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Post by chris on Dec 5, 2014 8:06:56 GMT
Nothing fixed today as A******* still missing from the accrued interest - not good. Maybe an overnight fix job? - I certainly hope so as at this rate I'm going to be into daily screenshots!! Seen the answers on the Q&A for this loan and the answer is 'it appears to be an IT glitch and is being looked at urgently'. Sorry guys this doesn't inspire confidence as IT glitches have a habit of being contagious and as the fix has not been applied it appears more serious than maybe first thought. A******* did fix after midnight. That's the good news. The bad news is that it was contagious, and Kent caught the virus. I notices that its interest rate was zero during the day yesterday -- and might have been that way for longer as I hadn't been watching it closely -- but it still was showing historical accrued interest until midnight, at which point that went to zero as well. I have inferred from what Chris said in another thread that the effort to sort out A found that the problem was not limited to that loan and that other "old" loans were affected similarly. I haven't a clue what triggers the rate change and AI disappearance, so don't know why it hits different loans at different times. Chris also said that he hoped to implement a fix for the other vulnerable loans on Friday. The problem appears to be an administrative one which hasn't been aided by the loan model. There was a bug in the loan model that generates the list of repayments that wasn't correctly dating the start date for interest earned where payments are deferred until later which was introduced when we added support for capital repayments in the middle of the loan term without triggering other repayments. This has reset the interest earning periods on a handful of loans to be in the future, hence the system thinking no interest should be accruing and that the interest rate is currently 0%. I've fixed that underlying bug but need to identify the affected loans and basically press a "recalculate payments" button for each of them.
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Post by chris on Dec 5, 2014 8:18:08 GMT
Looking through the list Kent was the only other loan that was 0% and shouldn't have been. I've corrected that one. G*2 and E Tr***** are both outside the term of their loans with no new information entered by the admin team telling the system at what rate interest should be accruing, so are both operating as they should as far as the system is concerned. One for davidricketts1 to pick up on. |
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Post by chris on Dec 5, 2014 10:35:36 GMT
What's wrong with that loan? Interest is accruing at 18%...
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Vero
Member of DD Central
Posts: 196 
Likes: 163
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Post by Vero on Dec 5, 2014 10:44:11 GMT
What's wrong with that loan? Interest is accruing at 18%... Q
Thanks for the update.
What are IT doing about this? Should I contact them directly?
Asked by Veronicae
28th Nov 2014 at 10:25
A
We are told they are working on it and have sought details on the timescale to complete this work. We will let lenders know as soon as we have this.
Answered by Assetz Capital
28th Nov 2014 at 16:30
Q
My £524 accrued interest is still missing AC. Update, please?
Asked by Veronicae
28th Nov 2014 at 09:39
A
I am still pushing IT to update this (and have been daily since it happened).
Answered by Assetz Capital
28th Nov 2014 at 10:17
Q
Any news on the missing interest bug AC?
Asked by Veronicae
21st Nov 2014 at 16:32
A
Not yet I'm afraid. We have raised with IT and will chase again Monday morning.
Answered by Assetz Capital
21st Nov 2014 at 17:25
Q
If only capital has been paid then why has my accrued interest been reduced in my loan book to 27p for this loan?
Asked by smurphyuk1985
17th Nov 2014 at 21:48
A
As has been mentioned, this is a display issue that we are working with IT to correct.
Answered by Assetz Capital
17th Nov 2014 at 22:37
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Post by davidricketts1 on Dec 5, 2014 10:45:07 GMT
What's wrong with that loan? Interest is accruing at 18%...
Accrued interest up until the lump sum reduction disappeared on payment of the reduction.
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Post by chris on Dec 5, 2014 10:45:34 GMT
What's wrong with that loan? Interest is accruing at 18%...
Accrued interest up until the lump sum reduction disappeared on payment of the reduction.
Ok, investigating.
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Vero
Member of DD Central
Posts: 196
Likes: 163
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Post by Vero on Dec 5, 2014 13:33:18 GMT
Accrued interest up until the lump sum reduction disappeared on payment of the reduction.
Ok, investigating. Um... you mean you weren't already?
Perhaps you should speak to the IT department, apparently they have been working on it for weeks....
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Post by chris on Dec 5, 2014 14:01:32 GMT
Um... you mean you weren't already?
Perhaps you should speak to the IT department, apparently they have been working on it for weeks.... I'm not the whole IT department and this is actually a symptom of a loan model issue that I was already aware of and working on. I didn't know that this was the loan affected, that's all.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330 
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Post by ilmoro on Dec 5, 2014 14:02:01 GMT
chris davidricketts1 Would this bug cause the issue with Ip ****h where the accrued interest seems to include an extra months worth? Sure the nominal repayment date for the loan should be 5/3/15 not 5/2 as is currently showing as the original loan ended 5/9/14. Its been raised both here and on Q&A several times. Does the wrong end date mean the interest is calculated wrong? Can we fixed this
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Post by chris on Dec 5, 2014 14:06:25 GMT
chris @davidrickets1 Would this bug cause the issue with Ip ****h where the accrued interest seems to include an extra months worth? Sure the nominal repayment date for the loan should be 5/3/15 not 5/2 as is currently showing as the original loan ended 5/9/14. Its been raised both here and on Q&A several times. Does the wrong end date mean the interest is calculated wrong? Can we fixed these errors even so? Yes it's the same issue as I currently understand it. Basically in the loan model when an interest repayment is rolled up into the next payment window (something that can happen multiple times) in some circumstances where there is a change of settings (such as the rate) then the system is currently applying the right amount of interest to the wrong time period. This is causing the interest to effectively accrued in parallel to the current repayment period causing daily accrual to be too high as it's applied to the wrong loan units. I'm in the middle of adding some extra tracking in the loan model to keep track of the correct start date for the period to which the interest should be applied. Once that's done pressing the recalculate button will reset everyone's interest to the correct levels.
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duck
Member of DD Central
Posts: 2,880
Likes: 6,960
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Post by duck on Dec 5, 2014 16:01:59 GMT
What's wrong with that loan? Interest is accruing at 18%... I sold out of that loan in October (last part on 26th) and it has disappeared from 'my loans' (personal and business accounts) taking with it the accrued interest - June to Oct.
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star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
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Post by star dust on Dec 5, 2014 16:13:03 GMT
What's wrong with that loan? Interest is accruing at 18%... I sold out of that loan in October (last part on 26th) and it has disappeared from 'my loans' (personal and business accounts) taking with it the accrued interest - June to Oct. Same here, but mine was for less time. Reported it on the loan thread, but haven't got around to emailing AC yet, I'm reserving my firepower till next year in the hope that lots of issues are resolved, as most are common and have been mentioned to death on the Forum already. 
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duck
Member of DD Central
Posts: 2,880
Likes: 6,960
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Post by duck on Dec 5, 2014 16:57:35 GMT
I sold out of that loan in October (last part on 26th) and it has disappeared from 'my loans' (personal and business accounts) taking with it the accrued interest - June to Oct. Same here, but mine was for less time. Reported it on the loan thread, but haven't got around to emailing AC yet, I'm reserving my firepower till next year in the hope that lots of issues are resolved, as most are common and have been mentioned to death on the Forum already. Yes I realised I was not alone ....
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Post by chris on Dec 5, 2014 17:21:40 GMT
Okay I've just set a change to the loan model live. I've tested it offline as best I can against Bolton and have just released it to the admin team but I wanted to get it live to lenders as well to encourage your own feedback on this. Please be gentle as this hasn't been tested by the admin team. I've also only applied this fix to Bolton but it will also need to be applied to other loans like Fin*** Fur****** when we're happy with it.
Your historic accrued interest should have been restored and interest should now be accruing at the correct rate for those still in the loan.
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oldgrumpy
Member of DD Central
Posts: 5,087
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Post by oldgrumpy on Dec 5, 2014 17:32:17 GMT
Okay I've just set a change to the loan model live. I've tested it offline as best I can against Bolton and have just released it to the admin team but I wanted to get it live to lenders as well to encourage your own feedback on this. Please be gentle as this hasn't been tested by the admin team. I've also only applied this fix to Bolton but it will also need to be applied to other loans like Fin*** Fur****** when we're happy with it. Your historic accrued interest should have been restored and interest should now be accruing at the correct rate for those still in the loan. My accrued Interest for Bolton has reappeared, thank you; hope it's correct now.
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