johnfleet
Member of DD Central
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Post by johnfleet on Aug 1, 2018 6:15:34 GMT
I realise that I should be asking the horse's mouth this question, but I have no faith in Lendy to provide a timely (if any) answer. Calculating interest due on 12 per cent loans used to be straightforward and usually accurate to the penny. Take total of loans paying interest, multiply by .12. Divide by 365 then multiply by the days in the particular month. But lately this hasn't worked for me. Today - 1st August - according to the 'Accrued interest' page I have £7489.99 of loans bearing interest. Using my calculation I'm due £76.33 interest today but according to Lendy the figure is £73.78...
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Post by picanto on Aug 1, 2018 9:36:42 GMT
June's interest was paid on 2nd July due to the 1st July being a Sunday. So effectively July has become a 30 day month, not 31 which explains why you are being paid less interest. Also different loans are paying different interest rates which wasn't the case in the old days when they were all 12%.
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johnfleet
Member of DD Central
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Post by johnfleet on Aug 1, 2018 9:51:15 GMT
Thanks for that explanation. The few loans which I have which are actually paying interest are 12 per cent. Doing the maths based on a 30 day month still gives a discrepancy; I calculate £73.87 but they are showing £73.78.....
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geoff
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Post by geoff on Aug 1, 2018 10:42:54 GMT
June's interest was paid on 2nd July due to the 1st July being a Sunday. So effectively July has become a 30 day month, not 31 which explains why you are being paid less interest. Also different loans are paying different interest rates which wasn't the case in the old days when they were all 12%. Logically that would then mean that June's interest payment would have been for 31 days whereas it was actually for 30 days as expected. I think this is just another display issue whereby the figures shown on the website are based on the date interest was paid, rather than the date the interest was paid up to. I expect July's interest payment to be for 31 days.
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Post by picanto on Aug 1, 2018 14:18:03 GMT
June's interest was paid on 2nd July due to the 1st July being a Sunday. So effectively July has become a 30 day month, not 31 which explains why you are being paid less interest. Also different loans are paying different interest rates which wasn't the case in the old days when they were all 12%. Logically that would then mean that June's interest payment would have been for 31 days whereas it was actually for 30 days as expected. I think this is just another display issue whereby the figures shown on the website are based on the date interest was paid, rather than the date the interest was paid up to. I expect July's interest payment to be for 31 days. As far as I'm aware, June's interest included 1st July's interest because IIRC the June's interest I was paid matched my accrued interest as it stood on July 2nd (which therefore included 1st July interest). I'm almost certain that to be the case, or at least it was for my account.
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mickj
Member of DD Central
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Post by mickj on Aug 1, 2018 14:44:05 GMT
Great picture on the email, as time goes on and I seem to be more and more invested in 'non performing' loans............ (I know my interest is accruing or worse) My little stacks of interest paid is running in the opposite direction each month !!!  |
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