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Post by chris on Dec 6, 2015 14:48:38 GMT
My GBBA had its fraction in this one repaid yesterday. I didn't have any direct investment though. Finger trouble at AC? If a loan has repaid for some loan units it would have been done for all unless there was a new bug in the code. That code hasn't been touched in quite a while so I wouldn't have thought it likely. Perhaps a user mistake in that either they did receive the payment or they had already sold their holding?
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baz657
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Post by baz657 on Dec 6, 2015 15:51:20 GMT
I also have #121 in the MLIA and no repayment showing.
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Post by crabbyoldgit on Dec 6, 2015 16:33:58 GMT
Yup me to,121 in mlia not repayed
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oldgrumpy
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Post by oldgrumpy on Dec 6, 2015 16:35:31 GMT
Oooh! Good! Two extra days interest!  |
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Post by crabbyoldgit on Dec 6, 2015 16:38:09 GMT
Of course may have some in geia as well but err dont know if i had a holding
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Post by bracknellboy on Dec 6, 2015 17:27:13 GMT
Yep, i also have it and still showing as having a holding in. I think we can conclude that it hasn't been credited to accounts yet.
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mikes1531
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Post by mikes1531 on Dec 6, 2015 17:59:15 GMT
My GBBA had its fraction in this one repaid yesterday. I didn't have any direct investment though. If a loan has repaid for some loan units it would have been done for all unless there was a new bug in the code. That code hasn't been touched in quite a while so I wouldn't have thought it likely. Perhaps a user mistake in that either they did receive the payment or they had already sold their holding? : I still am holding #121 in my MLIA, but my GEIA also was a credited with a sale of #121 on Friday at 1559. That was a few minutes after AC posted the update saying that the loan had been completely repaid. What I can't tell -- because AC have chosen not to give me the info -- is whether the sale reported in my GEIA was my entire holding or just a part of it. Maybe the GEIA decided to shuffle some parts of #121 around and this had nothing to do with the repayment, but I haven't a clue why it might have done that. The net result is that my GEIA is now less than 100% invested, but at least the uninvested cash got into the Q AA before it hit its newly increased limit -- thank you AC -- so it's not completely idle. Oooh! Good! Two extra days interest! Don't count your chickens... or your bananas... In the past, IIRC, when AC have received a repayment and there's been a delay in crediting it to lenders' accounts, the amount eventually credited was only the amount actually received from the borrower and lenders did not accrue any further interest on that money during the delayed crediting period. If we make a note of the interest accrued on this loan now -- mine is £1.17 -- and see if it increases tomorrow, we can see whether the system still is accruing interest. I expect it is, because the investment still shows as being held in my MLIA. Then, when we finally receive the repayment we can compare the closing interest payment with our accrual numbers and tell to what date the payment received covers.
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Post by chris on Dec 6, 2015 18:07:14 GMT
mikes1531 - could you raise that with the lender team tomorrow please? They'll be able to look into the details for you.
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mikeb
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Post by mikeb on Dec 6, 2015 19:50:04 GMT
If a loan has repaid for some loan units it would have been done for all unless there was a new bug in the code. That code hasn't been touched in quite a while so I wouldn't have thought it likely. Perhaps a user mistake in that either they did receive the payment or they had already sold their holding? Not a "user mistake", it's definitely an AC failure. It really hasn't been repaid, unless of course "by mistake" it got repaid, I didn't notice, am hallucinating my holding still being there (even now), and the accrued interest not being paid, and now accruing at 0% for 2 days. Yes, must be me then. And all the others.
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mikeb
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Post by mikeb on Dec 6, 2015 19:51:42 GMT
If we make a note of the interest accrued on this loan now -- mine is £1.17 -- and see if it increases tomorrow, we can see whether the system still is accruing interest. I expect it is, because the investment still shows as being held in my MLIA. Then, when we finally receive the repayment we can compare the closing interest payment with our accrual numbers and tell to what date the payment received covers. Dream on, it's been accruing 0% for 2 days now ... for that to change a "new phase" would have to be added to the loan, and as it's been "repaid" that's unlikely to happen. Edit-after-the-event: Bogglingly, it did pay the extra two days interest, even though it never got round to accruing! (See the Q&A/Activity comment)
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mikes1531
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Post by mikes1531 on Dec 6, 2015 20:49:19 GMT
If we make a note of the interest accrued on this loan now -- mine is £1.17 -- and see if it increases tomorrow, we can see whether the system still is accruing interest. I expect it is, because the investment still shows as being held in my MLIA. Then, when we finally receive the repayment we can compare the closing interest payment with our accrual numbers and tell to what date the payment received covers. Dream on, it's been accruing 0% for 2 days now ... for that to change a "new phase" would have to be added to the loan, and as it's been "repaid" that's unlikely to happen. : Don't get me wrong. I wasn't expecting to receive any interest after Friday. In the past when credits to lenders accounts have been delayed interest accruals stopped at the time AC received the money from the borrower rather than when lenders' accounts were credited. AC might say "Sorry 'bout that", but that's all we're likely to receive. Thanks for keeping an eye on the accrued interest. What I was expecting to happen was that the accrued interest would continue to increase over the weekend but that we wouldn't receive anything beyond what had accrued by Friday. Your report that the AI has stopped increasing surprised me because I first thought it meant that there was a disconnect between what the website shows as outstanding and what AC's internal records show. But I hadn't noticed that the loan's web page now is showing the interest rate to be nil. So it appears that someone has set the interest rate to zero to stop further interest accruing. I expect our accounts will be credited on Monday. I suppose it would be being cynical to suggest that AC might have allowed the bits of #121 held in GEIAs to be repaid first so that the GEIA money would go into the QAA and start earning interest there, knowing that when the proceeds from the parts held in MLIAs arrived the QAA would be above its £3M limit -- meaning that the MLIA funds will end up in the QAA queue earning nothing.
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Post by chris on Dec 6, 2015 22:33:29 GMT
Dream on, it's been accruing 0% for 2 days now ... for that to change a "new phase" would have to be added to the loan, and as it's been "repaid" that's unlikely to happen. : Don't get me wrong. I wasn't expecting to receive any interest after Friday. In the past when credits to lenders accounts have been delayed interest accruals stopped at the time AC received the money from the borrower rather than when lenders' accounts were credited. AC might say "Sorry 'bout that", but that's all we're likely to receive. Thanks for keeping an eye on the accrued interest. What I was expecting to happen was that the accrued interest would continue to increase over the weekend but that we wouldn't receive anything beyond what had accrued by Friday. Your report that the AI has stopped increasing surprised me because I first thought it meant that there was a disconnect between what the website shows as outstanding and what AC's internal records show. But I hadn't noticed that the loan's web page now is showing the interest rate to be nil. So it appears that someone has set the interest rate to zero to stop further interest accruing. I expect our accounts will be credited on Monday. I suppose it would be being cynical to suggest that AC might have allowed the bits of #121 held in GEIAs to be repaid first so that the GEIA money would go into the QAA and start earning interest there, knowing that when the proceeds from the parts held in MLIAs arrived the QAA would be above its £3M limit -- meaning that the MLIA funds will end up in the QAA queue earning nothing. It's automatic. There's a repayment profile and once that has run through to completion the system doesn't continue accruing interest that you're not due to receive. There's a 7 day grace period before we as a platform can charge the borrower more, and my own view is that it would be wrong of the system to show you interest accruing that you're not going to receive just because a payment is made on the day it's due. Were you to buy a loan unit now and the repayment was made tomorrow without additional interest then you would have earnt 0%, so that's what the system show you. If the loan defaults or there's a lender vote then the admin team will update the repayment profile of the loan to reflect the situation and the accrued interest will adjust accordingly. Edit: To answer the "cynical" part of your post - the admin team don't have that facility. Either the loan has been repaid or it has not, there's no option for the admin team to pay one subset of people or another unless it's a payment made by the provision fund, but that currently has to go through me so I know it's not the case in this instance.
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oldgrumpy
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Post by oldgrumpy on Dec 6, 2015 23:48:30 GMT
Should be but weren't. Period. Simples! Attachments:
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mikes1531
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Post by mikes1531 on Dec 7, 2015 3:21:47 GMT
mikeb : Don't get me wrong. I wasn't expecting to receive any interest after Friday. In the past when credits to lenders accounts have been delayed interest accruals stopped at the time AC received the money from the borrower rather than when lenders' accounts were credited. AC might say "Sorry 'bout that", but that's all we're likely to receive. Thanks for keeping an eye on the accrued interest. What I was expecting to happen was that the accrued interest would continue to increase over the weekend but that we wouldn't receive anything beyond what had accrued by Friday. Your report that the AI has stopped increasing surprised me because I first thought it meant that there was a disconnect between what the website shows as outstanding and what AC's internal records show. But I hadn't noticed that the loan's web page now is showing the interest rate to be nil. So it appears that someone has set the interest rate to zero to stop further interest accruing. I expect our accounts will be credited on Monday. I suppose it would be being cynical to suggest that AC might have allowed the bits of #121 held in GEIAs to be repaid first so that the GEIA money would go into the QAA and start earning interest there, knowing that when the proceeds from the parts held in MLIAs arrived the QAA would be above its £3M limit -- meaning that the MLIA funds will end up in the QAA queue earning nothing. It's automatic. There's a repayment profile and once that has run through to completion the system doesn't continue accruing interest that you're not due to receive. There's a 7 day grace period before we as a platform can charge the borrower more, and my own view is that it would be wrong of the system to show you interest accruing that you're not going to receive just because a payment is made on the day it's due. Were you to buy a loan unit now and the repayment was made tomorrow without additional interest then you would have earnt 0%, so that's what the system show you. If the loan defaults or there's a lender vote then the admin team will update the repayment profile of the loan to reflect the situation and the accrued interest will adjust accordingly. Edit: To answer the "cynical" part of your post - the admin team don't have that facility. Either the loan has been repaid or it has not, there's no option for the admin team to pay one subset of people or another unless it's a payment made by the provision fund, but that currently has to go through me so I know it's not the case in this instance. : Thanks for the input/explanation, and particularly so since it's your day off. In this case, I doubt that it happened completely automatically, because Friday wasn't the day the loan had been scheduled to complete. AIUI, AC had been told the repayment was coming, but they didn't know -- or at least they didn't tell us they knew -- exactly when it was going to happen. So I expect that on Friday morning the entry in the data base for the end date still would have been in the future. When the payment actually did arrive, I expect someone did change the database to show Friday as the end date since that had become a fact. And, as you described, that would have had the appropriate effect of stopping interest from continuing to accrue. So it looks like everything was working properly from the IT point of view. Why the payments weren't credited to lenders' accounts later that day as expected is a separate issue, and I see that a question asking what went wrong has been raised in the loan's Q&A. I'm happy to see your response to my cynical comment. The only question remaining would seem to be why the GEIA decided to sell some parts of Loan #121 on Friday afternoon after the loan was repaid and before all the final repayments were processed. Is that what you suggested I should ask the lender team to explain? As a related question... Do the admin team have the power to tell the system which loans qualify for the GEIA and which do not? It has occurred to me that if they do, and if they decided that since the loan was repaid they might as well turn off the flag indicating that #121 was GEIA eligible, wouldn't that have had the effect of instructing the system to sell all the parts of #121 that GEIAs were holding? Might that have been what happened at 1559 on Friday?
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Post by chris on Dec 7, 2015 8:45:31 GMT
I'm happy to see your response to my cynical comment. The only question remaining would seem to be why the GEIA decided to sell some parts of Loan #121 on Friday afternoon after the loan was repaid and before all the final repayments were processed. Is that what you suggested I should ask the lender team to explain? As a related question... Do the admin team have the power to tell the system which loans qualify for the GEIA and which do not? It has occurred to me that if they do, and if they decided that since the loan was repaid they might as well turn off the flag indicating that #121 was GEIA eligible, wouldn't that have had the effect of instructing the system to sell all the parts of #121 that GEIAs were holding? Might that have been what happened at 1559 on Friday? Thinking about it the GEIA would have sold those loan units as the rate is now 0% which is below the threshold for the account. The admin team do have the power to tell the system which loans qualify for the GEIA as there's a flag that is set to say it's a green loan or not, but the rest of the criteria is handled automatically (i.e. rate). They do not have the same ability to decide for the GBBA as that is 100% automatic. If they had done that then yes it would explain the behaviour but as the rate is now 0% the system would have sold anyway. Without specifically checking the details on this loan I think the rate dropping is by far the more likely explanation.
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