locutus
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Post by locutus on Dec 1, 2015 14:12:41 GMT
I noticed that for all my loans bought this month, I seem to be short 1 day in interest. i.e. for a loan bought with a start date of the 05/11/15, the calculation is using 24 days rather than 25 days as the basis on which to calculate interest due.
Has this happened to anyone else? I checked previous loans from SS and it only seems to be affecting loans bought this month (and when the new site went live).
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locutus
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Post by locutus on Dec 1, 2015 14:33:08 GMT
I bought 1 part loan this month and the interest calculation is correct (only 6 days though). What is your start date for the loan?
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Post by ladywhitenap on Dec 1, 2015 14:35:47 GMT
Only 1 purchase for me this month too - 13 days old, interest seems correct to the penny.
I suggest you mail SS - looks like it might be personal!
LW
Start date 18th nov so 13 full days to midnight on 30th
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paulg
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Post by paulg on Dec 1, 2015 14:38:17 GMT
I noticed that for all my loans bought this month, I seem to be short 1 day in interest. i.e. for a loan bought with a start date of the 05/11/15, the calculation is using 24 days rather than 25 days as the basis on which to calculate interest due. Has this happened to anyone else? I checked previous loans from SS and it only seems to be affecting loans bought this month (and when the new site went live). Yes, I have 2 loan parts bought this month which are similarly 1 day short. Interestingly, I have 3 other interest payments for loans bought the same day as the other 2 but which were missed off the original interest payments and then added later (presumably by a more manual process), and these 3 are correct. All the payments for loan parts sold during November which were bought before November are similarly 1 day short, but that's another story and it's been going on for months. Edit: Since my interest payments were made this morning most of them have changed this afternoon, now everything is correct.
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locutus
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Post by locutus on Dec 1, 2015 14:41:41 GMT
Only 1 purchase for me this month too - 13 days old, interest seems correct to the penny. I suggest you mail SS - looks like it might be personal! LW Start date 18th nov so 13 full days to midnight on 30th In that case, my interest payment is 2 days short!
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locutus
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Post by locutus on Dec 1, 2015 14:42:23 GMT
I noticed that for all my loans bought this month, I seem to be short 1 day in interest. i.e. for a loan bought with a start date of the 05/11/15, the calculation is using 24 days rather than 25 days as the basis on which to calculate interest due. Has this happened to anyone else? I checked previous loans from SS and it only seems to be affecting loans bought this month (and when the new site went live). Yes, I have 2 loan parts bought this month which are similarly 1 day short. Interestingly, I have 3 other interest payments for loans bought the same day as the other 2 but which were missed off the original interest payments and then added later (presumably by a more manual process), and these 3 are correct. All the payments for loan parts sold during November which were bought before November are similarly 1 day short, but that's another story and it's been going on for months. I think I have the same issue. Are you speaking to anyone at SS about it?
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Post by ladywhitenap on Dec 1, 2015 14:42:35 GMT
Only 1 purchase for me this month too - 13 days old, interest seems correct to the penny. I suggest you mail SS - looks like it might be personal! LW Start date 18th nov so 13 full days to midnight on 30th Shouldn't that be 12 days? not according to my fingers. 13 full days from 00.01 on 18th to midnight on 30th. It is one of those fence post and fence panel type puzzles
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locutus
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Post by locutus on Dec 1, 2015 14:45:25 GMT
Shouldn't that be 12 days? not according to my fingers. 13 full days from 00.01 on 18th to midnight on 30th. It is one of those fence post and fence panel type puzzles Yes, I just realised. All my loans prior to November, this would be classed as 12 days. In November, it is classed as 11 days for me. So it seems like I'm 2 days short this month and 1 day short for prior months. I never realised before as I wasn't sure when the clock started ticking on a loan.
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ablender
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Post by ablender on Dec 1, 2015 16:04:44 GMT
Only 1 purchase for me this month too - 13 days old, interest seems correct to the penny. I suggest you mail SS - looks like it might be personal! LW Start date 18th nov so 13 full days to midnight on 30th Perhaps because you are always complaining against SS. 
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gt94sss2
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Post by gt94sss2 on Dec 1, 2015 16:13:23 GMT
Shouldn't that be 12 days? not according to my fingers. 13 full days from 00.01 on 18th to midnight on 30th. It is one of those fence post and fence panel type puzzles I make it 12 days as well - given that the interest is technically paid on the 30th, you wouldn't include that day in calculating the interest... so it would be for the 18th -29th inclusive. If anyone does have a spreadsheet/template etc which makes it easy to put in SS transaction data to be able to check interest payments, do share - I would certainly be interested in seeing one!
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nsinvestor
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Post by nsinvestor on Dec 1, 2015 16:43:30 GMT
For all my loans, including parts bought in November, the last day of the month is included in the interest calculations (the interest was posted on the 1st Dec)
The accrual formula in use seems to be:
No days * Principal * 12% / 365 (i.e. ACT/365 for any finance people out there
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gt94sss2
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Post by gt94sss2 on Dec 1, 2015 18:09:17 GMT
For all my loans, including parts bought in November, the last day of the month is included in the interest calculations (the interest was posted on the 1st Dec) The accrual formula in use seems to be: No days * Principal * 12% / 365 (i.e. ACT/365 for any finance people out there Well for mine - including those purchased in November, the last day of the month seems not to be included. Would be interested in others views..
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paulg
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Post by paulg on Dec 1, 2015 18:11:08 GMT
Just FYI, you should get a days interest for every midnight that you are holding the loan so holding it from 00:01 to 23:59 isn't going to give you anything. And you can test the correctness of the total of interest payments for each loan part from purchase to sale using that principle. But which is the last 'midnight' to be counted at the end of the month? - at the beginning of the last day or the end of the last day? It doesn't matter from month to month which you adopt as long as you are consistent. The problems arise from the lack of consistency in SS's algorithms with the treatment of the first/last day of the month. Edit: For calculating the last day of monthly interest SS usually use the midnight at the beginning of the last day of the month, so for a loan bought on 20th November there would be 10 days interest. But for calculating the start of interest payments for loans already owned before the start of the month they use the 'midnight' at the end of the first day of the month as the first 'midnight', and it is this inconsistency that causes us to lose a days' interest on every loan part sold which has been held since before the beginning of the month. For loan parts held for the whole month they simply use the number of days in the month at the multiplier so those are always correct, and for loan parts bought and sold during the same month the question doesn't arise, so they are always correct too. Edit: Since writing the above, most of my interest payments for this month have changed and are now all correct, including the payments for loan parts sold during November which were held before November! If SS have fixed the bug that's been causing those interest errors that's a great step forward.
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ablender
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Post by ablender on Dec 1, 2015 18:59:10 GMT
Is this going to be only once or will it persist and recurse?
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sqh
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Post by sqh on Dec 2, 2015 20:01:40 GMT
I'm not sure this possibility has been considered.
If you watch the number of days remaining for each loan they don't update at midnight. Each loan updates at a different time of day. It looks as though the update occurs at drawdown time. So if SS drawdown a loan at 10am it will change the "remaining term" at 10am every day. If a lender buys that loan at 11am they might get one day's less interest.
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