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Post by batchoy on Nov 27, 2014 18:28:30 GMT
Fascinated whether anyone has suffered actual financial damage here, as against annoyance and frustration (which can be found dealing with any banking institution or consumer facing business). There seems to be a lot of calculation, but has anyone actually lost money? Or more/less than the price of a few stamps? AFAIK FCA complaints are based on real financial damage, not service levels. As yet it is unclear as to whether people have lost money but the errors in accrued interest could mean people could lose money, and the loss of visibility of accrued interest on loans where the capital has been sold on makes the situation worse, in some cases these error goes to thousands of pounds. There are service requirements that appear in the the FCA regulations and obviously non-adherence is offence and I personally believe that the mangled statements is a compliance issue.
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mikes1531
Member of DD Central
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Post by mikes1531 on Nov 27, 2014 19:15:53 GMT
I plan to use the AC statements for my tax return in the same way as I use statements from other financial service providers. The crunch will come if the numbers that AC supply to HMRC are inconsistent with the AC statements. If AC tell HMRC that they paid you £xxx and the statements say you received £yyy, then which number do you put into your tax return?
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Post by Duane Dibley on Nov 27, 2014 19:58:00 GMT
Look after the pennies and the pounds will look after themselves, as my Granny used to say. Or as my Granny used to say, penny wise pound foolish. So whose Granny's right? There's only one way to find out ......
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Post by mrclondon on Nov 27, 2014 20:10:41 GMT
Fascinated whether anyone has suffered actual financial damage here, as against annoyance and frustration (which can be found dealing with any banking institution or consumer facing business). There seems to be a lot of calculation, but has anyone actually lost money? Or more/less than the price of a few stamps? AFAIK FCA complaints are based on real financial damage, not service levels. Until an amortizing loan matures and we can sum up the total capital actually received (over upto 60 months) we won't know for sure. I "lost" between 5p and 20p per amortizing loan during the October changeover (with a few at 1p and one at 44p, and I'm attempting to challenge the latter) and I'm now "losing" 1p a month on around half of the amortizing loans. So in my case potentially a few pounds loss across the loan book at maturity. With the size of my loan book its largely noise, and I'm resigned to the situation. This is purely capital errors so has no impact on the parallel discussion about accuracy of AC's reporting of interest to HMRC. I've an engineering degree, and I'm pretty nifty with Excel but I simply don't understand how this rounding system can only bleed pennies. I've not yet come across a situation where my fudge factor column needs a penny removing from it, it always needs pennies adding to it.
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Post by batchoy on Nov 27, 2014 20:24:55 GMT
Look after the pennies and the pounds will look after themselves, as my Granny used to say. Or as my Granny used to say, penny wise pound foolish. So whose Granny's right? There's only one way to find out ...... Both because the idioms have different meanings. 
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mike
Member of DD Central
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Post by mike on Nov 27, 2014 22:01:49 GMT
Just for information I have being doing a "check sum" on my transaction since 24/10 and I'm 20p up. All made up of 1p rounding differences.
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
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Post by merlin on Nov 27, 2014 23:28:36 GMT
Just for information I have being doing a "check sum" on my transaction since 24/10 and I'm 20p up. All made up of 1p rounding differences. Funny that! It never happened on the old system.
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mikes1531
Member of DD Central
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Post by mikes1531 on Nov 28, 2014 2:05:06 GMT
Just for information I have being doing a "check sum" on my transaction since 24/10 and I'm 20p up. All made up of 1p rounding differences. Funny that! It never happened on the old system. Will it carry on forever? Or will it be corrected eventually? With the maturity payout for the loan?
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Post by marek63 on Nov 28, 2014 6:51:46 GMT
So mike is up, mrclondon is down. AC software needs some teething worked through no doubt. I am happily invested here and intend to keep re-investing. I have had positive conversations with three members of the Assetz team over the last month. So I remain confident that the issues will be resolved; fascinating watching these businesses all gradually emerge - TC/AC/Lendy/Ablrate etc etc and how the management work their way through the borrower and software problems they all have to deal with.
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mike
Member of DD Central
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Post by mike on Nov 28, 2014 9:19:02 GMT
I remember being xx pence "down" when the switch over was done so it's just probably catching up.
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