's more of an annoyance than a major issue! Unless I misunderstand, the difference on overall return is the marginal rate on the fee, which is somewhere between 0.3 - 0.6% depending on your tax rate, and slightly less for larger investments. Maybe for some people that will be significant, in which case I would have thought they will probably already expend greater effort in tax planning.
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