ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Sept 8, 2014 17:52:27 GMT
Thanks for the steer - found the update on the old loan now, which explains original rate payments up to the 5th. If we're being paid default interest from the 6th, then I'm expecting 3 days interest to appear (overnight 5th, 6th and 7th) or have I got everything muddled? You see, this is what I find irksome here - it should just be there without me having to expend precious brain cells and time on wondering where it is, and when it appears if it's right or not. Just guessing now, but default interest is only charged when they are a week late. That is not the case just yet, so I haven't the faintest idea what's gonna happen, but it might accrue at normal rate and then when they are late they go back and correct the Int. now that it's default. But can you see what I'm getting at? I appreciate they haven't paid the loan, so this sounds like splitting hairs. Yes, Ton ⓉⓞⓃ, thanks. But there definitely shouldn't be Zero in the accrued field should there? I'm not overly worried - if you say all these discrepancies are normal and normally get sorted, then I'll just wait until it happens or at least until somebody even more pedantic than myself jumps up and down and demands some action. I sure hope the all singing, all dancing mythical site update makes this sort of inaccuracy and lack of clarity a thing of the past. The solution of making a new extendsion loan makes sense - one rate of interest on the first, another on the second. It just needs implementing more cleanly.
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mikeb
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Post by mikeb on Sept 8, 2014 18:04:28 GMT
Also notice that the loan is only making 1 payment at term with no intermediate interest payments. Already 4 queries on Q&A about whats going on. Urgently need some comms from AC to clarify. Would help if they moved the original update from the old loan to the new one. I just happened to see it earlier but I suspect most are in the dark Original loan is on p5 on loan archive. Comment says default interest accuring from 6/9 which would imply 2 days interest will appear from somewhere at some point Thanks for the steer - found the update on the old loan now, which explains original rate payments up to the 5th. If we're being paid default interest from the 6th, then I'm expecting 3 days interest to appear (overnight 5th, 6th and 7th) or have I got everything muddled? You see, this is what I find irksome here - it should just be there without me having to expend precious brain cells and time on wondering where it is, and when it appears if it's right or not. It's not just you. It's me too. Interest was accruing at the old standard rate (12% APR/6% FEE) for the last few days, even this morning. Then suddenly the accrued interest on the original loan is gone, and a short amount paid in "settlement". No explanation as to WTH is happening! The new loan is at the same rate as the old one (6% F/12% A) yet if sold on the aftermarket is (9% F/18% A) so that the buyer gets the default interest, yet I don't. That can't be right. You're right, you shouldn't have to keep second guessing and checking every calculation. But do you know what? Until AC get the sums sorted out, it looks like every lender will have to check every penny, to subvert someone else's slogan 
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baz657
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Post by baz657 on Sept 8, 2014 18:08:59 GMT
I'd prefer to be informed before the event and not be second guessing after.
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Post by Ton ⓉⓞⓃ on Sept 8, 2014 18:32:01 GMT
I'd prefer to be informed before the event and not be second guessing after. I know what you're saying but to be fair to Zopa AC... Should be fairly simple one that one but it isn't. Yes default interest will be accruing but I'm unsure how we'll be managing this yet if we're looking at doing a new loan. May be a case of setting a definitive date to drawdown (easier in this case as security is already held) and calculating interest to that date. Something to consider over the weekend I think. So this is right at the beginning of the thread, which I didn't remember to be honest.
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gnasher
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Post by gnasher on Sept 8, 2014 18:56:48 GMT
"I sure hope the all singing, all dancing mythical site update makes this sort of inaccuracy and lack of clarity a thing of the past." Crikey RR, I can tell you are not a lender on TC. If you were you would realise that AC is a haven of rapidly developing, quality software, with excellent communication channels with its members. I think your frequent comments of this nature are completely unjustified.
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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 Sept 8, 2014 19:02:14 GMT
Thanks for the steer - found the update on the old loan now, which explains original rate payments up to the 5th. If we're being paid default interest from the 6th, then I'm expecting 3 days interest to appear (overnight 5th, 6th and 7th) or have I got everything muddled? You see, this is what I find irksome here - it should just be there without me having to expend precious brain cells and time on wondering where it is, and when it appears if it's right or not. It's not just you. It's me too. Interest was accruing at the old standard rate (12% APR/6% FEE) for the last few days, even this morning. Then suddenly the accrued interest on the original loan is gone, and a short amount paid in "settlement". No explanation as to WTH is happening! The new loan is at the same rate as the old one (6% F/12% A) yet if sold on the aftermarket is (9% F/18% A) so that the buyer gets the default interest, yet I don't. That can't be right. You're right, you shouldn't have to keep second guessing and checking every calculation. But do you know what? Until AC get the sums sorted out, it looks like every lender will have to check every penny, to subvert someone else's slogan Its right in the actual loan details, just wrong in the list of your loan units. Old AC issues again, info for all this is there but spread out and not easy to find
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Sept 8, 2014 19:30:39 GMT
The accrued interest has been updated now - better late than never as they say!
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
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Post by ramblin rose on Sept 8, 2014 19:40:52 GMT
"I sure hope the all singing, all dancing mythical site update makes this sort of inaccuracy and lack of clarity a thing of the past." Crikey RR, I can tell you are not a lender on TC. If you were you would realise that AC is a haven of rapidly developing, quality software, with excellent communication channels with its members. I think your frequent comments of this nature are completely unjustified. Well, we each have our own opinions gnasher, and I'm happy for you to be happy with the status quo. I realise that not everybody agrees with me - in fact, it's not at all unusual, but I speak as I find. This was inaccurate and it was unclear, and many other things since I joined in April have been inaccurate and have been unclear, according to longer term lenders, so personally I don't see what's unjustified about my saying so. You are quite right that I don't lend with TC, and I have no intention of doing so. I wouldn't lend with AC if I thought they were bad on every level, but they do fall down in certain areas. Being much better than something appallingly bad, isn't the same as being excellent.
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Post by mrclondon on Sept 8, 2014 21:06:35 GMT
Just guessing now, but default interest is only charged when they are a week late. That is not the case just yet, so I haven't the faintest idea what's gonna happen, but it might accrue at normal rate and then when they are late they go back and correct the Int. now that it's default. But can you see what I'm getting at? I appreciate they haven't paid the loan, so this sounds like splitting hairs. Your guess earlier today could well have hit the nail on the head. After the later changes, the new loan is currently accruing @ 12% pa since the 5th, and now there is only one reference to 9% fee (on the loan overview). Still slightly confusing, and the lack of immediate clarification on the Q&A not great PR.
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j
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Post by j on Sept 8, 2014 21:33:14 GMT
Still slightly confusing, and the lack of immediate clarification on the Q&A not great PR. Ditto. Is it 6%, 9%, 12% or 18%. Answer on a postcard please
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Post by Ton ⓉⓞⓃ on Sept 8, 2014 21:36:22 GMT
Edit: I made an inaccurate post - deleted as nonsense. Naughty Rose  You can delete posts if you want just click on the  I like  auction closes after the loan is drawn.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
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Post by ramblin rose on Sept 8, 2014 21:43:39 GMT
Edit: I made an inaccurate post - deleted as nonsense. Naughty Rose You can delete posts if you want just click on the Brilliant - I had even checked that list a few times when I wanted to delete and not found it. I have a habit of thinking the icons below the post are the ones belonging to it, so I probably found that I couldn't delete the one below. Obviously too late at night for me to be trying to do anything technical. Edit: Yay And now I've deleted it, so now you've quoted a non-existent post 
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Post by Ton ⓉⓞⓃ on Sept 8, 2014 21:46:18 GMT
Still slightly confusing, and the lack of immediate clarification on the Q&A not great PR. Ditto. Is it 6%, 9%, 12% or 18%. Answer on a postcard please Aberystwyth wasn't the worlds biggest p2p loan but it was the worlds longest in gestation. Ipswich is the worlds most confusing p2p loan. Believe it or not all the interest rates stated could be right in one way or another. For the moment we are getting 12%, the fee will be 9% in six months time etc. I just can't imagine how a newbie would understand it, or the FCA or whatever it is now.
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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 Sept 8, 2014 22:30:06 GMT
Ditto. Is it 6%, 9%, 12% or 18%. Answer on a postcard please Aberystwyth wasn't the worlds biggest p2p loan but it was the worlds longest in gestation. Ipswich is the worlds most confusing p2p loan. Believe it or not all the interest rates stated could be right in one way or another. For the moment we are getting 12%, the fee will be 9% in six months time etc. I just can't imagine how a newbie would understand it, or the FCA or whatever it is now. In the absence of a postcard (how retro), I shall use the forum. Ignore all references to 12% pretty sure they are wrong and left over from the old loan. chris needs to do some tidying up to eliminate confusion. Fee is 9%*, annual rate is 18%. For every £100 you earn 5p per day. So far 2 days have accumulated 6 & 7 Sept as the interest reconcils at end of each day. I think!  (after midnight - interest has gone up, but not by as much as predicted so could be 12% after all  ) Edit: having reread the updates on the original loan there is a clear distinction between a late payment & the failure to make the final repayment. With a late payment borrowers are permitted a week grace before default interest is charged, whereas failure to redeem the loan on the final due date is an immediate default. Hence the new loan is at a rate of 1.5% pm as the original loan defaulted at 00.01 6/9. (or maybe not)
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Post by henders on Sept 9, 2014 7:10:58 GMT
Now showing 9% fee for 6 months and 18% as the annualized percentage; guess this now makes sense.
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