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Post by jackpease on Jan 30, 2015 12:42:50 GMT
I know the issue of FC totals being incorrect has come up often but having seen a bit discrepancy I am struggling to see how to go forward.
The total amount of money i have put in in the last two years adds up to more than the 'FC total' and yet my 'all time net earnings' figure is positive.
Should my 'all time cash deposited' into FC plus 'all time net earnings' not add up to 'Funding Circle total'?
If i have say a thousand small loans, going back month by month over the last two years, matching loan parts *bought* against loan *parts* held will surely be an impossible task?
Has anyone ever gone to FC and said 'these totals don't add up - sort it'?
thanks in anticipation
Jack P
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blender
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Post by blender on Jan 30, 2015 13:19:17 GMT
You do not mention withdrawals, and assuming there are none then total deposits plus net earnings must equal FC total. If it does not, and you are sure of the total deposits, then it is FC's error and not your job to sort it out. If you think they have lost your money and if you can give them the deposit total (or better a schedule of deposits) then they should be very concerned to attend to that problem. It would be a serious matter. I would suggest an email first.
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Post by jackpease on Jan 30, 2015 13:54:10 GMT
Thanks - as i invest through my business it is the company accounting software that has picked up that the net money going in and FC-claimed all time earnings that are adrift. I will forward a schedule of payments and email it in and look forward to the standard FC email delay JP
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wysiati
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Post by wysiati on Jan 31, 2015 2:08:25 GMT
You do not mention withdrawals, and assuming there are none then total deposits plus net earnings must equal FC total. If it does not, and you are sure of the total deposits, then it is FC's error and not your job to sort it out. If you think they have lost your money and if you can give them the deposit total (or better a schedule of deposits) then they should be very concerned to attend to that problem. It would be a serious matter. I would suggest an email first. "You do not mention withdrawals, and assuming there are none then total deposits plus net earnings must equal FC total". Well, not according to FC. There are serious discrepancies on my account on the basis you suggest. FC has known about this but has not resolved it although it did do a secret confiscation of FC total funds on some user accounts which I reported some time back. I am running down the account so I should be in a position where I have zero live loans outstanding and a positive net earnings amount which, when added to net deposits, will clearly exceed the FC total. This known discrepancy has been allowed to persist so the run-down will trigger a claim for the 'missing' net earnings which I anticipate will be sent on to FOS if not met. That will at least require the platform to substantiate its position.
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blender
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Post by blender on Jan 31, 2015 10:26:40 GMT
The deposits and and withdrawals are matters of fact and record. Now that the accrued interest has been removed, the FC total must by any logic equal the net capital plus the all time earnings, and if not there must errors in numbers controlled wholly by FC (assuming of course that the lender has used the interface as intended). I understand that your account (Wysiati) is very long standing, large and very active (ie you have been a very good FC customer) but that some of your issues of reconciliation may go back a distance in time which maybe FC cannot cope with. My own account dates to mid 1012 and has been large and active, but always operated by the trotters and I never had a reconciliation problem before the issue was raised (partly or first by yourself?) on this site. After that the accrued interest was removed from the total making the reconciliation more obvious and easy and I rather think that was the time at which Betty Bot was set loose and the routine manual 'corrections' were started. Since then the problem has become much worse - it frequently happens to me even though I do everything manually - and errors seem to expand in type and quantity as the database is stressed by volume. FC will have a good idea of the size of the problem (since we understand that the final intervention is manual) and must be very concerned. They will try to keep a lid on it until they have a general solution.
But I think they will resolve more recent cases like JP's where they should now have the tools to sort the problem. If JP has lost money then starting with an email with evidence and then escalating through customer service, management, compliance officer etc is the way to go, I think.
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oldgrumpy
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Post by oldgrumpy on Jan 31, 2015 10:34:19 GMT
"My own account dates to mid 1012"
That's a long long time. One of the original members then?
PS Was the bacon as dodgy then as history describes it?
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oldgrumpy
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Post by oldgrumpy on Jan 31, 2015 10:39:13 GMT
Maybe someone will eventually inform regulators and a full audit will be demanded for every user. I suppose I have to assume that the chances of my figures being correct (only since Nov 2012) are slim.
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Mike
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Post by Mike on Jan 31, 2015 11:05:53 GMT
I've been running my FC account down for a while now (£500 left in active loans which will never shift on the SM, mostly risk band removed) and now I am thinking I will have to finally get round to adding up the numbers. I've been putting off enough years now I think the time has finally come when I can do it, and consider the platform done with. No more putting things up for sale every fortnight, no more withdrawing, no more reading loan comments that refer to events from 4 months ago. There's something to start my Saturday night!
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blender
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Post by blender on Jan 31, 2015 12:40:28 GMT
"My own account dates to mid 1012"
That's a long long time. One of the original members then?
PS Was the bacon as dodgy then as history describes it? Oh dear, I have given my age away. I recall that FC did have some problems resulting from the failure of Aethelred the Unready to hold the kingdom against Sweyn Forkbeard the Dane from 25 Dec 1013 to 3 Feb 1014. Now you know that I am too old and tough for bacon, though from that time I bear the scar of having Danish written on my back. Have just noticed that the account of the sty-companion is £100 adrift - never been wrong before. Perhaps we should have exceptional posts from those whose accounts do reconcile.
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oldgrumpy
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Post by oldgrumpy on Jan 31, 2015 12:49:40 GMT
I'm seriously considering dumping the "old" from my ID having read all this ... I feel so unqualified, so immature. You can have it if you like... oldblender does have a satisfying seniority about it.
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blender
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Post by blender on Jan 31, 2015 13:05:45 GMT
I'm seriously considering dumping the "old" from my ID having read all this ... I feel so unqualified, so immature. You can have it if you like... oldblender does have a satisfying seniority about it.
No no! Age is just a number; old is how you feel. Have temporarily changed my avatar to suit and agree yours no longer conveys age, or grumpiness. Why not try this?
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oldgrumpy
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Post by oldgrumpy on Jan 31, 2015 13:13:18 GMT
With teeth like that I wouldn't even manage my bananas .... NURSE!!!! MASH MY BANANAS!! NOW!!
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Steerpike
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Post by Steerpike on Jan 31, 2015 14:48:57 GMT
To check the account requires the 'all time cash deposited', is this displayed as a total on the FC site or found only on the monthly transaction statements?
I calculated my total deposits from downloaded statements and adding the net earnings shown on the FC site matches the total. RAF payments are included in the net earnings rather than deposits which is reasonable.
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blender
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Post by blender on Jan 31, 2015 15:26:23 GMT
To check the account requires the 'all time cash deposited', is this displayed as a total on the FC site or found only on the monthly transaction statements? I calculated my total deposits from downloaded statements and adding the net earnings shown on the FC site matches the total. RAF payments are included in the net earnings rather than deposits which is reasonable. You need the all time net deposits - net of all deposits and withdrawals (your current capital or stake). This is not on the site except in transaction statements, but some of us always deposit and withdraw in round numbers - ideally round thousands, but could be hundreds - so that all you need to do to notice an error is to compare the last digits of the all time earnings and the FC total - which should be the same. You can make a deposit/withdrawals to make those two numbers match, and then just watch for a future discrepancy. There is no short cut to check the current position if you have not used round numbers.
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Post by jackpease on Feb 1, 2015 7:14:15 GMT
OP here - the company software makes it easy to pull off total (net) money in and compare with FC totals and its £65 adrift. I have emailed FC and will post back here on the outcome but i guess that won't be anytime soon.
We should set up a quiz... "Add up your total all time net deposits (deposits less withdrawals according to your bank) into FC and compare with your FC total (please substract 'all time net earnings') is your total incorrect by....
More than £100 in my favour £50-£100 in my favour £5-£50 in my favour broadly correct £5-£50 in FC's favour £50-£100 in FCs favour More than £100 in FCs favour
If a pattern emerges then we'd have some evidence to prove/disprove systemic problems complained of by others JP
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