registerme
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Post by registerme on Apr 1, 2016 19:00:02 GMT
Hi, quick question. What day of the month do loans earn interest? I had assumed the first, but evidently not. The date they were drawn down on.
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Post by uncletone on Apr 1, 2016 20:19:53 GMT
Ummm.... the day of the month that the end date of the loan falls on. If the loan ends on the 23rd of a month, interest payments are paid on the 23rd of each month. 28, 29, 30 and 31 might be slightlty problematical, but rare. Any calculations you wish to make in a spreadsheet have to take place backwards from that end date, so to speak.
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Post by flobberchops on Apr 2, 2016 0:29:19 GMT
Ah, I see. Thanks.
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duck
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Post by duck on Apr 2, 2016 5:11:45 GMT
I suspect that that I am not the only one to use a word search in my spreadsheet to separate out interest, cashback and other payment types.
When updating my spreadsheets yesterday I noted that some of the terminology on the download has changed, so for example
Residential xxxxxxx - xxxxxxx (BPF289) monthly repayment (my added xxxxx) has now become (BPF289) Residential xxxxxx - xxxxxx interest payment
..... so if your word search was 'monthly repayment' you will not pick up the interest payment. No big issue if you notice it but if you don't your totals won't tally.
Thought it worth a mention.
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SteveT
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Post by SteveT on Apr 2, 2016 6:43:28 GMT
I suspect that that I am not the only one to use a word search in my spreadsheet to separate out interest, cashback and other payment types. When updating my spreadsheets yesterday I noted that some of the terminology on the download has changed, so for example Residential xxxxxxx - xxxxxxx (BPF289) monthly repayment (my added xxxxx) has now become (BPF289) Residential xxxxxx - xxxxxx interest payment..... so if your word search was 'monthly repayment' you will not pick up the interest payment. No big issue if you notice it but if you don't your totals won't tally. Thought it worth a mention. Yup, this is why the statement really does need an extra "Type" column!
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david42
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Post by david42 on Apr 2, 2016 22:12:09 GMT
I think the change to statement entries after 26 March 2016 is that "monthly repayment" entries have been replaced by two entries: "capital repayment" and "interest payment". I seem to remember someone asked for the statement to split these two items. It is part of the batch of enhancements Ed described here: p2pindependentforum.com/post/103387/thread
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duck
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Post by duck on Apr 3, 2016 5:25:14 GMT
The new entries are IMHO far clearer ...... which is good.
I threw up my post to simply inform others that changes had been made. With the change of tax year looming I find nothing worse than searching for a 'lost' small amount of money when trying to tie up figures.
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duck
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Post by duck on Apr 3, 2016 7:14:32 GMT
Hi, can I ask why you are calculating your own figures rather than relying on the generated tax statement? A multitude of reasons. I like to know how my investments are performing on a continuing basis throughout the year, not just at year end. I need to know my tax liabilities (I invest as an individual, through my Ltd Co and on behalf of my partner) so I can do a spot of balancing as required. Taxation of companies is different to individuals some generated tax returns do not cater for this difference. I invest through a fair number of platforms and have a decent 6 figure sum invested overall - it is easy to become 'platform heavy' if I spot a good loan, invest in that and reinvest all interest payments. A check on the statement (if supplied) - one platform I invest through doesn't supply a statement so my figures provide the figure used on my returns. Professional Engineer by training so I like 'data'.
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rogerbu
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Post by rogerbu on Apr 3, 2016 7:37:42 GMT
Add to Duck's reasons. With a database covering all platforms, I can see what money is planned to be coming in (capital & Interest) so can plan platform invests. Recognising a late payment earlier. Being able to consider actions as a result of repeat late payments Like Duck, I am an engineer, so I like to be in control!! (or should that be that I am a pedantic nerd )
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duck
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Post by duck on Apr 3, 2016 8:13:15 GMT
(or should that be that I am a pedantic nerd ) I refer to myself as a proctologist ... no,no don't go there
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