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 Sept 9, 2014 7:22:18 GMT
Now showing 9% fee for 6 months and 18% as the annualized percentage; guess this now makes sense. Accrued interest has also jumped
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mikeb
Posts: 1,072
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Post by mikeb on Sept 9, 2014 8:27:39 GMT
I think your frequent comments of this nature are completely unjustified. 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. I also don't lend on TC, so can't compare how bad their system allegedley is. "It's paid eventually" yes it has. So that explains the lost accrued interest reappearing. Odd way to handle it ... And, to provide some balance, Angle***, Hack*** and Liver**** Bridging loans have all lost just under half their accrued interest overnight, for no reason. I'm sorry, but I'm losing faith in the basic account here, and communication of what is going on is getting thin. It's all very well being told "oh, those figures are just displaying wrong, we'll fix it eventually" (after lenders ask multiple times), or "we have a note of who owes what and it'll all sort out eventually". If this new platform "soon" doesn't fix these accounting/display issues, what then?
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Post by ramses505 on Sept 9, 2014 8:52:50 GMT
I understand peoples concerns regarding what the 'Interest Meter' shows at any particular time. For myself, I am really concerned that the credit made on my account at the end of every month is correct. Having written the kind of software systems that most of the P2P sites use, I can see how these problems happen and appreciate (to some degree) how long they take to fix and how the fixes sometimes introduce other problems. For the record, I have myself been affected by these same issues on AC. Just my 2 Cents.
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mark
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Post by mark on Sept 9, 2014 9:27:15 GMT
A block of ' new ' rate loan are available on the aftermarket if anyone is interested
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Post by henders on Sept 9, 2014 9:52:23 GMT
The recent "glitches" in calcs etc. (whilst being ex IT, I understand) have dented my confidence somewhat so I have withdrawn 50% of my available cash and deposited in RS (5 year 6.1%).
I currently view RS as the go to "safe" house for my money and 6.1 (provision "secured") is fine by me.
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Post by chris on Sept 9, 2014 10:28:15 GMT
The recent "glitches" in calcs etc. (whilst being ex IT, I understand) have dented my confidence somewhat so I have withdrawn 50% of my available cash and deposited in RS (5 year 6.1%). I currently view RS as the go to "safe" house for my money and 6.1 (provision "secured") is fine by me. There's an explanation in the other thread: www.p2pindependentforum.com/thread/1319/bridging-loans-accounting-error
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Post by mrclondon on Sept 9, 2014 13:07:02 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. And after a further set of changes we now seem to be accruing @ 18% since the 5th. Still no answers in the Q&A, but a brief explanation has been added to the overview of the new loan. I think we can all accept that the limitations of the existing software is the root cause of the issues, and await the improvements in the new release. What is not great though is the poor communications strategy that has accompanied this hicup.
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Post by Ton ⓉⓞⓃ on Sept 9, 2014 13:14:04 GMT
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. And after a further set of changes we now seem to be accruing @ 18% since the 5th. Still no answers in the Q&A, but a brief explanation has been added to the overview of the new loan. I think we can all accept that the limitations of the existing software is the root cause of the issues, and await the improvements in the new release. What is not great though is the poor communications strategy that has accompanied this hicup. gives more insight, but you may've already seen it.
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Post by yorkshireman on Sept 9, 2014 13:24:41 GMT
The recent "glitches" in calcs etc. (whilst being ex IT, I understand) have dented my confidence somewhat so I have withdrawn 50% of my available cash and deposited in RS (5 year 6.1%). I currently view RS as the go to "safe" house for my money and 6.1 (provision "secured") is fine by me. Likewise, I’ve switched cash from AC to RS although I’m still not convinced about 6 /6.1% for 5 years being a good bet.
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niceguy37
Member of DD Central
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Post by niceguy37 on Sept 10, 2014 9:17:09 GMT
The recent "glitches" in calcs etc. (whilst being ex IT, I understand) have dented my confidence somewhat so I have withdrawn 50% of my available cash and deposited in RS (5 year 6.1%). I currently view RS as the go to "safe" house for my money and 6.1 (provision "secured") is fine by me. Likewise, I’ve switched cash from AC to RS although I’m still not convinced about 6 /6.1% for 5 years being a good bet. My concern over being locked in for 5 years is not being able to switch funds into an P2x ISA, as well as the obvious risk of rate rises over 5 years.
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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
Likes: 11,549
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Post by ilmoro on Sept 10, 2014 11:51:55 GMT
Your guess earlier today could well have hit the nail on the head. After the later changes, the new loasimiliarn 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. And after a further set of changes we now seem to be accruing @ 18% since the 5th. Still no answers in the Q&A, but a brief explanation has been added to the overview of the new loan. I think we can all accept that the limitations of the existing software is the root cause of the issues, and await the improvements in the new release. What is not great though is the poor communications strategy that has accompanied this hicup. Explanatory email finally received from AC. As the Q&A for this loan extension implies that 2 other overdue Bridges are about to get similiar extension loans today, could I respectfully suggest that a similiar email is sent to investors in these loans prior/simultaneously to this happening. Will avoid a lot of teeth grinding on here & site Q&A andrewholgate davidricketts1
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baldpate
Member of DD Central
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Post by baldpate on Sept 11, 2014 9:38:42 GMT
I notice the promised Wednesday update has not materialised. I imagine the meeting with agent/borrower did not go smoothly and AC are debating how to go forward: speculation on my part, of course, but an update from AC would not go amiss, even if it is a "no news". Or have I missed it?
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mikes1531
Member of DD Central
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Post by mikes1531 on Sept 11, 2014 11:31:40 GMT
I notice the promised Wednesday update has not materialised. I imagine the meeting with agent/borrower did not go smoothly and AC are debating how to go forward: speculation on my part, of course, but an update from AC would not go amiss, even if it is a "no news". Or have I missed it? An update was put on the website shortly after the above comment was posted... ... so it looks like we have a few more days to wait for another update. I wonder if these continuing delays will prompt a wave of selling of loan units on the AM.
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Post by martinhdir on Sept 11, 2014 11:37:27 GMT
Hi.
This update has now been added to the relevant loan on the AC platform.
11th Sep 2014 at 11:49 Lender Update
A meeting has been arranged with the borrower for today (11.09) in order to ascertain how full repayment will achieved and a full update of the outcome will be available early week commencing 15.09.
Best regards.
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baldpate
Member of DD Central
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Post by baldpate on Sept 17, 2014 13:53:55 GMT
Yet again a promised update ("... a full update of the outcome will be available early week commencing 15.09.") has not been given : we are now well passed "early week commencing 15.09". In the Q&A section of the "extension" loan, a question of 15/09 (so far unanswered) contains the assertion that the meeting of 11/09 did not happen.
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