bigfoot12
Member of DD Central
Posts: 1,817
Likes: 816
|
Post by bigfoot12 on Jan 29, 2015 10:21:08 GMT
I presume that there is a convention which is in the loan document to describe what happens when a repayment is scheduled for a non banking day. There normally is in most things I have come across. If the repayment should have been made on the Friday and has not, it is now late and the loan should be suspended close of business on Friday, if the loan isn't actually late until close of business on Monday then it should not be suspended unless it is still outstanding close of business on Monday. But there are many more important things for the AC IT team to be working on. davidricketts1 does AC have a standard policy on this or does it vary from loan to loan? |
|
|
|
Post by davidricketts1 on Feb 2, 2015 12:39:42 GMT
It's one of those on the "To Do" list bigfoot12.
No current convention but my preference would be that we move all repayments due on a non banking day to the next banking day.
Unfortunately there are higher IT priorities at the moment.
|
|
j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188 
Likes: 540
|
Post by j on Feb 15, 2015 19:33:37 GMT
I have had 2p left in this loan, having sold the rest of my holdings. It has been at this level for one week. Whilst it's very plausible that no one wants to buy the 2p left, considering that the rest of the holding sold immediately, i doubt that's the case. It's annoying the heck out of me to have just 2p left  . chris, is there a glitch on this one? |
|
sl75
Posts: 2,092
Likes: 1,245
|
Post by sl75 on Feb 16, 2015 14:27:38 GMT
Maybe try setting a higher target (e.g. £1.02), and then after a successful purchase reducing the target back to zero?
|
|
|
|
Post by yorkshireman on Feb 28, 2015 1:25:07 GMT
Why are investments still paused on this loan when payment has been made and distributed to lenders?
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Feb 28, 2015 11:59:55 GMT
Another IT cockup!
|
|
|
|
Post by chris on Feb 28, 2015 22:22:27 GMT
Actually it looks like one repayment is just over £3 short so it's flagged as part paid and still due. I'll investigate further on Monday to get it resolved.
|
|
bg
Member of DD Central
Posts: 1,368
Likes: 1,929
|
Post by bg on Mar 1, 2015 7:53:36 GMT
Actually it looks like one repayment is just over £3 short so it's flagged as part paid and still due. I'll investigate further on Monday to get it resolved. This is really not good enough. Why are things like this consistently pointed out on this forum? As soon as a loan is paused alarm bells should be ringing and action should be taken immediately - even if that's just to post in the comments that it's an internal issue and nothing more sinister. i really don't think the guys at Assetz understand how important confidence in what they are doing is to the success of the platform. Error after error makes me fear for the future - people are going to stop investing, my capital is then seriously at risk. I don't get the impression it's even taken seriously - I speak to management about these issues and they are oblivious to them (too busy trying to strike the next big deal, they don't notice the wheels coming off). All this happening during an equity raise too - I am considering not settling my Seedrs bid. While I'm at it, loan #150 is now paused for missing it's first payment on Friday. Loan #140 missed a payment Friday - I glance down the loan list and half of them are paused due to late payment. If I was a prospective investor looking at the platform this weekend, i wouldn't be looking long. Each issue in itself may be minor but as a whole they are disastrous. Perhaps andrewholgate would like to comment.
|
|
|
|
Post by mrclondon on Mar 1, 2015 12:17:17 GMT
While I'm at it, loan #150 is now paused for missing it's first payment on Friday. Loan #140 missed a payment Friday - I glance down the loan list and half of them are paused due to late payment. If I was a prospective investor looking at the platform this weekend, i wouldn't be looking long. Each issue in itself may be minor but as a whole they are disastrous. Perhaps andrewholgate would like to comment. Is some of what you observed due to payments normally due 29th/30th/31st ? Funding Circle display the following prominent banner each year at this time:
|
|
am
Posts: 1,495
Likes: 601
|
Post by am on Mar 1, 2015 13:03:10 GMT
While I'm at it, loan #150 is now paused for missing it's first payment on Friday. Loan #140 missed a payment Friday - I glance down the loan list and half of them are paused due to late payment. If I was a prospective investor looking at the platform this weekend, i wouldn't be looking long. Each issue in itself may be minor but as a whole they are disastrous. Perhaps andrewholgate would like to comment. Is some of what you observed due to payments normally due 29th/30th/31st ? Funding Circle display the following prominent banner each year at this time: Both FC and AC have persistent operational problems. In the former case I've paused deposits because of this, and am wondering whether I should start withdrawing funds.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Mar 1, 2015 15:38:31 GMT
Funding Circle display the following prominent banner each year at this time: FC appear to be saying that their system is incapable of counting backwards five days on an accurate calendar in order to enable their DD requests to be submitted at the right time so as to be able to be dealt with on the appointed repayment day. I find that rather disappointing, to say the least, and I'm glad I don't invest via FC.
|
|
am
Posts: 1,495
Likes: 601
|
Post by am on Mar 1, 2015 17:04:18 GMT
Funding Circle display the following prominent banner each year at this time: FC appear to be saying that their system is incapable of counting backwards five days on an accurate calendar in order to enable their DD requests to be submitted at the right time so as to be able to be dealt with on the appointed repayment day. I find that rather disappointing, to say the least, and I'm glad I don't invest via FC. The tale I read (probably several layers of telephone down) was that they used to pay a 3rd party to set up the direct debits, and that 3rd party was incapable of coping with months of fewer than 31 days. Supposedly FC have since taken the process in house, and it's only legacy (40%?) loans that are effected. This does raise the question why the legacy loans aren't fixed/fixable.
|
|
|
|
Post by davee39 on Mar 1, 2015 17:12:20 GMT
FC have not fixed it. All my 1st March loans have failed, and they are all less than 3 months. With FC you have to set your expectations very low and then prepare for things to turn out even worse.
As for AC, I only started investing last week and a third of loans are showing paused so I hope it is just a similar technical issue.
Perhaps a government information campaign related to the length of February would help.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Mar 1, 2015 17:57:18 GMT
As for AC, I only started investing last week and a third of loans are showing paused so I hope it is just a similar technical issue. For AC, it's completely different since they do not collect payments by DD -- they rely on borrowers either to set up a standing order or to manually make the payment when due. I don't know why they don't insist on a SO being set up. The paused loan problem occurs every weekend. When a loan is due to be paid on Saturday, if it hasn't been paid early it will be declared to be 'late' at 0001 on Sunday, and at that point Aftermarket sales are paused automatically. You can expect more paused loans tonight as any that are scheduled to repay on the first of the month will be declared to be late at 0001 on Monday, and at that point Aftermarket sales will be paused automatically on those as well. I agree with a comment made earlier to the effect that any potential new investor who visits the AC website now and sees all the loans with 'Investment paused due to a late payment' would be scared away immediately and probably invest their money elsewhere. I'm afraid it's just another situation where AC don't appreciate how much the confidence in their system is undermined by little issues that they don't see as being important enough to address and fix. Perhaps andrewholgate would care to address this issue.
|
|
bg
Member of DD Central
Posts: 1,368
Likes: 1,929
|
Post by bg on Mar 1, 2015 18:25:21 GMT
While I'm at it, loan #150 is now paused for missing it's first payment on Friday. Loan #140 missed a payment Friday - I glance down the loan list and half of them are paused due to late payment. If I was a prospective investor looking at the platform this weekend, i wouldn't be looking long. Each issue in itself may be minor but as a whole they are disastrous. Perhaps andrewholgate would like to comment. Is some of what you observed due to payments normally due 29th/30th/31st ? No it is not. The loans I have mentioned have payments scheduled for 27th of every month - so there may actually be a problem with them. But who knows? It's not like I have a serious amount of capital at risk. Of course the long standing issue of some days in the month falling on weekends has yet to be resolved (and its a fairly easy fix). I mentioned some of these issues to Stuart Law at the Seedrs evening last week and he really had no idea they were occurring.
|
|
.
