hendragon
Member of DD Central
Posts: 631 
Likes: 619
|
Post by hendragon on Oct 8, 2014 7:54:08 GMT
chris could I ask if this fix would also account for what seem to be very odd happening with auction 121...the cwt?
|
|
ianb
Posts: 161
Likes: 54
|
Post by ianb on Oct 8, 2014 7:54:37 GMT
Righty ho. I didn't remember. You may want to consider getting an email out to all investors about these issues to prevent further panicked communications and give yourselves breathing time to get the issues sorted.
|
|
|
|
Post by chris on Oct 8, 2014 8:00:14 GMT
chris could I ask if this fix would also account for what seem to be very odd happening with auction 121...the cwt? Potentially. There was a code reversion when I applied the patch (which means some old code accidentally overwrote some new code) that was then corrected immediately. Could be you saw an issue in between these two events. Can you double check to see if the issue is still present, as I did double check the database after the correction and couldn't see any issues.
|
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Oct 8, 2014 8:04:34 GMT
there is still an issue here. cwt 121 was orignally stated to be drawn on the 7/10 and repaid on 8/10. It appeared under my repaid loans tab. It has now completely gone from my dashboard and the money does not appear in my total investment figure.
|
|
baz657
Member of DD Central
Posts: 500
Likes: 189
|
Post by baz657 on Oct 8, 2014 8:22:42 GMT
there is still an issue here. cwt 121 was orignally stated to be drawn on the 7/10 and repaid on 8/10. It appeared under my repaid loans tab. It has now completely gone from my dashboard and the money does not appear in my total investment figure. +1 I didn't notice it was in the repaid section but it's disappeared now. Did it get blown over in the high winds?
|
|
mikeb
Posts: 1,072
Likes: 472
|
Post by mikeb on Oct 8, 2014 8:27:38 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. another one has gone awry: Ka** group, which I reported previously (the principal monthly payment was made to my account/totals BUT the capital outstanding wasn't changed). Well, now it has been adjusted, but the amount you've knocked off is MORE than the principal repaid, which means someone's nicked part of my capital. Never mind trying to keep track of all the default interest, the drawdown delay interest, the "system can't handle what happened" situations, I've now got post-it notes (virtual) getting stuck all over the basics such as interest/capital totals, and my account doesn't balance any more. Really starting to worry that the promises of "parallel running" the old accounting system and new were just hype -- if they'd been parallel run, we'd not be having so many errors, right? Ipswich is still wrong -- accrued interest doubled. Is anyone monitoring the Q&A on the loans, it seems that the familiar delay are back after andrewholgate applied some boots ...
|
|
|
|
Post by Come_on_Grandad on Oct 8, 2014 8:57:27 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. ... I agree that my individual loan unit capital has been rounded in many places where it wasn't yesterday. One big difference to my total capital position is in Ka** (auction id 40) where - unlike mikeb - I think your correction is good. I base this on a 60 month amortising loan for £150,000 where the borrower rate is 15.966%. This agrees with the monthly principal repayments as listed under the repayments tab and, when scaled down to my investment, and allowing for rounding, gives me the outstanding capital that you now show. Yesterday's number was wrong. However, this must have implications for how much of the payment (on the 6th) was allocated to principal and how much to interest. Maybe this is what mikeb is getting at. Also, do aftermarket sales whilst the principal was overstated lock the seller into a gain and the buyer into a loss when you apply this correction?
|
|
|
|
Post by yorkshireman on Oct 8, 2014 10:12:16 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? Good morning
It’s the principle that didn’t balance, however, this farce has taken another twist.
We can now discount account 1 as it has not been involved with the furniture retailer auction 70 and I agree the balance, my only complaint being the nonsense surrounding withdrawals that I described yesterday but I’ll leave that for now.
However, the fun starts with the other two accounts both of which hold parts of auction 70 (We haven’t sold any parts in this loan by the way) I took screen shots of both accounts last night and again this morning with the following results:
Account 2
Between 22:45 07/10/14 and 09:55 08/10/14 the value of loan units and therefore the total value of the account has increased by £55.75 and the value of the one unit of auction 70 has increased to £99.99.
Account 3
Between 23:00 07/10/14 and 10:00 08/10/14 the value of loan units and therefore the total value of the account has increased by £57.06 and the value of the one unit of auction 70 has increased to £99.99.
That alone poses a question, if the loan unit has increased by the same amount to £99.99 on each account then why has one account total increased by £55.75 and the other by £57.06?
None of the above appear as transactions on the account statement.
This all poses serious questions about the AC website, whilst I personally only have a small amount invested in AC, if the above is repeated on other accounts then large sums of money could be involved therefore I suggest other forum users check their accounts.
I find the lack of response from AC since August 26 both discourteous and worrying, it’s my hard earned brass that they’re tasked with looking after and they don’t appear to be doing that very well at present. Investors should not have to be taking screen shots to keep tabs on their accounts, AC is becoming as time consuming as FC.
That’s enough time spent on this issue for today, now down to some work and finding a new home for the money currently in AC.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
|
Post by ilmoro on Oct 8, 2014 10:36:22 GMT
So FF is supposed to have reverted temporarily to its original balance pre recovery except mine seems to have lost 1p which makes no sense as the original recovery payment was rounded down by nearly a penny. Also my available to invest figure is £99 at the top but my mini statement available to invest is £100. Assuming one is rounded done & the other up then this would suggest I dont have £100. Or do I? No idea anymore! AI seems to be slow in picking up units. chris can we make sure the new site displays everything to at least 2dp for clarity and it would also be helpful if the statement included a running balance column? AC very frustrating at moment which hopefully new site will fix [insert suitable breath holding reference here] |
|
|
|
Post by chris on Oct 8, 2014 10:42:26 GMT
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. another one has gone awry: Ka** group, which I reported previously (the principal monthly payment was made to my account/totals BUT the capital outstanding wasn't changed). Well, now it has been adjusted, but the amount you've knocked off is MORE than the principal repaid, which means someone's nicked part of my capital. Never mind trying to keep track of all the default interest, the drawdown delay interest, the "system can't handle what happened" situations, I've now got post-it notes (virtual) getting stuck all over the basics such as interest/capital totals, and my account doesn't balance any more. Really starting to worry that the promises of "parallel running" the old accounting system and new were just hype -- if they'd been parallel run, we'd not be having so many errors, right? Ipswich is still wrong -- accrued interest doubled. Is anyone monitoring the Q&A on the loans, it seems that the familiar delay are back after andrewholgate applied some boots ... They were run in parallel and were checked against each other, no hype, but a couple these situations were historic and a couple have been display issues which are unrelated to the underlying loan model and are much much harder to automatically check. The system can now correctly account for all the different loans we have but there is still a manual step required to update some of the settings. The automated changeover could only blindly copy the loan settings that were previously used and adapt them to the new model, it couldn't make the changes required to correctly reflect those loans with how they should be. With the Ka** group, as explained the system was previously over reporting your capital in that loan - a combination of a display issue after the repayment on the 2nd, and a change in the rounding per loan unit to always round down instead of round to nearest penny. Those two will account for any changes. Looking at the total reported principal remaining at the loan level it's currently £130,601.94 and adding up all the individual loan units it's £130,589.47 - well within the expected difference (£12.47 difference vs a theoretical maximum of £16.91 which is 1p per loan unit). As far as I'm aware all loans are correct and all lender totals are correct with two maybe three exceptions. These are F*** F*** which needs it's loan model updating to reflect the correct state of the loan and the recovery made so far, the historic issue with some deferred interest being misallocated at the start of the this year which I have promised to investigate after the new site is live, and possibly one or two of the bridging loans if the admin team have yet to apply the default interest (although I thought all of those were done). The general rule is that if the loan repayments page is correct for a given loan then the repayments you will receive will be correct, if there are any discrepancies they will be a display issue that will be quick and easy to resolve. All loan repayments are double checked as they are received from the borrower and posted through the system so if there are any issues with the repayments page then it will always be picked up and corrected then. All payments made to lenders are now carried out at the loan level rather than loan part level so it is these high level figures which are important in distributing cash. If you are aware of any others please can you give me some specifics to work with so that I can investigate your issue either via a public post mentioning me by name, via a private message, or via our customer care team.
|
|
|
|
Post by chris on Oct 8, 2014 10:51:30 GMT
So FF is supposed to have reverted temporarily to its original balance pre recovery except mine seems to have lost 1p which makes no sense as the original recovery payment was rounded down by nearly a penny. Also my available to invest figure is £99 at the top but my mini statement available to invest is £100. Assuming one is rounded done & the other up then this would suggest I dont have £100. Or do I? No idea anymore! AI seems to be slow in picking up units. chris can we make sure the new site displays everything to at least 2dp for clarity and it would also be helpful if the statement included a running balance column? AC very frustrating at moment which hopefully new site will fix [insert suitable breath holding reference here] I've asked for everything to be displayed to 2 decimal places and rounded down. This will certainly be on the new site but hopefully on the old site as well. There is a slight complication in that if the principal remaining is calculated as £99.99999999999999999999 then it would then be reported as £99.99 instead of £100. Because sometimes fractions work out that way, whilst it isn't significant to a repayment being reprocessed it could be confusing in the case of a repayment. I may switch to rounding up if it's 0.9p but down if less than that. Anyone have any thoughts on that, as to which they'd prefer?
|
|
|
|
Post by chris on Oct 8, 2014 11:00:16 GMT
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? Good morning
It’s the principle that didn’t balance, however, this farce has taken another twist.
We can now discount account 1 as it has not been involved with the furniture retailer auction 70 and I agree the balance, my only complaint being the nonsense surrounding withdrawals that I described yesterday but I’ll leave that for now.
However, the fun starts with the other two accounts both of which hold parts of auction 70 (We haven’t sold any parts in this loan by the way) I took screen shots of both accounts last night and again this morning with the following results:
Account 2
Between 22:45 07/10/14 and 09:55 08/10/14 the value of loan units and therefore the total value of the account has increased by £55.75 and the value of the one unit of auction 70 has increased to £99.99.
Account 3
Between 23:00 07/10/14 and 10:00 08/10/14 the value of loan units and therefore the total value of the account has increased by £57.06 and the value of the one unit of auction 70 has increased to £99.99.
That alone poses a question, if the loan unit has increased by the same amount to £99.99 on each account then why has one account total increased by £55.75 and the other by £57.06?
None of the above appear as transactions on the account statement.
This all poses serious questions about the AC website, whilst I personally only have a small amount invested in AC, if the above is repeated on other accounts then large sums of money could be involved therefore I suggest other forum users check their accounts.
I find the lack of response from AC since August 26 both discourteous and worrying, it’s my hard earned brass that they’re tasked with looking after and they don’t appear to be doing that very well at present. Investors should not have to be taking screen shots to keep tabs on their accounts, AC is becoming as time consuming as FC.
That’s enough time spent on this issue for today, now down to some work and finding a new home for the money currently in AC.
The issue was first covered in our email out to all lenders regarding the recovered amount, and has been discussed several times on here, and I've posted several times in the last 24 hours addressing this. I'm sorry if I've missed any specific posts from you and I have alerted andrewholgate as to The issue you describe above is entirely consistent with the adjustment I have described. Are the totals now displayed not correct (bearing in mind £99.99999999... to 20 decimal places will be displayed as £99.99 which I agree can be confusing and I address in another post above)? If they are incorrect then let me know, if they are merely inconsistent with what was previously displayed then I am unconcerned as I have described how recent changes have caused a couple of display issues. FF has been a problem loan since the recovery as the old platform did not support the way funds were recovered. The new loan model does support it and we'll be working to put the correct figures into the loan model so that everything displayed to lenders is as you would expect. This does not affect other loans as they have not had a similar partial principal recovery whilst interest remained outstanding.
|
|
|
|
Post by chris on Oct 8, 2014 11:05:16 GMT
To avoid continued confusion I've made that change to the rounding on FF. Unless there's any objections this change will roll out to other loans at around 4pm.
|
|
|
|
Post by Jack Barlow on Oct 8, 2014 11:17:20 GMT
chrisI bought a loan unit for £44.59 on 3/10 and it's now displayed with a value of £44.58 (presumably after being rounded down from the system value of 44.5899999...). If I put the unit on the AM will it display as £44.58 or £44.59 and will the purchaser get billed £44.58 or £44.59? On the new system if I want to sell a loan with principal £553.5555... will I receive £553.55 or £553.56 for the sale? Thanks Jack
|
|
|
|
Post by yorkshireman on Oct 8, 2014 12:09:50 GMT
Good morning
It’s the principle that didn’t balance, however, this farce has taken another twist.
We can now discount account 1 as it has not been involved with the furniture retailer auction 70 and I agree the balance, my only complaint being the nonsense surrounding withdrawals that I described yesterday but I’ll leave that for now.
However, the fun starts with the other two accounts both of which hold parts of auction 70 (We haven’t sold any parts in this loan by the way) I took screen shots of both accounts last night and again this morning with the following results:
Account 2
Between 22:45 07/10/14 and 09:55 08/10/14 the value of loan units and therefore the total value of the account has increased by £55.75 and the value of the one unit of auction 70 has increased to £99.99.
Account 3
Between 23:00 07/10/14 and 10:00 08/10/14 the value of loan units and therefore the total value of the account has increased by £57.06 and the value of the one unit of auction 70 has increased to £99.99.
That alone poses a question, if the loan unit has increased by the same amount to £99.99 on each account then why has one account total increased by £55.75 and the other by £57.06?
None of the above appear as transactions on the account statement.
This all poses serious questions about the AC website, whilst I personally only have a small amount invested in AC, if the above is repeated on other accounts then large sums of money could be involved therefore I suggest other forum users check their accounts.
I find the lack of response from AC since August 26 both discourteous and worrying, it’s my hard earned brass that they’re tasked with looking after and they don’t appear to be doing that very well at present. Investors should not have to be taking screen shots to keep tabs on their accounts, AC is becoming as time consuming as FC.
That’s enough time spent on this issue for today, now down to some work and finding a new home for the money currently in AC.
The issue was first covered in our email out to all lenders regarding the recovered amount, and has been discussed several times on here, and I've posted several times in the last 24 hours addressing this. I'm sorry if I've missed any specific posts from you and I have alerted andrewholgate as to The issue you describe above is entirely consistent with the adjustment I have described. Are the totals now displayed not correct (bearing in mind £99.99999999... to 20 decimal places will be displayed as £99.99 which I agree can be confusing and I address in another post above)? If they are incorrect then let me know, if they are merely inconsistent with what was previously displayed then I am unconcerned as I have described how recent changes have caused a couple of display issues. FF has been a problem loan since the recovery as the old platform did not support the way funds were recovered. The new loan model does support it and we'll be working to put the correct figures into the loan model so that everything displayed to lenders is as you would expect. This does not affect other loans as they have not had a similar partial principal recovery whilst interest remained outstanding. I’ve no record of a statement from AC that account balances would drop, an issue I have been trying to resolve for nearly 2 months. However, as the balances are now back where they should be I’ll consider the issue closed unless of course they drop again.
|
|
Hope this isnt the start of a trend, where from now on we pay AC interest. 
