min
Member of DD Central
Posts: 616 
Likes: 183
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Post by min on Apr 21, 2014 8:24:15 GMT
It seems that every bank holiday there is a glitch in the FC system that prevents processing from completing. For once I thought they were going to get through the long weekend with most processing completing - until last night. Appears that processing didn't run - I've got a long list of loans stuck in processing dated 21/4/14.
No doubt it will have sorted itself out by the end of the week but doesn't do anything to restore confidence in their system.
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Post by aloanatlast on Apr 21, 2014 13:09:02 GMT
Well they won't have received any money since Thursday. As far as I can see, "Processing" doesn't mean that anything's happening - since sometimes the borrower is on the plane to Rio. It just means that the payment is due. So trading is suspended to stop people getting up at 4 am and sussing out who's Direct Debit hasn't come through.
Actually, since it's a Bank Holiday, I suppose payments dated today needn't be flagged as Processing until after midnight tonight. But then again, if we're going to get subtle, the payment schedules could take account of the calendar.
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Post by GSV3MIaC on Apr 21, 2014 13:21:37 GMT
I read 'processing' to mean 'should have arrived but we can't actually confirm that it has' .. good for putting a scare into punters who look at late/defaulted/processing loan parts reports.
Someone on t'other forum tried to persuade me that 'processing' took hours because it was 'really complex', but frankly even a million multiply/add/subtract transactions shouldn't take more than a minute of two with a decent PC, and I doubt there are a tenth that many loan parts up for payment even at Feb-28th witching hour .. when processing takes hours or days it's because the FC backend systems were/are badly designed and coded (or because the borrower has done a runner, as you say).
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jm72
Posts: 109
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Post by jm72 on Apr 24, 2014 14:51:38 GMT
This explanation has been posted on the other Forum:
"Lenders will find that payments due over the bank holiday weekend will show as processing. This is expected to be resolved by tomorrow when these payments have been received and distributed.
Lenders will also find that payments due later this week will show as processing until early next week. This is also due to the bank holidays.
Direct Debits are collected 5 days in advance of the due date on a payment. Therefore payments that were due to be collected on Friday 18/04/2014 will not be collected until 22/04/2014."
Can anyone explain what this means? Does it mean that payments for 23 April (5 days after 18 April) weren't received until 22 April and therefore could not be processed in time for payment on 23rd? In addition to there being problems with applying the processed loan payments overnight, it also looks like it take 5 days for the data to be prepared beforehand!
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