Rob
Posts: 138 
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Post by Rob on Oct 16, 2015 6:55:17 GMT
It seems that both Capitalia and Creamfinance have started buying back loans which are not even in arrears, let alone 60+ days overdue. Firstly, Capitalia loan www.mintos.com/en/20998-01 , next payment scheduled for 15/10/2015. The loan was bought back on 13/10/2015. Secondly, Creamfinance loan www.mintos.com/en/21116-01 , payment scheduled for 17/10/2015. The loan was bought back on 15/10/2015. What's more, I don't agree with the interest paid. I had a 10€ share held for 28 days @ 14%. Interest = (28/365) x 0.14 x 10€ = 0.107 €. This rounds up to 0.11 €, but I was paid 0.10 €. This is a 10% underpayment. |
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Post by Deleted on Oct 16, 2015 8:02:53 GMT
Hey Rob, A borrower can pay back any time he/she wants so even though it may look like as a buy back, its most possibly a full payback. About interest payment I noticed samething too that martins rounds off the figure in Mintos's interest! |
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Rob
Posts: 138
Likes: 36
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Post by Rob on Oct 16, 2015 9:06:01 GMT
A borrower can pay back any time he/she wants so even though it may look like as a buy back, its most possibly a full payback. But if you look at the payment schedule, no payment has been made by the borrower. Also, in the Account Statement, it specifically says "Buyback - interest" and "Buyback - principal"
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Post by martins on Oct 16, 2015 12:51:14 GMT
Rightly so, the borrowers are making early repayments and thus the loans are bought back. The loans are also bought back if the loan is restructured by the loan originator when restructuring involves changes to the loan term and/or the loan amount or other changes that have an effect to expected cash flows to investors. Currently, all of those instances are shown as the buybacks; but will separate them out, that's in our development pipeline. Regarding the interest calculation Rob. The interest is calculated based on 360 days. The loan part was held by you for 27 days (as the day is closing at the end of the day). Thus, interest = (27/360) x 0.14 x 10 EUR = 0.105 EUR (the exact value in our system is 0.1049999999999733). In the account statement we show rounded 0.10 for this transaction, but in the backend everything is calculated with 16 digits after comma, i.e. the total balance is a rounded number of all exact payments rather a sum of separately rounded transactions. |
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Rob
Posts: 138
Likes: 36
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Post by Rob on Oct 18, 2015 7:32:58 GMT
In the account statement we show rounded 0.10 for this transaction, but in the backend everything is calculated with 16 digits after comma, i.e. the total balance is a rounded number of all exact payments rather a sum of separately rounded transactions. I now notice that, in the Account statement, if you hover the mouse pointer over values of 0.00, the true value is shown to 16 decimal places. For complete transparency, please could you add this feature for all values, not just 0.00? (but 4 decimal places would suffice).
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Post by martins on Oct 19, 2015 21:24:58 GMT
Rob we have noted your request and will consider adding this feature. However, honestly, not many investors have asked for such a granular accounting.
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