am
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Post by am on Apr 10, 2015 14:55:51 GMT
It seems to be both repaid and not repaid. I've had the little shrapnel I'd managed to accumulate and three separate lots of interest paid to me today, but it's still in my loan book, and there's a corresponding error in my favour in the total investment value on the dashboard.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 10, 2015 15:06:07 GMT
It seems to be both repaid and not repaid. I've had the little shrapnel I'd managed to accumulate and three separate lots of interest paid to me today, but it's still in my loan book, and there's a corresponding error in my favour in the total investment value on the dashboard. Gone from active to repaid for me & relevant bits of dashboard seem to have amended themselves
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mikeb
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Post by mikeb on Apr 10, 2015 18:43:30 GMT
chris As per the Q&A on loan #78 Wr***am -- accrued interest has jumped back 10% overnight
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be asked with this figure is if the £16.21 is correct or not and whether the £18.07 was either over reporting or simply out of date.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. : Just to close this off: The interest figure I reported above (£16.21) was indeed a wrong figure (and for the past 2 weeks). Just before it paid up (this morning) the interest total was reset back to £18.07+14 days as it should have been, and then paid later in the day. So where people report "it paid the amount showed" -- yes it did, because it was corrected before being paid. I did leave a Q&A on this loan thanking AC for sorting it out, naturally the question was deleted unanswered. Charming. No explanation as to what exactly went wrong, again -- just an explanation that made no sense/didn't answer the question and a silent correction  In your 28th March post responding to my observed lack of action from "official channels", you pointed out "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". Me too. I'll reproduce the answer I got, below, in full :- "...." Which is exactly what MW said in the last month and a half on these problems. So now we know.
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Post by chris on Apr 10, 2015 19:31:54 GMT
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. : Just to close this off: The interest figure I reported above (£16.21) was indeed a wrong figure (and for the past 2 weeks). Just before it paid up (this morning) the interest total was reset back to £18.07+14 days as it should have been, and then paid later in the day. So where people report "it paid the amount showed" -- yes it did, because it was corrected before being paid. I did leave a Q&A on this loan thanking AC for sorting it out, naturally the question was deleted unanswered. Charming. No explanation as to what exactly went wrong, again -- just an explanation that made no sense/didn't answer the question and a silent correction In your 28th March post responding to my observed lack of action from "official channels", you pointed out "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". Me too. I'll reproduce the answer I got, below, in full :- "...." Which is exactly what MW said in the last month and a half on these problems. So now we know. MW is on holiday this week which is why he may not have responded to you directly. We have promoted someone else internally to director of lender relations so I'll check on Monday how this is being communicated and ask someone to formally post on this forum as to what the communication channels should be. As ever if you really get stuck then drop me a message and I'll sort things out but obviously I have a different day job and plenty on my to do list so if this could be kept as an option of last resort, as you have done here, then that would be appreciated. With the interest the best way to work out if it's correct or not is to check the repayment schedule against the loan itself. If that is correct then all lender payments will be correct via mechanisms that haven't needed any changes or tweaks since October when they were implemented. The admin team had hit a couple of issues whilst they were making changes to the repayment schedules which threw a couple of loans out, triggered where a partial repayment had been made such as repaying the principal but not the interest, and then trying to make changes to the schedule. This wasn't always correctly matching the old and now obsolete repayments against the new schedule causing either an error stopping the admins from making the changes or duplicating or skipping payments in the schedule. This has only ever affected the display of accrued interest as human intervention is still required to actually make payment, and payments are always checked against the contracted schedule. Correcting the schedules, as has been carried out over the last couple of days, will have resolved the issues although sometimes it would take the overnight recalculation of the accrued interest to update what is displayed to end users on that front. All interest payments are calculated as a percentage ownership over time of the loan against that repayment schedule, with all principal payments working in the same way except being based on current ownership.
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tonyr
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Post by tonyr on Apr 18, 2015 19:10:06 GMT
I've been critical (hopefully constructively) on this thread of the problems in reporting accrued interest. I had both my quant/algo-trader/lifelime-in-software and my mother's "don't trust an online bank account" mentalities in mind when I posted. From my point of view, if accrued interest wasn't right then AC are never going to make funds for the mass market, and from my mother's point of view, if you can report the numbers correctly then something like GEIA2 is a lot better bet for her money in retirement. I would like to recommend something simple like GEIA to her and many people I know but it's not going to happen until it works like a slow release very high interest deposit account. I have been keeping records since the end of January and it does look to me that since about 1 April (or perhaps a week earlier, other things get in the way) that accrued interest has been working for at least 18 days. So thanks chris for working on this. I recently came across "Ideas are just a multiplier of execution" and I think whilst "Asset backed security" is a truly great idea, far better than any other P2P lender, it's the execution that really matters. |
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 21, 2015 12:51:33 GMT
Drumrolls, fanfares, pigs - theyve fixed Ippy    mikeb I had another go & (touch wood) it seems to have worked. Edit: After 6 months trying, it took 4 hours to get it sorted, full marks to whoever answered my Q and actually took note of what I said was wrong and got it fixed |
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Post by davidricketts1 on Apr 21, 2015 14:13:22 GMT
Drumrolls, fanfares, pigs - theyve fixed Ippy mikeb I had another go & (touch wood) it seems to have worked. Edit: After 6 months trying, it took 4 hours to get it sorted, full marks to whoever answered my Q and actually took note of what I said was wrong and got it fixed
You're welcome....
In all seriousness, thanks. Drawdown date is not something that shows up easily when looking at the behind the scenes data.
Given this loan was an extension it was drawn down by IT rather than me and am guessing that somebody just pressed 8 instead of 9 when putting the effective date in.
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mikes1531
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Post by mikes1531 on Apr 21, 2015 14:53:46 GMT
Drumrolls, fanfares, pigs - theyve fixed Ippy mikeb I had another go & (touch wood) it seems to have worked. Edit: After 6 months trying, it took 4 hours to get it sorted, full marks to whoever answered my Q and actually took note of what I said was wrong and got it fixed
You're welcome....
In all seriousness, thanks. Drawdown date is not something that shows up easily when looking at the behind the scenes data.
Given this loan was an extension it was drawn down by IT rather than me and am guessing that somebody just pressed 8 instead of 9 when putting the effective date in.
: Are you saying that, despite the long string of complaints over the past six months, it was only today that someone seriously looked into this situation with a view towards fixing this error? 
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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
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Post by ilmoro on Apr 21, 2015 16:33:22 GMT
Drumrolls, fanfares, pigs - theyve fixed Ippy Edit: After 6 months trying, it took 4 hours to get it sorted, full marks to whoever answered my Q and actually took note of what I said was wrong and got it fixed
You're welcome....
Drawdown date is not something that shows up easily when looking at the behind the scenes data. Thanks. Always better to confront issues head on.  Amazed you could understand my ramblings in the middle of the Q which even with the supplementary clarification confused me. As Im 2 for 2 on AC issue resolution today, going to chance my arm & go for a cheeky hattrick. Can we get the displayed rates on #68 CC & #39 W*******tt changed to the default rate of 13% rather than the 10% standard rate still showing?
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Post by davidricketts1 on Apr 21, 2015 17:07:52 GMT
You're welcome....
Drawdown date is not something that shows up easily when looking at the behind the scenes data. Thanks. Always better to confront issues head on. Amazed you could understand my ramblings in the middle of the Q which even with the supplementary clarification confused me. As Im 2 for 2 on AC issue resolution today, going to chance my arm & go for a cheeky hattrick. Can we get the displayed rates on #68 CC & #39 W*******tt changed to the default rate of 13% rather than the 10% standard rate still showing? 39 I'm trying to get sorted given the position don't think it will come out of default. That will include back dating it until when first repayment was missed.
68 is a different case as I think that will come out of default meaning it's easier for the system to accrue default interest manually then credit you all manually when it's paid.
For info, it will accrue until loan is fully up to date including payment of that default interest.
I know the fault has been looked at previously on a number of occasions mikes1531 but I don't think anyone picked up the different drawdown date. As I said above, unless I do the drawdown then it's not clear when the actual date is.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 21, 2015 17:30:36 GMT
Thanks. Always better to confront issues head on. Amazed you could understand my ramblings in the middle of the Q which even with the supplementary clarification confused me. As Im 2 for 2 on AC issue resolution today, going to chance my arm & go for a cheeky hattrick. Can we get the displayed rates on #68 CC & #39 W*******tt changed to the default rate of 13% rather than the 10% standard rate still showing? 39 I'm trying to get sorted given the position don't think it will come out of default. That will include back dating it until when first repayment was missed.
68 is a different case as I think that will come out of default meaning it's easier for the system to accrue default interest manually then credit you all manually when it's paid.
For info, it will accrue until loan is fully up to date including payment of that default interest.
I know the fault has been looked at previously on a number of occasions mikes1531 but I don't think anyone picked up the different drawdown date. As I said above, unless I do the drawdown then it's not clear when the actual date is.
Somebody did but may not of actually realised where the actual error was as we were focusing on the end date being wrong. Do staff actually log on as users to view site from the front out of interest or are they always approaching from the back end, so to speak, might be of benefit in future. (To be fair not sure drawdown dates were displayed on the new site at this point) 'Q
Have your investigations into the potentially incorrect nominal repayment date, term remaining and incorrect accured interest yielded any conclusions (Q from 9/11)? If its of any assistance your answer on 10/9 states this loan started 5/9, so thats 5/9-4/10, 5/10-4/11, 5/11-4/12, 5/12-4/1, 5/1-4/2, 5/2-4/3 =6 months, so repayment date of 5/2 is wrong, term remaining is 4 months and accrued interest seems to include an extra month. Please fix this!
Asked by Ilmoro
17th Nov 2014 at 23:03
A
I actually think the start date may be incorrect as the previous loan expired on 05/09 meaning the new loan should also expire on the 5th of a month.
In addition, the last month includes an exit fee of one month which is what is showing.
Answered by Assetz Capital
18th Nov 2014 at 14:23Anyway thanks for trying to finally resolve these issues
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 5, 2015 16:17:12 GMT
#136 E**** BL has had its technical issue resolved & is now showing the correct rate. Accrued is currently £0 as installment already held on account but dashboard average interest has jumped accordingly.
Trading suspension lifted - fill/empty your boots as desired
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 7, 2015 11:22:06 GMT
Displayed rate on #57 Op L*** Manu updated to default rate 14.5%
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tonyr
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Post by tonyr on May 30, 2015 8:48:17 GMT
I've been critical (hopefully constructively) on this thread of the problems in reporting accrued interest. I had both my quant/algo-trader/lifelime-in-software and my mother's "don't trust an online bank account" mentalities in mind when I posted. From my point of view, if accrued interest wasn't right then AC are never going to make funds for the mass market, and from my mother's point of view, if you can report the numbers correctly then something like GEIA2 is a lot better bet for her money in retirement. I would like to recommend something simple like GEIA to her and many people I know but it's not going to happen until it works like a slow release very high interest deposit account. I have been keeping records since the end of January and it does look to me that since about 1 April (or perhaps a week earlier, other things get in the way) that accrued interest has been working for at least 18 days. So thanks chris for working on this. I recently came across "Ideas are just a multiplier of execution" and I think whilst "Asset backed security" is a truly great idea, far better than any other P2P lender, it's the execution that really matters. As far as I can tell, the accrued interest calculation hasn't had a glitch since my last post.... until last this morning. Both Coventry Serviced Office Loan (82) and Northamptonshire Equestrian Centre (81) paid interest shortly after 9am today and these amount are still being added to the "CURRENT ACCRUED INTEREST" some 40 mins later.
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mikeb
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Post by mikeb on May 30, 2015 17:56:38 GMT
As far as I can tell, the accrued interest calculation hasn't had a glitch since my last post.... until last this morning. Both Coventry Serviced Office Loan (82) and Northamptonshire Equestrian Centre (81) paid interest shortly after 9am today and these amount are still being added to the "CURRENT ACCRUED INTEREST" some 40 mins later. Happens very often actually: It will update overnight. The accrued interest is paid, yet still shows as "owed". Some other glitches still outstanding, where loans in default are not showing or accruing at the right rate. Seems unfixable ...
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Amazed you could understand my ramblings in the middle of the Q which even with the supplementary clarification confused me.