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Post by andrewholgate on May 24, 2017 7:59:19 GMT
Should be resolved now. My apologies. I'm sorry but I cannot accept your apology until the missing interest is paid. Four days interest lost and repayment made at 15:00 hours. That's just in time to miss the cut-off time for a bank withdrawal the next day. That means 6 days to get your money out after a loan repays. It's not the first time repayments have been late, but it's now become unacceptable. I can't see what has happened on your account and I don't want to debate your account on a public forum. We have multiple ways to contact the customer services team and I suggest you speak to them to explain what your concern is and they can handle it. That isn't me passing the buck, I'm trying to point you to the right people to speak to about the problem. What I can do is press on with finding out why repayments are being credited late.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447 
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Post by stub8535 on May 24, 2017 12:20:02 GMT
andrewholgate it is good to see that you take your responsibilities under the data protection act seriously in not commenting on an individuals account in a public place. If only other platforms would respect customer data and comply with the act of parliament. I am not invested on your platform and, as such, I can make no legitimate comment on the late payments of loans.
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Post by yorkshireman on May 24, 2017 13:10:20 GMT
In my experience it’s standard business practice and common courtesy to maintain customer confidentiality.
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mikes1531
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Post by mikes1531 on May 24, 2017 18:17:02 GMT
It's not the first time repayments have been late, but it's now become unacceptable. I can't see what has happened on your account and I don't want to debate your account on a public forum. We have multiple ways to contact the customer services team and I suggest you speak to them to explain what your concern is and they can handle it. That isn't me passing the buck, I'm trying to point you to the right people to speak to about the problem. Is andrewholgate suggesting that sqh might have been treated differently from other investors in that loan? Or that if everyone in that loan was affected then each individual needs to detect their specific problem and bring it to AC's attention in order for it to be remedied? And by implication, anyone who suffers but doesn't complain about a problem wouldn't be given the remedy even if AC knew the problem was widespread? I really hope not!
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shimself
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Post by shimself on May 24, 2017 18:53:41 GMT
I can't see what has happened on your account and I don't want to debate your account on a public forum. We have multiple ways to contact the customer services team and I suggest you speak to them to explain what your concern is and they can handle it. That isn't me passing the buck, I'm trying to point you to the right people to speak to about the problem. Is andrewholgate suggesting that sqh might have been treated differently from other investors in that loan? Or that if everyone in that loan was affected then each individual needs to detect their specific problem and bring it to AC's attention in order for it to be remedied? And by implication, anyone who suffers but doesn't complain about a problem wouldn't be given the remedy even if AC knew the problem was widespread? I really hope not! What I hope he means is that he's had a look at a couplle of examples and they don't correspond, so pleae can he be told which is the wrong 'un so he can investigate (and see how widespread it is)
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
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Post by stub8535 on May 24, 2017 22:36:39 GMT
In my experience it’s standard business practice and common courtesy to maintain customer confidentiality. You are right yorkshireman in that it should be standard practice and common courtesy to maintain customer confidentiality. However, there is an act of parliament, data protection act, that carries a legal responsibility, monitored and administered by the information commisioners office, for any company or individial that hold customer information to adhere to. Breaches have led to fines. Not all p2p platforms have followed the rules.
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ianj
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Post by ianj on May 25, 2017 10:59:37 GMT
In my experience it’s standard business practice and common courtesy to maintain customer confidentiality. Very true, yet more so because Andrew adhered to the Laws of the land today, doing so with an engaging Professionalism. Some may consider it a great pity that what you see as 'professionalism' didn't 'engage' to the extent of explaining why there was a three day delay in informing lenders that the loan had been repaid (a period where it would have been possible to invest with no prospect of receiving interest, as it transpired) and a why it took a further day to transfer the money to lenders accounts. While lenders frequenting this space will most probably have deduced (if they even noticed) the cause of interest 'evaporation' experienced on the 23rd, it would have been preferable in a perfect world, a place I still occasionally like to believe might exist, if an explanation had been made available to all. But that is history now - andrewholgate has apologised and has informed us that the matter is now 'resolved'!....... So, never again will notice of loan repayments be delayed. Capital and interest should be received by lenders on the day of repayment, and any delay in receipt will result in extra interest being paid. What's not to like? P.S. Other definitions of 'resolved', are available. Any optimism expressed is likely to be as the result of the sun shining at the moment - a more normal 'Uncle Mort' realism (  ) will, no doubt, resume shortly. 
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on May 26, 2017 2:10:28 GMT
For those following the late payment of Loan #158. mikeb , iren , lynnanthony , mikes1531 , shimself , ianj , all expressed an interest. My email to enquires@assetzcapital.co.uk. "I was a lender in loan #158. Sometime on Monday afternoon 22nd May an update was posted on this loan to say that the borrower had repaid the loan on May 19th and that monies would be paid out asap.
Lender accounts weren't settled until 15:00hrs on May 23rd. These settlements didn't take into account the interest accrued from 19th May to 23rd May (ie 4 days interest). Can you please pay the interest for these 4 days?
If there is a problem with paying the 4 days interest can you please report it to Andrew Holgate.
"
The response (from the helpdesk) "When capital and interest payments are made by the borrower they are sent to us via CHAPS and they do not show in our client money system until the next business day.
In the case of Loan#158 who repaid on a Friday the repayment would not have been in our client money system until Monday 22nd May. In order to settle the full Loan#158 repayment we needed to call off the remaining interest buffer. Our Accounts Team were notified of this request on the Friday and it was actioned on Monday which meant the buffer funds arrived Tuesday which is when the loan repayment was then processed on the system.
The timeframe for the Loan#158 payment to be applied was 2 business days, to complete the diligence required to accept the payment and to close the interest buffer. Two working days is within the normal timeframe taken to process borrower repayments. We can’t include weekends as the business is closed. Although it is unlikely it is possible for repayments to be processed and allocated faster than 2 working days but this is the exception not the norm."My Conclusion is that AC have a overly complex method of dealing with borrower repayments, and the lenders will suffer as a result. andrewholgate would you please like to comment on why AC cannot find a way to repay lenders promptly, when most other P2P platforms, if not all, are able to do so? It would appear that nothing is "resolved". |
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mikeb
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Post by mikeb on May 27, 2017 17:33:07 GMT
... and that's only covering the shortages at the end of loans. Never mind the occasional rewinds of accrued interest mid-loan. IMO: You should all take a LOT closer look at your accrued interest day to day on each loan, then you'd see it happening too. Or, as they say, continue with "ignorance is bliss"  AC can't see it happening/have no record of it/see it as just a display issue etc. You can't ask about it on the Q&A, it gets deleted as inappropriate. It still doesn't get resolved, it still happens, so no idea what's being done to "resolve" it. Some of FC's accountants moonlighting for the competition, I say. |
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agent69
Member of DD Central
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Post by agent69 on Jun 1, 2017 20:46:59 GMT
267 - This loan was redeemed in full by the Borrower on Wed 31 May. Wonder when we will see some cash
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ianj
Member of DD Central
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Post by ianj on Jun 2, 2017 7:44:38 GMT
267 - This loan was redeemed in full by the Borrower on Wed 31 May. Wonder when we will see some cash Accrued interest reduced this morning.
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teddy
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Post by teddy on Jun 2, 2017 14:35:38 GMT
Email received regarding loan #330. Given that I have around £215 in this loan via the GBBA, I assume I'll be covered by the provision fund?
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agent69
Member of DD Central
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Post by agent69 on Jun 2, 2017 17:38:22 GMT
Email received regarding loan #330. Given that I have around £215 in this loan via the GBBA, I assume I'll be covered by the provision fund? Bit of a disappointing situation given the LTV was just over 50%
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tonyr
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Post by tonyr on Jun 2, 2017 17:58:47 GMT
267 - This loan was redeemed in full by the Borrower on Wed 31 May. Wonder when we will see some cash Humpf. Not looking good for today, so that'll be Monday or a full five days of lost interest. I wonder why it takes so long now, is 3 working days really "as soon as possible."?
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teddy
Posts: 214
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Post by teddy on Jun 2, 2017 19:24:47 GMT
Email received regarding loan #330. Given that I have around £215 in this loan via the GBBA, I assume I'll be covered by the provision fund? Bit of a disappointing situation given the LTV was just over 50% Understatement of the year! Massive failings on this by all involved IMHO. It's not like the property market has fallen through the floor, so clear valuation errors that should've set alarm bells off at AC from the start.
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) will, no doubt, resume shortly. 
