mikeb
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Post by mikeb on Oct 24, 2014 18:28:13 GMT
... but nowhere does it indicate what interest I had accrued prior to it being sold ... It's in the total on the dashboard and in the totals shown where you still hold some loan units. For loans where you no longer hold any units you can't see the broken down figure yet, this will come early next week but was more involved for the front end guys as they need to restructure a couple of queries. I can confirm that various bits of owing interest due to old sold loan parts have now "jumped in" to the accrued total ... and having combed through them all, it all looks spot on now. Thanks chris and the team for thrashing this one out. The only thing that's not included in the accrued interest is any penalty/extra rated interest above the baseline (for default or late payments). Chris: Are you still trying to work out how to handle those darned variable rate auctions under the new system? Ka** Group is showing as 10% PA (and presumably accruing at that) but the parts I held are ranged 14.4-15% (weighted average, 13.53%). Are you using an average of 5-15% (10%?)
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Post by chris on Oct 24, 2014 18:40:31 GMT
It's in the total on the dashboard and in the totals shown where you still hold some loan units. For loans where you no longer hold any units you can't see the broken down figure yet, this will come early next week but was more involved for the front end guys as they need to restructure a couple of queries. I can confirm that various bits of owing interest due to old sold loan parts have now "jumped in" to the accrued total ... and having combed through them all, it all looks spot on now. Thanks chris and the team for thrashing this one out. The only thing that's not included in the accrued interest is any penalty/extra rated interest above the baseline (for default or late payments). Chris: Are you still trying to work out how to handle those darned variable rate auctions under the new system? Ka** Group is showing as 10% PA (and presumably accruing at that) but the parts I held are ranged 14.4-15% (weighted average, 13.53%). Are you using an average of 5-15% (10%?) Not a fan of the reverse auctions. The front end guys should have a fix in the works. It should be showing a range based on the min and max rates actually held by lenders (e.g. something like 10.4% - 15%).
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mikes1531
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Post by mikes1531 on Oct 25, 2014 2:51:42 GMT
Ka** Group is showing as 10% PA (and presumably accruing at that) but the parts I held are ranged 14.4-15% (weighted average, 13.53%). Are you using an average of 5-15% (10%?) How do you know what the interest rate is on the various parts of K+ that you hold? The front end guys should have a fix in the works. It should be showing a range based on the min and max rates actually held by lenders (e.g. something like 10.4% - 15%). : Are you suggesting that I should now be seeing the data presented as you describe? Or is that what I'll see when the fix is complete? All I see at the moment is 10% on every display. Once the fix is in place, will I be able to see what my average rate on this loan is?
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niceguy37
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Post by niceguy37 on Oct 25, 2014 7:27:37 GMT
Ka** Group is showing as 10% PA (and presumably accruing at that) but the parts I held are ranged 14.4-15% (weighted average, 13.53%). Are you using an average of 5-15% (10%?) How do you know what the interest rate is on the various parts of K+ that you hold? You can see the rate on the transaction listing.
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Post by mrclondon on Oct 25, 2014 10:12:59 GMT
chris , it would be good if you, or someone at AC, could outline the plan for correcting FF on the system - I understood we were waiting for the new loan model to be available. The capital is currently showing the amount defaulted not the amount net of the recovery payment, and it looks like the interest is accruing at the pre-default rate on the amount defaulted, not taking into account the recovery payment or the default interest. For me having the capital correct and the interest awaiting a later fix would be better than waiting for both to be corrected at the same time so my account total bears a closer resemblence to actual.
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Post by chris on Oct 25, 2014 12:09:48 GMT
chris , it would be good if you, or someone at AC, could outline the plan for correcting FF on the system - I understood we were waiting for the new loan model to be available. The capital is currently showing the amount defaulted not the amount net of the recovery payment, and it looks like the interest is accruing at the pre-default rate on the amount defaulted, not taking into account the recovery payment or the default interest. For me having the capital correct and the interest awaiting a later fix would be better than waiting for both to be corrected at the same time so my account total bears a closer resemblence to actual. We were waiting on the new loan model, now we're waiting on capacity. Both should be relatively easy to fix but as some funds have already been released it needs my time to be able to adjust the database manually to reflect that. Should get it sorted in the first half of next week, just needs myself and our operations director to both have a spare half an hour at the same time.
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mikes1531
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Post by mikes1531 on Oct 25, 2014 16:19:42 GMT
How do you know what the interest rate is on the various parts of K+ that you hold? You can see the rate on the transaction listing. I can see that info for each bit of the loan that I'm picking up now, but I seem to be picking them up a pound here and a pound there so it would take an effort to try to keep track of them all. In the old system, I didn't have to do this because the system gathered all the parts I had into groups depending on their interest rate and presented me with subtotals for each group. All I'm asking for is what I had before. I don't know whether the older statement entries included the same info, and I'm not about to go searching for it at this time because my historic statement now is spread over more than 100 website pages that each would have to be searched separately. I know I could download my statements and bring them into Excel, but I can see that the interest rate info is buried in a text field. Since I'm not an Excel expert, I don't know how I would extract the data from the text field in order to use it for sorting and calculating. I really think that asking people to do that is inappropriate, so I feel AC should continue to provide that info -- especially since we know AC have to have this data in order to calculate my accrued interest and to credit my account with the correct amount of interest whenever the borrower makes a payment.
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mikeb
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Post by mikeb on Oct 25, 2014 19:01:39 GMT
Ka** Group is showing as 10% PA (and presumably accruing at that) but the parts I held are ranged 14.4-15% (weighted average, 13.53%). Are you using an average of 5-15% (10%?) How do you know what the interest rate is on the various parts of K+ that you hold? Data grabbed off the old site, the day the loan parts were bought. I believe, if you download your "Cash account" statement from year dot to 21st October, you should be able to pick out the lines that say "Ka**" and the rate is shown there too. I never bid in the original, but I suppose the same would apply to lines indicating succesful bids.cat EDIT: Stuff Excel - this is a good time to download as .csv (text file) and go knife and fork mode.  cat export_statement_2014_10_21_22_28_46-AllTo21stOctober.csv | grep Ka** | grep Purchase | cut -'d,' -f 4,5Obviously those asterisks need to be replaced ... Its the fourth and fifth field of any line mentioning K and P, separated by commas. "Purchase loan part 107163 (old id 58447) for .... , annualised rate 14.400
"Purchase loan part 199318 (old id 58260) for .... , annualised rate 15.000
"Purchase loan part 200876 (old id 59003) for .... , annualised rate 14.900
"Purchase loan part 200877 (old id 59114) for .... , annualised rate 14.900
Just realised, my weighted average is not 13.53, that's blooming impossible. 14.77% ... must try harder! Picked up a wrong percentage!
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mikeb
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Post by mikeb on Oct 25, 2014 19:04:29 GMT
FF ... not taking into account the recovery payment or the default interest. Extra default interest isn't in the accrued totals for ANY loan, it's not just FF. (Unless the auction was restarted as an extension at a new rate. FF isn't one of them). So the accrued is still accruing at base rate (with default being calculated off-screen somewhere).
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Post by Come_on_Grandad on Oct 25, 2014 19:45:27 GMT
FF ... not taking into account the recovery payment or the default interest. Extra default interest isn't in the accrued totals for ANY loan, it's not just FF. (Unless the auction was restarted as an extension at a new rate. FF isn't one of them). So the accrued is still accruing at base rate (with default being calculated off-screen somewhere). Yes, no change yet from the behaviour under previous system. Includes L******** Bridging Loan (#69) which (for me) hasn't accrued at all since 8th September
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mikes1531
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Post by mikes1531 on Oct 25, 2014 20:18:28 GMT
Extra default interest isn't in the accrued totals for ANY loan, it's not just FF. (Unless the auction was restarted as an extension at a new rate. FF isn't one of them). So the accrued is still accruing at base rate (with default being calculated off-screen somewhere). Yes, no change yet from the behaviour under previous system. Includes L******** Bridging Loan (#69) which (for me) hasn't accrued at all since 8th September is doing better than I am. I've just looked at the accrued interest shown for my Liv****** BL holding, and it is the equivalent to 26 day's worth of interest at the loan's base 12% rate. Since the last payment on this loan was the one due on 27/Jul, the accrued interest would cover the period only to 22/Aug. And that's assuming the accrual calculation is based on the 'normal' rate for the loan. If it's actually based on the higher 'default' rate then my accrual would be the equivalent of less than 26 days' worth. I'll make a note to look at my accrued interest number again after midnight to see whether or not it's increasing.
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Post by Jack Barlow on Oct 25, 2014 20:48:35 GMT
mikes1531, I presume you didn't buy some of your loan parts mid-way through the payment period but count interest on all the loan parts from the start of the payment period? I recall there were quite a few loan parts on the AM at that time.
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Post by Come_on_Grandad on Oct 25, 2014 20:52:46 GMT
Yes, no change yet from the behaviour under previous system. Includes L******** Bridging Loan (#69) which (for me) hasn't accrued at all since 8th September is doing better than I am. I've just looked at the accrued interest shown for my Liv****** BL holding, and it is the equivalent to 26 day's worth of interest at the loan's base 12% rate. Since the last payment on this loan was the one due on 27/Jul, the accrued interest would cover the period only to 22/Aug. And that's assuming the accrual calculation is based on the 'normal' rate for the loan. If it's actually based on the higher 'default' rate then my accrual would be the equivalent of less than 26 days' worth. I'll make a note to look at my accrued interest number again after midnight to see whether or not it's increasing. The exact behaviour of mine (accrued #69) was to increment smoothly through the 27th August final payment date, continue to increment smoothly to 8th September at the same rate, then drop back to the 27th August value and not move since.
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mikes1531
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Post by mikes1531 on Oct 25, 2014 23:48:51 GMT
mikes1531, I presume you didn't buy some of your loan parts mid-way through the payment period but count interest on all the loan parts from the start of the payment period? I recall there were quite a few loan parts on the AM at that time. That's it! About 20% of my holding was purchased on 22/Aug. (It was a royal pain to find that, though, as I had too many pages of statement to search, one at a time.) Thanks for pointing me in the right direction. I now think I'm in the same position as Come_on_Grandad -- the accrued interest showing on my account for this loan is that which would have been accrued by 27/Aug. I haven't been watching my accrued interest carefully, so I can't say what has happened with this loan since 27/Aug. But I can say that I've just refreshed my loan book listing and the accrued interest for this loan has not changed since before midnight, whereas it has for other loans. Does this mean I have to make a note of the accrued interest for every one of my loans now and again in 24 hours to see whether I have any other loans where the accrued interest isn't increasing? What a pain! I am not impressed, chris and andrewholgate.
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Post by chris on Oct 26, 2014 7:22:04 GMT
mikes1531, I presume you didn't buy some of your loan parts mid-way through the payment period but count interest on all the loan parts from the start of the payment period? I recall there were quite a few loan parts on the AM at that time. That's it! About 20% of my holding was purchased on 22/Aug. (It was a royal pain to find that, though, as I had too many pages of statement to search, one at a time.) Thanks for pointing me in the right direction. I now think I'm in the same position as Come_on_Grandad -- the accrued interest showing on my account for this loan is that which would have been accrued by 27/Aug. I haven't been watching my accrued interest carefully, so I can't say what has happened with this loan since 27/Aug. But I can say that I've just refreshed my loan book listing and the accrued interest for this loan has not changed since before midnight, whereas it has for other loans. Does this mean I have to make a note of the accrued interest for every one of my loans now and again in 24 hours to see whether I have any other loans where the accrued interest isn't increasing? What a pain! I am not impressed, chris and andrewholgate. There's a couple of loans that need their loan repayment schedules updated, something that has been discussed here a few times. On the loan repayment tab if you can't see future payments that reflect the state of the loan then you won't be accruing interest on the front end site. This is something the admin team are aware of and are working through with me over the next few days. FF is the obvious one that needs correcting but there's a few others in a defaulted state that the previous loan model didn't support but which we can support now. This couldn't have affected any repayments as the repayment schedule would have to be updated in order to reflect any change in the principal, and interest owed is dynamically calculated at point of payment being made. But it is important we update the schedules to correctly reflect those loans.
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