unmadem
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Post by unmadem on Nov 12, 2014 18:03:00 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. That would be great chris.
After this it would be good if you could let us know when you AC consider that the accrued interest is completely correct for ALL loans i.e. any frontend display issues sorted, any backend issues sorted and any data input or data correction completed on all loans. As I'm sure you will appreciate it has been pretty hard to keep track of and it would be beneficial to know when we have a clean slate.
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TFTO
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Post by TFTO on Nov 13, 2014 9:22:23 GMT
I'm not sure the accrual on FF is correct. My original holding was £1,000 and after the partial repayment in August £428.58. Overnight on 11/11 the accrual decreased from £58.47 to £40.49. Last night it decreased again to £34.02, which seems odd unless this is some way of writing it off.  One for chris I think. |
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Post by Jack Barlow on Nov 13, 2014 9:48:27 GMT
I'm not sure the accrual on FF is correct. I'm 100% sure it's incorrect (and by a big chunk), but I presume AC admin are still iterating their way towards the correct figure (even though the last few changes have been going in the wrong direction). The information on the Repayment tab for FF is now nearly correct, whereas a couple of days ago it was reading complete nonsense.
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Post by pepperpot on Nov 13, 2014 11:08:51 GMT
Is FF accruing incorrectly due to the term remaining showing as 9/60mths? Interest accrues more slowly near the end of the term, and the system thinks we are nearing the end of 5yrs.
Might it have been better to wipe the slate clean and set up a new loan with simple interest rolled up to the known end date (hopefully) of 4/8/15?
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mikeb
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Post by mikeb on Nov 13, 2014 18:40:37 GMT
I'm also sure it's wrong -- the accrued figure shown is not only reducing day by day, but it is now claimed to include the higher rate (+3% default) interest, and the one time when it was almost correct, and I breathed a premature sigh of relief, it did NOT include the default interest, just the basic. It's now below anything I consider to be a correct figure, and a breakdown of what AC consider to be "reality" is awaited from chris -- if I can get my head round it ... and merge it with my "reality". Your reality may differ  |
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mikes1531
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Post by mikes1531 on Nov 13, 2014 19:38:31 GMT
I'm not sure the accrual on FF is correct. My original holding was £1,000 and after the partial repayment in August £428.58. Overnight on 11/11 the accrual decreased from £58.47 to £40.49. Last night it decreased again to £34.02, which seems odd unless this is some way of writing it off. One for chris I think. 's outstanding balance is £428.58. If I assume he didn't buy or sell any units, then he would have had £1000 invested on 23/May, which is the date the last -- and first -- payment on this loan was due. (It was paid on 28/May.) The default interest rate probably wouldn't have been applied until about a week after the 23/Jun payment was missed, so there would have been about 38 days of interest at 12.5% to cover the period to 30/Jun which ought to be about £13.01 (= 1000 x 12.5% x (38/365). Then there would have been 35 days at the default interest rate of 12.5% + 3% = 15.5% covering the period from 30/Jun until the 4/Aug settlement day. Accrued interest for that should be £14.86 (= 1000 x 15.5% x (35/365). That was 101 days ago, so the subsequent interest accrued to today should be £18.38 (= 428.58 x 15.5% x (101/365). That gives a total accrued interest of £46.25 per £1k of investment in this loan. Is that about what other people are expecting?
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TFTO
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Post by TFTO on Nov 13, 2014 20:01:39 GMT
I'm not sure the accrual on FF is correct. My original holding was £1,000 and after the partial repayment in August £428.58. Overnight on 11/11 the accrual decreased from £58.47 to £40.49. Last night it decreased again to £34.02, which seems odd unless this is some way of writing it off. One for chris I think. 's outstanding balance is £428.58. If I assume he didn't buy or sell any units, then he would have had £1000 invested on 23/May, which is the date the last -- and first -- payment on this loan was due. (It was paid on 28/May.) The default interest rate probably wouldn't have been applied until about a week after the 23/Jun payment was missed, so there would have been about 38 days of interest at 12.5% to cover the period to 30/Jun which ought to be about £13.01 (= 1000 x 12.5% x (38/365). Then there would have been 35 days at the default interest rate of 12.5% + 3% = 15.5% covering the period from 30/Jun until the 4/Aug settlement day. Accrued interest for that should be £14.86 (= 1000 x 15.5% x (35/365). That was 101 days ago, so the subsequent interest accrued to today should be £18.38 (= 428.58 x 15.5% x (101/365). That gives a total accrued interest of £46.25 per £1k of investment in this loan. Is that about what other people are expecting? It might be immaterial anyway, as I have grave doubts about a full recovery on this one - in fact a return of the capital would please me. Yes, I think you are correct with those calculations, so where £34.02 as shown this morning came from I don't know.
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Post by Jack Barlow on Nov 13, 2014 20:15:27 GMT
I'm not sure the accrual on FF is correct. My original holding was £1,000 and after the partial repayment in August £428.58. Overnight on 11/11 the accrual decreased from £58.47 to £40.49. Last night it decreased again to £34.02, which seems odd unless this is some way of writing it off. One for chris I think. 's outstanding balance is £428.58. If I assume he didn't buy or sell any units, then he would have had £1000 invested on 23/May, which is the date the last -- and first -- payment on this loan was due. (It was paid on 28/May.) The default interest rate probably wouldn't have been applied until about a week after the 23/Jun payment was missed, so there would have been about 38 days of interest at 12.5% to cover the period to 30/Jun which ought to be about £13.01 (= 1000 x 12.5% x (38/365). Then there would have been 35 days at the default interest rate of 12.5% + 3% = 15.5% covering the period from 30/Jun until the 4/Aug settlement day. Accrued interest for that should be £14.86 (= 1000 x 15.5% x (35/365). That was 101 days ago, so the subsequent interest accrued to today should be £18.38 (= 428.58 x 15.5% x (101/365). That gives a total accrued interest of £46.25 per £1k of investment in this loan. Is that about what other people are expecting? , I agree with your calculation (assuming a 7-day deferral in applying the default interest rate) except for the minor difference that for the period 23 May to 22 June inclusive the interest will be calculated using 12.5%/12 instead of 12.5%*31/365 (i.e. using the standard AC monthly interest calculation method). It's worth noting that the total interest due that is currently showing on the FF Repayments schedule suggests that AC are only assuming a one day deferral in applying the default interest i.e. default interest is applied from 24 June (which tallies with information that chris gave in an earlier post p2pindependentforum.com/post/28743/thread).
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oldgrumpy
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Post by oldgrumpy on Nov 13, 2014 20:24:14 GMT
On the basis of £46.25 per £1000 initial investment I would have £50.88 outstanding, but AC have now assessed it as £37.18. I'd appreciate AC confirming what the correct figures should be.
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ilmoro
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Post by ilmoro on Nov 13, 2014 23:51:10 GMT
Unless Im missing something its not right. Seems not to include the initial standard months interest outstanding Mine £20@12% (2.4/12 =.2) + 20@15.5% 24/6-4/8 =42days (3.1/365*42 =.3567) + 8.58@15.5 5/8-12/11 = 100 days (1.33/365*100 =.3644) =£0.92 2dp. Actual displayed total £0.68 Default for 24/6 per Chris post here p2pindependentforum.com/post/28743If default was actually applied from 1/7, allowing 7 days from 23/6 due date then £0.68 is about right for default interest but not full accrued interest outstanding. |
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oldgrumpy
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Post by oldgrumpy on Nov 13, 2014 23:58:34 GMT
So all these apparent discrepancies equate to currently displayed accrued interest being uderstated by between 26% and 27%.
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ilmoro
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Post by ilmoro on Nov 14, 2014 0:12:06 GMT
So all these apparent discrepancies equate to currently displayed accrued interest being uderstated by between 26% and 27%. Disappointingly, it would appear so. Afraid you dont get a celebratory banana grabbing balloon ride for this one yet. 
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TFTO
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Post by TFTO on Nov 18, 2014 7:14:04 GMT
chris No accruals on 36, 39 and 40 last night and there may be others. Edit: Accruals have been applied now - 8:55am.
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oldgrumpy
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Post by oldgrumpy on Nov 23, 2014 15:36:55 GMT
On the basis of £46.25 per £1000 initial investment I would have £50.88 outstanding, but AC have now assessed it as £37.18. I'd appreciate AC confirming what the correct figures should be. Over time this is creeping up to £39.70 but apparently has not been corrected as detailed in these posts. chris Please confirm that these figures are or are not correct, if not, when will they be put right? Please supply us with a full list of all the loans where accrued or outstanding interest still show discrepancies, together with confirmation that each one is being examined for errors which will be corrected. I am struggling to know what to trust on the accounts supplied via the long "trumpeted" wonderful new website, now five weeks on and still riddled with inaccuracies. All this should have been dealt with BEFORE blundering on with the new Green Energy Investment Account, with its new set of computations/complications which cannot even lend out the cash which has been put in it without leaving dribbles and far..... ummm ... you know what I mean, behind.
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ilmoro
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Post by ilmoro on Nov 23, 2014 17:42:48 GMT
On the basis of £46.25 per £1000 initial investment I would have £50.88 outstanding, but AC have now assessed it as £37.18. I'd appreciate AC confirming what the correct figures should be. Over time this is creeping up to £39.70 but apparently has not been corrected as detailed in these posts. chris Please confirm that these figures are or are not correct, if not, when will they be put right? Please supply us with a full list of all the loans where accrued or outstanding interest still show discrepancies, together with confirmation that each one is being examined for errors which will be corrected. I am struggling to know what to trust on the accounts supplied via the long "trumpeted" wonderful new website, now five weeks on and still riddled with inaccuracies. All this should have been dealt with BEFORE blundering on with the new Green Energy Investment Account, with its new set of computations/complications which cannot even lend out the cash which has been put in it without leaving dribbles and far..... ummm ... you know what I mean, behind. Here, as a start, are the ones Im aware of  Ippy - accrued interest appears to be 30 days too much, nominal repayment date should be in Mar not Feb, remaining term displaying 3 not 4 months - highlighted in Q&A repeatedly without result FF - accrued interested seems not to include interest outstanding for final month before default CC L - interest appears not to be accruing at default rate but at original rate Woody - interest appears not to be accruing at default rate but at original rate Elecky - interest not accruing at all, and interest rate showing as 0%
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