mikes1531
Member of DD Central
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Post by mikes1531 on Nov 16, 2014 19:36:42 GMT
My 2p i) Can we get rid of the silly "three-bars" thingy on the MLIA on the dashboard "Options/Your transactions" and replace it with a direct button? There's plenty of space to put one there - e.g. to the left, under the MLIA title. ii) sortable columns in the loan lists iii) information bubbles with explanations of totals on the dashboard. e.g. What exactly is "current accrued interest"? Since when? "Accrued" but not yet paid? A different figure is on the current tax statement. The total interest is the sum of these figures, I take it? iv) a loan was pulled from Your Bids in the past two days. No explanation of whether it had been drawn-down (as I thought) or cancelled (as it turned out). I couldn't even remember the name other than there was one missing. Only a phone call elicited an explanation. It just "vanished"...Would have been more sensible to leave it on Your Bids (at least for a while) with some message or explanation. The money I had invested did magically get transferred to my cash account, again with no explanation, or seemingly an audit trail... Unsatisfactory! v) insert some column in the cash/MLIA statments identifying the type of transaction, ideally filterable within the AC screen, but at least there to allow filtering within Excel,etc. It's impossible to keep track of anything otherwise. Unsure where my interest are supposed to appear. Got some in the Cash statement, some in the MLIA statement. Flummoxed... vi) Loans under "Not invested" are also appearing under "Invested". Confusing, but a minor point, I suppose... i) If I were making a change here, I'd just delete the thingy. At the time it was added, it was the only way to obtain a MLIA statement. It is redundant now that the statement is available via the 'Reports' tab drop-down at the top of every page. iii) AIUI, accrued interest is supposed to be the total of interest earned that hasn't been paid yet. (I say "supposed to be" because there are known errors that AC still are trying to correct.) Some will turn into real interest when a loan's next monthly payment is made. Some loans don't pay interest until they mature, so the interest is categorised as accrued until that happens. For overdue loans, interest accrues but may not ever turn into real interest as its receipt is dependent on what happens as a result of the process of chasing defaulting borrowers. In some cases, a potential borrower may have agreed to pay 'interest' to AC in order to keep the loan offer available to them. If the loan proceeds then that interest should be paid to lenders shortly after drawdown, but it hasn't always happened so that interest may remain part of the accrued total. If the loan doesn't proceed, AC have to convince the applicant to pay across what was agreed, and that can't take some time to arrive -- presuming it eventually does. Interest shown on the Tax Statement is interest that has been accrued and received. AIUI, interest is not taxable for most people until it is paid, in the same way that interest received on a bank account where interest is paid annually is reportable as income in the year it is paid rather than being apportoned over the period it was accrued. I fully agree with solicitorious's other points/suggestions.
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mikeb
Posts: 1,072 
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Post by mikeb on Nov 16, 2014 21:18:46 GMT
In some cases, a potential borrower may have agreed to pay 'interest' to AC in order to keep the loan offer available to them. If the loan proceeds then that interest should be paid to lenders shortly after drawdown, but it hasn't always happened so that interest may remain part of the accrued total. Can I take that one? The interest that is calculated "to keep an offer open" (i.e. pre-drawdown) -- all that 3% for 2 weeks, then 5% for the next 2 weeks, then 9% for the next 4 weeks, then DRAWDOWN!: That does NOT appear in the accrued interest total. This is obviously the case, as when the loan draws down, it arrives with £0.00p and goes up pennies per day in line with the APR%. If it was included, the loan would start with some accrued interest right there. This is another of the "off the books" calculations that needs to be done by hand and applied manually to lenders accounts -- you'll see references to it in the Q&A on some loans, "This is a manual activity and we are waiting for the new website to work before doing this". It was like this before the website change (e.g. Yorkshire had a 0%/3-or-6%/9%/12-or-13.5% complex cashback situation). The new website either still can't handle this, or it can -- but no-one's going to try it out yet until the other stuff is fixed. Either way, it shouldn't be relevant on loans from here on, because there IS no pre-drawdown delay. So it's only historic loans that have this hanging around "to be fixed". The same, but harder, applies to loans that eventually get cancelled and disappear. There's no loan entry in your loan list to hang the accrued interest ON, so it's not in the the total. Again, when someone gets the money out of the "borrower" it will be manually worked out and credited onto statements directly. That's my understanding.
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Post by Ton ⓉⓞⓃ on Nov 16, 2014 22:57:11 GMT
ii) sortable columns in the loan lists iv) a loan was pulled from Your Bids in the past two days. No explanation of whether it had been drawn-down (as I thought) or cancelled (as it turned out). I couldn't even remember the name other than there was one missing. Only a phone call elicited an explanation. It just "vanished"...Would have been more sensible to leave it on Your Bids (at least for a while) with some message or explanation. The money I had invested did magically get transferred to my cash account, again with no explanation, or seemingly an audit trail... Unsatisfactory! v) insert some column in the cash/MLIA statments identifying the type of transaction, ideally filterable within the AC screen, but at least there to allow filtering within Excel,etc. It's impossible to keep track of anything otherwise. Unsure where my interest are supposed to appear. Got some in the Cash statement, some in the MLIA statement. Flummoxed... ii) Colin said this about that, Colin, thanks for making more improvements to the site. The one where loans are now listed by number kinda breaks all the notes I've made as I've everything alphabetically on my PC/laptop. Can we have the option of numerically/alphabetically? Sorry to hear that Ton ⓉⓞⓃ. We are working to get sorting for any column heading in place. It's mostly coded and is a high priority so you should be able to choose how the loans are ordered soon. iv) I got an email about North Wales Bridging loan being defunctacated, it came from the London office so it might be eating spam, but you maybe referring to a different loan v) With where the interest appears I think that's down to us now by changing the setting discussed here: p2pindependentforum.com/post/27512/thread
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Post by geoffrey on Nov 17, 2014 8:07:11 GMT
i) Can we get rid of the silly "three-bars" thingy on the MLIA on the dashboard "Options/Your transactions" and replace it with a direct button? There's plenty of space to put one there - e.g. to the left, under the MLIA title. Have to agree. I hate those so-called "hamburger" menus -- they're nerdy and unintuitive. They're an adaptation from Android, and have no place on a full web page. Arguably they have a place on the mobile version of a page as a space-saving device, but a simple button with "More..." (or even just "...") is far more intuitive. In this case, the hamburger is completely useless, because there is only one option in the "menu" that it provides.
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mikeb
Posts: 1,072
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Post by mikeb on Nov 17, 2014 19:38:58 GMT
defunctacated: Made defunct, and then expelled from the back end.
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Post by solicitorious on Nov 17, 2014 20:20:09 GMT
vii) It would also be nice, in the near future, to integrate the email/messaging system into the AC website. Saves missing emails/faffing between laptop and desktop, etc.
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Post by chris on Nov 17, 2014 20:29:59 GMT
vii) It would also be nice, in the near future, to integrate the email/messaging system into the AC website. Saves missing emails/faffing between laptop and desktop, etc. This is a work in progress but keeps being bumped by other high priority projects. When eventually completed and launched you'll be able to set how you want to be contacted for various alerts - by email or notified on site - with a log of all messages on the site itself.
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Post by bracknellboy on Nov 17, 2014 21:05:14 GMT
vii) It would also be nice, in the near future, to integrate the email/messaging system into the AC website. Saves missing emails/faffing between laptop and desktop, etc. .... you'll be able to set how you want to be contacted for various alerts - by email or notified on site - .... : I'm surprised you haven't asked for a similar system to be implemented over here....
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Post by chris on Nov 17, 2014 21:34:17 GMT
.... you'll be able to set how you want to be contacted for various alerts - by email or notified on site - .... : I'm surprised you haven't asked for a similar system to be implemented over here.... If I thought I could have it....
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niceguy37
Member of DD Central
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Post by niceguy37 on Aug 21, 2020 10:52:20 GMT
Hi chrisThanks very much for the SM discounting, which I'm sure is greatly appreciated by a few lenders desperate for their cash. Would it be possible to show the current discount available on each account please? If I'm about to make an investment it would be useful to show the current discount available on each account. |
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dead-money
Rocket to the Moon
Posts: 746
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Post by dead-money on Aug 21, 2020 11:22:02 GMT
Hi chris Thanks very much for the SM discounting, which I'm sure is greatly appreciated by a few lenders desperate for their cash. Would it be possible to show the current discount available on each account please? If I'm about to make an investment it would be useful to show the current discount available on each account. Hi, It will be the same for all Access Accounts, all inflows are via the QAA and will get the discount displayed at that time on the Invest screen, this includes any reinvestment of repaid capital or interest.
Currently it's hovering around 5.9%
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Post by Harland Kearney on Aug 21, 2020 13:24:08 GMT
Hi chris Thanks very much for the SM discounting, which I'm sure is greatly appreciated by a few lenders desperate for their cash. Would it be possible to show the current discount available on each account please? If I'm about to make an investment it would be useful to show the current discount available on each account. This thread is 6 years old, how did u even find this lol.
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