|
|
Post by chris on Jul 6, 2016 10:53:13 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. If a loan is scheduled to repay on a Friday but the payment isn't received until the next Thursday then that is within the grace period allowed without further interest being charged for those additional 6 days. So technically 0% interest would have been earned for that period. If interest had accrued at a higher rate then the interest paid and the indicated accrued interest would have been different. The system itself shouldn't have to guess as to whether interest should or shouldn't be accruing. When a loan has already defaulted there's perhaps a more clearcut argument for the type of solution you mention, although given our other workload it's not likely to be prioritised anytime soon.
|
|
sl75
Posts: 2,092 
Likes: 1,245
|
Post by sl75 on Jul 6, 2016 11:50:52 GMT
When a loan has already defaulted there's perhaps a more clearcut argument for the type of solution you mention, although given our other workload it's not likely to be prioritised anytime soon. ... which was the context within which my comment was intended (we'd been discussing loan #114, and I'd noticed similar on at least one other loan within the last few days) There's also a case that customers are being misled, because the loan shows "Term Remaining 1 / 20 mths", which is incorrect, as the loan is overdue and has a negative number of months remaining (looking at the comments, there's no mention of any agreed extension). However, it's unclear whether that's because you've not given them the tools to allow the remaining term on an overdue loan to be displayed correctly, or because they're not using the tools correctly...?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
|
Post by ilmoro on Jul 6, 2016 13:11:05 GMT
When a loan has already defaulted there's perhaps a more clearcut argument for the type of solution you mention, although given our other workload it's not likely to be prioritised anytime soon. ... which was the context within which my comment was intended (we'd been discussing loan #114, and I'd noticed similar on at least one other loan within the last few days) There's also a case that customers are being misled, because the loan shows "Term Remaining 1 / 20 mths", which is incorrect, as the loan is overdue and has a negative number of months remaining (looking at the comments, there's no mention of any agreed extension). However, it's unclear whether that's because you've not given them the tools to allow the remaining term on an overdue loan to be displayed correctly, or because they're not using the tools correctly...? I still contend that whatever the flaws with the system it is in AC power to manage the system better. #114 had no clear repayment date, just a vague expectation of last month, and there is no indication that a redemption statement had been issued. AC could therefore have added an additional loan phase in advance to prevent the loan going to 0%. If subsequently a date became clear than the repayment date could have been moved retrospectively as has been done with other loans repaying early. Equally the if there is uncertainty the loan can be suspended by AC on an ad hoc basis, as has been done on other loans to allow new info to be considered. I dont see how this relates to the rate being incorrect or some complicated IT response. Why does a borrower redeeming a loan get a 7 day grace period? A redemption statement is issued stating sums owed on a specific date, if payment isnt made on that date then the sum increases. I dont get 7 days grace to pay my credit card - x is due on y date, no excuses. Seems to be logic & common sense to me that can avoid these issues.
|
|
sl75
Posts: 2,092
Likes: 1,245
|
Post by sl75 on Jul 6, 2016 13:15:20 GMT
I still contend that whatever the flaws with the system it is in AC power to manage the system better. Sure, but given a choice between spending time actively "chasing" a borrower, and working around various flaws with AC's systems, I'd not really fault AC's collections admin staff from focussing on the former.
|
|
jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
|
Post by jonah on Jul 6, 2016 18:27:13 GMT
#145 another WT looks to be being paid off on Friday.
Geia is going to be looking more and quiet soon!
|
|
|
|
Post by crabbyoldgit on Jul 7, 2016 18:36:50 GMT
New loan 301 , no documentation!!, 6 1/2%. Drawdown date estimate 12/07/2016.Sorry,but why would i want to invest in this when i can get 7% in the gbba, and a provision fund included.Have made a bid,my 1 pence will fill the loan without a problem.As this is not gbba suitable, sub 7%, it is just qaa/ 30 day fodder in my view.
|
|
|
|
Post by Ton ⓉⓞⓃ on Jul 11, 2016 14:25:28 GMT
Loan #26 (The Printers) Suspended. AC Informed that the Co is thinking about applying for a CVL
|
|
agent69
Member of DD Central
Posts: 6,044
Likes: 4,437
|
Post by agent69 on Jul 14, 2016 16:43:20 GMT
202 repaying tomorrow
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Jul 14, 2016 19:55:10 GMT
Oh dear. I suppose I'll need another twenty new loans to draw down to get that repayment lent out again, and I've already got four figures in QAA gradually going on small top-ups to older loans I already invest in, but there are limits to the extra exposure I want on those. 
|
|
jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
|
Post by jonah on Jul 14, 2016 21:01:58 GMT
I liked 202 also. But it is perverse to complain about loans repaying... Not that I'm going to stop!
|
|
agent69
Member of DD Central
Posts: 6,044
Likes: 4,437
|
Post by agent69 on Jul 16, 2016 8:25:24 GMT
Or possibly not. grumps - you'll be getting an extra bit of interest over the weekend. Please spend it wisely
|
|
mikeb
Posts: 1,072
Likes: 472
|
Post by mikeb on Jul 18, 2016 16:18:13 GMT
#157 2016-07 15th Jul 2016 at 14:40 We can confirm that we have this afternoon received funds to fully repay the loan.
These funds are sat in the Assetz Capital bank account and will be distributed to lenders as soon as practically possible. ... or maybe a little later, as it's a hot day and the hamsters are all too tired to spin the wheels ... 
|
|
|
|
Post by Deleted on Jul 19, 2016 8:05:35 GMT
I see some of the turbines have been pushed out to the end of August payback. Timing is not really AC's skill set  |
|
|
|
Post by davidricketts1 on Jul 19, 2016 9:13:19 GMT
I see some of the turbines have been pushed out to the end of August payback. Timing is not really AC's skill set
I can't let that go.
We can't win on full loan repayment. If we wait until we definitely know when we're going to get repaid (normally when the cash has turned up) we'll get pilloried. If we report what we are being told by a borrower with a number of caveats (i.e. the dates weren't guaranteed) to allow lenders fair warning that we are expecting full repayment then we also get pilloried.
Which would you rather?
|
|
|
|
Post by crabbyoldgit on Jul 19, 2016 9:44:50 GMT
Personally I would prefer they didn't repay at all!!!  , eer that does not mean ever, just at the end of the loan period. |
|
, eer that does not mean ever, just at the end of the loan period.