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Post by yorkshireman on Oct 7, 2014 15:17:37 GMT
There does appear to be problems with the website, perhaps someone would care to take notice of investor’s comments and actually do something. If you mention myself or Andrew Holgate by name then we get an alert and are much more likely to see that there's something we need to address. When we're busy, or on holiday, then we can't always monitor every last post. Alternatively please contact the customer care team, details available on our website, and they'll be able to manage issues and chase the relevant people for a response.
I am no longer prepared to contact individuals at AC.
See my comment at 10:51 am 04/10/14 on the “Interest allocation on loans thread” for my reasons. (And I’m still waiting)
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Post by yorkshireman on Oct 7, 2014 15:29:30 GMT
Will arbitrary withdrawal amounts continue to be a feature of the new website?
I have experienced the following phenomena with three different accounts since last night:
Account 1 23:37 06/10/14
First page showed £27.00 available to invest
Dashboard showed £27.00 available to invest
Attempted to withdraw £27.00 but only allowed to withdraw £26.00 due to “insufficient funds”
Account 1 14:15 today
First page showed £0 available to invest
Dashboard showed £1.00 available to invest
Attempted withdrawal of £1.00 refused due to “insufficient funds”
Account 2 14:09 today
First page showed £144 available to invest
Dashboard showed £144.38 available to invest
Attempted to withdraw £144.38 but only allowed to withdraw £144.37 due to “insufficient funds”
Account 3 14:21 today
First page showed £175 available to invest
Dashboard showed £175.48 available to invest
Attempted and allowed to withdraw £175.48
Where is the logic and consistency in that and how can investors have confidence in AC?
And I repeat my comment on another thread that I believe that there is an issue surrounding the recovery payment from the furniture retailer (auction 70) which I have unsuccessfully raised with AC’s MD. It's time for action not words gentleman.
Have you mentioned this to chris? yorkshireman you've mentioned that issue about FF before, why not go 'pink' and go into detail? With not being allowed to withdraw the penny and similar, could this be due to rounding? As in you really only had 9/10th of a penny say, but it was rounded up, but you can only withdraw it when the final tenth comes in
I haven’t the time or inclination to join another forum.
I raised the subject with AH which should be enough and I’m still awaiting a response, add on the extended draw down times and I’m becoming increasingly disillusioned with AC, my investments will be placed elsewhere in future.
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Post by Ton ⓉⓞⓃ on Oct 7, 2014 15:38:58 GMT
Have you mentioned this to chris? yorkshireman you've mentioned that issue about FF before, why not go 'pink' and go into detail? With not being allowed to withdraw the penny and similar, could this be due to rounding? As in you really only had 9/10th of a penny say, but it was rounded up, but you can only withdraw it when the final tenth comes in
I haven’t the time or inclination to join another forum.
I raised the subject with AH which should be enough and I’m still awaiting a response, add on the extended draw down times and I’m becoming increasingly disillusioned with AC, my investments will be placed elsewhere in future.
I imagine the issue you refer to effects other Lenders too who were in this loan? Can you give a pointer without going into detail?
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Post by yorkshireman on Oct 7, 2014 16:02:53 GMT
I haven’t the time or inclination to join another forum.
I raised the subject with AH which should be enough and I’m still awaiting a response, add on the extended draw down times and I’m becoming increasingly disillusioned with AC, my investments will be placed elsewhere in future.
I imagine the issue you refer to effects other Lenders too who were in this loan? Can you give a pointer without going into detail? Try reconciling your account from the day before the recovery payment, we have two accounts that have had a £50+ discrepancy since then.
I seem to recall that whilst initially the recovery payment was reflected in the total investment figures the individual unit values remained at £100 although these were subsequently reduced by the amount of the recovery payment which is in the same ball park as the discrepancy incidentally.
This may be a red herring but I feel that the coincidence is worthy of further investigation especially in view of the inconsistencies when making withdrawals I described earlier.
I’m trying to politely suggest that there could be problems with the website that AC are unaware of.
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Post by Ton ⓉⓞⓃ on Oct 7, 2014 16:28:44 GMT
I imagine the issue you refer to effects other Lenders too who were in this loan? Can you give a pointer without going into detail? Try reconciling your account from the day before the recovery payment, we have two accounts that have had a £50+ discrepancy since then.
I seem to recall that whilst initially the recovery payment was reflected in the total investment figures the individual unit values remained at £100 although these were subsequently reduced by the amount of the recovery payment which is in the same ball park as the discrepancy incidentally.
This may be a red herring but I feel that the coincidence is worthy of further investigation especially in view of the inconsistencies when making withdrawals I described earlier.
I’m trying to politely suggest that there could be problems with the website that AC are unaware of.
I've just rechecked my present standing using my memory and it doesn't balance, so I will double check in detail going thru' my statement. I checked this when it was all happening; I thought there was a small error, but this one appears to be a different one or my memory is wrong (which is quite possible) or both.
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902 
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Post by merlin on Oct 7, 2014 16:37:56 GMT
Just imagine the excitement we are going to have when the "new" site goes live. Going by the amount of comment already regarding the parts of the system that has already been changed, there is a fair chance IMO that it might even overload this forum!
So dress code for AC staff next week - Flak Jackets and Tin Hats I guess but worth putting the NBC suits on standby anyway.
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bigfoot12
Member of DD Central
Posts: 1,817
Likes: 816
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Post by bigfoot12 on Oct 7, 2014 19:30:38 GMT
I just got a email saying it's coming NEXT WEEK. I didn't get this email. (I probably opted out of such messages ages ago - serves me right!) Has anyone found it on the website?
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Post by Ton ⓉⓞⓃ on Oct 7, 2014 22:39:16 GMT
Try reconciling your account from the day before the recovery payment, we have two accounts that have had a £50+ discrepancy since then.
I seem to recall that whilst initially the recovery payment was reflected in the total investment figures the individual unit values remained at £100 although these were subsequently reduced by the amount of the recovery payment which is in the same ball park as the discrepancy incidentally.
This may be a red herring but I feel that the coincidence is worthy of further investigation especially in view of the inconsistencies when making withdrawals I described earlier.
I’m trying to politely suggest that there could be problems with the website that AC are unaware of.
I've just rechecked my present standing using my memory and it doesn't balance, so I will double check in detail going thru' my statement. I checked this when it was all happening; I thought there was a small error, but this one appears to be a different one or my memory is wrong (which is quite possible) or both. , I messaged you but I suspect you're not getting them I've gone thru' my statement, summary below | Date | Comment | Debit | Credit | Tot | | 23.2.14 | buying 12units
| 1200 |
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| | 28.5.14 | Interest |
| 12.48
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| | 23.6.14 | Sold 1unit
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| 100
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| | 7.8.14 | recovery |
| 628.54
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| 471.46 |
Everything in the statement balances, my memory was faulty. But the error I was mentioned was in calculating the recovered amount. So using my loan book figure again, 4/7th of 1100=628.57142 You can see here that's an error of 3.142pence for my 11units and relating to this chris gave the following info, As we've had a couple of enquiries it's probably best to post an explanation here of how the recovered amount has been calculated for each lender. The figures are calculated on a per loan unit basis so that they can be correctly recorded as a capital repayment against that loan unit, and rounded down to the nearest penny. This means that on average you've been underpaid by 0.5p per loan unit you hold as we can't pay you a fraction of a penny although this will vary from lender to lender. All these individual payments for each loan unit you hold were then totalled up and paid as one lump sum. The total rounding error for all lenders was around £20 over the £400,000 recovered so it should be a tiny percentage of what you're owed. The exact amount that has been paid to each of you has been recorded and when further sums are recovered any rounding will be taken into account and corrected for so that with each payment the rounding error should trend towards zero when / if the full principal is recovered. Problem now is that this can't relate to your +£50's discrepancy. But does all this move this discuss anywhere yorkshireman?
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Post by yorkshireman on Oct 7, 2014 23:13:31 GMT
I've just rechecked my present standing using my memory and it doesn't balance, so I will double check in detail going thru' my statement. I checked this when it was all happening; I thought there was a small error, but this one appears to be a different one or my memory is wrong (which is quite possible) or both. , I messaged you but I suspect you're not getting them I've gone thru' my statement, summary below | Date | Comment | Debit | Credit | Tot | | 23.2.14 | buying 12units
| 1200 |
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| | 28.5.14 | Interest |
| 12.48
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| | 23.6.14 | Sold 1unit
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| 100
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| | 7.8.14 | recovery |
| 628.54
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| 471.46 |
Everything in the statement balances, my memory was faulty. But the error I was mentioned was in calculating the recovered amount. So using my loan book figure again, 4/7th of 1100=628.57142 You can see here that's an error of 3.142pence for my 11units and relating to this chris gave the following info, As we've had a couple of enquiries it's probably best to post an explanation here of how the recovered amount has been calculated for each lender. The figures are calculated on a per loan unit basis so that they can be correctly recorded as a capital repayment against that loan unit, and rounded down to the nearest penny. This means that on average you've been underpaid by 0.5p per loan unit you hold as we can't pay you a fraction of a penny although this will vary from lender to lender. All these individual payments for each loan unit you hold were then totalled up and paid as one lump sum. The total rounding error for all lenders was around £20 over the £400,000 recovered so it should be a tiny percentage of what you're owed. The exact amount that has been paid to each of you has been recorded and when further sums are recovered any rounding will be taken into account and corrected for so that with each payment the rounding error should trend towards zero when / if the full principal is recovered. Problem now is that this can't relate to your +£50's discrepancy. But does all this move this discuss anywhere yorkshireman? I did say that it could be a red herring but we still appear to be £50+ down on two accounts from the day before the recovery payment. AC seems unable to answer this regardless of whether it proves me right or wrong.
Thanks for your assistance.
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bigfoot12
Member of DD Central
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Likes: 816
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Post by bigfoot12 on Oct 7, 2014 23:37:16 GMT
AC seems unable to answer this regardless of whether it proves me right or wrong. AC said they (Chris) would look into this after the new site launched. Admittedly at the time they were expecting the new site to launch in September. People seemed to think that this was reasonable at the time. As we seem to have been told the new site is launching next week I'm sure that Chris will look at it once the new site has got over any teething troubles in the first few days. One of the best things about AC is their availability on this forum and by phone and email and whilst that might have slipped a little over the last month or so it is wise to keep things in perspective.
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Post by Ton ⓉⓞⓃ on Oct 7, 2014 23:42:36 GMT
I did say that it could be a red herring but we still appear to be £50+ down on two accounts from the day before the recovery payment. AC seems unable to answer this regardless of whether it proves me right or wrong. Thanks for your assistance. Sorry to keep asking questions, but as you say other lenders maybe affected too... Do you mirror in one a/c exactly what you do in the other? Did you sell any of these units at a discount? It might be that another lender accidentally has your two £50+'s due to an accounting error. Sometimes the only way to get action is to use embarrassment, but as you say politely. P.S. Are you talking about the principle or the interest not balancing?
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ianb
Posts: 161
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Post by ianb on Oct 8, 2014 5:52:55 GMT
My balance this morning has dropped by £5.68 from what it was last night. Seeing the above posts, I did some sums last night and it looked OK then. Nothing on the statement. chris - whats going on here ?  Hope this isnt the start of a trend, where from now on we pay AC interest. |
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Post by chris on Oct 8, 2014 6:02:58 GMT
My balance this morning has dropped by £5.68 from what it was last night. Seeing the above posts, I did some sums last night and it looked OK then. Nothing on the statement. chris - whats going on here ? Hope this isnt the start of a trend, where from now on we pay AC interest. Last night there was a correction to the amount of principal remaining which wasn't being displayed correctly on the front end in all instances since the change in loan model on the 2nd October. The new balance should be reflective of your true balance whereas prior to yesterday it could have been over reported for a few days. However there is one caveat. Due to limitations in display the principal remaining is still rounded down to the penny (previously it was rounded to the nearest penny, so there's another reason for a drop). Behind the scenes the true figure to 20 decimal places is used and actual payments use this accurate figure. The new site allows us to merge all your equivalent loan units into 1 unit which can then again be split arbitrarily when you wish to sell so this rounding issues in displaying your total should be removed.
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ianb
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Post by ianb on Oct 8, 2014 7:37:00 GMT
Fair enough. I was going to go thru and double check all the loan balances to see if there had been any shift, but now I can see that everyone's least favourite furniture loan has gone back to having its original balance (prior to partial repayment) reinstated giving an inflated account & loan unit balance. Not sure if you are aware of this chris . |
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Post by chris on Oct 8, 2014 7:40:34 GMT
Fair enough. I was going to go thru and double check all the loan balances to see if there had been any shift, but now I can see that everyone's least favourite furniture loan has gone back to having its original balance (prior to partial repayment) reinstated giving an inflated account & loan unit balance. Not sure if you are aware of this chris . If you remember from our original email at the time of the partial recovery this loan was incorrectly handled by the old system. I've updated the loan to run off the loan model and over the next day or two will work with the admin team to correctly reflect the loan's true status in the system, with an accurate reflection of the interest and principal owed. The new loan model should perfectly support the state of the loan but there will be some manual intervention required to tell the system that we've already made payments against the outstanding amounts, as the system usually forces payments to actually be made to change the state. Hence it not being a quick fix.
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Hope this isnt the start of a trend, where from now on we pay AC interest. 