tonyr
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Post by tonyr on Dec 6, 2016 8:39:25 GMT
Sometime between about 6pm yesterday (5Dec) and 2:30 am today (6Dec) the "currently invested" balance of my MLIA reduced by over 1% (everything is in the MLIA so the "total investment" say a similar drop). There were no transactions recorded on the account, and there is nowhere the money could have gone, so it looks like an accounting error.
Anyone else see the same? Maybe one loan has just completely dropped out of the AC database?
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Post by phlitb on Dec 6, 2016 10:02:09 GMT
Sometime between about 6pm yesterday (5Dec) and 2:30 am today (6Dec) the "currently invested" balance of my MLIA reduced by over 1% (everything is in the MLIA so the "total investment" say a similar drop). There were no transactions recorded on the account, and there is nowhere the money could have gone, so it looks like an accounting error. Anyone else see the same? Maybe one loan has just completely dropped out of the AC database? Same for me. It looks like #281 has accidentally been marked as repaid, so I guess this would account for it
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tonyr
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Post by tonyr on Dec 6, 2016 10:24:53 GMT
Sometime between about 6pm yesterday (5Dec) and 2:30 am today (6Dec) the "currently invested" balance of my MLIA reduced by over 1% (everything is in the MLIA so the "total investment" say a similar drop). There were no transactions recorded on the account, and there is nowhere the money could have gone, so it looks like an accounting error. Anyone else see the same? Maybe one loan has just completely dropped out of the AC database? Same for me. It looks like #281 has accidentally been marked as repaid, so I guess this would account for it That's it - thanks. The AC update says "This appears to be a system error and our IT team are urgently working on a fix for this. We will provide lenders with further detail as regards the fix as soon as we have it.". It's good to know that it'll get sorted out soon.
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warn
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Post by warn on Dec 6, 2016 11:11:51 GMT
"...our IT team are urgently working on a fix for this" It's good to know that it'll get sorted out soon. There are, though, examples of the one not always following the other.
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mikes1531
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Post by mikes1531 on Dec 6, 2016 18:06:00 GMT
The critical question in this case is... how did AC find out there was a problem? Internal controls? Or the OP of this thread, which was made a bit more than an hour before the update appeared on the loan?
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mikeb
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Post by mikeb on Dec 6, 2016 18:45:37 GMT
There was a Q&A at 03:20 or something stupid-o-clock that pointed out it had been marked as "repaid" by accident, when it shouldn't have. AC hadn't yet answered that, obviously.
I added a Q&A this morning which pointed out that it hasn't actually been repaid, that holdings had gone to zero YET no money was repaid AND no transaction on statements.
This was deleted in line with the "This question has already been asked and answered policy" by someone who can't read.
I reposted the Q&A, and around 9:45 it was removed again as "already answered" violation, despite my clearly pointing out WHY it didn't duplicate the existing question, which had NOT been answered at that point. Nor had mine.
Then a minute or so later someone added the update to the activity page, so that it appeared there had been an answer all along.
You do the maths ...
None of this was mentioned in any other question or answer from AC at the point of posting. Transparency? No.
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mikes1531
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Post by mikes1531 on Dec 6, 2016 19:06:45 GMT
Well, at least AC didn't remove the middle-of-the-night question so that it would look like they found the problem all by themselves.  It's good to know that some investors are keeping a close eye on their accounts. I don't watch mine that closely, so I wouldn't have noticed this. Hopefully AC would have discovered the problem themselves, but I'm sure they appreciate whatever help they get.
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min
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Post by min on Dec 6, 2016 21:45:16 GMT
Well, at least AC didn't remove the middle-of-the-night question so that it would look like they found the problem all by themselves. It's good to know that some investors are keeping a close eye on their accounts. I don't watch mine that closely, so I wouldn't have noticed this. Hopefully AC would have discovered the problem themselves, but I'm sure they appreciate whatever help they get. I emailed them before 8am. Got a reply later in morning acknowledging problem and saying it had been fixed. Personally I'm impressed. Have experienced far worse on other p2p platforms.
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tonyr
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Post by tonyr on Dec 9, 2016 11:11:08 GMT
Well, at least AC didn't remove the middle-of-the-night question so that it would look like they found the problem all by themselves. It's good to know that some investors are keeping a close eye on their accounts. I don't watch mine that closely, so I wouldn't have noticed this. Hopefully AC would have discovered the problem themselves, but I'm sure they appreciate whatever help they get. I emailed them before 8am. Got a reply later in morning acknowledging problem and saying it had been fixed. Personally I'm impressed. Have experienced far worse on other p2p platforms. I emailed them at 03:26. I guess it took me about an hour to get the email together, work out how much I was short, do other spreadsheet stuff. I'd just woken up so I probably wasn't working at my most efficient. An hour is quite a bit of my time, but this only happens occasionally and AC do sort things out so I spend far more of my time using the platform as it is intended to work compared with reporting bugs. I know that it's hard running a company like AC so I can't hold this sort of mistake against them.
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mikes1531
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Post by mikes1531 on Dec 9, 2016 15:47:29 GMT
I know that it's hard running a company like AC so I can't hold this sort of mistake against them. I'm not too worried about the mistakes that happen. My concern is whether the platform has enough cross checking, auditing, reconciliation, etc., to spot the errors after they've occurred and the smarts to be able to determine what went wrong, what they have to do to set things right again, and what needs to be changed to prevent the same issue from causing a problem again in the future. In short, I'd much rather deal with a platform that can find problems themselves than one that does little or nothing until users report problems.
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Post by chris on Dec 9, 2016 21:11:40 GMT
I know that it's hard running a company like AC so I can't hold this sort of mistake against them. I'm not too worried about the mistakes that happen. My concern is whether the platform has enough cross checking, auditing, reconciliation, etc., to spot the errors after they've occurred and the smarts to be able to determine what went wrong, what they have to do to set things right again, and what needs to be changed to prevent the same issue from causing a problem again in the future. In short, I'd much rather deal with a platform that can find problems themselves than one that does little or nothing until users report problems. In this instance the error was detected by both the development team and the ops team separately to any lender reports hitting the customer service desk. We won't always beat the lender base to spot stuff but there is a lot of cross checking and reconciliation that occurs, and there are active projects to further improve the automated checking.
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