jlend
Member of DD Central
Posts: 1,840
Likes: 1,465
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Post by jlend on May 1, 2020 9:58:44 GMT
jlend - if you PM me your email address I'll get someone to look into your specific account Now fixed for me looking at my dashboard. Thanks for sorting so quickly as usual.
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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.
Posts: 1,428 
Likes: 1,212
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Post by sqh on May 1, 2020 10:18:05 GMT
chris stuartassetzcapital 1. The Lender fee was supposed to start from 1st May, not be backdated to include April. 2. It's too complicated to apportion the lender fee to loan payments when some loans are bought and sold part way through a month. 3. It's not fair to impose a blanket "fixed fee" on loans that have very different lender rates. The fee is effectively double on a 5% loan compared to a loan with 10% lender rate. The answer is simple: Just take 10% 15% of lender interest as and when a borrower makes a payment. It's easy to understand and calculate. You should add it to the repayments tab as a separate entry,
Lender Principal
Lender Interest
Monitoring Fee
Covid Lender Fee
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Post by Jack Barlow on May 1, 2020 10:20:18 GMT
The outstanding fees box has disappeared from my dashboard in the last few minutes, as has the selection option in my settings dropdown. Anyone else seeing the same?
My previously displayed outstanding fee figure looked too high to me - was significantly >0.075% of the maximum total I've had on the platform in the last month.
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amphoria
Member of DD Central
Posts: 156
Likes: 124
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Post by amphoria on May 1, 2020 10:25:51 GMT
I'm guessing that they shouldn't have been charging fees in April for the MLA and GBBA and therefore they have removed the display whilst they fix the problem. I had a small amount of accrued fees showing this morning before it was removed.
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johns
Posts: 35
Likes: 15
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Post by johns on May 1, 2020 10:28:19 GMT
Same here, 'Outstanding Fee' now blank
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Post by overthehill on May 1, 2020 10:33:49 GMT
The outstanding fees box has disappeared from my dashboard in the last few minutes, as has the selection option in my settings dropdown. Anyone else seeing the same? My previously displayed outstanding fee figure looked too high to me - was significantly >0.075% of the maximum total I've had on the platform in the last month. Yes, the outstanding fees box is now blank. My figure looked okay but I'm not really following what's going on too closely, it's far too convoluted and opaque. I guess a lot of figures are wrong and they are fixing it. I think people will need to use the accrued interest now to monitor their real monthly interest.
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Post by chris on May 1, 2020 10:51:47 GMT
A bug has been found in the calculation where some changes in principal due to loan payouts / repayments weren't correctly being taken into account. The figures have been removed whilst the recalculation goes through. They'll be back later today with the corrected figure.
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p2ploser
Member of DD Central
Posts: 163
Likes: 221
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Post by p2ploser on May 1, 2020 11:01:30 GMT
The outstanding fees box has disappeared from my dashboard in the last few minutes, as has the selection option in my settings dropdown. Anyone else seeing the same? My previously displayed outstanding fee figure looked too high to me - was significantly >0.075% of the maximum total I've had on the platform in the last month. Yes, the outstanding fees box is now blank. My figure looked okay but I'm not really following what's going on too closely, it's far too convoluted and opaque. I guess a lot of figures are wrong and they are fixing it. I think people will need to use the accrued interest now to monitor their real monthly interest.
Why didnt they keep this simple and just take a % of the interest earned each month? Or maybe I’m the stupid one. No comments necessary 
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rscal
Posts: 985
Likes: 537
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Post by rscal on May 1, 2020 11:59:27 GMT
Yes, the outstanding fees box is now blank. My figure looked okay but I'm not really following what's going on too closely, it's far too convoluted and opaque. I guess a lot of figures are wrong and they are fixing it. I think people will need to use the accrued interest now to monitor their real monthly interest.
Why didnt they keep this simple and just take a % of the interest earned each month? Or maybe I’m the stupid one. No comments necessary AIUI that is what they are trying to do. There is an automatic (pro rata) deduction from interest generated from the Access Accounts (since AC say they are paying these amounts out of petty cash not not the stream of receipts) and a payment-by-payment (rolling) deduction on Investment Account receipts. They also have to keep track of the forebearance loans (i.e. accrued interest and accrued but not collected fees) so we are techically only experiencing the fee as a interest-rate drag. But if that is what they are doing taht still calls for quite a bit of programming in I would assume and they must still be working at it.
If they charged the fee pro-rata to income they would be deviating from making it a pro-rata to capital charge and whilst simpler to apply that might be regulated and something they are not at liberty to use.
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puddleduck
Member of DD Central
Posts: 537
Likes: 489
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Post by puddleduck on May 1, 2020 16:45:34 GMT
'Outstanding Fees' are now back on the dashboard.
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p2ploser
Member of DD Central
Posts: 163
Likes: 221
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Post by p2ploser on May 1, 2020 19:42:48 GMT
'Outstanding Fees' are now back on the dashboard. Lucky you, not for me. Are they still there or have they gone walkabouts again  New motto foe assetz should be “Could have gone better”.
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Post by p2pguy45 on May 14, 2020 7:43:42 GMT
email just received: "Whilst we continue to offer attractive target investment rates of return, we are also now having to introduce a small lender membership fee to cover increased loan servicing costs during this period and to ensure the long-term health of the platform. We are commencing a lender loan servicing fee of 0.9% per annum, which is 0.075% per month of the loans under management, starting on 1st May." Quite frustrating because my portfolio is mainly non-performing loans now. In the immortal words of Warren Buffet "only when the tide goes out do you discover who has been swimming naked ". It took a pandemic to see the true colours of this outfit - risk and volatility is normal but unethical behaviour such as this is not. And while I'm at it, the definition of 'normal market conditions' is so vague it is elastic but once the Govt furlough ends then 'Normal Market Conditions' ends as far as I'm concerned.
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Post by brightspark on May 14, 2020 8:29:22 GMT
Whilst it would be wonderful were normal market conditions to prevail it is unlikely given the global slump which all including Warren Buffet are going to have to endure.
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jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,806
Likes: 3,237
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Post by jonno on May 14, 2020 8:41:06 GMT
Whilst it would be wonderful were normal market conditions to prevail it is unlikely given the global slump which all including Warren Buffet are going to have to endure. Agreed.............but he'll definitely have his Budgie-smugglers on.
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SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
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Post by SteveT on May 14, 2020 9:41:04 GMT
In the immortal words of Warren Buffet "only when the tide goes out do you discover who has been swimming naked ". It took a pandemic to see the true colours of this outfit - risk and volatility is normal but unethical behaviour such as this is not. And while I'm at it, the definition of 'normal market conditions' is so vague it is elastic but once the Govt furlough ends then 'Normal Market Conditions' ends as far as I'm concerned.That's extremely unlikely and unrealistic. It was self-evident from the day the QAA launched that it was more than likely to suffer a "run" at some point. The definition of " normal market conditions" could only ever be " whilst as many people wish to add funds as withdraw them". See my post from 2 years ago (many others posted along the same lines).
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