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Post by chris on Jul 6, 2017 4:28:13 GMT
yep my question re 0% for my wife, its kind of becoming a kind of chant every time a loan comes to term unpayed. I try to use the same wording in the question section everytime time to reinforce te repeat nature of the problem.It seems to auto go to 0% at term even if the loan is not repayed and no AC process seems to be reliabiliy in place to stop this. I keep hopeing the hassle and cost of back calculating missing interest will enforce an improvment. By the way thanks to skippy and other's who keep a close eye open for accounting errors, AC should buy a bottle of plonk for each problem raised , its like they have a free set of auditors looking over thier shoulders worth a fortune i would have thought. Just to explain the technical reasons - the system drops the interest rate to 0% as the structured repayment plan ends at that point. The borrower has a few days grace period where if they repay they would not be charged default interest so lenders would not earn interest for that short period. It takes manual intervention to tell the system that interest should be accruing again. Accrued interest as displayed on the site is for display purposes only. It's recalculated from scratch each day rather than adding a number to a stored number each day so even if the interest rate is set a day after the loan drops to 0% when the accrued interest is recalculated it's automatically back dated. When interest payments are made each lender's individual share is again calculated from scratch with no reference to the stored accrued interest figure. The accrued interest figure shown on the website should really be considered a calculation of what's owed based on the details the system knows at that point of time rather than some stored figure to be treated as gospel that is going to be settled at some point.
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tonyr
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Post by tonyr on Jul 6, 2017 8:49:46 GMT
I think loan #199 should be returned to our Loan Books, 'cos although the principal and part of the interest has been been repaid it is NOT COMPLETE!  I agree. It's so confusing at the moment. Why not mark the loan as active with £0.0000000000001 to repay and then we'd see the correct amount of interest still to repay. As it is we are now over two weeks in and I've not had a definitive answer as to how much interested we are owed. Surely this can't be hard to work out - the numbers were in the system before it got moved to repaid, if nobody can work it out then just move it back to active and everyone will be happy.
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unmadem
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Post by unmadem on Jul 6, 2017 9:38:13 GMT
I think loan #199 should be returned to our Loan Books, 'cos although the principal and part of the interest has been been repaid it is NOT COMPLETE! I think the way this debt to us has been hidden away is wrong and confusing. I agree it is NOT complete. It should be returned to live section of web site and downloads.
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rxdav
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Post by rxdav on Jul 6, 2017 10:13:16 GMT
I think loan #199 should be returned to our Loan Books, 'cos although the principal and part of the interest has been been repaid it is NOT COMPLETE! I think the way this debt to us has been hidden away is wrong and confusing. I agree it is NOT complete. It should be returned to live section of web site and downloads. Totally agree - why are AC putting a loan which is NOT fully repaid into the repaid section? This is confusing at best and denies holders the ability to see the outstanding interest owed to them personally. I fail to understand why AC are knowingly trying to camouflage the extant situation with this loan - it looks highly suspicious and degrades trust in the platform. I believe an explanation from AC is required asap - speculation will invariably thrive in an environment where the facts are deliberately withheld.
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ianj
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Post by ianj on Jul 6, 2017 11:43:11 GMT
Lets keep things in perspective, and not provide grist to the conspiracy theorists' mill.  Ok, the current situation with this loan is not ideal, and I have to admit to a belief that AC do, on occassions, appear less than willing to accept any questioning in Q&A that might be show their actions in a less than positive light (my only ever question was deleted, without the courtesy of any explanation, despite only ever refering to indisputable facts  ) but, IMO, there's nothing to suggest any ulterior motive here. The AC IT system, reputedly referred to as 'God' within AC Towers as it 'moves in a mysterious way', has previously been found not to cope with certain loan circumstances. I'll stick my neck out here and state I'd be prepared to wager 50p that the system wasn't 'spec'd' to cater for full capital repayment without an associated full interest repayment. If true, then 'nuff said! I'm not losing any spleep over this.  |
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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 6, 2017 12:20:43 GMT
Same thing happened when FF loan capital was repaid but AC had to wait a year before they could persue a guarantor for interest.
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rxdav
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Post by rxdav on Jul 6, 2017 14:47:33 GMT
Lets keep things in perspective, and not provide grist to the conspiracy theorists' mill. Ok, the current situation with this loan is not ideal, and I have to admit to a belief that AC do, on occassions, appear less than willing to accept any questioning in Q&A that might be show their actions in a less than positive light (my only ever question was deleted, without the courtesy of any explanation, despite only ever refering to indisputable facts ) but, IMO, there's nothing to suggest any ulterior motive here. The AC IT system, reputedly referred to as 'God' within AC Towers as it 'moves in a mysterious way', has previously been found not to cope with certain loan circumstances. I'll stick my neck out here and state I'd be prepared to wager 50p that the system wasn't 'spec'd' to cater for full capital repayment without an associated full interest repayment. If true, then 'nuff said! I'm not losing any spleep over this. ianj, You may well be correct (or not) - that's the whole point really - none of us do know nor have we any way of getting answers except by AC giving them. If this is simply a situation which their IT system cannot cope with then fine - then why not just knock the whole bloody issue on the head by saying so? I only lend to platforms that are open and transparent - and this loan is slowly becoming a good example of the reciprocal.
I am aware we are not talking big money with this particular loan (most has been repaid) - it's the underpinning principle of transparency that is being tested here - a test which AC are currently failing.
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Steerpike
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Post by Steerpike on Jul 6, 2017 16:28:21 GMT
Probably, I have a bit of shrapnel in this loan still but I'm not losing sleep about it either.
I am however becoming much more concerned about which platforms have a range of investment options, publish detailed loan documentation, have open Q&A on their platform, publish meaningful loan updates, conduct lender votes, pass on default interest, follow through with debt collection, and engage with this platform.
There is only one platform on the list, Assetz.
Thincats is a near miss, but fails on the last two counts, and no other platform comes close.
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sqh
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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 Jul 6, 2017 17:02:19 GMT
Lets keep things in perspective, and not provide grist to the conspiracy theorists' mill. Ok, the current situation with this loan is not ideal, and I have to admit to a belief that AC do, on occassions, appear less than willing to accept any questioning in Q&A that might be show their actions in a less than positive light (my only ever question was deleted, without the courtesy of any explanation, despite only ever refering to indisputable facts ) but, IMO, there's nothing to suggest any ulterior motive here. The AC IT system, reputedly referred to as 'God' within AC Towers as it 'moves in a mysterious way', has previously been found not to cope with certain loan circumstances. I'll stick my neck out here and state I'd be prepared to wager 50p that the system wasn't 'spec'd' to cater for full capital repayment without an associated full interest repayment. If true, then 'nuff said! I'm not losing any spleep over this. ianj, You may well be correct (or not) - that's the whole point really - none of us do know nor have we any way of getting answers except by AC giving them. If this is simply a situation which their IT system cannot cope with then fine - then why not just knock the whole bloody issue on the head by saying so? I only lend to platforms that are open and transparent - and this loan is slowly becoming a good example of the reciprocal.
I am aware we are not talking big money with this particular loan (most has been repaid) - it's the underpinning principle of transparency that is being tested here - a test which AC are currently failing.
I'm afraid AC are very good at scrimping small bits of interest from lenders. When a few lenders complain about a small amount gone missing nobody seems to care. In particular andrewholgate is brilliant at deflecting the criticism, and stops responding when it suits. As an example, go back in this thread to May 26th 2017.
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rxdav
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Post by rxdav on Jul 6, 2017 20:03:27 GMT
ianj, You may well be correct (or not) - that's the whole point really - none of us do know nor have we any way of getting answers except by AC giving them. If this is simply a situation which their IT system cannot cope with then fine - then why not just knock the whole bloody issue on the head by saying so? I only lend to platforms that are open and transparent - and this loan is slowly becoming a good example of the reciprocal.
I am aware we are not talking big money with this particular loan (most has been repaid) - it's the underpinning principle of transparency that is being tested here - a test which AC are currently failing.
I'm afraid AC are very good at scrimping small bits of interest from lenders. When a few lenders complain about a small amount gone missing nobody seems to care. In particular andrewholgate is brilliant at deflecting the criticism, and stops responding when it suits. As an example, go back in this thread to May 26th 2017. sqh, Thread link missing?
Irrespective of the amount unpaid the facts remain:
1. This loan sits in the AC 'repaid' category yet has not been fully repaid (nobody has yet disputed this) - why?
2. Consequently, it is currently impossible for an individual to see how much they are still owed in interest.
From this I deduct that AC are currently deliberately and knowingly trying to deflect lenders from receiving their due returns. If I am wrong then I am sure the omnipotent Andrew Holgate will come down from his seat 'on high' and engage with us peasants on this issue - but as has been alluded to earlier by another, he seems to be very 'choosy' about his engagements?
One thing I can assure AC of however - there will be a constant and increasingly irritating regular reminder from me on this forum that this loan remains in default and unpaid - until the situation is corrected.
So - lets begin:
20 days since the last repayment from the borrower (administrator actually - 20 Jun 17) and this loan still resides incorrectly in the 'repaid' category and lenders continue to await an unknown amount of interest due.
N.B. If I have counted incorrectly please correct me now - I want to be sure I have the correct timings for my regular reminders henceforth.
Edit: Typo
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ianj
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Post by ianj on Jul 6, 2017 20:27:56 GMT
Another successful recovery!  After much wriggling by the borrower, loan #123 has finally repaid today, so congratulations where it's due, andrewholgate, et al. |
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rxdav
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Post by rxdav on Jul 6, 2017 20:58:25 GMT
Another successful recovery! After much wriggling by the borrower, loan #123 has finally repaid today, so congratulations where it's due, andrewholgate , et al. Question: Did this loan also reside in the AC 'repaid' category prior to actually being fully repaid?
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SteveT
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Post by SteveT on Jul 6, 2017 21:08:59 GMT
Another successful recovery! After much wriggling by the borrower, loan #123 has finally repaid today, so congratulations where it's due, andrewholgate , et al. Question: Did this loan also reside in the AC 'repaid' category prior to actually being fully repaid? No (and I've no doubt whatsoever that AC will resolve the issue with #199 in due course)
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rxdav
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Post by rxdav on Jul 6, 2017 21:17:36 GMT
Question: Did this loan also reside in the AC 'repaid' category prior to actually being fully repaid? No (and I've no doubt whatsoever that AC will resolve the issue with #199 in due course) Rather nebulous concept 'in due course' - please define?
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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 6, 2017 21:34:44 GMT
Question: Did this loan also reside in the AC 'repaid' category prior to actually being fully repaid? No (and I've no doubt whatsoever that AC will resolve the issue with #199 in due course) There isnt an issue with #199, the loan has been repaid and has ceased to accrue. #123 hadnt been repaid and was still accruing hence it remained on the active loans list. Accrued interest is owed on #199 but that isnt the loan. #70 treated exactly the same and AC posted updates/answered queries same as before until all sums owed paid. I suspect that the system doesnt allow for capital repaid loans to stay on the live page and for the sake of one loan every year I doubt they will change it. As with #70 I shall diarise the update date and poke them through channels if it isnt forthcoming.
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) but, IMO, there's nothing to suggest any ulterior motive here.
