|
|
Post by Ton ⓉⓞⓃ on Apr 29, 2014 10:32:02 GMT
I've just bought £99.28 of Country Cottage Auction 36. Today is this stock's normal monthly repayment day. If you look at the first screen shot (below) you will see that the one I just bought correctly has no accrued interest but the one I've had for a while still has 15p stuck on it. Checking my statement I see that the interest paid out on this is about 15p short. I only got 47p when I think I should've got 62p chris 
Screen shot: Country Cottage.doc (140 KB)
Below is a statement screen shot of the underpayment on country cottage.
You can go into my account if you need to check id's etc. Thanks for sticking with this at it with this niggling issue.
Also I have to say that I agree with Come_on_Grandad and Jack Barlow there have been overpayments and underpayments
|
|
|
|
Post by mrclondon on Apr 29, 2014 12:19:28 GMT
I've just bought £99.28 of Country Cottage Auction 36. Today is this stock's normal monthly repayment day. If you look at the first screen shot (below) you will see that the one I just bought correctly has no accrued interest but the one I've had for a while still has 15p stuck on it. Checking my statement I see that the interest paid out on this is about 15p short. I only got 47p when I think I should've got 62p chris Screen shot: Below is a statement screen shot of the underpayment on country cottage. You can go into my account if you need to check id's etc. Thanks for sticking with this at it with this niggling issue. Also I have to say that I agree with Come_on_Grandad and Jack Barlow there have been overpayments and underpayments This is probably correct - the montly repayment date is actually the 24th, but as you say this months repayment was processed today (29th). The 15p is presumably the interest accrued since the 24th.
|
|
mikeb
Posts: 1,072 
Likes: 472
|
Post by mikeb on Apr 29, 2014 18:00:43 GMT
However, if you haven't identified any overpayments to buyers of loan parts then I suggest you may have only identified part of the problem. Thanks for looking at it, but you do need to stare at it some more ... I know that some of my AM purchases have definitely had "overpayments", because at the point of purchase they showed "accrued interest" straight away, and this interest has then been paid at the expected repayment day. It's not a huge amount, but someone somewhere is missing their pennies -- the only other alternative is that AC are going to reimburse underpayments from their own pocket, leaving the overpayments as a bonus!
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Apr 29, 2014 18:41:02 GMT
... the montly repayment date is actually the 24th, but as you say this months repayment was processed today (29th). This presumably means parts of this loan have been unsaleable for the last five days. I'm surprised that the lateness didn't generate any messages here on the forum before the above one. When payments are late, do AC ask the borrower why? If not, I think they should, as it might provide advance notice of problems building up for the borrower. I also think that late payments ought to automatically trigger an explanatory comment on the loan's front page, so that all lenders can be kept up to date. A I asking for too much? However, if you haven't identified any overpayments to buyers of loan parts then I suggest you may have only identified part of the problem. It's not a huge amount, but someone somewhere is missing their pennies -- the only other alternative is that AC are going to reimburse underpayments from their own pocket, leaving the overpayments as a bonus! That has to be the best solution. Otherwise, some of the overpaid lenders are going to see debits to their accounts that are going to worry them, particularly if they don't follow this forum closely. As a result, AC will end up having to spend time and effort dealing with questions. Considering that the issue only affects loan parts that have been sold twice or more in one month, the total amount overpaid probably is relatively small and AC probably would be better off swallowing that than trying to deal with the bad PR they'll get if they try to recover the overpaid pennies.
|
|
j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
|
Post by j on Apr 29, 2014 18:46:22 GMT
However, if you haven't identified any overpayments to buyers of loan parts then I suggest you may have only identified part of the problem. Thanks for looking at it, but you do need to stare at it some more ... I know that some of my AM purchases have definitely had "overpayments", because at the point of purchase they showed "accrued interest" straight away, and this interest has then been paid at the expected repayment day. It's not a huge amount, but someone somewhere is missing their pennies -- the only other alternative is that AC are going to reimburse underpayments from their own pocket, leaving the overpayments as a bonus! This whole issue with some overpayments brings to the fore the fact that many on this forum are refreshingly honest when noticing these errors & are asking AC to correct such payments. I don't want to sound or be cynical, but many others would have happily pocketed the money & mentioned anything. Well done to those who brought it to AC's attention 
|
|
andy2001
Member of DD Central
Posts: 361
Likes: 34
|
Post by andy2001 on Apr 29, 2014 19:11:54 GMT
... the montly repayment date is actually the 24th, but as you say this months repayment was processed today (29th). This presumably means parts of this loan have been unsaleable for the last five days. I'm surprised that the lateness didn't generate any messages here on the forum before the above one. When payments are late, do AC ask the borrower why? If not, I think they should, as it might provide advance notice of problems building up for the borrower. I also think that late payments ought to automatically trigger an explanatory comment on the loan's front page, so that all lenders can be kept up to date. A I asking for too much? Looking at the Q&A this one is a mix of a slight late payment, and Assetz Capital being slow to verify the Payment.
On 28th Apr 2014 at 10:16 Rusty Hunter asked:
"What is the reason for non-payment on the due date?" ◦ On 28th Apr 2014 at 12:15 Assetz Capital answered:
"Unfortunately, borrower was away Thursday and Friday last week so was only able to make the payment on Saturday. Our bank is experiencing difficulties with their online banking system this morning meaning we are unable to verify that payment has been received but when we are able to check and confirm we will update repayment as received.
Thanks."
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Apr 29, 2014 19:51:48 GMT
Looking at the Q&A this one is a mix of a slight late payment, and Assetz Capital being slow to verify the Payment. Thanks for digging that info up. This does illustrate -- as if it needed illustrating -- that there may be too many different places to find data. I accept that it just may be my inability to keep up with all the loans in my portfolio, but the problem is only going to get worse as lenders' portfolios get more and more entries as we try to diversify our holdings.
|
|
|
|
Post by chris on Apr 30, 2014 12:49:03 GMT
However, if you haven't identified any overpayments to buyers of loan parts then I suggest you may have only identified part of the problem. Thanks for looking at it, but you do need to stare at it some more ... I know that some of my AM purchases have definitely had "overpayments", because at the point of purchase they showed "accrued interest" straight away, and this interest has then been paid at the expected repayment day. It's not a huge amount, but someone somewhere is missing their pennies -- the only other alternative is that AC are going to reimburse underpayments from their own pocket, leaving the overpayments as a bonus! There is definitely one scenario whereby indicated interest would have shown too high an amount but the correct amount would have been paid at the end of the month, however as this is now a historical payment and payments are aggregated it's harder to verify. I've come to the conclusion that the only way I'm going to be able to solve this once and for all is to write a program that goes back through every loan unit's full history and verifies all the repayment information and actual payments made. This is going to be quite an undertaking, doubly so as I've made the schoolboy error of moving house today/tomorrow with a newborn child, so is likely to run into the second half of next week. I will get to the bottom of any historical issues should they be present!
|
|
|
|
Post by chris on Apr 30, 2014 13:03:17 GMT
Looking at the Q&A this one is a mix of a slight late payment, and Assetz Capital being slow to verify the Payment. Thanks for digging that info up. This does illustrate -- as if it needed illustrating -- that there may be too many different places to find data. I accept that it just may be my inability to keep up with all the loans in my portfolio, but the problem is only going to get worse as lenders' portfolios get more and more entries as we try to diversify our holdings. I would tend to agree with you. We have a user experience expert on the team now as a full time employee and he is currently reviewing the entire site to ensure it's consistent and easy to use. We're going to be making changes as incrementally as we can so as not to be too jarring on our existing users, the fruits of which will start appearing on the site in the next couple of weeks.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Apr 30, 2014 15:30:16 GMT
Thanks for digging that info up. This does illustrate -- as if it needed illustrating -- that there may be too many different places to find data. I accept that it just may be my inability to keep up with all the loans in my portfolio, but the problem is only going to get worse as lenders' portfolios get more and more entries as we try to diversify our holdings. I would tend to agree with you. We have a user experience expert on the team now as a full time employee and he is currently reviewing the entire site to ensure it's consistent and easy to use. We're going to be making changes as incrementally as we can so as not to be too jarring on our existing users, the fruits of which will start appearing on the site in the next couple of weeks. That's good news. I look forward to seeing the results. A new baby AND a new house. I think we're dealing with a glutton for punishment! We'll, at least it avoids having two separate major upsets to one's life.
|
|
|
|
Post by chris on Apr 30, 2014 17:28:54 GMT
A new baby AND a new house. I think we're dealing with a glutton for punishment! We'll, at least it avoids having two separate major upsets to one's life. The dog's not terribly impressed though!
|
|
|
|
Post by badger on Apr 30, 2014 19:04:55 GMT
Hmm... will investigate tonight. Today (1 day later) accrued interest on my Ip***ch has gone down to zero, but I've received £1 actual interest. Not a bad rate for one day's lending! Today was an interest payment day for Ip***ch, a whole month's interest has gone to me. Chris - if you want to trace it, new ID is 234354 This could be a big problem for anyone selling something like St*******ge where all interest is rolled up and paid at the end. I suspect they might lose all their accrued interest, and it will all go to the person who has bought it. Here's an extract from my statement for this incident. No doubt that there's a bug here creating overpayment - Chris, you should be able to see this in my statement and transaction history. As to making corrections to people's accounts, you need to find the bug first otherwise it will keep on happening and you'll be forever making corrections.
04/04/2014 13:12:37 Purchase loan part 234354 (old id 233916) for 100.00 GBP - principal 100.00, annualised rate 12.000, loan: Ipswich Bridging Loan - 6 months - 1% per month - 71% loan to value (96)
05/04/2014 12:00:12 Interest repayment for loan Ipswich Bridging Loan - 6 months - 1% per month - 71% loan to value for 1 loan part(s) £1.00
|
|
|
|
Post by pepperpot on Apr 30, 2014 20:07:40 GMT
Today (1 day later) accrued interest on my Ip***ch has gone down to zero, but I've received £1 actual interest. Not a bad rate for one day's lending! Today was an interest payment day for Ip***ch, a whole month's interest has gone to me. Chris - if you want to trace it, new ID is 234354 This could be a big problem for anyone selling something like St*******ge where all interest is rolled up and paid at the end. I suspect they might lose all their accrued interest, and it will all go to the person who has bought it. Here's an extract from my statement for this incident. No doubt that there's a bug here creating overpayment - Chris, you should be able to see this in my statement and transaction history. As to making corrections to people's accounts, you need to find the bug first otherwise it will keep on happening and you'll be forever making corrections.
04/04/2014 13:12:37 Purchase loan part 234354 (old id 233916) for 100.00 GBP - principal 100.00, annualised rate 12.000, loan: Ipswich Bridging Loan - 6 months - 1% per month - 71% loan to value (96)
05/04/2014 12:00:12 Interest repayment for loan Ipswich Bridging Loan - 6 months - 1% per month - 71% loan to value for 1 loan part(s) £1.00
I sold 3 parts in Ipswich on 04/04/14 10:26:18. Then on the 05/04/14 I got 3 lots of 97p interest. All fine and dandy from my point of view. Id's, 187639 (new id 233352) ~ 187640 (new id 233618) ~ 168494 (new id 233721) chris - it looks like the sellers acrued interest isn't being deducted from amount due to the buyer. It leaves the system open to much abuse!
|
|
|
|
Post by badger on Apr 30, 2014 22:24:53 GMT
Thanks Pepperpot - but your IDs are not the same, so it wasn't your units that I bought. You didn't lose interest, but that doesn't mean that no-one lost interest. We need to find who sold ID 233916 at 13:12:37 on the 4th, then ask if they received the right interest on the 5th. Are they on this forum I wonder?
|
|
|
|
Post by cyrilmadrid on May 2, 2014 12:00:48 GMT
I got today some deferred interest on one of my loans I had sold on the aftermarket during this month.
What I don't understand is, if I sold 20 loan parts all in the same day, why do I get the deferred interest on only 16 loan parts ?
Am I missing something ? Have you detected this error before ?
|
|
