blender
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Post by blender on Feb 5, 2015 9:53:22 GMT
Betty Bot has caught up with me and so one of our two accounts reconciles, the other not. Not going to change my vote.
Davee, I imagine they have a standard form of words for each problem. I expect we soon will be receiving something like 'despite the enormous volume of loan parts and trades on our platform, we are pleased to confirm that the majority of lenders accounts is accurate at any one time'.
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Post by gaspilot on Feb 5, 2015 12:33:26 GMT
My wife's account is correct to the penny.
Mine is £300 out in my favour. Up until recently the figures have tallied to within a few pence.
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Post by jackpease on Feb 6, 2015 14:31:27 GMT
As the OP on this issue, I promised to come back with FCs response to my £65 deficit. After a number of unfocussed replies we eventually found a £36 part (their fault) and a fault with my maths so i've now changed my vote to 'broadly correct'.
I am sure they found the email exchange tiresome but they reap what they sow if they think we can self-check over periods of years based on their monthly statements...
Jack P
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Post by davee39 on Feb 6, 2015 18:55:30 GMT
As the OP on this issue, I promised to come back with FCs response to my £65 deficit. After a number of unfocussed replies we eventually found a £36 part (their fault) and a fault with my maths so i've now changed my vote to 'broadly correct'. I am sure they found the email exchange tiresome but they reap what they sow if they think we can self-check over periods of years based on their monthly statements... Jack P Unfocused replies indeed! The first response to my complaint was that the loan part repayment had been made because is was on my statement, totally ignoring the question - a loan part repayment is showing on my statement but my Balance has dropped by the same amount showing it has not been credited to funds available. Perhaps this time it will be picked up by someone with reading skills.
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rogerbu
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Post by rogerbu on Feb 9, 2015 13:49:52 GMT
I manage my FC account (and other P2P accounts) in an Access database driven with data downloaded to exel.
My account is corrct to the penny.
When there has been a diffeerence it has always turned out to be my fault.
I find at least one of the other platforms irreconcilable at the penny level - there is a magic 8p in credit I cannot explain.
However FC, SS, AC, RS, Rsetter & Welly are all correct.
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ianb
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Post by ianb on Feb 10, 2015 8:08:11 GMT
126 in my favour, and as I've liquidated my account and grabbed the cash, its all mine !  . I also liquidated an account I ran for my mother before she passed away and it was 152 up, but FC checked up on this and grabbed the excess (grrr), so this time I didn't empty the account altogether but left a few squids in just in case emptying it triggers FC to do a reconciliation check. |
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blender
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Post by blender on Feb 10, 2015 14:07:54 GMT
126 in my favour, and as I've liquidated my account and grabbed the cash, its all mine ! . I also liquidated an account I ran for my mother before she passed away and it was 152 up, but FC checked up on this and grabbed the excess (grrr), so this time I didn't empty the account altogether but left a few squids in just in case emptying it triggers FC to do a reconciliation check. It's hard to know how to reply to that, ianb, except to state that the clear cause of the problem is the unacceptable incompetence of FC by which it transfers money which rightly belongs to some lenders (see the poll) into the accounts of other lenders. How much longer, or is it time to blow the whistle?
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sl75
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Post by sl75 on Feb 10, 2015 15:44:58 GMT
For myself, until I work out how (or update my previous analysis based on the "new" statement format) to do a full account reconciliation with the limited information that FC provide, I'm genuinely unsure which direction my account error is, but it's definitely multiple hundreds of pounds. In particular I've not kept track of all the deposits and withdrawals recently, other than on a "one at a time" basis (making sure the one I just did actually appeared on my bank statement!)
I've generally done round multiples of £1000 in and out, but sometimes done odd £500s too.
When I checked a short while ago, FC total ends 031.83, net earnings ends 324.79.
An initial update of my log of deposits and withdrawals suggests that this is probably indicating an error around £700 "in my favour", but it's possible I missed a £1000 deposit, and that it's around £300 against me, or that I missed a £500 deposit and it's "only" £200 in my favour. Until I've done a more detailed analysis I can't be sure. The tools I used to use to check everything (mostly big excel spreadsheets - arguably the wrong tool for the job) started to break and/or became cumbersome to use, partly due to quantity of data, partly due to changes in the format in which Funding Circle provide me with access to that data, and partly because I've had more important things on my mind for most of the last year or so than updating and/or maintaining these.
[If the above seems somewhat lax, part of the reason is that the last time I did do a full and complete analysis of the FC account, it took an awful lot of effort given that FC provide insufficient information to allow everything to be cross-referenced, and ultimately resulted in "proving" that every single total was indeed correct... the odd few errors I'd found had always corrected themselves soon afterwards, or were caused by taking snapshots of different screens at different times]
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Post by yorkshireman on Feb 10, 2015 16:02:06 GMT
126 in my favour, and as I've liquidated my account and grabbed the cash, its all mine ! . I also liquidated an account I ran for my mother before she passed away and it was 152 up, but FC checked up on this and grabbed the excess (grrr), so this time I didn't empty the account altogether but left a few squids in just in case emptying it triggers FC to do a reconciliation check. Good on yer mate, I’ve done the same and I’ve no qualms about it. If FC are so incompetent then it’s their problem not mine. I'm sounding and behaving more like a city boy everyday. 
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blender
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Post by blender on Feb 10, 2015 21:02:24 GMT
I really don't know what I would do. The extra cash, if it is extra, is like a bank error and does not become your property by withdrawing it. But I do not see FC holding their hands up about the problem and ensuring that those who close in deficit get the cash they are missing and are told what has happened. They keep quiet and hide and hope it will go away. No integrity. That's how compensation scandals are created. People empty their accounts all the time, some up and some down due to FC incompetence, and most will never know. So agreed that it is for FC to carry the can.
The alternative to banks? Remarkably similar in some ways.
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jm72
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Post by jm72 on Feb 12, 2015 12:30:23 GMT
If you're all really worried about this - why not report FC to the FCA. It might be the way to get things moving in the right direction as the FCA has the power to force companies to improve their processes and IT systems to provide an appropriate level of service.
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blender
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Post by blender on Feb 12, 2015 14:09:45 GMT
If you're all really worried about this - why not report FC to the FCA. It might be the way to get things moving in the right direction as the FCA has the power to force companies to improve their processes and IT systems to provide an appropriate level of service. Maybe we are wary of using the nuclear option because we are concerned about collateral damage. At least one of the forum members is on that course, having had no satisfaction with FC, but if this matter were raised formally by the sort of number of lenders in our poll, we might not like the damage we might trigger. They, FC, know that we know, and the statement above about looking after those in deficit is useful. It would be comforting to know that this problem was known and being handled at the highest level in FC - it's not just a techie matter - and being given the highest priority - but rather hard for them to make such an announcement. BTW, my account is now out again, so since the poll started, when both accounts were out, one has since been reconciled but is now out again by £40 - the other still £100 up. I just want it to work accurately and reliably, not into bashing FC.
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sl75
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Post by sl75 on Feb 12, 2015 16:58:57 GMT
For myself, until I work out how (or update my previous analysis based on the "new" statement format) to do a full account reconciliation with the limited information that FC provide, I'm genuinely unsure which direction my account error is, but it's definitely multiple hundreds of pounds. I've not got as far as a full account reconciliation (to confirm WHERE any errors have occurred), but having downloaded all the statements and implemented a process that will automatically determine the type of every transaction, I can at least confirm that my net deposits were as I'd first expected, and so the error (using FC total minus net deposits minus net earnings) is £707.04 in my favour. Whilst going through the automatic transaction identification process, I also found a "Reconciliation Credit" of £1.01 on my statement from 1 Oct 2014. It's unclear whether the data to allow the perceived need for that credit will still exist now, given that transactions will have "disappeared" from past statements. I'll also be interested in comparing the transactions on today's statements against the ones from July 2012 (last time I did a full reconciliation - or at least the last time for which I still have the data) that were "known correct" as they balanced to the penny. Edit: It seems that at that time I'd had a "double sale" which was indeed detected by that version of the reconciliation spreadsheet, and got corrected shortly thereafter, as it had certainly balanced to the penny many times since then. The duplicate transaction is indeed missing from the current statement. There are now a lot of extra transactions, including many for value zero (e.g. interest or fees), and obviously the transactions that occurred after the point at which my previous statement snapshot had occurred. Many reported dates seem to have changed (usually by 1 day), which made cross-referencing the transactions a little more "interesting"!
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coop
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Post by coop on Feb 18, 2015 11:50:45 GMT
I was 20 quid down last week, sent a message and got it sorted in about 2 days, I suggest anyone else do the same.
I don't think this is the sort of thing the FCA looks to kindly on though, when they start taking a closer look at p2p!
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Post by davee39 on Feb 18, 2015 17:42:41 GMT
What makes you think the FCA have interests other than securing their bonuses. Same crowd responsible for the banking crash, just a few cosmetic name changes.
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. I also liquidated an account I ran for my mother before she passed away and it was 152 up, but FC checked up on this and grabbed the excess (grrr), so this time I didn't empty the account altogether but left a few squids in just in case emptying it triggers FC to do a reconciliation check. 