Shadow account settlement requests

Same here.

Andrew

My comment was simply referring to the shadow bid email nothing else but since you ask, I have recently raised an issue privately which has not been answered although I think that I have now managed to suss out the answer myself.

If you want further info I can email the details as I’m not prepared to discuss the matter on a public forum although as I said above, I have drawn my own conclusions and would prefer to move on.

Obviously this one aimed at me .

I'm sure on the big things AC are doing a good job.  It is just a lot of little things that continue to give me the impression that attention to detail is lax.  Such as the fact that monies repaid, cashback etc seem to always need recalculating and amending because it wasn't quite right first time, something got missed off, something got rounded wrong etc, etc.  Then there are people who purchased or sold loan units some very considerable time ago who's accounts still haven't been correctly credited the correct amount of interest due to some problem or other, so they are having to keep an eye on it and prod every so often.  It all makes it feel that what is paid to me needs always to be checked, because it seems it's so often wrong.  Perhaps I expect too much, but I really do think we should be able to expect a financial services company to get numbers right without us having to check the details ourselves.

Then, promised updates continually don't appear when it is said they will, without any form of acknowledgement that it is recognised that they haven't.  Staff can't 'remember' how they arrived at LTVs, emails get variously ignored or sent out in error.  All these things just off the top of my head and all from the past few weeks.  I'm sure if I thought about it harder I'd come up with more.

Much of the time detail doesn't matter in the grand scheme of things, but so often it ends up giving you a really huge bite in the fundament when you least expect it if you don't have the habit of paying more attention.  My impression, and maybe it's incorrect, is that ACs internal procedures are lacking, because human error (to which we are all prone) is allowed to not only creep in, but to wander round openly with great regularity.

There are other p2p platforms that I use which also get things wrong sometimes - it isn't just AC.  It's just that with AC there's been a fairly constant dribble of errors since I got involved just a few months ago.  None of them have impacted me hugely, to my knowledge, but there's always a background worry that something might do soon.  Of course, this is my very personal view, and AC certainly shouldn't worry about what one holier-than-thou individual thinks, but I will none-the-less point out that it is AC who have actively given me this impression - I didn't get involved with the intention of finding it annoying.

 

I'll add another one.


I haven't really bothered investing much with AC recently but on checking the Q&As on the loans periodically I have been surprised at the number of typos that have had to be corrected on the Credit Reports. These are not just simple spelling mistakes, but material changes relating to figures etc.

I never noticed this in my first year with AC but it certainly has crept in over the past few months. 

I tend to agree bracknellboy.  AC are very open with us here.  Highly accessible, and listen to feedback.

I'd also like to take a step back and consider how AC behave in the wider context compared to other institutions through which we might invest/save ("the banks", cough...).  PPI anyone?  Libor rate fixing?  Endowment mortages?

Granted, the interest calcs etc need to be reliable - there's no denying that.  Let's bear in mind, however, the daily media reports of HMRC screwing up millions of tax bills, utility companies over-charging the 80-year old pensioner by thousands, etc, etc.  It all needs to be put into context.

Even compared to other P2P lenders...I don't know how many email cock-ups I've had from a whole bunch of other P2P lenders.  Frankly, if that's as bad as it gets, then let's be thankful.  

Detail matters, of course - but the bigger picture things matter even more.

Just sayin' let's have some perspective.

ramblin rose raises a number of valid & current issues. From my perspective, interest rate calculation is an issue. My lifestyle means I can't/don't have time to watch every loan I have & calculate the pennies on a daily basis. I know one in particular that I currently have that had the wrong daily amount added for many a day, yet somehow, come repayment day, it magically corrected itself. It is now adding interest wrongly for this month again!

I have also sold, bought, sold & bought again in various loans, some not redeeming till full repayment date (ie not monthly) & I dread to think how right or wrong my final interest was/will be (I was foolish not to make a note of accrued figures when buying/selling).

Other issues raised are also slowly becoming a concern & for a company that clearly prides itself on transparency, accuracy & honesty, these problems need to be sorted & their repetition stopped.

AC are a good co. I fully believe have their heart in the right place, otherwise you & your staff could have been reticent & not communicated regularly with us on here or bothered asking for feedback. However, as some have said, some of the errors look unprofessional (which I'm sure is the opposite of the impression you want to convey of AC), they are being repeated & certain issues not sorted despite constant promises to the contrary.

Rome wasn't built in a day, neither will AC & some leeway will always be forthcoming from members but, only up to a certain point.