jo
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Post by jo on Mar 16, 2021 15:05:27 GMT
Reading the response to a Question on loan #85, I was prompted to start this thread.
I can't imagine a financial services firm being ok with >headline< misrepresenting the value of a client's account due to 'not having the IT capacity' to do write-off bad loans.
It's not like they're a new start up, they've been going some years now - and the covid reasons cited don't cut it, they were claiming IT issues on this topic long before that started.
Donno, perhaps I'm missing something, but to me it simply beggars belief.
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iRobot
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Post by iRobot on Mar 16, 2021 15:22:00 GMT
jo -could you post the Q&A detail, please? Those, like me, who have no holding in that particular loan can't see the various sections and it sounds like this is an issue that could extend beyond just loan #85. TIA.
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jo
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Post by jo on Mar 16, 2021 16:02:35 GMT
jo -could you post the Q&A detail, please? Those, like me, who have no holding in that particular loan can't see the various sections and it sounds like this is an issue that could extend beyond just loan #85. TIA. PMd you - but there is no doubt that it extends to all loans.
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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 Mar 16, 2021 16:34:44 GMT
jo I assume you mean #86, though I cant see it, but Im guessing its the same response as on #57 ... IT, pandemic, other priorities. Currently only affects a handful of loans where recoveries have nowhere else to go.
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jo
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Post by jo on Mar 16, 2021 18:37:20 GMT
My mistake. I actually mean #57 (long day!).
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jo
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Likes: 492
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Post by jo on Mar 16, 2021 19:11:34 GMT
jo I assume you mean #86, though I cant see it, but Im guessing its the same response as on #57 ... IT, pandemic, other priorities. Currently only affects a handful of loans where recoveries have nowhere else to go. Sorry, I actually meant #57. It is probably only a limited amount of loans but for me, that's not the issue. The bigger issue is that 'Total Funds on Platform' figure displayed on the Dashboard can be allowed to be knowingly incorrect - just because of IT. Really? A lending business and this was never foreseen nor prioritised?
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Post by Ace on Mar 16, 2021 19:31:04 GMT
jo I assume you mean #86, though I cant see it, but Im guessing its the same response as on #57 ... IT, pandemic, other priorities. Currently only affects a handful of loans where recoveries have nowhere else to go. Sorry, I actually meant #57. It is probably only a limited amount of loans but for me, that's not the issue. The bigger issue is that 'Total Funds on Platform' figure displayed on the Dashboard can be allowed to be knowingly incorrect - just because of IT. Really? A lending business and this was never foreseen nor prioritised? It's no comfort, but the same issue exists on ABLrate. They've been promising to fix it for ages. Yes, it does beggar belief.
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Post by phlitb on Mar 16, 2021 20:27:58 GMT
Having invested a considerable amount with AC at one point, I have since become non UK resident, so I can no longer rely on any UK tax advice nuances to self-declare any write-offs. I need the platform to clearly show (for the benefit of my non-UK accountant) the loans which have been de facto written off and are now worthless. I will continue to wind down my investments with AC until only defaulted loans remain unless and until this is addressed.
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dave2
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Post by dave2 on Mar 17, 2021 0:46:08 GMT
Having invested a considerable amount with AC at one point, I have since become non UK resident, so I can no longer rely on any UK tax advice nuances to self-declare any write-offs. I need the platform to clearly show (for the benefit of my non-UK accountant) the loans which have been de facto written off and are now worthless. I will continue to wind down my investments with AC until only defaulted loans remain unless and until this is addressed. If your foreign accountant is unwilling, or unable to understand the UK tax rules and how best to apply them, kick him out and take control yourself. It is your responsibility and your judgement, not anybody else's.
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