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Post by chris on Oct 1, 2014 8:09:17 GMT
The site will be unavailable for a few minutes this morning whilst we roll out some behind the scenes changes. Apologies for any inconvenience.
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Post by chris on Oct 2, 2014 13:15:51 GMT
This didn't end up happening yesterday, but we're about to do a behind the scenes release that will necessitate a few minutes of down time. Please bear with us.
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Post by Ton ⓉⓞⓃ on Oct 2, 2014 15:31:59 GMT
This didn't end up happening yesterday, but we're about to do a behind the scenes release that will necessitate a few minutes of down time. Please bear with us. I've noticed one change, it's to the Repayments page of the loans. I was wondering why sometimes the interest and principle swop places? I'm thinking of Aberystwyth, as I always do at these times...
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Post by Ton ⓉⓞⓃ on Oct 2, 2014 15:53:55 GMT
Just another quick question chris... I'm looking at London Law's second loan (in April) which is amortizing but slightly erratically. Is that okay? I've posted an attachment Just to explain my query. I realize the amount applied to the principle to pay off the loan will increase but I would've thought it would steadily grow as the loan gets smaller yielding less interest. Attachments:
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Post by Come_on_Grandad on Oct 2, 2014 16:29:03 GMT
Just another quick question chris... I'm looking at London Law's second loan (in April) which is amortizing but slightly erratically. Is that okay? I've posted an attachment Just to explain my query. I realize the amount applied to the principle to pay off the loan will increase but I would've thought it would steadily grow as the loan gets smaller yielding less interest. Actually, I think the amounts listed for principal are correct (recall that you've already spotted that sometimes principal is listed first, sometimes second). But what is wrong on the repayments tab for this loan (auction 85) is the interest component. According to the credit report, principal + interest is a steady figure of £6,655.25 (and I get my spreadsheet to agree with this using £250,000 amortising over 54 months at a total borrower rate of 17%). Needs a comment from davidricketts1 I think.Edit: Ah. Penny drops ... the tab is showing the lender interest, not the interest the borrower paid. All's well.
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Post by chris on Oct 2, 2014 16:58:14 GMT
Just another quick question chris... I'm looking at London Law's second loan (in April) which is amortizing but slightly erratically. Is that okay? I've posted an attachment Just to explain my query. I realize the amount applied to the principle to pay off the loan will increase but I would've thought it would steadily grow as the loan gets smaller yielding less interest. Actually, I think the amounts listed for principal are correct (recall that you've already spotted that sometimes principal is listed first, sometimes second). But what is wrong on the repayments tab for this loan (auction 85) is the interest component. According to the credit report, principal + interest is a steady figure of £6,655.25 (and I get my spreadsheet to agree with this using £250,000 amortising over 54 months at a total borrower rate of 17%). Needs a comment from davidricketts1 I think.Remember that under the old loan model the system used to apply both principal and interest repayments on a per loan unit basis rounding down to the penny. This can cause fluctuations from month to month of up to 1p per loan unit. The amount actually paid by the borrower is then held in reserve until the next month when it is applied to the next payment. Over the life of the loan all loan units repay the full principal and the interest owed to within 1p per loan unit. Under the new model that fluctuation should disappear or at least be much less. Repayments are now worked out on a per loan basis and distributed to lenders based on the overall percentage of the loan they hold (albeit with a little more complexity such as adjusting for time held if the loan unit has been bought after the loan payout date). Behind the scenes lender's virtual bank accounts now hold funds to 20 decimal places and whilst this is rounded down when it's displayed to you it means that if two interest payments of 12.5p came in to your account then you'd have 25p credited instead of 24p as under the old model. This means that some of the repayment figures will shift slightly moving forwards as the month by month correction is significantly reduced. It also opens up some possibilities for longer term changes such as reducing the size of the minimum loan unit as you can now earn fractions of a pence in interest.
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Post by mrclondon on Oct 2, 2014 20:57:21 GMT
chris , a probable bug following the software upgrade. This evening I have purchased 3 parts on the AM, new part no 764926 (loan #53) and 765723/4 (loan #24). In all 3 cases the loan parts are showing the interest accrued since the last payment date, not zero as I would expect on the day of purchase.
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Post by chris on Oct 2, 2014 21:01:18 GMT
chris , a probable bug following the software upgrade. This evening I have purchased 3 parts on the AM, new part no 764926 (loan #53) and 765723/4 (loan #24). In all 3 cases the loan parts are showing the interest accrued since the last payment date, not zero as I would expect on the day of purchase. Yeah small display issue that I've just about resolved. Wouldn't actually affect a repayment as we're now doing live recalculations on the loan parts as repayments are made, which allows for all kinds of interesting things such as part payments. The midnight recalculation would have resolved this anyway but I'll have a patch on the site in a few minutes to resolve this as it's obviously incorrect.
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Post by chris on Oct 2, 2014 21:04:37 GMT
chris , a probable bug following the software upgrade. This evening I have purchased 3 parts on the AM, new part no 764926 (loan #53) and 765723/4 (loan #24). In all 3 cases the loan parts are showing the interest accrued since the last payment date, not zero as I would expect on the day of purchase. Yeah small display issue that I've just about resolved. Wouldn't actually affect a repayment as we're now doing live recalculations on the loan parts as repayments are made, which allows for all kinds of interesting things such as part payments. The midnight recalculation would have resolved this anyway but I'll have a patch on the site in a few minutes to resolve this as it's obviously incorrect. A fix in place to resolve any new purchases. Will force a recalculation through in a few minutes once I've run some final checks.
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Post by Ton ⓉⓞⓃ on Oct 3, 2014 8:22:19 GMT
The reverse auction K*** + no.40 The interest is very nice but I suspect wrong chris
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Post by chris on Oct 3, 2014 8:23:53 GMT
The reverse auction K*** + no.40 The interest is very nice but I suspect wrong chrisI hate our two historical reverse auctions So much extra calculation just to support them. Will fix now.
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Post by Ton ⓉⓞⓃ on Oct 3, 2014 8:35:43 GMT
The reverse auction K*** + no.40 The interest is very nice but I suspect wrong chrisI hate our two historical reverse auctions So much extra calculation just to support them. Will fix now. At the same time I noticed that: FF-seems to have had an Int. correction NLCP No.123 This doesn't seem to have accrued anything for 3days MontroseWT 112 same as above Thanks chris
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baz657
Member of DD Central
Posts: 500
Likes: 189
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Post by baz657 on Oct 3, 2014 14:15:38 GMT
chrisShould be interest repayment. Edit And a couple more different ones in the last five minutes.
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Post by chris on Oct 3, 2014 14:19:50 GMT
chrisShould be interest repayment. Edit And a couple more different ones in the last five minutes. Corrected
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ianb
Posts: 161
Likes: 54
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Post by ianb on Oct 3, 2014 15:55:21 GMT
chris - the above has been corrected, but the loan ID's on the statement look incorrect. CentLdnBL is quoted as 163 on my statement, but is 115 elsewhere. How the heck do I make sure Chris gets this ? cant remember.....
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