maxmarengo
Member of DD Central
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Post by maxmarengo on Feb 1, 2015 12:17:53 GMT
In response to a suggestion on "Overall Totals...not adding up" I have created a poll.
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'). Select the relevant category in the poll.
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Post by phlitb on Feb 1, 2015 12:32:13 GMT
My account is currently exactly correct, but it's only been a week or so since I wrote to FC and got them to reconcile it properly. In the year prior to that it was never correct, varying between £60 in FC's favour and over £100 in my favour.
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blender
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Post by blender on Feb 1, 2015 12:45:12 GMT
We have 2 accounts, both wrong, but only one entry in the poll.
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mikeb
Posts: 1,072
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Post by mikeb on Feb 1, 2015 20:41:17 GMT
Currently appear to be £19 up, although in the past it has been up or down by +-£50 at most.
To be honest, going through all the old statements (which are partly a work of fiction due to them being edited after the event by FC) is a painful exercise.
At some point FC changed the way the statements worked (due to overload on accounting systems, deferring doing some transactions), and made them useless for accurate tracking of anything. With transactions disappearing, turning up delayed/late, getting re-dated, changing order, changing amounts ...
It defies any sense of the words "statement of account". There is no point in time at which you can freeze the totals on your account and reconcile them against the statement, draw a line under, and say it was ok and balanced on (X) date any more.
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david42
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Post by david42 on Feb 1, 2015 21:45:44 GMT
I routinely achieve a reconciliation between my own spreadsheet and the downloaded FC statements. On the two occasions that I was charged twice for purchases, I emailed FC and they corrected it within a day. I did notice that today the downloaded accounts would not reconcile with the website summary until around mid morning. FC seemed to be dribbling in the routine loan repayments and interest for many hours, and nothing balanced while they were doing that.
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Post by jackpease on Feb 2, 2015 6:35:36 GMT
Thanks for setting this up - very comforted to see that my £65 appears unusual rather than the norm - I'm reluctantly relying more on FC as i keep getting knocks on other platforms.
Jack P
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chrisf
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Post by chrisf on Feb 2, 2015 8:37:00 GMT
I am +£16 on one account and spot on with the other, so I have another vote for broadly correct which I can't register.
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Post by valerieb on Feb 2, 2015 9:13:20 GMT
Exactly correct; I've not been aware of any discrepancies over the 2+ years I've been investing with FC although admittedly I don't micro-manage the figures as the total always looks about right.
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adrianc
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Post by adrianc on Feb 2, 2015 10:42:57 GMT
For those with discrepancies, it'd be interesting to know what %age of your account they are. If you're a hundred quid out on <£5k, that's a different kettle of bananas to a hundred quid out on £50k+.
I'd also guess that "livelier" accounts would be much more liable to discrepancies than slower-moving ones.
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am
Posts: 1,495
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Post by am on Feb 2, 2015 10:48:12 GMT
I've only been out once, when the secondary market sold a loan part twice. FC fixed it when I told them, thought they got the explanation wrong, and assured me that it was a very rare event. Perhaps people should be telling FC, so they realise the full prevalence.
I also had the cash available to invest out once, when the system delayed returning the cash from rejected bids to the available to invest pile. If I recall correctly the total remained correct.
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blender
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Post by blender on Feb 2, 2015 11:40:06 GMT
The survey is running at about a third of accounts in error over a weekend, and that does not include those which have been in error but are at present reconciled. Given that FC have an active reconciliation programme (automatic detection and manual correction) this is clearly not a rare event, but a serious issue. Of course forum users will be more active on the SM than the whole lender population, but if you allow for that and scale up there must be thousands of FC accounts which are containing such errors at any one time, or have had unrecorded corrections - or is that wrong?
The size of the error is not important. There should not be such errors and secret corrections on lenders accounts.
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Post by longjohn on Feb 2, 2015 11:55:57 GMT
I download my loan parts daily to check on sales and late payments etc. I also download my statement every Wednesday and Saturday to keep on top of the numbers. I think I would spot any discrepancies and fixes so I'm happy to say I have had exact accounts since I joined in May 2012.
I'm a relatively small investor in FC. Never had more than £10K invested. Strictly manual bidding and selling as well in small amounts.
Is this a problem only for large investors and/or bot users?
John
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Post by jackpease on Feb 2, 2015 12:07:25 GMT
I download my loan parts daily to check on sales and late payments etc. I also download my statement every Wednesday and Saturday to keep on top of the numbers. I think I would spot any discrepancies and fixes so I'm happy to say I have had exact accounts since I joined in May 2012. I'm a relatively small investor in FC. Never had more than £10K invested. Strictly manual bidding and selling as well in small amounts. Is this a problem only for large investors and/or bot users? John I don't *think* i'm a big user - circa £20k invested - as i'm £65 out so that's small as a percentage but as Blender says, the total shouldn't be out. I've been on FC getting on for two years now and have c1,000 small loan parts and I don't know how you could easily - or indeed with difficulty - compare monthly csv statement downloads to check where the £65 error occurred in the tens (hundreds?) of thousands of transactions over the two years Jack P
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Post by longjohn on Feb 2, 2015 12:17:40 GMT
I download my loan parts daily to check on sales and late payments etc. I also download my statement every Wednesday and Saturday to keep on top of the numbers. I think I would spot any discrepancies and fixes so I'm happy to say I have had exact accounts since I joined in May 2012. I'm a relatively small investor in FC. Never had more than £10K invested. Strictly manual bidding and selling as well in small amounts. Is this a problem only for large investors and/or bot users? John I don't *think* i'm a big user - circa £20k invested - as i'm £65 out so that's small as a percentage but as Blender says, the total shouldn't be out. I've been on FC getting on for two years now and have c1,000 small loan parts and I don't know how you could easily - or indeed with difficulty - compare monthly csv statement downloads to check where the £65 error occurred in the tens (hundreds?) of thousands of transactions over the two years Jack P Excel is your friend. I use a macro to read the downloaded statement and add new items into my 'General Ledger'. You have to be careful as FC do not use double entry book keeping in there. Bids made and outbid just disappear instead of being refunded. I do the same with loan parts to track their status. John
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Post by phlitb on Feb 2, 2015 12:28:34 GMT
Had to change my vote as I've just this morning "sold" a loan part which still remains in my account. These are not remotely uncommon events, and especially likely to occur when the website is under pressure
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