oldgrumpy
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Post by oldgrumpy on Nov 9, 2014 20:32:02 GMT
I have very little confidence that all figures are correct, and won't have until AC state that they all are (and that corrections have been applied to all accounts, not just those about which a complaint has been made), and people stop pointing out existing situations where they are not.
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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 Nov 9, 2014 21:37:26 GMT
Someone just take ownership (hate that phrase) and fix it? And, back to the subject of accrued interests, Ipswich too ... instead of removing my Q&A highlighting the problem and stating it is fixed in response to someone else (Pat), maybe someone could, you know, fix it? I know a lot's been going on with the new website -- and that is all settling down nicely -- but this has been off for over a month now, and declared fixed twice. And the longer these accounting errors persist, the more people start to lose track of what the correct figures are ... Might be me but the repayment date for Ispwich is wrong isnt it. Should be 5/3 not 5/2. Maybe if they fix that it will calculate interest correctly.
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mikes1531
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Post by mikes1531 on Nov 9, 2014 22:20:14 GMT
Someone just take ownership (hate that phrase) and fix it? And, back to the subject of accrued interests, Ipswich too ... instead of removing my Q&A highlighting the problem and stating it is fixed in response to someone else (Pat), maybe someone could, you know, fix it? I know a lot's been going on with the new website -- and that is all settling down nicely -- but this has been off for over a month now, and declared fixed twice. And the longer these accounting errors persist, the more people start to lose track of what the correct figures are ... Might be me but the repayment date for Ispwich is wrong isnt it. Should be 5/3 not 5/2. Maybe if they fix that it will calculate interest correctly. : I suspect you're right about the repayment date. Unfortunately, AC haven't loaded any repayment data for the original Ipswich loan (#73) so it's impossible to know for sure, but reading the activity updates and the Q&A suggests that loan was due 5/Sep. So the end date of the nominal six-month extension ought to be 5/March. If the calculation of the interest for the Extension loan started accruing from 05/Aug because it was set to start six months before the indicated 5/Feb/15 repayment date, then it would be wrong. But I can't be sure how my accrued interest number was arrived at because I don't have a record of how much of this loan I've had on each day since 5/Aug, and it would take too much effort for me to try to work that out. If that is what happened, no doubt chris would take the position that this isn't an IT problem but a data input problem, and he'd be right. It would be a classic case of GIGO!
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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 Nov 9, 2014 22:45:12 GMT
Might be me but the repayment date for Ispwich is wrong isnt it. Should be 5/3 not 5/2. Maybe if they fix that it will calculate interest correctly. : I suspct you're right about the repayment date. Unfortunately, AC haven't loaded any repayment data for the original Ipswich loan (#73) so it's impossible to know for sure, but reading the activity updates and the Q&A suggests that loan was due 5/Sep. So the end date of the nominal six-month extension ought to be 5/March. If the calculation of the interest for the Extension loan started accruing from 05/Aug because it was set to start six months before the indicated 5/Feb/15 repayment date, then it would be wrong. But I can't be sure how my accrued interest number was arrived at because I don't have a record of how much of this loan I've had on each day since 5/Aug, and it would take too much effort for me to try to work that out. If that is what happened, no doubt chris would take the position that this isn't an IT problem but a data input problem, and he'd be right. It would be a classic case of GIGO! My interest is correct for 94days which would be from 5 Aug but it should definately be from 5 Sep. E****g is 5/6 months remaining ending 26/3, starting 26/9. Ip****h is 3/6 remaining. Just checked records. Both original loans started in March so should finish in March. chris can we get drawdown/start dates displayed on the new site as they were on the old site. Big space on loan pages where they used to be!  Edit: Posed Q about end date in Q&A. Lets see if that results in a resolution!
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mikeb
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Post by mikeb on Nov 10, 2014 10:42:31 GMT
And, back to the subject of accrued interests, Ipswich too ... instead of removing my Q&A highlighting the problem and stating it is fixed in response to someone else (Pat), maybe someone could, you know, fix it? I know a lot's been going on with the new website -- and that is all settling down nicely -- but this has been off for over a month now, and declared fixed twice. And the longer these accounting errors persist, the more people start to lose track of what the correct figures are ... Apologies for following my own post :- It's nothing to do with the repayment date being wrong, as far as I can tell (unless it's down to an overlapped month). Around October 3rd, accrued interest doubled for no reason. It has been accruing at the correct rate before that point, and after that point, but a glitch occurred -- the Q&A is now phrased to look like a problem "with my account". I find it hard to believe it only affects my account. Sure, I'm the only person that's noticed it, it seems. It happened around the same time all the rounding errors popped in and a load of loan ended up with repayment histories showing double payments of capital and interest being expected. mikes1531 and ilmoro : Where are your dates coming from? I'm calculating interest from 8th September, which is a) when this loan started and b) what AC were doing from 8th September ... if there has been a change in the calculation date, then that would explain a sudden jump in accrued interest (AC winding it back from 8 sep to 5 august), which funnily enough almost exactly explains the error. Good grief!  Nicely spotted. So it seems the accrued interest *is* now correct, the "error" was historical from when the loan started, October 3rd "corrected" the error and yet looked like an error itself. that I spoke to soon (see below). chris Close the ticket on this one, but zero points for AC in general for not explaining *** was going on (at each opportunity), the motivation behind it, and -10 points for whoever is removing valid questions on Q&A
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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 Nov 10, 2014 14:25:55 GMT
And, back to the subject of accrued interests, Ipswich too ... instead of removing my Q&A highlighting the problem and stating it is fixed in response to someone else (Pat), maybe someone could, you know, fix it? I know a lot's been going on with the new website -- and that is all settling down nicely -- but this has been off for over a month now, and declared fixed twice. And the longer these accounting errors persist, the more people start to lose track of what the correct figures are ... Apologies for following my own post :- It's nothing to do with the repayment date being wrong, as far as I can tell (unless it's down to an overlapped month). Around October 3rd, accrued interest doubled for no reason. It has been accruing at the correct rate before that point, and after that point, but a glitch occurred -- the Q&A is now phrased to look like a problem "with my account". I find it hard to believe it only affects my account. Sure, I'm the only person that's noticed it, it seems. It happened around the same time all the rounding errors popped in and a load of loan ended up with repayment histories showing double payments of capital and interest being expected. mikes1531 and ilmoro : Where are your dates coming from? I'm calculating interest from 8th September, which is a) when this loan started and b) what AC were doing from 8th September ... if there has been a change in the calculation date, then that would explain a sudden jump in accrued interest (AC winding it back from 8 sep to 5 august), which funnily enough almost exactly explains the error. Good grief! Nicely spotted. So it seems the accrued interest *is* now correct, the "error" was historical from when the loan started, October 3rd "corrected" the error and yet looked like an error itself. chris Close the ticket on this one, but zero points for AC in general for not explaining *** was going on (at each opportunity), the motivation behind it, and -10 points for whoever is removing valid questions on Q&A First post on recent activity 'loan went into default 6 Sept' By my calculations that is 2 months ago yet accrued interest is now 3 months plus so would appear to be wrong still. The have responded to my query & are investigating. We await in hope
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mikes1531
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Post by mikes1531 on Nov 10, 2014 17:19:49 GMT
My holding of the loan has varied since 5/Aug, so I can't do a proper calculation of accrued interest without trawling through a zillion statement entries and trying to track all my purchases and sales, which I'm not in a position to do. But ISTM that my overall holding hasn't varied that much, and the accrued interest the system is showing is about a month's worth too much. I think the critical piece of evidence is the loan's Repayments tab, which shows that this six-month loan is due for repayment on 5/Feb/15, including an interest payment that is 9% of capital. Since the interest rate is 18% p.a., the system probably thinks -- or to put it more correctly, has been told -- that the six month period started on 5/Aug, and that's what it's using to calculate the accrued interest.
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mikeb
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Post by mikeb on Nov 10, 2014 18:22:21 GMT
I have very little confidence that all figures are correct, and won't have until AC state that they all are (and that corrections have been applied to all accounts, not just those about which a complaint has been made), and people stop pointing out existing situations where they are not. I'm fairly sure that, when the problems are found, the appropriate bits are kicked and recalculated for all lenders, not just for those that notice. It would probably be harder to only fix some accounts and leave others wrong. mikes1531 and ilmoro -- so you're saying I actually *was* right to question the sudden jump in interest on Oct 03 (co-inciding with a website update), and it is *is* wrong (by about a month's worth, aka approx doubling). I was starting to think that the error was actually an unannounced correction, to smooth over an earlier error. OK, back to thinking the error is an error then -- don't close the ticket after all
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mikes1531
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Post by mikes1531 on Nov 10, 2014 18:52:27 GMT
I have very little confidence that all figures are correct, and won't have until AC state that they all are (and that corrections have been applied to all accounts, not just those about which a complaint has been made), and people stop pointing out existing situations where they are not. I'm fairly sure that, when the problems are found, the appropriate bits are kicked and recalculated for all lenders, not just for those that notice. It would probably be harder to only fix some accounts and leave others wrong. mikes1531 and ilmoro -- so you're saying I actually *was* right to question the sudden jump in interest on Oct 03 (co-inciding with a website update), and it is *is* wrong (by about a month's worth, aka approx doubling). I was starting to think that the error was actually an unannounced correction, to smooth over an earlier error. OK, back to thinking the error is an error then -- don't close the ticket after all : Much as I'd like to find that I really am owed the amount of accrued interest shown for this loan -- and at 18% p.a. it does mount up quickly -- I believe it is an error. Unless... Did we actually receive payment for that last month's worth of interest on the original loan? (You may recall that the reason it was necessary to set up the extension loan in the first place was the system's inability to release the last interest payment because the principal hadn't been paid off at the same time.) We can't learn anything from the website page for that loan because the Repayment tab shows no payments at all and reports "There is no repayment data for this loan yet." (I like the "yet" part!  ) To find it, someone would need to search their statement, but I don't know whether the payment was entered with the date it should have been due (5/Sep) or the date the extension loan was set up, which was some time later.
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ilmoro
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Post by ilmoro on Nov 11, 2014 0:32:04 GMT
I'm fairly sure that, when the problems are found, the appropriate bits are kicked and recalculated for all lenders, not just for those that notice. It would probably be harder to only fix some accounts and leave others wrong. mikes1531 and ilmoro -- so you're saying I actually *was* right to question the sudden jump in interest on Oct 03 (co-inciding with a website update), and it is *is* wrong (by about a month's worth, aka approx doubling). I was starting to think that the error was actually an unannounced correction, to smooth over an earlier error. OK, back to thinking the error is an error then -- don't close the ticket after all : Much as I'd like to find that I really am owed the amount of accrued interest shown for this loan -- and at 18% p.a. it does mount up quickly -- I believe it is an error. Unless... Did we actually receive payment for that last month's worth of interest on the original loan? (You may recall that the reason it was necessary to set up the extension loan in the first place was the system's inability to release the last interest payment because the principal hadn't been paid off at the same time.) We can't learn anything from the website page for that loan because the Repayment tab shows no payments at all and reports "There is no repayment data for this loan yet." (I like the "yet" part! ) To find it, someone would need to search their statement, but I don't know whether the payment was entered with the date it should have been due (5/Sep) or the date the extension loan was set up, which was some time later. Loan was repaid on 8/9 and final interest payment for 'settled loan' was made on same date. there is nothing I can find in my records, statement, updates etc that would suggest the interest accured for this loan is not displaying a month extra, ie its wrong.
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acorn
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Post by acorn on Nov 11, 2014 21:09:41 GMT
For Finest - holding and interest details have now been amended for those that would like to check .....
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Post by chris on Nov 11, 2014 22:20:54 GMT
For Finest - holding and interest details have now been amended for those that would like to check ..... I'm aware of two corrections thus far that will be amended tomorrow - the default interest isn't accruing at the correct rate due to a conflict in the code with the support for our two reverse auctions; and the date from which default interest is applied needs to be double checked.
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Post by chris on Nov 12, 2014 11:02:17 GMT
A change has been made to the repayments for this loan to reflect the dates I've been given by the admin team, that default interest will be paid from 24th June. I also believe I was wrong on the second point and that the system should be correctly using the default interest rate.
I've asked the admin team to double check the changes but as ever if there's any feedback from the forum I'll take that into account.
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mikes1531
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Post by mikes1531 on Nov 12, 2014 17:13:24 GMT
chris: Thanks for dealing with FF. Is someone looking into Ips****?
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Post by chris on Nov 12, 2014 17:14:41 GMT
chris: Thanks for dealing with FF. Is someone looking into Ips****? I'll run through the others with the admin team over the next couple of days. I don't have a definitive list but presume they do, but I'll make sure that loan is on the list.
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) To find it, someone would need to search their statement, but I don't know whether the payment was entered with the date it should have been due (5/Sep) or the date the extension loan was set up, which was some time later.
