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Peer2Peer Finance News | May 22, 2018

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Assetz Capital repairs bug that caused missed payments

Assetz Capital repairs bug that caused missed payments
Kathryn Gaw

ASSETZ Capital has identified and corrected a software issue which had led to late or missed interest payments for some of its investors.

In a statement sent to customers of the site, the platform’s chief executive and co-founder Stuart Law said that the bug had affected the provision funds of the Great British Business Account (GBBA), GBBA2, the Green Energy Investment Account (GEA) and the Property Secured Account (PSA).

He reassured investors that “we have now coded and deployed a fix which eliminates the problem going forwards and allows the relevant provision fund to cover late/missed interest payments in future.”

Read more: Assetz Capital to upgrade systems to address account locking issues

“A sweep is also under way to identify instances where a late/interest payment has not been covered as a result of this problem so that a correction can be applied,” Law added.

“This process has begun already and is automatic – lenders need take no action as we are already dealing with this on your behalf. Lenders affected by this issue will see a corrective payment shortly which should remedy the position for them. Please note that not all lenders will be affected, only those in the GBBA or GEA and only those with holdings in specific loans where there were late/missed interest payments.

“We would like to take this opportunity to thank the lenders who made us aware of the problem and apologise to those who were affected by it. The software update is a permanent fix and the problem should not reoccur.”

Following the software problems, Assetz Capital has updated its provision fund web page to offer more clarity on the process by which interest is paid. Law added that the firm has also made a donation of £1,000 to Young Money, part of the Young Enterprise charity, “in recognition that we could have done better”.

Read more: Assetz makes three new hires to boost deal flow in the regions 

Read more: Assetz Capital expands into Northern Ireland