agent69
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Post by agent69 on Dec 13, 2014 17:28:53 GMT
Investment paused due to late payment
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unmadem
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Post by unmadem on Dec 13, 2014 17:41:53 GMT
Investment paused due to late payment Due Friday. Hopefully just a banking issue and will appear on Monday.
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ianb
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Post by ianb on Dec 14, 2014 6:22:08 GMT
Quite a few others gone the same way - 26 (due 11th) and 38, 90, 97 (due 13th). Looks like an automated software action - maybe not allowing a couple of grace days. If not - we're in trouble
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agent69
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Post by agent69 on Dec 14, 2014 9:34:41 GMT
Quite a few others gone the same way - 26 (due 11th) and 38, 90, 97 (due 13th). Looks like an automated software action - maybe not allowing a couple of grace days. If not - we're in trouble 90 appears to have been 2 - 3 days late in every payment. Is this taking the piste
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agent69
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Post by agent69 on Dec 14, 2014 9:35:35 GMT
Perhaps some borrowers have decided to pause their repayments while they consider the tax issue. Doh! I hope not. That could be the thin end of a very long wedge
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spockie
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Post by spockie on Dec 14, 2014 9:53:37 GMT
Perhaps some borrowers have decided to pause their repayments while they consider the tax issue. Doh! I hope not. That could be the thin end of a very long wedge The ones due on 13th were always going to pay on Monday as 13th was a Saturday. Sounds like the software jumping the gun.
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unmadem
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Post by unmadem on Dec 14, 2014 12:12:18 GMT
I hope not. That could be the thin end of a very long wedge The ones due on 13th were always going to pay on Monday as 13th was a Saturday. Sounds like the software jumping the gun. Not jumping the gun just doing exactly what it is supposed to do i.e. mark those which are late. Late is late. What has changed is that we now have immediate visibility with the" investment paused" flag. The clear display of loans which were not tradable was in my opinion long over due and very welcome. I'm sure we will get used to these, hopefully, brief payment late messages over weekends.
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agent69
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Post by agent69 on Dec 14, 2014 17:01:20 GMT
The ones due on 13th were always going to pay on Monday as 13th was a Saturday. Sounds like the software jumping the gun. I'm sure we will get used to these, hopefully, brief payment late messages over weekends. Just hope it doesn't cause a stampede to the exit every time it happens
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mikes1531
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Post by mikes1531 on Dec 14, 2014 23:45:35 GMT
With respect to the K***y payment that prompted this thread, there's a question in the Q&A asking AC to explain why the payment was missed.
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TFTO
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Post by TFTO on Dec 15, 2014 12:01:08 GMT
64 has been paid now but has been booked against the January 2015 payment in error.
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mikeb
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Post by mikeb on Dec 15, 2014 19:18:31 GMT
64 has been paid now but has been booked against the January 2015 payment in error. Which has introduced a knock-on effect, in that the accrued interest is now acock. It looks like, because the payment was late, the accrued figure just before the payment went through was mostly Nov-Dec's interest, and a bit of Dec-Jan's Although the amount paid to lenders is correct (a month's worth, on statement), it appears to have been reconciled against January, meaning that the little overhanging bit of the accrued interest has been knocked off, leaving the whole month for Nov-Dec as "still accrued". That in turn is an accounting error Amount paid != amount deducted from accrued total. Also the APR is now 0.0% on this loan. Already reported to MW earlier today.
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spockie
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Post by spockie on Dec 22, 2014 11:29:37 GMT
Unfortunately, chris, the admin team appear to have done it again with Essex loan...
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TFTO
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Post by TFTO on Dec 22, 2014 11:50:49 GMT
The software should prevent this from happening. I asumed a fix would have been made after the problem with 64.
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Post by chris on Dec 22, 2014 13:42:41 GMT
The software should prevent this from happening. I asumed a fix would have been made after the problem with 64. It's a perfectly valid operation though. The software prevents it from happening for periods that haven't started yet (i.e. the admin team couldn't make a payment against the period 1st Feb to 1st Mar), but early settlement of the current period is perfectly valid as far as the software is concerned. That said those screens are being reworked with larger warnings, "are you really sure?" messages, etc. Takes time to implement though and this isn't the best time of the year to turn around quick changes.
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Post by Jack Barlow on Dec 22, 2014 15:29:36 GMT
chris, in what circumstances would AC want to allow a borrower to make an early interest payment while an older interest payment is still outstanding?
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