blender
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Post by blender on Feb 27, 2015 11:03:06 GMT
Tomorrow is a Super Saturday, 28th February, when the loans normally due to pay on 28th of the month or later all get paid on one wonderful day - or so it should be. There has been the odd difficulty getting this done in the past. So will it all work tomorrow? We will see.
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min
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Post by min on Feb 27, 2015 12:16:28 GMT
Tomorrow is a Super Saturday, 28th February, when the loans normally due to pay on 28th of the month or later all get paid on one wonderful day - or so it should be. There has been the odd difficulty getting this done in the past. So will it all work tomorrow? We will see. Personally I wouldn't have described it as the 'odd difficulty'. It's been fairly predictable that it fouls up. We will see if Flying Carpets have managed to buy a calendar i.e. the system seems surprised by February only having 28 days every year. And FWIR 2012 with a 29 day Feb completely fell over. My bet would be it won't get sorted until the middle of next week at the earliest. Me? a pessimist? 
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mikeb
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Post by mikeb on Feb 27, 2015 18:56:54 GMT
There is a warning up on the main site that February will be unexpectedly short this year, and because of the banking malarkey thing, lots of loans will be stuck in processing until March.
Obviously unforeseen circumstances again.
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Post by GSV3MIaC on Feb 27, 2015 20:42:17 GMT
They are, however, reducing the load on the caged mice and the abacus beads, by restricting the new loans today to a measly 5, including one property loan (1% cashback) and a rather undesirable £250k C-. I note also that the TD is over a week late in returning (as promised) to answer "tecky questions part2" (most of which are a rerun of "tecky questions part1", 1/4 of a year further on.) Hmm, I think I'll go buy shares in AC or something. 8>.
On the short month thing, there was an explanation in the other place that the original DD company had set them up 5 days ahead of payment date on the assumption all months were 31 days (so DD's due to be paid out on 1st were always requested on 27th, or next banking day) .. since Fixed Calendars have been doing it themselves (loan number 5000-ish) they have been doing it more properly. We shall see. As stated above, there's not much to recycle payments into anyway, unless you want some property loans.
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spyrogyra
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Post by spyrogyra on Feb 28, 2015 0:24:39 GMT
"Loan repayments are collected by direct debit 5 calendar days before the payment is due"- which practice provides useful information about possible late payments to a very small inside circle. in fact very useful.
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sl75
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Post by sl75 on Feb 28, 2015 6:09:37 GMT
"Loan repayments are collected by direct debit 5 calendar days before the payment is due"- which practice provides useful information about possible late payments to a very small inside circle. in fact very useful. As I understand it, the direct debit process itself takes 3-4 WORKING days to discover whether a payment was successful or not, so in the typical case, the "very small inside circle" won't get much info in advance, and in this specific case they might plausibly get a few hours advance notice (between when the payment is confirmed as received by FC and when it is processed), but advance notice that will be useless as the loans will already be in "processing" state and so blocked from being bought or sold.
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coop
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Post by coop on Feb 28, 2015 8:25:18 GMT
Anyone else wake up to an unbalanced account?
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Post by davee39 on Feb 28, 2015 8:30:36 GMT
Repayments are still running. They are finishing off the capital repayment part which drops the balance. If you check your transaction record the payments for the 28th should appear in the next hour or so.
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am
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Post by am on Feb 28, 2015 9:10:36 GMT
Repayments are still running. They are finishing off the capital repayment part which drops the balance. If you check your transaction record the payments for the 28th should appear in the next hour or so. Why does the process result in unbalanced lender accounts?
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Post by davee39 on Feb 28, 2015 9:37:03 GMT
When capital repayments are made the value is removed from your balance (funding circle total) and is stored. The first stage of the process involves making these repayments - the date on the loan advances to the the next month when this happens. The next stage is to credit the repayments together with interest and these show on the transaction statement. While most of the IT struggles due to transaction volume the repayments run is a simple and well tested process. It will take a while today due to the number of transactions to process, but benefits from there being no auctions listing or closing.
Zopa works the same way - at the start of the month when repayments for the first come in balances can be seen dropping for several hours.
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blender
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Post by blender on Feb 28, 2015 10:02:10 GMT
They are, however, reducing the load on the caged mice and the abacus beads, by restricting the new loans today to a measly 5, including one property loan (1% cashback) and a rather undesirable £250k C-. The measly Friday five is probably another attempt to fund property loans over the weekend. The property loans business seems to be in intensive care and we should arrange a bedside vigil. However, 28th payments not bad for me, just one to go.
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Post by moto on Feb 28, 2015 10:06:38 GMT
My total balance seems to have dropped by £11 since yesterday? with nothing I can see to explain how this could have occurred ( no new losses etc ).
Anyone else seeing this behaviour?
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Post by moto on Feb 28, 2015 10:35:19 GMT
Reading the thread again it seems davee39's post above explains what I am seeing, thanks.
Guess I'll just wait until the storm settles and check for leaks then.
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coop
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Post by coop on Feb 28, 2015 11:01:24 GMT
Excellent metaphor son.
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Post by davee39 on Feb 28, 2015 14:01:04 GMT
Well, it looks to have gone bang as predicted by some.
No sign of any payments credited to my account and since they do not look after systems at a weekend we will need to wait until monday for them to start looking into it.
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