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Post by chris on Dec 16, 2014 11:25:46 GMT
Do you have a holding in Kid********** Br****? When the repayment was run the wrong payment period was selected resulting in the system distributing funds incorrectly. Interest for the period Dec - Jan has been paid in full as if the loan units were held for that entire period, and interest accrued in Nov - Dec is still accrued, explaining the jump. I'm still discussing internally how best to correct that, it's not an easy fix as many lenders no longer have sufficient funds to simply reverse the transaction. It will self correct on the 12th Jan when the next payment is made and we can settle the earlier payment but we're trying to come up with a better solution. My calculation for Kid********** Br**** shows only one month's interest has been paid, but it is based purely on my holding on Dec 12th. I bought about 10% of my holding between Nov12th-Dec12th, so for these, I should have only received the accrued interest from date of purchase. Actually, it wouldn't make much difference because 80% of these purchases were made early, between Nov 12th-Nov 18th. I estimate a gain of about 75p on a holding of £2500. Of course those nett sellers would be worse off. I don't understand why it would self correct next month. The repayment was made based on your holding between 12th and 15th December, with all interest that would be earned between 15th Dec and 12th Jan 2015 being allocated to the current holder of the loan units. This is in line with a genuine early repayment which does occasionally happen but usually only by a day or two. Assuming we don't do anything else, and like I say we're trying to find a better solution, then on the 12th Jan we will receive the next payment from the borrower and can make the repayment for the 12th Nov to 12th Dec. The system will then calculate all the owed interest for that period including for any loan sales where interest has been deferred. Thus it would self correct at that point. This is also why the loan is saying that it's currently earning 0% interest, because technically the interest up to 12th Jan has already been paid so more isn't accruing. As soon as we hit 13th Jan then the system will update, interest will start accruing again, and the interest rate at which that accrual is occurring will be displayed.
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sl75
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Post by sl75 on Dec 16, 2014 11:37:13 GMT
My calculation for Kid********** Br**** shows only one month's interest has been paid, but it is based purely on my holding on Dec 12th. I bought about 10% of my holding between Nov12th-Dec12th, so for these, I should have only received the accrued interest from date of purchase. Actually, it wouldn't make much difference because 80% of these purchases were made early, between Nov 12th-Nov 18th. I estimate a gain of about 75p on a holding of £2500. Of course those nett sellers would be worse off. I don't understand why it would self correct next month. It self-corrects next month only if you ignore the time-value of money. In effect, your "gain of about 75p" is an interest-free loan you have received from the person who sold you the units you acquired between Nov 12th and Dec 12th... ... and you would then effectively "repay" the interest-free loan when the 12 Jan payment is allocated against the interest that had been due on 12 Dec. As a recipient of the interest-free loan you have no cause for complaint, as you're better off than you would have been (having use of 75p more money than you were entitled to during the period 12 Dec to 12 Jan).
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Dec 16, 2014 12:08:12 GMT
My calculation for Kid********** Br**** shows only one month's interest has been paid, but it is based purely on my holding on Dec 12th. I bought about 10% of my holding between Nov12th-Dec12th, so for these, I should have only received the accrued interest from date of purchase. Actually, it wouldn't make much difference because 80% of these purchases were made early, between Nov 12th-Nov 18th. I estimate a gain of about 75p on a holding of £2500. Of course those nett sellers would be worse off. I don't understand why it would self correct next month. It self-corrects next month only if you ignore the time-value of money. In effect, your "gain of about 75p" is an interest-free loan you have received from the person who sold you the units you acquired between Nov 12th and Dec 12th... ... and you would then effectively "repay" the interest-free loan when the 12 Jan payment is allocated against the interest that had been due on 12 Dec. As a recipient of the interest-free loan you have no cause for complaint, as you're better off than you would have been (having use of 75p more money than you were entitled to during the period 12 Dec to 12 Jan). Fantastic, I'll use that interest-free 75p to offset the loss of interest on the £4,000 I withdrew last Wednesday morning and finally received in my bank account today.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Dec 16, 2014 12:23:13 GMT
My calculation for Kid********** Br**** shows only one month's interest has been paid, but it is based purely on my holding on Dec 12th. I bought about 10% of my holding between Nov12th-Dec12th, so for these, I should have only received the accrued interest from date of purchase. Actually, it wouldn't make much difference because 80% of these purchases were made early, between Nov 12th-Nov 18th. I estimate a gain of about 75p on a holding of £2500. Of course those nett sellers would be worse off. I don't understand why it would self correct next month. The repayment was made based on your holding between 12th and 15th December, with all interest that would be earned between 15th Dec and 12th Jan 2015 being allocated to the current holder of the loan units. This is in line with a genuine early repayment which does occasionally happen but usually only by a day or two. Assuming we don't do anything else, and like I say we're trying to find a better solution, then on the 12th Jan we will receive the next payment from the borrower and can make the repayment for the 12th Nov to 12th Dec. The system will then calculate all the owed interest for that period including for any loan sales where interest has been deferred. Thus it would self correct at that point. This is also why the loan is saying that it's currently earning 0% interest, because technically the interest up to 12th Jan has already been paid so more isn't accruing. As soon as we hit 13th Jan then the system will update, interest will start accruing again, and the interest rate at which that accrual is occurring will be displayed. Ok, just a weird co-incidence, 3 days is roughly 10% of a month, which is roughly equal to the loan parts I added in the last month. Now I understand why it will sort itself out next month, and probably not worth the time and effort to correct. Just market it as a Happy Xmas from AC.
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mikes1531
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Post by mikes1531 on Dec 16, 2014 12:44:57 GMT
I've had something odd happen in my account on Monday. I make a note of the value of my account at the end of the day. Normally I can add the interest credited to my account the following day and find that the resulting total matches the value of my account at the end of that day within a penny or two. (I'd also have to adjust for any deposits or withdrawals, but I haven't made any of those lately.) This didn't work on Monday. Somewhere between the end of Friday and the end of Monday my account went up in value by £25.19 more than I can explain. I haven't a clue what might have caused this. It's as if one (or more) of my holdings was revalued upwards. Or a holding wasn't reduced by a capital repayment that was received. Has anyone else seen anything similar happen? Do you have a holding in Kid********** Br****? When the repayment was run the wrong payment period was selected resulting in the system distributing funds incorrectly. Interest for the period Dec - Jan has been paid in full as if the loan units were held for that entire period, and interest accrued in Nov - Dec is still accrued, explaining the jump. I'm still discussing internally how best to correct that, it's not an easy fix as many lenders no longer have sufficient funds to simply reverse the transaction. It will self correct on the 12th Jan when the next payment is made and we can settle the earlier payment but we're trying to come up with a better solution. Yes. I do have some Kid********** Br****, but I'm not sure the payment problem described explains the increased account value. AIUI, the error has meant that I've been paid interest in such a way that my accrued interest didn't drop by the amount of the interest received, as it normally would. As a result of that, the total value of my account including accrued interest would have increased unjustifiably. But the number that's bigger than I had expected was the one on my Dashboard labelled "Your Total Investment" and that, AFAIK, is just the total of my capital outstanding plus cash available for investment and does not include accrued interest. So an overstatement of my accrued interest as described by chris shouldn't affect the number called "Your Total Investment". And since the Kid*** loan is interest only, the mis-designated payment shouldn't have affected the capital outstanding for that loan -- unless, of course, the system has recalculated the capital outstanding based on the payments received so far and has been confused by the mis-designated payment. I will add, however, that the Kid*** interest payment I received was not £25.19 or anything very close to that.
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mikes1531
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Post by mikes1531 on Dec 16, 2014 13:16:15 GMT
Somewhere between the end of Friday and the end of Monday my account went up in value by £25.19 more than I can explain. Here is a further development... I have received interest today from the Nor** Lot**** WT. If I add that to last night's "Your Total Investment" and compare that to what my "Your Total Investment" shows now, the current YTI number is £25.12 short. I hope that means that yesterday's error has been corrected rather than that there's been another error in the opposite direction of about the same amount. I must say, however, that today's £25.12 discrepancy differs from yesterday's £25.19 discrepancy by more than I've noted in the past and have assumed to be rounding errors. And it's probably a red herring, but I note that yesterday I received a principal payment of £25.14 from Ac*** Eng********. chris: Have any adjustments been made today that might explain what I've observed? Finally, speaking of Ac*** Eng********... I see there was a Q in the Q&A on 15/Nov that asked... The A, on 25/Nov was... Looking at the loan in my list today, it shows an interest rate of 11.25%, so I presumed the problem reported last month had been fixed. However, today I have picked up a couple pieces of this loan in the Aftermarket and the two entries in my MLIA Statement are... 16/Dec @ 0507: Purchase loan part 3345606 (old id 3339209) for £.pp GBP - principal £.pp, annualised rate 11.250, loan: Ac* Eng* (38) 16/Dec @ 1100: Purchase loan part 3366074 (old id 3353307) for £.pp GBP - principal £.pp, annualised rate 11.200, loan: Ac* Eng* (38) Does the fact that the two loan parts are showing different interest rates mean that the interest being accrued and paid on this loan is incorrect?
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misscas
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Post by misscas on Dec 16, 2014 13:32:53 GMT
I acquired 2 holdings in this loan (38) this morning and see they have the different interest rates reported above by mikes1531
16th Dec 2014 at 11:00 Purchase loan part 3366070 (old id 3353307) for 99.99 GBP - principal 99.99, annualised rate 11.200, loan: A**** (38)
16th Dec 2014 at 05:07 Purchase loan part 3345585 (old id 3339209) for 60.61 GBP - principal 60.61, annualised rate 11.250, loan: A**** (38)
Hopefully it is just a display issue which will be fixed in due course but it would be good to have this confirmed.
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Post by chris on Dec 16, 2014 13:38:25 GMT
No corrections have been run as far as I'm aware, and there are no display issues that I'm aware of so if the loan units are reporting different interest rates then those are the rates being earned.
I'll forward both posts to the admin team for investigation.
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mikeb
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Post by mikeb on Dec 16, 2014 18:55:49 GMT
Yes. I do have some Kid********** Br****, .... I've been paid interest in such a way that my accrued interest didn't drop by the amount of the interest received, as it normally would. Exactly this -- the accrued interest figure was for a month-and-a-bit of interest, just before the payment hit. You've been paid a month's worth (statement) but it's the "bit" that's been knocked off the accrued, leaving, hopefully, a full month's worth "due" still. This doesn't balance, and is confusing, but as chris said -- at least AC are aware and the simple fix is to do it the other way round next month!
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mikes1531
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Post by mikes1531 on Dec 17, 2014 2:20:53 GMT
Yes. I do have some Kid********** Br****, .... I've been paid interest in such a way that my accrued interest didn't drop by the amount of the interest received, as it normally would. Exactly this -- the accrued interest figure was for a month-and-a-bit of interest, just before the payment hit. You've been paid a month's worth (statement) but it's the "bit" that's been knocked off the accrued, leaving, hopefully, a full month's worth "due" still. This doesn't balance, and is confusing, but as chris said -- at least AC are aware and the simple fix is to do it the other way round next month! I understand that my accrued interest is overstated at the moment. But the issue I raised was that I couldn't understand what was happening with my "Your Total Investment" amount and, since that number does not include accrued interest, an error in accrued interest wouldn't affect it and therefore wouldn't explain the odd behaviour I was observing. It's good to know that AC are aware of the accrued interest problem and are trying to find a solution. I personally wouldn't care if nothing was done until the problem corrected itself automatically a month from now, but I do understand that some people have been short-changed at the moment and AC may therefore wish to correct the problem sooner.
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dave
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Post by dave on Dec 21, 2014 11:15:08 GMT
chris - could AC consider a slight re-name of the product statement csv/xls files so I can tell which product they relate to? e.g. - export_product_statement_1_2014_12_18_19_13_34.csv export_product_statement_3_2014_12_09_19_58_15.csv 1 = MLIA, 3 = GEIA, using the same product numbers as the export_statement files best regards Dave
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Jan 6, 2015 17:35:26 GMT
chris Over NY, something went wrong with the tax year the dashboard thinks it's in. The interest shown under the heading "Interest for Previous UK Tax Year" used to correctly show the interest for the previous UK tax year. Now it's showing the interest to date in the current UK tax year. I didn't raise it earlier because it was 'rest time' but I think it ought to be corrected now 
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Post by chris on Jan 6, 2015 17:41:18 GMT
chris Over NY, something went wrong with the tax year the dashboard thinks it's in. The interest shown under the heading "Interest for Previous UK Tax Year" used to correctly show the interest for the previous UK tax year. Now it's showing the interest to date in the current UK tax year. I didn't raise it earlier because it was 'rest time' but I think it ought to be corrected now Will raise it internally, thanks for the heads up.
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sl75
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Post by sl75 on Jan 6, 2015 17:48:38 GMT
chris Over NY, something went wrong with the tax year the dashboard thinks it's in. The interest shown under the heading "Interest for Previous UK Tax Year" used to correctly show the interest for the previous UK tax year. Now it's showing the interest to date in the current UK tax year. I didn't raise it earlier because it was 'rest time' but I think it ought to be corrected now Probably the same underlying cause, but on reports -> tax statement it now defaults to the current tax year (2014/15) rather than the previous tax year (2013/14). You can of course get the figures for the tax year you're interested in by going to the latter report and changing the year in both boxes.
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Mike
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Post by Mike on Jan 7, 2015 2:53:05 GMT
Would really like to see implementation of Google Authenticator.
Considering the sums of money at stake, single factor authentication results in sleepless nights (yes yes you check withdrawal requests for suspicious activity blah blah I know the line but I don't trust lazy humans).
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