dermot
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Post by dermot on Jul 10, 2017 17:10:24 GMT
Sometime since I last took a screen capture of the "My Summary" page in the middle of April, an entry for Overpaid Principal of over £230 has appeared, this amount to be recovered from future interest repayments.
Firstly, I rather think I would have preferred to receive an email with details of this error, rather than happening to find it on the summary page - I've checked back and can't find such an email.
Secondly, this was an overpayment of *principal*, yet the money is going to be recovered from future *interest*. Surely it should be recovered from future repayment of principal, since that is the source of the original error?
I recently enabled automatic repayment of interest from BM to my bank account; does this mean that (in my particular case) I will receive no income from BM for 3 or 4 months?
While I realise that errors can creep into even the most well-run systems, taking ownership of errors up front is quite important, I feel.
Edit: I've dropped a note to BM with full details so will report feedback.
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Greenwood2
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Post by Greenwood2 on Jul 10, 2017 20:18:50 GMT
Thanks for the information it sounds very strange and definitely needs a proper explanation from BM.
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nairda
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Post by nairda on Jul 11, 2017 9:08:50 GMT
I have such an entry as well, but for a much smaller sum, c £38.
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nairda
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Post by nairda on Jul 11, 2017 14:02:33 GMT
I have such an entry as well, but for a much smaller sum, c £38. Hmm, it has disappeared now.
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dermot
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Post by dermot on Jul 11, 2017 15:41:06 GMT
I have such an entry as well, but for a much smaller sum, c £38. Hmm, it has disappeared now. Hmm, mine has disappeared too now - but while my total balance on the platform has increased by £2.51, my cash in bank figure has gone down from £270.08 to £51.44 *Without* any new investments being made. AH! I see that my "Net Return to Date" has been adjusted downwards from £842.49 to £613.11 - subtracting the difference between those figures and adding that £2.51 results in - wait for it - £231.89, exactly the overpaid amount. gross interest has reduced by a similar - but not identical - amount. But it is still not clear how the new cash in bank figure (down by £218,64) was arrived at; accrued interest went up by £1 from yesterday to today and nothing was bought or sold. I *really* do think more transparency is required here, rather than undocumented juggling of the figures! I await a comprehensive answer to my query to BondMason Towers.
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dermot
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Post by dermot on Jul 11, 2017 15:41:48 GMT
I have such an entry as well, but for a much smaller sum, c £38. Hmm, it has disappeared now. Did your gross return / cash in bank figures fluctuate?
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nairda
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Post by nairda on Jul 11, 2017 18:12:12 GMT
Did your gross return / cash in bank figures fluctuate? I don't know as I didn't make a note of what it said before. There are so many figures I get confused. /Mumbles into a mug of hot Horlicks/
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Post by stevefindlay on Jul 19, 2017 7:46:10 GMT
As per a previous post - this forum isn't our public announcement centre or FAQ page. If you have questions regarding your accounts then please email invest@bondmason.com or call our 01582 802 000.
To answer the query here: overpaid principal is where a loan receives a duplicate repayment, this happens very rarely (it has happened 6 times across 4,000 underlying loans and c.25,000+ repayments). Our system automatically captures this, identifies it on any effected dashboards and the reverses it, with a full audit process retained in the background. During the "fix" period, your return may be over-stated, as you will receive double-interest for that payment, but you should have only received a single interest payment.
Any questions - please contact us using the methods above (if you wold like a prompt answer).
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dermot
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Post by dermot on Jul 20, 2017 12:01:53 GMT
As per a previous post - this forum isn't our public announcement centre or FAQ page. If you have questions regarding your accounts then please email invest@bondmason.com or call our 01582 802 000. To answer the query here: overpaid principal is where a loan receives a duplicate repayment, this happens very rarely (it has happened 6 times across 4,000 underlying loans and c.25,000+ repayments). Our system automatically captures this, identifies it on any effected dashboards and the reverses it, with a full audit process retained in the background. During the "fix" period, your return may be over-stated, as you will receive double-interest for that payment, but you should have only received a single interest payment. Any questions - please contact us using the methods above (if you wold like a prompt answer). Hi Steve, Thanks for this - I sent an email ten days ago and await an answer in due course.
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Post by stevefindlay on Jul 20, 2017 13:50:14 GMT
As per a previous post - this forum isn't our public announcement centre or FAQ page. If you have questions regarding your accounts then please email invest@bondmason.com or call our 01582 802 000. To answer the query here: overpaid principal is where a loan receives a duplicate repayment, this happens very rarely (it has happened 6 times across 4,000 underlying loans and c.25,000+ repayments). Our system automatically captures this, identifies it on any effected dashboards and the reverses it, with a full audit process retained in the background. During the "fix" period, your return may be over-stated, as you will receive double-interest for that payment, but you should have only received a single interest payment. Any questions - please contact us using the methods above (if you wold like a prompt answer). Hi Steve, Thanks for this - I sent an email ten days ago and await an answer in due course. - reply is in your inbox. Thanks.
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dermot
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Post by dermot on Jul 20, 2017 18:23:14 GMT
Ta muchly, that addresses most of my concerns.
I do agree that the watchlist page could do with being presented a bit more clearly.
Be nice if the "to be resolved" fragments were listed separately to the ones that have been sold or otherwise closed, rather than being interleaved - faster and easier to see which ones are still under scrutiny. I'm not so concerned about historic entries that have now been resolved.
The delay in answering my email was due to staff turnover, Steve answered promptly once I flagged it up.
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