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Post by Deleted on Apr 29, 2016 8:26:51 GMT
I would suggest everyone to check their account. In my case the total reported by Funding Circle does not coincide anymore with the sum of amount deposited + net earnings. Not sure if it is the result of yesterdays' failures, but this company and its multiple counters out-of-synch and incorrect is really a nonsense in the financial world. i mentioned this in another thread and did precisely that calculation and when it didn't add up queried it with FC which said it wasn't going to add up because of this and that. In previous years they have gone over my figures to explain why (and found discrepencies) but this year they simply told me it wasn't supposed to add up I have tried to explain this to my accountant who doesn't like my answer that this is how funding circle operates, take it or leave it.... And no i am not one of the many emptying their investment as maths excepted, it still works for me! Jack P Reconciliation is one of the very basic check mehanism that I adopted from the start. It is easy to do and should ALWAYS come up to the penny (in fact for me, except periods where FC messed things up, was always precise to 1 penny). I also believe it is a regulatory requirement they have to satisfy and certainly I will not accept any rubbish explanation they might attempt on me (they haven't yet answered). I have a spreadsheet with all the deposit/withdrawals and the sums must match (can accept an incongruence to my advantage if they insist, but not the other way round). At present I am 22 GBP down what I should be...
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SteveT
Member of DD Central
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Post by SteveT on Apr 29, 2016 8:33:57 GMT
If, as this morning, my account is just a couple of pounds out then it pretty much always sorts itself out over the course of the morning. I assume these are loan payments that haven't yet been fully processed yet.
However, whenever my account is around £20 out (or £40, or £60) then it's a duplicated SM transaction, requiring an email to FC to track down and reverse. However these are a lot rarer now than they used to be.
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Apr 29, 2016 9:16:43 GMT
Perhaps your discrepency may be related to this message that has appeared on the summary page this morning
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blender
Member of DD Central
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Post by blender on Apr 29, 2016 9:34:47 GMT
Perhaps your discrepency may be related to this message that has appeared on the summary page this morning That message seems to relate to the future, though why payments due over the weekend should be already reflected in our accounts is a puzzle. It seems not that they have screwed up the accounts yet, but they anticipate screwing them up over the weekend. SNAFU anticipated.
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Post by davee39 on Apr 29, 2016 9:40:56 GMT
The first part of the payment run deducts repayments from outstanding capital. The final step is to credit repayments and interest back to accounts as cash balances. If the run has broken part way through the capital payments deducted will be sitting in limbo waiting for the run to be fixed. Most accounts will therefore be showing a lower balance than yesterday. This could of course have been explained better by FC.
Time for a notification to advise us of the rare occasions that the website is working correctly.
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blender
Member of DD Central
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Post by blender on Apr 29, 2016 11:52:57 GMT
The first part of the payment run deducts repayments from outstanding capital. The final step is to credit repayments and interest back to accounts as cash balances. If the run has broken part way through the capital payments deducted will be sitting in limbo waiting for the run to be fixed. Most accounts will therefore be showing a lower balance than yesterday. This could of course have been explained better by FC. Time for a notification to advise us of the rare occasions that the website is working correctly. Thanks for that explanation which makes more sense than the FC nonsense. A good idea for FC to tell us on those rare occasions when they think the site is working and up to date. Then we could tell if the lack of reconciliation of accounts is due to temporary or permanent faults.
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Post by Deleted on May 3, 2016 13:18:03 GMT
At the end the reconciliation went ok after a couple of days.
Now though, not to show things too organised for too long, FC has a long list of uncleared/processing payments in the queue.
I see due repayments not processed for the last 3-4 days...
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Post by Deleted on May 4, 2016 9:39:10 GMT
Bank Holiday long gone.
But FC problems remain. I have a growing list of 'processing' loans.
Old misfunctioning of their money collector over week-end bank holidays fully confirmed and of course not even looked after (why should they care?)
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acky
Posts: 481
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Post by acky on May 5, 2016 4:58:17 GMT
Analysis of the loan book on a daily basis shows that there are typically between about 50 and 80 loans which are what I call "overdue" ("Processing" in FC's optimistic parlance). This does not include defaulted loans or those which FC accept are "Late", i.e. a week or more overdue. So this 50 to 80 are those which are between 1 and 6 days late. On 3rd May, however, there were 692 such loans, and on the 4th there were 682. How many there are today we can't tell until they update the loan book this evening. It is utterly pathetic in my view that a single bank holiday can cause such disruption to payment patterns and, for those of us who want to carefully monitor our investments, to our ability to effectively do so.
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Post by boomingaway on May 6, 2016 7:22:42 GMT
My Funding Circle total is less than it was yesterday and I have had no news of a default. Any idea why this has happened?
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bigfoot12
Member of DD Central
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Post by bigfoot12 on May 6, 2016 7:44:08 GMT
I think that they had the same thing as last week. Mine was similar an hour ago, but most has come back since then. (Process crash during repayments, so you have had the capital deducted from the loans, but not paid in cash.)
EDIT: All back now!
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fasty
Member of DD Central
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Post by fasty on May 6, 2016 17:55:02 GMT
Borked again this evening (Friday) Edit : Not for long. Back now.
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acky
Posts: 481
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Post by acky on May 7, 2016 6:04:39 GMT
Analysis of the loan book on a daily basis shows that there are typically between about 50 and 80 loans which are what I call "overdue" ("Processing" in FC's optimistic parlance). This does not include defaulted loans or those which FC accept are "Late", i.e. a week or more overdue. So this 50 to 80 are those which are between 1 and 6 days late. On 3rd May, however, there were 692 such loans, and on the 4th there were 682. How many there are today we can't tell until they update the loan book this evening. It is utterly pathetic in my view that a single bank holiday can cause such disruption to payment patterns and, for those of us who want to carefully monitor our investments, to our ability to effectively do so. Back to normal at last - only 59 overdue ("processing") loans yesterday (493 the day before). So a single bank holiday causes chaos in the repayment pattern for 3 days. Given that monies are collected 5 days in advance, it surely has to be inadequacies in FC's systems that don't allow them to accommodate the banking system being inactive for 1 extra day.
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Post by goldservice on May 7, 2016 7:56:26 GMT
I've given up repayments.
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Post by goldservice on May 18, 2016 14:51:24 GMT
In Chrome on Mac screen not redrawing correctly except for Loan parts and Sell. Safari login fails with 'incorrect password'.
'You can switch between accounts from the header at any time' - this is in the scrambled text near the top of Summary - was it there before? If not, is the problem perhaps caused by Faulty Changes to allow access to multiple accounts ready for ISAs?
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