rogerbu
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Post by rogerbu on Mar 3, 2015 15:33:58 GMT
I'm confused.
Within the forum people talk about getting their interest monthly. However SS's 'loan part funding' emails say -'You will be notified via email when the loan part you have funded is repaid. At which point your funds and interest earned will be returned to your account for withdrawal or further loan funding.'
Is accrued interest credited and available monthly or when the loan is repaid?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 3, 2015 15:41:40 GMT
I'm confused. Within the forum people talk about getting their interest monthly. However SS's 'loan part funding' emails say - 'You will be notified via email when the loan part you have funded is repaid. At which point your funds and interest earned will be returned to your account for withdrawal or further loan funding.' Is accrued interest credited and available monthly or when the loan is repaid? . I think that terminology is a legacy from when SS did loans on boats when interest was paid at term. With the move into bridging loans, interest has always been paid monthly (unless you opt for upfront) on first day of month and avaliable from then. Accrued interest as displayed is the total interest earnt over the course of the loan to date but only that accumulated since the beginning of the month is actually outstanding Edit: just to confusing things slightly, the Superyacht loan is counted as property not a boat so also pays monthly.
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mikes1531
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Post by mikes1531 on Mar 3, 2015 15:45:48 GMT
I'm confused. Within the forum people talk about getting their interest monthly. However SS's 'loan part funding' emails say - 'You will be notified via email when the loan part you have funded is repaid. At which point your funds and interest earned will be returned to your account for withdrawal or further loan funding.' Is accrued interest credited and available monthly or when the loan is repaid? It depends on the security involved. If the loan is a small one, secured on a boat, then interest is rolled up and paid at the end of the term when the loan is repaid. With PBLs and the large 'superyacht' loan, interest is paid monthly. (Unless the investor opted to receive all their interest upfront and give up access to the secondary market.) From what rogerbu wrote, I presume the part he bought was a small boat loan. Finally, for the benefit of new arrivals to SS, a few months ago they said that they would not be doing any more boat loans.
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rogerbu
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Post by rogerbu on Mar 3, 2015 15:49:43 GMT
Thanks guys.
My quote was from the 004b & 025 PBL loans which still show interest available when repaid. SS haven't updated their emails. Hence my confusion
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mikes1531
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Post by mikes1531 on Mar 3, 2015 15:50:52 GMT
From what rogerbu wrote, I presume the part he bought was a small boat loan. If it wasn't, and ilmoro's suggestion that the message rogerbu received is the result of outdated wording being used is correct, then savingstream urgently need to update that part of their system.
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star dust
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Post by star dust on Mar 3, 2015 15:55:13 GMT
From what rogerbu wrote, I presume the part he bought was a small boat loan. Not necessarily, as ilmoro said it's a leftover from earlier days, all loan part funding emails state "You will be notified via email when the loan part you have funded is repaid. At which point your funds and interest earned will be returned to your account for withdrawal or further loan funding". I guess you may not get these as you have problems with SS emails? They mysteriously disappeared for me for several months, but have recently made a sporadic reappearance! edit- x posted with mikes1531.
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rogerbu
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Post by rogerbu on Mar 3, 2015 15:55:54 GMT
I have just topped up 004b PBL, the email still shows Interest when repaid.
I will send a note to support pointing out the issue.
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star dust
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Post by star dust on Mar 3, 2015 16:06:29 GMT
From what rogerbu wrote, I presume the part he bought was a small boat loan. If it wasn't, and ilmoro's suggestion that the message rogerbu received is the result of outdated wording being used is correct, then savingstream urgently need to update that part of their system. Well, it's not entirely untrue as your capital and any interest accrued since the end of a month or beyond an upfront interest end date, will also be returned hopefully  . Just another example of some additional clarity needed with the different types of loan part and the way "interest" is depicted by SS.
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elgerod
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Post by elgerod on Mar 4, 2015 2:28:29 GMT
Rogerbu, just to clarify a little further, monthly interest is only paid on loans that have been drawndown (gone live). On loans that have not been drawndown, (you mentioned PBL 25 for example) accrued interest is paid when the loan goes live and is then paid from your "loan part funding" date up to the end of the preceeding month. Thereafter interest is paid monthly.
Of course, for some loans there is an option for all interest to be paid upfront; this paid when the loan goes live.
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will
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Post by will on Mar 4, 2015 10:15:23 GMT
Thanks Elgerod. That clarified it for me.
I had been wondering whether I should send off an e-mail querying lack of interest paid on PBL 25, bought about 3 or 4 days before the
end of Feb general payout.
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