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Post by chris on Mar 28, 2015 21:50:59 GMT
If you have specific instances like this as a first port of call could you report them to either the lender admin team or Mark Wardrop on mark dot wardrop at assetzcapital.co.uk. The first question that needs to be asked with this figure is if the £16.21 is correct or not and whether the £18.07 was either over reporting or simply out of date. If the £16.21 is incorrect then we can look at the figures entered into the loan model before finally checking the loan model itself. On point a): No. Sorry for being blunt but I am waiting on so many outstanding points from Mark Wardrop after andrewholgate said to send complaints/bug reports to him (and not post them here), that I don't think anything is happening at all. If there is any co-ordination of fault finding it's going on so far behind the scenes that is invisible. I'm talking about stuff being reported as far back as December last year with no substantive response. I don't find that acceptable, and have been mostly biting my tongue on that particular point but enough is enough. As emails sent to enquires@a.c in the past also go unacknowledged -- not even an auto response -- then I feel that reporting things HERE are the only way to get confirmation there is something wrong from other lenders, and maybe an outside chance that it gets fixed by you taking a look at it and nudging someone. I don't take the poor comms personally, as I've seen other people on the receiving end of it too. On b) Interest had been accruing correctly day to day on this loan given my holding and the declared rate. If it hadn't I'd have reported it at the time. I'm unclear how a potential future repayment can cancel out previously accrued interest, maybe it's just a display issue and it will all come back. Or maybe like Wo** Gre** #140 the loan will double in size overnight, increasing my holding. I've no idea what to expect next, to be honest. On a) you've copied Andy in so I'm sure he'll respond as and when he's able to. I know this is something he takes very seriously, and I also know we're actively recruiting to ease the burdens the existing team have been under, so it is already on his radar. b) The loan model is dynamic and the admin team can make any changes they see fit. This is incredibly powerful, and reflected in the huge variation in loan structure the platform ends up supporting, but also dangerous if mistakes are made. In the case of accrued interest it's calculated afresh each time so whatever's been displayed to date has no bearing whatsoever on the next calculated amount. If the repayment schedule is changed then the accrued interest changes, and in this instance I'm confident that the repayment schedule has / had been changed and I know the admin team were looking in to it on Friday. The displayed accrued interest also has no bearing on the amount paid out to each lender - it is for display purposes only. Payouts are calculated from scratch when the payment is made based on the repayment schedule at that time. Thus repayments always end up being double checked at the point of payment against the admin teams copy of the schedule, as appears on the borrower's contract, and the amount the borrower actually sends to us.
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ilmoro
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Post by ilmoro on Mar 28, 2015 23:00:29 GMT
chris On point a): No. Sorry for being blunt but I am waiting on so many outstanding points from Mark Wardrop after andrewholgate said to send complaints/bug reports to him (and not post them here), that I don't think anything is happening at all. If there is any co-ordination of fault finding it's going on so far behind the scenes that is invisible. I'm talking about stuff being reported as far back as December last year with no substantive response. I don't find that acceptable, and have been mostly biting my tongue on that particular point but enough is enough. As emails sent to enquires@a.c in the past also go unacknowledged -- not even an auto response -- then I feel that reporting things HERE are the only way to get confirmation there is something wrong from other lenders, and maybe an outside chance that it gets fixed by you taking a look at it and nudging someone. I don't take the poor comms personally, as I've seen other people on the receiving end of it too. On b) Interest had been accruing correctly day to day on this loan given my holding and the declared rate. If it hadn't I'd have reported it at the time. I'm unclear how a potential future repayment can cancel out previously accrued interest, maybe it's just a display issue and it will all come back. Or maybe like Wo** Gre** #140 the loan will double in size overnight, increasing my holding. I've no idea what to expect next, to be honest. On a) you've copied Andy in so I'm sure he'll respond as and when he's able to. I know this is something he takes very seriously, and I also know we're actively recruiting to ease the burdens the existing team have been under, so it is already on his radar. b) The loan model is dynamic and the admin team can make any changes they see fit. This is incredibly powerful, and reflected in the huge variation in loan structure the platform ends up supporting, but also dangerous if mistakes are made. In the case of accrued interest it's calculated afresh each time so whatever's been displayed to date has no bearing whatsoever on the next calculated amount. If the repayment schedule is changed then the accrued interest changes, and in this instance I'm confident that the repayment schedule has / had been changed and I know the admin team were looking in to it on Friday. The displayed accrued interest also has no bearing on the amount paid out to each lender - it is for display purposes only. Payouts are calculated from scratch when the payment is made based on the repayment schedule at that time. Thus repayments always end up being double checked at the point of payment against the admin teams copy of the schedule, as appears on the borrower's contract, and the amount the borrower actually sends to us. Good news about the extra staff What I dont understand is why the accrued interest displayed changes if the loan repayment date is changed/reached (Similarly why does the rate unneccessarily zero itself at term?The interest doesnt stop accruing) Evidence would seem to suggest that the accrued interest displayed is based on the end point (illustrated not just by W******* but W*** G****, Ippy, Sp****** when a change to/arrival at term caused accruals to display incorrectly for one reason or another) Why is the accrued interest calculated on an end point, surely it should be calculated on a beginning point whether that be the start of the loan or the purchase of loan parts £x@y% held for z days = £(xy)/100)/365*z interest, irrespective of whether there is 1month or 1yr of the term to run. Or am I just being thick?
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Post by chris on Mar 29, 2015 6:39:32 GMT
On a) you've copied Andy in so I'm sure he'll respond as and when he's able to. I know this is something he takes very seriously, and I also know we're actively recruiting to ease the burdens the existing team have been under, so it is already on his radar. b) The loan model is dynamic and the admin team can make any changes they see fit. This is incredibly powerful, and reflected in the huge variation in loan structure the platform ends up supporting, but also dangerous if mistakes are made. In the case of accrued interest it's calculated afresh each time so whatever's been displayed to date has no bearing whatsoever on the next calculated amount. If the repayment schedule is changed then the accrued interest changes, and in this instance I'm confident that the repayment schedule has / had been changed and I know the admin team were looking in to it on Friday. The displayed accrued interest also has no bearing on the amount paid out to each lender - it is for display purposes only. Payouts are calculated from scratch when the payment is made based on the repayment schedule at that time. Thus repayments always end up being double checked at the point of payment against the admin teams copy of the schedule, as appears on the borrower's contract, and the amount the borrower actually sends to us. Good news about the extra staff What I dont understand is why the accrued interest displayed changes if the loan repayment date is changed/reached (Similarly why does the rate unneccessarily zero itself at term?The interest doesnt stop accruing) Evidence would seem to suggest that the accrued interest displayed is based on the end point (illustrated not just by W******* but W*** G****, Ippy, Sp****** when a change to/arrival at term caused accruals to display incorrectly for one reason or another) Why is the accrued interest calculated on an end point, surely it should be calculated on a beginning point whether that be the start of the loan or the purchase of loan parts £x@y% held for z days = £(xy)/100)/365*z interest, irrespective of whether there is 1month or 1yr of the term to run. Or am I just being thick? The system is designed around phases of a loan allowing the admin team to vary the model over the term. This could be as simple as shifting repayment dates around or it could include changing the rates, margins, fees, amortisation period, lump sum repayments, etc. Basically any parameter can be changed. This necessitates each repayment being based on a start and end date. When a phase ends the systems moves on to the next phase. At the moment when the loan runs out of phases it assumes no more interest is to be earned. Technically this is correct as if the loan is repaid one day late, for example, the borrower isn't going to be chased for 1 day of additional interest at normal or default rates. I believe our loan terms allow a seven day grace period. So anyone buying into the loan on repayment day would have earned 0% interest. But ergonomically that doesn't feel right for lenders. We have a plan for when I get back from holiday to change it so that the system automatically goes into a default interest period when the loan ends. This means accrued interest will continue to tick up but in the situation above where it's a simple delayed payment by a day then lenders wouldn't be paid the full interest accrued.
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am
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Post by am on Mar 29, 2015 10:09:40 GMT
But ergonomically that doesn't feel right for lenders. We have a plan for when I get back from holiday to change it so that the system automatically goes into a default interest period when the loan ends. This means accrued interest will continue to tick up but in the situation above where it's a simple delayed payment by a day then lenders wouldn't be paid the full interest accrued. Telling lenders that they've accrued interest and then not paying it doesn't strike me as a good idea.
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ilmoro
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Post by ilmoro on Mar 29, 2015 10:46:31 GMT
Or maybe like Wo** Gre** #140 the loan will double in size overnight, increasing my holding. I've no idea what to expect next, to be honest. Seems to aquired a second capital repayment sum due, one for 26th & 27th, to go with the two interest repayments. Seems that any form of amendment to repayment profile will impact on display in some way. Double the repayment expected means double the sum held by lenders as far as the system is concerned. Could be the first repayment should have been deleted when second was created or maybe it is required for accruals to function again. Ive got to the point where I can now understand why something has happened, even almost expect something to happen, but cant explain it. I therefore expect on Mon the answer to the question on the Q&A (yours?) will paraphase the response on Spondon & include the words 'IT' 'investigate' 'urgent' & 'fix'  Of course, the borrower could just make things easy & repay the loan.
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Post by chris on Mar 29, 2015 15:31:44 GMT
But ergonomically that doesn't feel right for lenders. We have a plan for when I get back from holiday to change it so that the system automatically goes into a default interest period when the loan ends. This means accrued interest will continue to tick up but in the situation above where it's a simple delayed payment by a day then lenders wouldn't be paid the full interest accrued. Telling lenders that they've accrued interest and then not paying it doesn't strike me as a good idea. I didn't think so, but everyone is complaining about it dropping to 0%. Guess we're not going to be able to please everyone.
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ilmoro
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Post by ilmoro on Mar 29, 2015 20:23:49 GMT
Telling lenders that they've accrued interest and then not paying it doesn't strike me as a good idea. I didn't think so, but everyone is complaining about it dropping to 0%. Guess we're not going to be able to please everyone. Simple, make all loans repayable on a Friday. That way they either pay on time or three days late. Eliminates that no interest for 1 day late issue completely & the loan wont pause as its within the new leeway. Sorted!
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acorn
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Post by acorn on Mar 29, 2015 21:02:33 GMT
I understand why 0% interest is displayed when the final repayment date is reached but the issue is really about how Assetz communicates that to all their lenders, thereby avoiding unnecessary anxiety and uncertainty.
Most lenders are not on this forum and should not have to wade through myriad threads to gain access to this information.
Maybe a lenders FAQ area or a clickable FAQ dropdown which appears beside the interest rate only when it goes to 0%....
I hate things that flash on a screen constantly but something that flashes once or twice to highlight that something has changed is useful.
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ilmoro
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Post by ilmoro on Mar 30, 2015 8:28:09 GMT
Or maybe like Wo** Gre** #140 the loan will double in size overnight, increasing my holding. I've no idea what to expect next, to be honest. Seems to aquired a second capital repayment sum due, one for 26th & 27th, to go with the two interest repayments. Seems that any form of amendment to repayment profile will impact on display in some way. Double the repayment expected means double the sum held by lenders as far as the system is concerned. Could be the first repayment should have been deleted when second was created or maybe it is required for accruals to function again. Ive got to the point where I can now understand why something has happened, even almost expect something to happen, but cant explain it. I therefore expect on Mon the answer to the question on the Q&A (yours?) will paraphase the response on Spondon & include the words 'IT' 'investigate' 'urgent' & 'fix' Of course, the borrower could just make things easy & repay the loan. Ok, hands up, I was wrong only one of those words appears in the answer. They have now deleted the extra payments but unfortunately at the time of posting, this hasnt fixed the problem - still double your money.
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sl75
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Post by sl75 on Mar 30, 2015 22:09:37 GMT
Telling lenders that they've accrued interest and then not paying it doesn't strike me as a good idea. I didn't think so, but everyone is complaining about it dropping to 0%. Guess we're not going to be able to please everyone. Strikes me that as an absolute minimum, any loan which the system believes is earning 0% interest should not be bought by a person who set a target at a time when a higher rate was displayed... Really, this highlights the importance of ensuring that the correct rate is ALWAYS displayed whenever a loan is capable of being traded. At the moment a payment is due the system should do one of the following: - block the loan from sale until the repayment is received - sell only the portion of the loan that is not overdue (if applicable), with the seller receiving the overdue payment if or when it is made. - accrue interest at the displayed rate (always at least equal to the contract rate) that WILL be charged to the borrower (or made up from AC's own pocket if THEY choose not to charge the borrower the full amount due). Under no circumstances should the system sell a loan unit accruing interest at 0% to a buyer who set the target at a point the system was displaying a positive interest rate.
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ilmoro
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Post by ilmoro on Mar 30, 2015 23:45:49 GMT
Seems to aquired a second capital repayment sum due, one for 26th & 27th, to go with the two interest repayments. Seems that any form of amendment to repayment profile will impact on display in some way. Double the repayment expected means double the sum held by lenders as far as the system is concerned. Could be the first repayment should have been deleted when second was created or maybe it is required for accruals to function again. Ive got to the point where I can now understand why something has happened, even almost expect something to happen, but cant explain it. I therefore expect on Mon the answer to the question on the Q&A (yours?) will paraphase the response on Spondon & include the words 'IT' 'investigate' 'urgent' & 'fix' Of course, the borrower could just make things easy & repay the loan. Ok, hands up, I was wrong only one of those words appears in the answer. They have now deleted the extra payments but unfortunately at the time of posting, this hasnt fixed the problem - still double your money. Well, mikeb, they were right it sorted itself out overnight ... and as if by magic the accrued interest disappeared 
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mikes1531
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Post by mikes1531 on Mar 31, 2015 3:40:57 GMT
- accrue interest at the displayed rate (always at least equal to the contract rate) that WILL be charged to the borrower (or made up from AC's own pocket if THEY choose not to charge the borrower the full amount due). I agree. I can see the logic of not pursuing borrowers for the incremental 'default' interest if their payment is a day late. But a repayment that is late is a different case. That should be covered in the settlement statement, which ought to state the daily rate if the payment is late. And since it ought to be the normal plus default rate, it's a more significant amount and shouldn't be ignored. If AC can't be bothered to chase it, that's their decision, but the lenders should receive that amount in any case.
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sqh
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Post by sqh on Apr 10, 2015 11:02:13 GMT
chris As per the Q&A on loan #78 Wr***am -- accrued interest has jumped back 10% overnight.Is this connected to the partial facility reduction (which would be wrong anyway), or just another random interest grab  1st Mar: £17.30, ... 25th Mar £18.06, 26th Mar £18.07, 27th Mar £16.21!
It looks to me as if the accrued interest on loan #78 has finally been corrected. Do other lenders agree ? This is due to repay today so I wonder if the accrued interest tallies with what lenders expect to get paid.
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ilmoro
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Post by ilmoro on Apr 10, 2015 11:33:11 GMT
chris As per the Q&A on loan #78 Wr***am -- accrued interest has jumped back 10% overnight.Is this connected to the partial facility reduction (which would be wrong anyway), or just another random interest grab 1st Mar: £17.30, ... 25th Mar £18.06, 26th Mar £18.07, 27th Mar £16.21!
It looks to me as if the accrued interest on loan #78 has finally been corrected. Do other lenders agree ? This is due to repay today so I wonder if the accrued interest tallies with what lenders expect to get paid. On some very rough calcs, Id say no, still missing about 6% of what Id expect. That said its so convoluted with reductions & sales of parts held before new system that I could be wrong. Dont recall any jump after they were supposed to have fixed it. So I expect to be pleasantly surprised & amazed if & when it repays  Edit. Having looked in more detailed it would appear to be about right. Drawdown delay not factored in.
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ilmoro
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Post by ilmoro on Apr 10, 2015 14:24:37 GMT
It looks to me as if the accrued interest on loan #78 has finally been corrected. Do other lenders agree ? This is due to repay today so I wonder if the accrued interest tallies with what lenders expect to get paid. On some very rough calcs, Id say no, still missing about 6% of what Id expect. That said its so convoluted with reductions & sales of parts held before new system that I could be wrong. Dont recall any jump after they were supposed to have fixed it. So I expect to be pleasantly surprised & amazed if & when it repays Edit. Having looked in more detailed it would appear to be about right. Drawdown delay not factored in. Well, its now repaid & I got exactly what it said on the tin.
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