cb25
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Post by cb25 on Jan 31, 2019 12:36:01 GMT
My GBBA account shows loan 327 as Holding: £0, Accrued Interest £113.05. Transaction log shows I built up a holding of £1735.32 between 11/4/2017 and 20/6/2017, then later sold out (hence current holding of £0).
The accrued interest figure of £113.05 baffles me, as it's approximately my portion (£1735.32 out of total loan size of £2.3m) of the total interest ever due on the loan - 8 x £19,090, i.e. (1735.32/2300000)*8*19090, i.e. £115.23
BUT -I wasn't invested in the loan for the first 6 interest repayments (17/10/2016 to 15/3/2017) -when I was invested in the loan, when it was trading, I'd have expected the interest to have been paid to my account rather than accruing
AC chatline operative told me that when you sell out of a loan, the interest remains payable to you rather than the new purchaser. Even that wouldn't explain it, as I wasn't in the loan from its inception.
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benaj
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Post by benaj on Jan 31, 2019 13:46:38 GMT
I also have 327 in my GBBA, it was first purchased back in May 2017. All my parts are completely sold with this loan, but interest accrued is 45p.  |
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cb25
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Post by cb25 on Jan 31, 2019 14:02:07 GMT
I rang AC about this. They're going to ask the tech team how it's calculated.
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bg
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Post by bg on Jan 31, 2019 15:18:29 GMT
What annoys me is that defaulted loans keep accruing interest and are included in the total. They should be stripped out and reported in a separate number.
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niceguy37
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Post by niceguy37 on Jan 31, 2019 15:24:31 GMT
What annoys me is that defaulted loans keep accruing interest and are included in the total. They should be stripped out and reported in a separate number. Why not email AC and request it?
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bg
Member of DD Central
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Post by bg on Jan 31, 2019 15:26:03 GMT
What annoys me is that defaulted loans keep accruing interest and are included in the total. They should be stripped out and reported in a separate number. Why not email AC and request it? I'd rather they concentrated on the other 101 things they have on their dev list, perpetually soon to be released.
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Post by hammertime on Jan 31, 2019 16:20:36 GMT
I would prefer they sorted out there trading suspended it s a shambles and getting worse .Going the same as F/C.
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Post by investor01010101 on Feb 1, 2019 15:02:54 GMT
My GBBA account shows loan 327 as Holding: £0, Accrued Interest £113.05. Transaction log shows I built up a holding of £1735.32 between 11/4/2017 and 20/6/2017, then later sold out (hence current holding of £0).
The accrued interest figure of £113.05 baffles me, as it's approximately my portion (£1735.32 out of total loan size of £2.3m) of the total interest ever due on the loan - 8 x £19,090, i.e. (1735.32/2300000)*8*19090, i.e. £115.23
BUT -I wasn't invested in the loan for the first 6 interest repayments (17/10/2016 to 15/3/2017) -when I was invested in the loan, when it was trading, I'd have expected the interest to have been paid to my account rather than accruing
AC chatline operative told me that when you sell out of a loan, the interest remains payable to you rather than the new purchaser. Even that wouldn't explain it, as I wasn't in the loan from its inception.
Probably not because suspended loans that are likely never to pay back still attract imaginary interest to fool investors into thinking they are still making money.
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Post by investor01010101 on Feb 1, 2019 15:06:16 GMT
I would prefer they sorted out there trading suspended it s a shambles and getting worse .Going the same as F/C. I couldn't agree more, AC solution to bad loans appears to be ignore and hope and offer an update in 2 months time.
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mikeb
Posts: 1,072
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Post by mikeb on Feb 3, 2019 18:34:58 GMT
My GBBA account shows loan 327 as Holding: £0, Accrued Interest £113.05. Transaction log shows I built up a holding of £1735.32 between 11/4/2017 and 20/6/2017, then later sold out (hence current holding of £0).
The accrued interest figure of £113.05 baffles me, as it's approximately my portion (£1735.32 out of total loan size of £2.3m) of the total interest ever due on the loan - 8 x £19,090, i.e. (1735.32/2300000)*8*19090, i.e. £115.23
BUT -I wasn't invested in the loan for the first 6 interest repayments (17/10/2016 to 15/3/2017) -when I was invested in the loan, when it was trading, I'd have expected the interest to have been paid to my account rather than accruing
AC chatline operative told me that when you sell out of a loan, the interest remains payable to you rather than the new purchaser. Even that wouldn't explain it, as I wasn't in the loan from its inception.
Probably not because suspended loans that are likely never to pay back still attract imaginary interest to fool investors into thinking they are still making money. True: My MLIA looks a lot more "healthy" than it really should due to one loan that has an APR of 68% -- which has racked up so much accrued interest in default that the accrued interest is about to hit 3x my holding in the loan. I await the day the company pay up the capital and all that lovely interest which they agreed to as a penalty rate. And then I wake up and realize that last bit was a dream ... Whereas the 68% APR is just fantasy. However, it means my MLIA is running at 23.72% "average", while returning absolutely nothing at all most months. Misleading? Of course not. All solid facts and numbers, calculated daily to 40 decimal places 
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alibaba
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Post by alibaba on Feb 3, 2019 21:18:23 GMT
Probably not because suspended loans that are likely never to pay back still attract imaginary interest to fool investors into thinking they are still making money. True: My MLIA looks a lot more "healthy" than it really should due to one loan that has an APR of 68% -- which has racked up so much accrued interest in default that the accrued interest is about to hit 3x my holding in the loan. I await the day the company pay up the capital and all that lovely interest which they agreed to as a penalty rate. And then I wake up and realize that last bit was a dream ... Whereas the 68% APR is just fantasy. However, it means my MLIA is running at 23.72% "average", while returning absolutely nothing at all most months. Misleading? Of course not. All solid facts and numbers, calculated daily to 40 decimal places Had exactly the same experience with Thin Cats, they know that the loans will not be repaid, the dashboard figure is an illusion, then one day about three to five years later you realise that a very large chunk of your investment has vanished, in the interim period they are pulling in new investors with inducements, it reminds me of one big ponzi scheme
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Post by chris on Feb 3, 2019 21:28:52 GMT
We used to stop accruing interest on certain loans that had credit events, and lenders complained that their interest wasn't accruing. There isn't a sinister plot we just did what lenders asked us to do.
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bg
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Post by bg on Feb 4, 2019 7:12:13 GMT
We used to stop accruing interest on certain loans that had credit events, and lenders complained that their interest wasn't accruing. There isn't a sinister plot we just did what lenders asked us to do. I agree some of the above profits are harsh and there is no 'one size fits all solution' but I have had £27k in the plumber for 4 years now accruing interest @ 15% despite the security having been sold, there being no prospect of further recovery and the loan written off as a default on your tax statements. This means my accrued interest number is completely meaningless (especially when you add in the other distressed loans). There are a number of ways you could work around this that would prob keep pretty much everyone happy. For example, show accrued on loans written off for tax purposes/distressed/late loans separately or having an option for investors to exclude individual loans from the accrued calculation. It doesn't make sense to accrue interest on written off loans in perpetuity. I know there are things much higher up the priority list (for me the faster matching algo is a must) but definitely something to consider.
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sl75
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Post by sl75 on Feb 4, 2019 11:45:12 GMT
We used to stop accruing interest on certain loans that had credit events, and lenders complained that their interest wasn't accruing. There isn't a sinister plot we just did what lenders asked us to do. The current workaround that allows interest to show on overdue loans (admin staff entering an arbitrary future payment) results in investors being given incorrect information about the remaining term on overdue loans.
As you're promising to do what lenders ask, please can stop misleading us in this way, and display overdue loans as overdue (e.g. picking a loan almost at random, loan #57 currently incorrectly shows Term Remaining 47 / 99 mths, which implies that it has just under 4 years remaining on the agreed payment schedule, something that can readily be discovered to be false by reading the detailed updates).
PS showing overdue loans as overdue does NOT mean stopping accruing interest. Other platforms are perfectly capable of doing both!
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cb25
Posts: 3,528
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Post by cb25 on Feb 4, 2019 11:59:29 GMT
True: My MLIA looks a lot more "healthy" than it really should due to one loan that has an APR of 68% -- which has racked up so much accrued interest in default that the accrued interest is about to hit 3x my holding in the loan. I await the day the company pay up the capital and all that lovely interest which they agreed to as a penalty rate. And then I wake up and realize that last bit was a dream ... Whereas the 68% APR is just fantasy. However, it means my MLIA is running at 23.72% "average", while returning absolutely nothing at all most months. Misleading? Of course not. All solid facts and numbers, calculated daily to 40 decimal places Had exactly the same experience with Thin Cats, they know that the loans will not be repaid, the dashboard figure is an illusion, then one day about three to five years later you realise that a very large chunk of your investment has vanished, in the interim period they are pulling in new investors with inducements, it reminds me of one big ponzi scheme Agree with you about 'illusion'. My AC account shows £1020 of accrued interest. Given £650 of that is from loan 227, where AC are doing everything they can to avoid calling the loan in, I doubt I'll see even a fraction of that £1K
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