loadsahope
Member of DD Central
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Post by loadsahope on May 31, 2018 18:16:57 GMT
Whatever it was seems to have worked - thanks to whoever!
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TFTO
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Post by TFTO on Jun 4, 2018 19:18:03 GMT
Same problem again, loads of interest payments outstanding and they cannot all be late!
stuartassetzcapital chris Can we get these interest payments processed on the day they arrive, please - we should not be kept waiting.
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Post by chris on Jun 4, 2018 19:26:03 GMT
Same problem again, loads of interest payments outstanding and they cannot all be late!
stuartassetzcapital chris Can we get these interest payments processed on the day they arrive, please - we should not be kept waiting.
Nothing is queued in the system, best to raise with customer services in the morning.
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TFTO
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Post by TFTO on Jun 4, 2018 19:30:56 GMT
Thanks, I assumed nothing would be queued and that somebody needs to manually enter the payments.
I'll drop customer service an email tomorrow morning.
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Post by pikeman on Jun 5, 2018 8:27:58 GMT
I have just been on live chat about the very large number of overdue payments on my account. They don't seem to think there is a problem. If that's the case I am concerned about my investments
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Post by lynnanthony on Jun 6, 2018 8:31:38 GMT
I have just been on live chat about the very large number of overdue payments on my account. They don't seem to think there is a problem. If that's the case I am concerned about my investments Assetz's blasé attitude to late payments has always irked me. They won't do anything until a payment is seven days overdue. A reply I received some while ago seemed to imply that the event that trips off action (if it is not otherwise tripped off by a prod from a lender) is a weekly report - so it seems to me it could be up to two weeks before they'll even make a phone call, "Excuse me, terribly sorry to trouble you but we were wondering if you might possibly be able to see your way clear to giving us some idea as to when you might feel able to consider upholding your part of the contract?"
Two things I don't understand: Why standing orders / direct debits are not insisted on? And why a courteous phone call cannot be made as soon as a payment is one day overdue?
Oh yeah, a third thing I don't understand: why loans with retained interest are sometimes amongst the late payers?
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TFTO
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Post by TFTO on Jun 6, 2018 8:50:04 GMT
Oh yeah, a third thing I don't understand: why loans with retained interest are sometimes amongst the late payers?
This is a good one!
Assetz stated last week that interest payments need to be manually released by somebody in finance, which would explain loans with retained interest going late. It should not happen as that means we cannot re-invest the interest for up to seven days, or maybe even longer, not to mention the worry over a possible default.
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Post by chris on Jun 6, 2018 10:00:02 GMT
AIUI standing orders are required for the loans but that doesn't stop late payments, people not setting them up, cancelling them, etc. Direct Debits have a charge back scheme and clearance time that is incompatible with the CASS client money rules, same reason we're currently unable to accept direct debits or debit cards from lenders.
On the late payment process from an operational point of view - best to ask customer services. They should be able to get a more detailed and accurate answer from the business.
With regards to retained interest - those funds are legally the borrower's so cannot sit in the client money account. Therefore there is a separate manual process whereby finance have to transfer the funds, they need to clear into the client money account again as per the client money rules, then they need to be flagged in the system for distribution. Given there are only a couple of people in the company with access to those accounts this can sometimes present a bottleneck, but again customer services should be able to provide more detail.
One of the major projects I want to complete towards the end of this year is an overhaul of our underlying banking services so I'm sure all these manual processes will come under review and possible automation down the line.
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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 Jun 6, 2018 10:22:32 GMT
AIUI standing orders are required for the loans but that doesn't stop late payments, people not setting them up, cancelling them, etc. Direct Debits have a charge back scheme and clearance time that is incompatible with the CASS client money rules, same reason we're currently unable to accept direct debits or debit cards from lenders. On the late payment process from an operational point of view - best to ask customer services. They should be able to get a more detailed and accurate answer from the business. With regards to retained interest - those funds are legally the borrower's so cannot sit in the client money account. Therefore there is a separate manual process whereby finance have to transfer the funds, they need to clear into the client money account again as per the client money rules, then they need to be flagged in the system for distribution. Given there are only a couple of people in the company with access to those accounts this can sometimes present a bottleneck, but again customer services should be able to provide more detail. One of the major projects I want to complete towards the end of this year is an overhaul of our underlying banking services so I'm sure all these manual processes will come under review and possible automation down the line. One of AC's biggest failings is the inability to make timely payments of interest & more importantly capital repayments when funds have been received. Having funds tied up for up to 5 days interest free, as interest stops the day the borrower repays, really is unacceptable. This definately needs a review at board level and a solution prioritised. It isnt sometimes presenting a bottleneck ... it regularly presents a bottleneck ISTM. Are there any other platforms that suffer from such lag & drag ... none Im involved with AFAIA ... do they all breach CASS rules, cover the drag themselves? (know you cant comment on that chris)
Edit: current case study #97 - redeemed yesterday by borrower, interest ceased accruing ...
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ton27
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Post by ton27 on Jun 6, 2018 11:10:51 GMT
I also find the continuing saga of late payments an issue. There are numerous examples in the Q and As where an investor has queried a late payment only for AC to answer that it has been paid and will be credited as soon as possible. Any delay by AC in processing payments is, of course to ACs advantage. I would hope that is not the reason for their seeming inability to fix the problem.
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ianj
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Post by ianj on Jun 6, 2018 11:17:34 GMT
.......Any delay by AC in processing payments is, of course to ACs advantage....... ??
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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
Posts: 11,329
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Post by ilmoro on Jun 6, 2018 12:48:32 GMT
I also find the continuing saga of late payments an issue. There are numerous examples in the Q and As where an investor has queried a late payment only for AC to answer that it has been paid and will be credited as soon as possible. Any delay by AC in processing payments is, of course to ACs advantage. I would hope that is not the reason for their seeming inability to fix the problem. To be fair, I dont think there is any advantage to AC. I assume borrower funds go to a Client account so unless there is interest on that account, there wont be any gain to AC by virtue of delay. The disadvantage is to lenders losing money (min 4.1% interest) through drag. Disadvantage to AC is reputational ... seem inefficient & at times, incompetent where lenders have to poke them on administrative tasks eg #333 term today. Its a disappointing regular occurence on the surface.
They however remain perhaps the most credible and best of the platforms I use ...
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ton27
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Post by ton27 on Jun 6, 2018 15:31:11 GMT
Thanks@ilmoro - I think I understand and it seems I have got it wrong - but have a further question. If AC do not gain by the delays then if they do not pay the interest to lenders does the benefit go to the PF? -
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Post by chris on Jun 6, 2018 17:57:26 GMT
Thanks@ilmoro - I think I understand and it seems I have got it wrong - but have a further question. If AC do not gain by the delays then if they do not pay the interest to lenders does the benefit go to the PF? - What interest? There is no additional interest earned through a delay in processing.
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ton27
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Post by ton27 on Jun 7, 2018 8:10:54 GMT
Sorry all - I am obviously either wrong or not expressing myself well but will try one last time.
If,by a delay in processing, monies are not credited to lenders accounts then they forgo interest (currently at 4.1% p.a.). I realise and understand that AC do not earn interest on such amounts but they "save" having to pay it to lenders. In the case of the collective accounts any "benefit" would, I think, be for the PF but not for the MLIA account.
Once again if my thinking is muddled and incorrect, my apologies - my intent is not to waste everyone's time.
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