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Post by chris on Oct 5, 2018 9:45:33 GMT
In my email to AC earlier this week, I asked if they could i) update the figures (done) and ii) keep them up-to-date (we'll have to see on that one). I'd probably settle for monthly if it's a manual update. Thanks for doing that. Monthly would be a start. Imho automated daily figures for the amount in each PF are going to become increasingly important. As AC have publicly stated back in Feb there are a number of cases where the PF is expected to be making a payment shortly to cover capital shortfalls. I don't know what ACs definition of expected shortly is or how many cases they were referring to in Feb.
These payments may or may not have a material impact on one or more of the PFs. Since February several other large loans to me at least look like they may need to call on one or more of the PFs.
Timely information on the strength of each PF will be critical so lenders can make informed decisions to invest more or less money
The access account figures are now updated once per month in line with the interest payments, and the other accounts have live figures updated as and when loans make interest payments.
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jlend
Member of DD Central
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Post by jlend on Oct 5, 2018 13:44:42 GMT
Thanks for doing that. Monthly would be a start. Imho automated daily figures for the amount in each PF are going to become increasingly important. As AC have publicly stated back in Feb there are a number of cases where the PF is expected to be making a payment shortly to cover capital shortfalls. I don't know what ACs definition of expected shortly is or how many cases they were referring to in Feb.
These payments may or may not have a material impact on one or more of the PFs. Since February several other large loans to me at least look like they may need to call on one or more of the PFs.
Timely information on the strength of each PF will be critical so lenders can make informed decisions to invest more or less money
The access account figures are now updated once per month in line with the interest payments, and the other accounts have live figures updated as and when loans make interest payments. Are the gbba1 and geia accounts live pf figures rounded to the nearest 1000? Gbba1- 912000 Geia -139000 Thanks chris
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Post by chris on Oct 5, 2018 13:47:17 GMT
The access account figures are now updated once per month in line with the interest payments, and the other accounts have live figures updated as and when loans make interest payments. Are the gbba1 and geia accounts live pf figures rounded to the nearest 1000? Gbba1- 912000 Geia -139000 Thanks chris Rounded I believe but check with the support desk for a definitive answer please.
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jlend
Member of DD Central
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Post by jlend on Oct 5, 2018 14:56:32 GMT
Thanks for doing that. Monthly would be a start. Imho automated daily figures for the amount in each PF are going to become increasingly important. As AC have publicly stated back in Feb there are a number of cases where the PF is expected to be making a payment shortly to cover capital shortfalls. I don't know what ACs definition of expected shortly is or how many cases they were referring to in Feb.
These payments may or may not have a material impact on one or more of the PFs. Since February several other large loans to me at least look like they may need to call on one or more of the PFs.
Timely information on the strength of each PF will be critical so lenders can make informed decisions to invest more or less money
The access account figures are now updated once per month in line with the interest payments, and the other accounts have live figures updated as and when loans make interest payments. Thanks chris Doesn't look like live figures. Is this a bug? Taken from the website today The cash balance held in the Provision Fund for the PSA was £220,000 as at 31st August 2018.
The cash balance held in the Provision Fund for the GBBA Series 2 was £298,000 as at 31st August 2018
The gbba1 and geia PF figures are not date stamped so it is not possible to know how up to date these are. I assume these are currently updated daily as you say then.
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Post by roandy55 on Oct 3, 2019 17:10:19 GMT
I have recently been in correspondence with AC regarding the formal closure of my IFISA GBBA2 account, currently consisting of 5 loans all with a balance of under 1p and none currently suspended. The combined total is less than the permitted minimum withdrawal amount of 1p, so I asked AC if they would consider selling the loans via other GBBA account holders. This was their response:
I have written to them again, stating that I understood the buying and selling of loans in the GBBA accounts was automated, and therefore fully under the jurisdiction of AC. I am awaiting their further reply.
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rscal
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Post by rscal on Oct 3, 2019 17:57:56 GMT
How is this affecting your life?
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Post by roandy55 on Oct 3, 2019 18:01:40 GMT
How is this affecting your life?  off.
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Post by jevans4949 on Oct 3, 2019 20:37:19 GMT
AC have a few problems with fractions of a penny. A couple of times in the past, for reasons I can't remember, they refunded money into my cash account. I am left with £0.0041... which I can't move anywhere. My executor is going to have fun with that ...
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toast
Member of DD Central
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Post by toast on Oct 3, 2019 22:00:13 GMT
I learnt from someone else on here that the trick is to round UP to the nearest penny when withdrawing invested money to your cash account. So if you have £6.723234756103203450235234 invested in QAA then request to release £6.73 to your cash account. That will leave your QAA with exactly zero balance. You can't use this trick to clear out your cash account to your bank account, but you might be able to have AC close your account if you have precisely zero invested and just a few femto-pence held as cash.
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ceejay
Posts: 975 
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Post by ceejay on Oct 4, 2019 7:24:39 GMT
I learnt from someone else on here that the trick is to round UP to the nearest penny when withdrawing invested money to your cash account. So if you have £6.723234756103203450235234 invested in QAA then request to release £6.73 to your cash account. That will leave your QAA with exactly zero balance. You can't use this trick to clear out your cash account to your bank account, but you might be able to have AC close your account if you have precisely zero invested and just a few femto-pence held as cash. That's fine, but it's not going to work for the non-access accounts where you have fractions of real loans. It's the same in MLA, where selling out completely can be a complete PITA. Oh, sure, you can try to sell £1 more than you actually hold, but in my recent experience you have something like a 50% chance of being left with some femtopence that you can't sell. So you buy another £1 and then try to sell £2 and you might get lucky or you might not. The thing is, would the person who bought your last chunk mind if they got those last few femtopence chucked in? I think not. So this is a solvable problem, AC, but clearly not on their priority list. As another poster mentioned, this is bad news for any executors that might have to get involved.
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Post by Ace on Oct 4, 2019 7:56:05 GMT
I learnt from someone else on here that the trick is to round UP to the nearest penny when withdrawing invested money to your cash account. So if you have £6.723234756103203450235234 invested in QAA then request to release £6.73 to your cash account. That will leave your QAA with exactly zero balance. You can't use this trick to clear out your cash account to your bank account, but you might be able to have AC close your account if you have precisely zero invested and just a few femto-pence held as cash. That's fine, but it's not going to work for the non-access accounts where you have fractions of real loans. It's the same in MLA, where selling out completely can be a complete PITA. Oh, sure, you can try to sell £1 more than you actually hold, but in my recent experience you have something like a 50% chance of being left with some femtopence that you can't sell. So you buy another £1 and then try to sell £2 and you might get lucky or you might not. The thing is, would the person who bought your last chunk mind if they got those last few femtopence chucked in? I think not. So this is a solvable problem, AC, but clearly not on their priority list. As another poster mentioned, this is bad news for any executors that might have to get involved. The technique of buying a penny and selling two pence has been working fine for me in the MLA. Perhaps there's a better chance of offloading the femptopence with smaller sums.
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Post by gramsky on Oct 4, 2019 9:22:59 GMT
That's fine, but it's not going to work for the non-access accounts where you have fractions of real loans. It's the same in MLA, where selling out completely can be a complete PITA. Oh, sure, you can try to sell £1 more than you actually hold, but in my recent experience you have something like a 50% chance of being left with some femtopence that you can't sell. So you buy another £1 and then try to sell £2 and you might get lucky or you might not. The thing is, would the person who bought your last chunk mind if they got those last few femtopence chucked in? I think not. So this is a solvable problem, AC, but clearly not on their priority list. As another poster mentioned, this is bad news for any executors that might have to get involved. The technique of buying a penny and selling two pence has been working fine for me in the MLA. Perhaps there's a better chance of offloading the femptopence with smaller sums. I have been trying to sell £250+<0.01 worth of loans by selling £260, but I have still been left with the <0.01. Why would buying another £0.01 make any difference. Trying to sell at a discount also doesn't seem to work.
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Post by Ace on Oct 4, 2019 9:31:59 GMT
The technique of buying a penny and selling two pence has been working fine for me in the MLA. Perhaps there's a better chance of offloading the femptopence with smaller sums. I have been trying to sell £250+<0.01 worth of loans by selling £260, but I have still been left with the <0.01. Why would buying another £0.01 make any difference. Trying to sell at a discount also doesn't work. I can't really explain why. It just seems to work for me. I buy 1p and sell 2p. When the sale goes through I'm left with zero rather than the odd femtopence.
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star dust
Member of DD Central
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Post by star dust on Oct 4, 2019 9:46:22 GMT
The technique of buying a penny and selling two pence has been working fine for me in the MLA. Perhaps there's a better chance of offloading the femptopence with smaller sums. I have been trying to sell £250+<0.01 worth of loans by selling £260, but I have still been left with the <0.01. Why would buying another £0.01 make any difference. Trying to sell at a discount also doesn't seem to work. It doesn't always work first time in my experience, so sometimes you need to buy a bit more first (I usually try around £1) and then re-sell a higher amount say £2 or £3. Personally I think it's high time AC dealt with this AC-created issue, particularly where it prevents people from closing their accounts. A platform full of technical wizardry and they can't sort that?
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sl75
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Post by sl75 on Oct 4, 2019 13:04:51 GMT
... A platform full of technical wizardry and they can't sort that? It's surprisingly easy to create a system that's more complicated than the person designing it was capable of understanding and sorting out...
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off.
