niceguy37
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Post by niceguy37 on Nov 18, 2014 15:27:43 GMT
chris When might we expect the repayment for K*** loan id#, which was apparently received by AC on 5 Nov but does not seem to have been paid to lenders yet? I'll try and tackle that loan on Friday (board meeting tomorrow). It's been complicated by a bug in the old site that is corrected in the new but which will require an explanation to lenders. I've got a few facts and figures to work out before we can do that. Still hoping for our interest, please.
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sl75
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Post by sl75 on Nov 19, 2014 15:42:22 GMT
chris, there seems to be a new bug since some time earlier today - on the "Upcoming loans" section, all loans are now showing with an interest rate of 0.0%
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Post by chris on Nov 19, 2014 16:22:11 GMT
chris, there seems to be a new bug since some time earlier today - on the "Upcoming loans" section, all loans are now showing with an interest rate of 0.0% Resolved - we've switched the rate to report the rate currently being earned as per the new loan model, and as those loans haven't drawn down yet they didn't have any dates against their repayments so they weren't detected as future repayments. One quirk of this change is that when a loan hits the end of it's scheduled repayments, and presuming it defaults, it will drop to showing 0% interest until such time as a default repayment schedule is entered. This reflects the actual interest that will be accruing.
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mikeb
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Post by mikeb on Nov 19, 2014 19:42:15 GMT
chris, there seems to be a new bug since some time earlier today - on the "Upcoming loans" section, all loans are now showing with an interest rate of 0.0% Resolved - we've switched the rate to report the rate currently being earned as per the new loan model, and as those loans haven't drawn down yet they didn't have any dates against their repayments so they weren't detected as future repayments. One quirk of this change is that when a loan hits the end of it's scheduled repayments, and presuming it defaults, it will drop to showing 0% interest until such time as a default repayment schedule is entered. This reflects the actual interest that will be accruing. Thanks for this change, some of the oddball loans have now come into line. I don't know if this is an issue for you or for davidricketts1 but it shows that 68 (CC L****) and 39 (Wooda****) are definitely still accruing at 10% -- even under this new display system. The day-to-day delta on accrued interest supports this too. Both should be 13% (68 since 2/10 and 39 since 16/10, I think)
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mikes1531
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Post by mikes1531 on Nov 20, 2014 0:09:22 GMT
One quirk of this change is that when a loan hits the end of it's scheduled repayments, and presuming it defaults, it will drop to showing 0% interest until such time as a default repayment schedule is entered. This reflects the actual interest that will be accruing. : No interest accruing? I don't think so. When a loan goes overdue it continues to accrue interest, and probably at the default rate starting the day after the scheduled maturity. Inasmuch as the rate applicable in the event of default is written into the loan contract, it ought to be possible to put this data into the loan database well in advance of maturity and have it triggered automatically if a loan goes overdue.
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Post by chris on Nov 20, 2014 7:48:18 GMT
One quirk of this change is that when a loan hits the end of it's scheduled repayments, and presuming it defaults, it will drop to showing 0% interest until such time as a default repayment schedule is entered. This reflects the actual interest that will be accruing. : No interest accruing? I don't think so. When a loan goes overdue it continues to accrue interest, and probably at the default rate starting the day after the scheduled maturity. Inasmuch as the rate applicable in the event of default is written into the loan contract, it ought to be possible to put this data into the loan database well in advance of maturity and have it triggered automatically if a loan goes overdue. Not necessarily true - there's a few days leeway where you wouldn't accrue interest. If they pay a day late we're not going to reject that payment and demand they pay more for example. So the rate being displayed will accurately reflect what the system has been told is happening. If you're earning default interest then the admin team will need to tell the system that this has occurred by modifying the repayment profile to match whatever has been agreed with the borrower. As soon as the payment profile has been updated then the correct interest rate will be shown and accrued interest is back dated as per that new repayment profile.
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Post by geoffrey on Nov 22, 2014 16:59:02 GMT
There is no real-world case where it could possibly interest me that I have a quadrillionth of a pound (£0.000000000000001) in my account. If you're wanting to audit Assetz' interest rate calculations on your account, this level of detail can be useful ... but that'd be more of a use case for the downloaded CSV than for the hover-over. Differences between certain different day count rules can make around 0.07% difference, and you may be needing to track interest calculations on a penny for a day, and that the correct interest rate was used to within 0.01%... admittedly that use case would be satisfied with just a trillionth of a pound precision, but lets just call it 3 extra check digits! One artefact of this redundant precision, and something for chris to note, is that although I sold "all" of my holding of Ep********dging Loan before the latest bit of news came out, the system still thinks I hold some of it, and I'm still getting emails about this loan. I probably still hold a hundred quadrillionths of a penny, or some similar amount. When I ask the system to list the loans I hold, that one comes up, but my total holding is shown as £0.00 (click on image below -- I've masked the loan name). When I hover over the amount, it shows the same. Yet clearly the system thinks my holding is >£0.
Edit: this could have unintended consequences, because I may well be given a vote on whether to call in receivers, even though as far as I'm concerned I do not hold any of the loan. I think the system really should consider anything less than £0.005 as equal to zero *for such purposes*, and probably anything strictly less than a penny. In fact it's arguable that I should have a meaningful say in the fate of a loan if I hold even a penny of it. Too much precision has downsides!
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pikestaff
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Post by pikestaff on Nov 22, 2014 17:08:43 GMT
If you're wanting to audit Assetz' interest rate calculations on your account, this level of detail can be useful ... but that'd be more of a use case for the downloaded CSV than for the hover-over. Differences between certain different day count rules can make around 0.07% difference, and you may be needing to track interest calculations on a penny for a day, and that the correct interest rate was used to within 0.01%... admittedly that use case would be satisfied with just a trillionth of a pound precision, but lets just call it 3 extra check digits! One artefact of this redundant precision, and something for chris to note, is that although I sold "all" of my holding of Ep********dging Loan before the latest bit of news came out, the system still thinks I hold some of it, and I'm still getting emails about this loan. I probably still hold a hundred quadrillionths of a penny, or some similar amount. When I ask the system to list the loans I hold, that one comes up, but my total holding is shown as £0.00 (click on image below -- I've masked the loan name). When I hover over the amount, it shows the same. Yet clearly the system thinks my holding is >£0.
Edit: this could have unintended consequences, because I may well be given a vote on whether to call in receivers, even though as far as I'm concerned I do not hold any of the loan. I think the system really should consider anything less than £0.005 as equal to zero *for such purposes*, and probably anything strictly less than a penny. In fact it's arguable that I should have a meaningful say in the fate of a loan if I hold even a penny of it. Too much precision has downsides!
Are you owed accrued interest? If so, the loan will still show as "invested in" even though the principal balance is nil. That is my position for both Ep** and Ip**. It was also my position for Ha** until the interest was settled the other day. Ha** has now gone from my lists.
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bigfoot12
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Post by bigfoot12 on Nov 22, 2014 19:46:51 GMT
Edit: this could have unintended consequences, because I may well be given a vote on whether to call in receivers, even though as far as I'm concerned I do not hold any of the loan. I think the system really should consider anything less than £0.005 as equal to zero *for such purposes*, and probably anything strictly less than a penny. In fact it's arguable that I should have a meaningful say in the fate of a loan if I hold even a penny of it. Too much precision has downsides!
I think pikestaff's explanation is a good one, but in any case the vote isn't a problem because they are all weighted by capital held.
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mikes1531
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Post by mikes1531 on Nov 23, 2014 0:24:48 GMT
this could have unintended consequences, because I may well be given a vote on whether to call in receivers, even though as far as I'm concerned I do not hold any of the loan. Even if you do have a vote, it shouldn't have any effect, because the voting is supposed to be weighted on the basis of units held. What's never been made clear, however, is what is the 'record' date for the voting -- i.e. the date after which any changes in holdings because of purchases or sales do not affect the weight of a given lender's vote.
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niceguy37
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Post by niceguy37 on Nov 24, 2014 12:19:09 GMT
Thanks for the updates on the Website Changelog, ColinYou reported a fix this morning: " Fix to annualised rate in CSV download from "Browse Loans", for loans with term < 12 months." which is great, thank you, but if you "Download as CSV" from Your Loans, then the rate is still wrong: Loan # Loan Annual Rate Term Remaining 140 Wood Green Development Loan reduced balance 5 5 137 Epping Bridging Loan - Extension 9 5 133 Leicestershire Care Home 10 24 |
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Post by Ton ⓉⓞⓃ on Nov 24, 2014 13:16:05 GMT
A new release went live this morning with the following changes: - Fix to annualised rate in CSV download from "Browse Loans", for loans with term < 12 months.
- When viewing a loan the amount of units available message now excludes any units you own.
- Fix to header logo when viewing in Internet Explorer 8.
- HTML validation fixes based on W3C recommendations.
With your second fix listed, the one I've highlighted, is there a screen that I can see on AC that does include my holdings that are for sale? (If you get my drift Colin) I'm still having trouble making sense of it. In other words which screens include my units for sale which screens exclude my units for sale ? Thanks
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Post by pepperpot on Nov 24, 2014 13:29:24 GMT
A new release went live this morning with the following changes: - Fix to annualised rate in CSV download from "Browse Loans", for loans with term < 12 months.
- When viewing a loan the amount of units available message now excludes any units you own.
- Fix to header logo when viewing in Internet Explorer 8.
- HTML validation fixes based on W3C recommendations.
With your second fix listed, the one I've highlighted, is there a screen that I can see on AC that does include my holdings that are for sale? (If you get my drift Colin) I'm still having trouble making sense of it. In other words which screens include my units for sale which screens exclude my units for sale ? Thanks AFAIK the black box on the loan page was the only place where your units were included, so all show excluded now.
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shimself
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Post by shimself on Nov 24, 2014 14:08:08 GMT
I've been through and disabled manual investment on all of my loans where I have obtained my target (so as to stop the silly repurchase of loan parts as a repayment of principal is received)
I've decided to sell some of one of these investments - so i happily changed the target to the new required level and all the dialogs were as expected. BUT manual investment is still disabled, so unless I noticed then my revised target would have no effect. That's wrong isn't it?
Shouldn't manual investment become automatically re-enabled if i manually, genuinely m a n u a l l y revise my target investment then it follows I want this to happen?
*(because of course what should really happen is investment targets should be reduced (be able to automatically be reduced) as loan repayments are recieved)
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kermie
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Post by kermie on Nov 24, 2014 18:09:39 GMT
I've been through and disabled manual investment on all of my loans where I have obtained my target (so as to stop the silly repurchase of loan parts as a repayment of principal is received) I've decided to sell some of one of these investments - so i happily changed the target to the new required level and all the dialogs were as expected. BUT manual investment is still disabled, so unless I noticed then my revised target would have no effect. That's wrong isn't it? Shouldn't manual investment become automatically re-enabled if i manually, genuinely m a n u a l l y revise my target investment then it follows I want this to happen? *(because of course what should really happen is investment targets should be reduced (be able to automatically be reduced) as loan repayments are recieved) Yeah, could do with a tidy-up. But I'd take the view that if you disabled it in the first place, then you disabled it for a reason and it's likely that you want control. I'd think the least risky approach is to avoid any non-obvious automation. I suggest either i) add a secondary confirmation message to say "this is disabled, do you want to enable it to allow me to sell down to meet your new target?" or ii) maybe just add a warning in the first "are you sure?" confirmation message that this will enable the automatic selling. Granted it is obvious that it "should" re-enable the loan automatic buy/sell behaviour, but if I were chris, I'd be feeling a little burnt about making this auto-magical, given earlier feedback on this forum.
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