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Post by ali1984 on May 11, 2017 22:26:25 GMT
Hi,
I have recently started to take out the majority of my investment on funding circle, I have been selling around 2K a day for the past 2 weeks.
Today by 6pm I had £560 worth of loan parts sold, however in available funds it only shows £490. Anyone know why there is a discrepancy, does it just take a while to update or are there other fees to withdrawing that I am not aware of.
I haven't withdrawn or invested any money today so I would have expected there to be the full £560 + the interest I should have received for my active loans.
I suppose I should now check all of the last two weeks to see if there is any difference between amount sold and withdrawn.
Thanks.
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Post by bonfemme on May 12, 2017 5:15:35 GMT
When I was an active participant in FC many moons ago, this was a common problem. Investors would buy parts but sometimes funds weren't taken for them, leaving the seller's balance short, or vice versa, leaving the purchaser's balance short if they didn't receive the correct number of parts bought. You need to ask FC to manually reconcile your account. This should happen automatically at some stage in the near future, and your balance would be corrected. But best to prompt them.
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nick
Member of DD Central
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Post by nick on May 12, 2017 6:37:52 GMT
Have you taken into account the 0.25% (on principal) sales fee, that may account for some of the difference although not £70 of £560. I'm fairly active on FC and there is sometimes a small lag in the account details updating, but only minutes/hours. As bonfemme pointed out, FC did previously have issues with double sales sometimes being recorded resulting in overstatement of earnings versus cash, but they seem to have resolved this and the unreconciled amount on my account has remained stable for over 9 months (whereas it used to vary considerably). The key thing to check is that your 'funding circle total' on the summary page equals the net amount of cash you have deposited on the site plus 'net earnings'. If this doesn't reconcile and this persists for more than a day, then you probably do have an issue which you will need FC to investigate. |
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archie
Posts: 1,866
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Post by archie on May 12, 2017 6:54:09 GMT
A while ago I was informed by FC that my withdrawal was cancelled because they discovered a £120 loan part I'd been allocated had not been charged for.
I'd long since sold that part (four months earlier) but still owed them for it. How this sort of mess isn't picked up by their systems quickly is a mystery.
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r00lish67
Member of DD Central
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Post by r00lish67 on May 12, 2017 7:02:08 GMT
Can confirm the double sales bug is alive and well, had it yesterday. As above, I usually drop them a note, and it always takes 1-2 working days to be recredited. Based on Archie's comment, I shall definitely keep e-mailing them. I had suspected it was an auto-job but clearly perhaps not! Mind you, whenever an extra 20 bob appears in my account, it always eventually disappears again..
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