baz657
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Post by baz657 on Jul 4, 2016 8:59:27 GMT
... and now it's up to 11%. If I was a cynic I'd be saying that it's one way to protect the GBBA provision fund - sell off the non-paying loans before they default.
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sl75
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Post by sl75 on Jul 4, 2016 9:04:38 GMT
The 0% is due to the loan expiration... It was meant to be repaid today. The GBBA has sold all of its units from what I can see. ... or more precisely (as I understand it) because the design of the system and the day-to-day actual use of the system are out of sync with each other. The system as it stands seems to me highly inflexible, as the IT back-end system simply doesn't seem to understand the concept of an overdue loan - all loans have a precisely specified end date and precisely entered interest up to this (and the system then calculates the number of months remaining from this). I expect that on overdue loans the admin team would much rather enter something that tells the system that the loan should accrue interest at a rate of XX.X% "until further notice", rather than having to enter specific payment dates and amounts for a few months (and then get the lenders complaining when the interest rate drops to zero because the arbitrary date they'd entered is reached, and the IT systems automatically assume this means no further interest is accruing...). Even better would be if overdue loans with no formally-agreed extension showed the correct number of months remaining (which should be negative), rather than a positive number to the arbitrarily-selected date to which default interest has been entered so far.
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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 Jul 4, 2016 9:56:45 GMT
The 0% is due to the loan expiration... It was meant to be repaid today. The GBBA has sold all of its units from what I can see. ... or more precisely (as I understand it) because the design of the system and the day-to-day actual use of the system are out of sync with each other. The system as it stands seems to me highly inflexible, as the IT back-end system simply doesn't seem to understand the concept of an overdue loan - all loans have a precisely specified end date and precisely entered interest up to this (and the system then calculates the number of months remaining from this). I expect that on overdue loans the admin team would much rather enter something that tells the system that the loan should accrue interest at a rate of XX.X% "until further notice", rather than having to enter specific payment dates and amounts for a few months (and then get the lenders complaining when the interest rate drops to zero because the arbitrary date they'd entered is reached, and the IT systems automatically assume this means no further interest is accruing...). Even better would be if overdue loans with no formally-agreed extension showed the correct number of months remaining (which should be negative), rather than a positive number to the arbitrarily-selected date to which default interest has been entered so far. While you are right about the system having that flaw, AC knows this and its not rocket science for someone to diarise that the loan needs an extra phase to be added in advance of the next expiry date to avoid the GBBA sell off. This is the second occasion it has happened, and twice more it would have occurred except lenders poked AC to do their job. There is nothing that prevents AC from acting proactively, the system allows phases to be added in advance AFAICS and allows repayment dates to be shortened if redemption actual occurs within the required timeframe. In the meantime, anyone with a decent GBBA holding would be advised to set Google alerts for end dates to poke AC.
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n
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Yet another Nick
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Post by n on Jul 4, 2016 10:47:03 GMT
Cunningly, I had no MLIA buy target set on this loan because after getting stiffed for a few days last time, I've deleted all my buy targets until AC fixes this. You can't beat a Cunning Plan 
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dermot
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Post by dermot on Jul 4, 2016 12:37:37 GMT
#114 W************* P******* I********* L*** interest rate has dropped to 0%. I guess there has been a payment made over the weekend. No repayments logged since March according to the repayment tab! The 0% is due to the loan expiration... It was meant to be repaid today. The GBBA has sold all of its units from what I can see. Hmmm, my GBBA has just *purchased* #4-30 in this ....
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oldgrumpy
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Post by oldgrumpy on Jul 4, 2016 12:45:00 GMT
What does #4-30 mean?
£4.30?
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Post by chris on Jul 4, 2016 13:57:46 GMT
The 0% is due to the loan expiration... It was meant to be repaid today. The GBBA has sold all of its units from what I can see. ... or more precisely (as I understand it) because the design of the system and the day-to-day actual use of the system are out of sync with each other. The system as it stands seems to me highly inflexible, as the IT back-end system simply doesn't seem to understand the concept of an overdue loan - all loans have a precisely specified end date and precisely entered interest up to this (and the system then calculates the number of months remaining from this). I expect that on overdue loans the admin team would much rather enter something that tells the system that the loan should accrue interest at a rate of XX.X% "until further notice", rather than having to enter specific payment dates and amounts for a few months (and then get the lenders complaining when the interest rate drops to zero because the arbitrary date they'd entered is reached, and the IT systems automatically assume this means no further interest is accruing...). Even better would be if overdue loans with no formally-agreed extension showed the correct number of months remaining (which should be negative), rather than a positive number to the arbitrarily-selected date to which default interest has been entered so far. It's a conscious thing, coding the system in that way, and is not an inflexibility. The system shouldn't be guessing at the situation a loan is in. If there is no interest being earned then it shouldn't guess that there is interest falling due. Given there is a grace period where borrowers can be a few days late with a payment without penalty it's not right to then tell lenders that they are accruing interest when in fact they are not. The change that's needed is to stop loans with 0% interest from being traded. That's near the top of my to do list.
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dermot
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Post by dermot on Jul 4, 2016 15:14:31 GMT
What does #4-30 mean? £4.30? Correct - non UK regionalisation on this keyboard...
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duck
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Post by duck on Jul 4, 2016 15:59:45 GMT
... and now it's up to 11%. If I was a cynic I'd be saying that it's one way to protect the GBBA provision fund - sell off the non-paying loans before they default. This issue appears to be having a bizarre effect on GBBA's Looking at my wife's account Last interest payment on 07/03/2016 Nothing happens until yesterday 03/07 so 3 months interest missed with no PF intervention. Total holding of £111.612...... sold yesterday. Today the GBBA buys £4.30. The loan updates give details of default interest but of course that is of no 'interest' to GBBA account holders. I suppose the bonus for GBBA account holders is that the 'repayment' has found its way into the QAA so at least it is earning something!
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Post by crabbyoldgit on Jul 4, 2016 16:14:04 GMT
Cunningly, I had no MLIA buy target set on this loan because after getting stiffed for a few days last time, I've deleted all my buy targets until AC fixes this. You can't beat a Cunning Plan A plan so cunning you could stick a tail on it and call it a weasel.
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agent69
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Post by agent69 on Jul 4, 2016 17:21:03 GMT
218 - another wind turbine
6 months interest was retained at drawdown. Unfortunately we are now in month 7 and nobody has bothered to check that there was a process in place for the borrower to start making monthly interest payments. The boss is away, so June's payment won't arrive until next week.
Strikes me as being very sloppy.
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Post by lynnanthony on Jul 5, 2016 1:58:38 GMT
What does #4-30 mean? £4.30? Correct - non UK regionalisation on this keyboard... Off topic. For £ sign on PC keyboard that doesn't have it, hold down the Alt key and tap 156 on the number pad then release the Alt key. (Only works with the number pad, doesn't work with the numbers along the top.)
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dermot
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Post by dermot on Jul 5, 2016 11:01:52 GMT
Correct - non UK regionalisation on this keyboard... Off topic. For £ sign on PC keyboard that doesn't have it, hold down the Alt key and tap 156 on the number pad then release the Alt key. (Only works with the number pad, doesn't work with the numbers along the top.) Unfortunately, the keyboard I was using was a dinky little wireless one where the trackpad replaces the numeric keypad - and using the cntrl-alt-shift-dance-widdershins-around-a-church key combination wouldn't allow me entry of missing ascii characters. Your point is well made as general advice, however.
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Post by GSV3MIaC on Jul 5, 2016 11:44:18 GMT
If it's a real PC, running windoze, you can always fall back on running the character mapper (start, run, charmap.exe) this will find you characters like ₪₩ that might even be more useful than the Euro. 8>.
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sl75
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Post by sl75 on Jul 6, 2016 10:47:18 GMT
It's a conscious thing, coding the system in that way, and is not an inflexibility. The system shouldn't be guessing at the situation a loan is in. If there is no interest being earned then it shouldn't guess that there is interest falling due. Given there is a grace period where borrowers can be a few days late with a payment without penalty it's not right to then tell lenders that they are accruing interest when in fact they are not. The change that's needed is to stop loans with 0% interest from being traded. That's near the top of my to do list. I don't see that there's any guessing involved if the admin had an option to specify "interest is accruing at XX.X% until further notice", with no specific end date.
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