bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
Posts: 129
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Post by bt on Jun 3, 2020 7:01:39 GMT
Morning all.
When does the capital on an interest only loan get repaid?
Looking at my repayments for this month, the following was due today:
Product Access
Contract Cxxxxxxxxxx
Loan Term Remaining 1
Term date 07/05/2020
Amount £774.51
Rate 3.2%
Repaid 03/06/2020
Capital £773.7
Interest £0.94
The details show:
Contract date 06 May 2020
Original contract formation date 19 June 2019
Original loan term? 12 months
Loan term remaining 1 months
Loan type Interest only
Borrower category Asset
Today's repayment was just interest:
03/06/2020 Access Lend order (£773.57)
03/06/2020 Access Interest £0.94
03/06/2020 Access Capital repayment £773.57
(nb this shouldn't have been lent out in a new loan as I have my rate set at 8%, so I think this is is the usual continuation of a loan)
Nothing shows in next months repayments.
So how do I tell when the capital will be repaid? Is it on the 6th? 7th? 19th? Next month? Never? Or should I have had it today?
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wiggy
New Member
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Post by wiggy on Jun 3, 2020 7:14:49 GMT
Morning
I had exactly the same, but can see that the loan is now showing for repayment on 10 June.
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Post by freefalljunkie on Jun 3, 2020 10:12:16 GMT
I have had exactly the same thing happen this morning with two interest only loans at the end of duration. I have emailed Ratesetter to ask for an explanation. It my transactions it looks like the capital went out on a new lending order. However my rate is set at 8% and it certainly hasn't been lent at that rate and I don't appear to have any 'new contracts' in the money on loan section of my account so it is not at all clear what has happened. It would very concerning indeed if you couldn't get your money back even at the end of a loan duration.
Edited to add, I have just had a dig in my existing contracts section and the two loans are there, now showing as repaying on the 10th of June as above. Very odd!
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bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
Posts: 129
Likes: 53
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Post by bt on Jun 3, 2020 10:43:59 GMT
Thanks, mine has appeared to be paid on the 19th now, so I guess the final repayment is on the anniversary of the contract formation ?
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Post by oppsididitagain on Jun 3, 2020 10:58:22 GMT
Thanks, mine has appeared to be paid on the 19th now, so I guess the final repayment is on the anniversary of the contract formation ? yes this is a major glitch in the RS system when they introduced interest only loans to Access. Goto your transaction table to see if its been re lent. Then you need to check in your repayments table to find the loan and see the date on it- Its a massive PITA Ive had a few loans saying 0 or 1 month loan repayment since Jan, very frustrating to trying and manage your cashflows
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