jonno
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nil satis nisi optimum
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Post by jonno on Oct 3, 2014 13:47:21 GMT
It happened to me at approx 10.30am yesterday morning (Thurs 2 Oct) and I emailed SS about it right afterwards, then followed it up with the Contact Form in the afternoon when my email hadn't been replied to. Given some of my money has disappeared due to an IT/system fault I'm just a bit disappointed not to have received some sort of response from SS by now.I was expecting to hear back yesterday and now it's mid PM the following day and still nothing. I just got a blank white screen after confirming I wanted to sell my loan part. I didn't get the usual email confirming the loan part sale but the value of my holding was reduced by the amount I wanted to sell, as was my interest figure showing against that loan.Still no sign of the amount under Selling/Sold Loan parts. That more or less precisely the same time as it happened to me.I was selling some PBL1 and got the same blank screen and the same result. I tried ringing them a few times yesterday, but only got an answer machine;left message but no response.Previously,I have only sold full loan parts and have not experienced anything like this before.Maybe its more prevalent when selling a proportion of a part.
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Liz
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Post by Liz on Oct 3, 2014 15:29:22 GMT
Well I found a worrying. On two loan parts I bought in Aug, sold in September, the interest I received(2 payments) was 75p less than it specified under the sold tab.
Too little to haggle over. But I have checked a dozen times and reconciled all my payments and am convinced I am right. Defenity one I will watch closely.
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star dust
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Post by star dust on Oct 3, 2014 15:39:44 GMT
Well I found a worrying. On two loan parts I bought in Aug, sold in September, the interest I received(2 payments) was 75p less than it specified under the sold tab. Too little to haggle over. But I have checked a dozen times and reconciled all my payments and am convinced I am right. Defenity one I will watch closely. Were they PBLs cause they always have full amount earned flagged against them even though you've already been paid some interest - in the case you mentioned you would have received Aug interest due on those loans? Personally I wish the PBLs just (or also) showed unpaid interest not total accumulated since purchased. But that's one suggestion they haven't implemented.
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Post by Deleted on Oct 4, 2014 9:45:38 GMT
Further to my posts above about a missing loan part I tried to put up for sale on Thursday, I can confirm I have had an email from SS this morning and the missing £100 has been credited to my Available Funds - so my issue is sorted. Thanks to SS.
SS confirmed to me there has been a problem with loan parts being put up for sale and that they hope it is now resolved.
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star dust
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Post by star dust on Oct 4, 2014 10:20:54 GMT
Thanks for letting us know the outcome @interesthunter. It's given me some hope as I am still waiting on getting three sale parts credited sold from Thurs - Friday! Maybe they had quite a few to work through. In second edit: As quite a few people seem to have been affected by this perhaps savingstream could update the forum at least? |
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jonno
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Post by jonno on Oct 4, 2014 12:05:38 GMT
I've received an apologetic email and had money credited to my account but not an explanation as to cause of problem. I agree that an explanation on here would be most welcome.
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star dust
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Post by star dust on Oct 4, 2014 17:08:04 GMT
For anyone who is in the least bit interested, I too have now received all sale funds outstanding. Hope anyone else affected by this has also got their funds paid. Email from SS just said 'hopefully the bug has been resolved' - I hope so too  . |
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Oct 4, 2014 17:25:49 GMT
For anyone who is in the least bit interested, I too have now received all sale funds outstanding. Hope anyone else affected by this has also got their funds paid. Email from SS just said 'hopefully the bug has been resolved' - I hope so too . Unfortunately bugs in systems seem to be all the rage in P2P systems. FC have been plagued with them for over 18 months or is it 2 years? AC have been looping the loop recently with them in the cause of compliance, and no doubt will find a few when they launch their "new system" sometime soon. This is to mention just 2 plus SS in this case. Lets face it, even the likes of Microsoft, Apple and other systems developers have the same problems and usually manage the consequences well. However most of the P2P outfits only have one man/girl and a dog to design, build, develop, test and maintain their systems which does not give them much resource to really get the bugs out before they go live. One day this is going to be an expensive learning experience. I only hope it wont be me paying for it!
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star dust
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Post by star dust on Oct 4, 2014 17:42:54 GMT
Unfortunately bugs in systems seem to be all the rage in P2P systems. FC have been plagued with them for over 18 months or is it 2 years? AC have been looping the loop recently with them in the cause of compliance, and no doubt will find a few when they launch their "new system" sometime soon. This is to mention just 2 plus SS in this case. Lets face it, even the likes of Microsoft, Apple and other systems developers have the same problems and usually manage the consequences well. However most of the P2P outfits only have one man/girl and a dog to design, build, develop, test and maintain their systems which does not give them much resource to really get the bugs out before they go live. One day this is going to be an expensive learning experience. I only hope it wont be me paying for it! Well, as I said here link; I more or less agree with you . And thanks for the 'learning experience' which in this case was finding out how to insert links (hopefully)  .
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nick
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Post by nick on Oct 5, 2014 13:48:59 GMT
I suffered from the same issue of the server freezing when trying to sell loan parts and the parts being removed from my account with corresponding record or credit for the relevant loan parts. I raised a query at 11pm on Wednesday night and SS had corrected the issue and credit account with the loan part value plus 1 day's interest by 8am the following morning. Outstanding service from SS!!! The same issue occurred later that morning and was resolved within the hour. I was told that the issue should now be resolved, but I yet to sell any more loan parts. Anyone had issues since Thursday am?
SS's responsiveness to issues is outstanding and is to be applauded. However, I remain concerned over the level of controls built into the back-office software. Website outages and downtime, whilst inconvienient, will not generally lead to any material loss and I tend to just accept as such. What is off concern is a system that allows posting of incomplete entries. As a minimum, I would expect any financial system to have a built in control that identifies and rejects any incomplete entry due to server failure or otherwise (eg full reconciliation of entries prior and after entry to database/system). Such controls are important to stop transactions such as we've seen with the missing for sale loan parts being allowed to slip through and affect account balances (and could ultimately led to a loss if not spotted by the lender or identified by SS). This lack of vigour in the control environment of the IT infrastructure of P2P type sites is evident across a number of the platforms (my FC account does not reconcile by £100 upto £1000 at times - unbelievable!) and I can only conclude that there hasn't been enough input from financial professions, eg accountants in the process to place higher emphasis on system integrity & resilience. This is a shame, because confidence in the safety of funds, both from the prospective of borrower defaults and of the robust of the lending platform, is one of the key things holding back more of the population embracingin P2P lending (notwithstanding SS is not strictly P2P).
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Post by Deleted on Oct 5, 2014 14:16:49 GMT
I suffered from the same issue of the server freezing when trying to sell loan parts and the parts being removed from my account with corresponding record or credit for the relevant loan parts. I raised a query at 11pm on Wednesday night and SS had corrected the issue and credit account with the loan part value plus 1 day's interest by 8am the following morning. Outstanding service from SS!!! The same issue occurred later that morning and was resolved within the hour. I was told that the issue should now be resolved, but I yet to sell any more loan parts. Anyone had issues since Thursday am? SS's responsiveness to issues is outstanding and is to be applauded. However, I remain concerned over the level of controls built into the back-office software. Website outages and downtime, whilst inconvienient, will not generally lead to any material loss and I tend to just accept as such. What is off concern is a system that allows posting of incomplete entries. As a minimum, I would expect any financial system to have a built in control that identifies and rejects any incomplete entry due to server failure or otherwise (eg full reconciliation of entries prior and after entry to database/system). Such controls are important to stop transactions such as we've seen with the missing for sale loan parts being allowed to slip through and affect account balances (and could ultimately led to a loss if not spotted by the lender or identified by SS). This lack of vigour in the control environment of the IT infrastructure of P2P type sites is evident across a number of the platforms (my FC account does not reconcile by £100 upto £1000 at times - unbelievable!) and I can only conclude that there hasn't been enough input from financial professions, eg accountants in the process to place higher emphasis on system integrity & resilience. This is a shame, because confidence in the safety of funds, both from the prospective of borrower defaults and of the robust of the lending platform, is one of the key things holding back more of the population embracingin P2P lending (notwithstanding SS is not strictly P2P). I'm glad you're experience was so good. For my part, it took 2 days before I had any response and I was starting to get a bit alarmed and my feeling was the opposite to yours- i.e. that SS's responsiveness to issues was a bit slow. More generally - I agree that problems like this damage trust in the platform. As a result, I'm reluctant to do any more dealings on the website until I can feel reassured that the technical probems have been resolved. SS have written that they 'hope' the issue is now resolved. I'd like to hear something a bit less vague, i.e. confirmation that a specific problem was identified and that it has been corrected. To me, the technical side of SS is the weakpoint. I like the simplicity of the platform but the various technical issues that have arisen are a concern.
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mikes1531
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Post by mikes1531 on Oct 5, 2014 23:13:47 GMT
More generally - I agree that problems like this damage trust in the platform. As a result, I'm reluctant to do any more dealings on the website until I can feel reassured that the technical probems have been resolved. SS have written that they 'hope' the issue is now resolved. I'd like to hear something a bit less vague, i.e. confirmation that a specific problem was identified and that it has been corrected. I have to agree. My response from SS included...
This can be interpreted in more than one way. Are they referring to my specific problem, with the resolution being the adjustment they made to my account balances? Or are they referring to the general issue, with the resolution being changes to the system and the expectation that those would prevent a recurrence? Based on nick's posting that he had a problem that SS 'corrected' promptly but that the issue recurred and a further 'correction' was required, I fear it is the former. Like @interesthunter, I'd like to see savingstream state that they have identified the source of the problem and made changes that should prevent a recurrence. And I'd also like their assurance that they've checked for this problem on all SS accounts, rather than just those accounts where a complaint has been raised. It's bad enough that problems like this one didn't cause red flags to be raised by SS internal controls. To think that if there's been a problem that others have had that affected my account as well but I didn't notice it and bring it to SS's attention would mean the correction wouldn't be applied to my account, is disappointing to say the least. If word about that sort of policy were to become widespread, it probably would have a serious impact on investor confidence.
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mikes1531
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Post by mikes1531 on Oct 6, 2014 15:27:10 GMT
More generally - I agree that problems like this damage trust in the platform. As a result, I'm reluctant to do any more dealings on the website until I can feel reassured that the technical probems have been resolved. SS have written that they 'hope' the issue is now resolved. I'd like to hear something a bit less vague, i.e. confirmation that a specific problem was identified and that it has been corrected. I have to agree. My response from SS included...
This can be interpreted in more than one way. Are they referring to my specific problem, with the resolution being the adjustment they made to my account balances? Or are they referring to the general issue, with the resolution being changes to the system and the expectation that those would prevent a recurrence? Based on nick's posting that he had a problem that SS 'corrected' promptly but that the issue recurred and a further 'correction' was required, I fear it is the former. Like @interesthunter, I'd like to see savingstream state that they have identified the source of the problem and made changes that should prevent a recurrence. And I'd also like their assurance that they've checked for this problem on all SS accounts, rather than just those accounts where a complaint has been raised. It's bad enough that problems like this one didn't cause red flags to be raised by SS internal controls. To think that if there's been a problem that others have had that affected my account as well but I didn't notice it and bring it to SS's attention would mean the correction wouldn't be applied to my account, is disappointing to say the least. If word about that sort of policy were to become widespread, it probably would have a serious impact on investor confidence.
I'm pleased to be able to report that I have offered a number of loan parts for sale today, and all of them were handled properly by the SS system. I would, however, still like to have a statement from savingstream as requested in the last paragraph of the message quoted above.
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Post by Duane Dibley on Oct 18, 2014 15:21:15 GMT
Woo Hoo! - got my missing £80.88 credited to my acccount. Funnily enough it didn't show up as a correction or with any explanation on my statement, oh no the £19.12 credit on the 7th September was simply changed to £100. Good job I'd remembered to print out my statement or I'd think I was going mad. So I'm still none the wiser as to what £19.12 means. Maybe it's some secret code number, the cube root of the highest prime number of the value of Roman Abramovich's latest super yacht which is coming up for auction a week on Monday. Or maybe it's a sign that the world is coming to an end just before quarter past seven on the Friday before Christmas. Well I'm not taking any chances, I've got my cellar stocked with bottles of Irn-Bru and tins of Heinz beans and sausages. Yes, beans AND sausages. Together. In a tin. Unbelievable. So thanks for the tip off Saving Stream. While everyone else is panicking over their Christmas shopping me and you will be allright in our bunkers. Maybe once the rest of civilisation is destroyed I'll actually be able to get in to a new boaty loan. I do occasionally have money not appearing for one or other of my sold loan units, but an email to support@savingstream.co.uk has always got it sorted really quickly in my case. Fantastic. I'm really pleased to hear that you're having problems Ramblin. Nothing personal of course, but it's always nice to know we're not alone in this world. Though I'm not yet convinced that it should be up to us to point out their errors. If Saving Stream know there secondary market system isn't working properly then I'd have thought it should be up to them to fix it or take it offline until it is. But I'm a bit old-fashioned like that. Dear Duane Dibley, very sorry to hear of your woes, however there must be an issue with your method of contact as this is the first time we have been notified of your issue. Please email us at support@savingstream.co.uk or use our contact form to report any account issues in future. How very dare you. It's not my method of contact. It's your method of contact. Your website. Your contact form. Your problem. I am perfectly capable of clicking on a big blue button that says 'Submit'. Though it is rather, no in fact it's very annoying that we have to log out to access the contact form. It's almost like you don't want investors to be able to contact you. Thanks for sorting it out though. |
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