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Post by Financial Thing on Apr 13, 2016 18:29:41 GMT
I'm sure this has been answered before but the forums search feature makes hunting down answers tricky.
If I were to sell a part on MT's SM, do I receive interest for days owed after it is sold? I know the buyer doesn't pay the interest so for example if I hold the loan for 28 days and then sell 3 days before an interest payments due, will MT pay me for the 28 days interest I held the loan part?
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SteveT
Member of DD Central
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Post by SteveT on Apr 13, 2016 18:34:09 GMT
Yes, at the next monthly payment date
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ilmoro
Member of DD Central
'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 Apr 13, 2016 18:35:11 GMT
I'm sure this has been answered before but the forums search feature makes hunting down answers tricky. If I were to sell a part on MT's SM, do I receive interest for days owed after it is sold? I know the buyer doesn't pay the interest so for example if I hold the loan for 28 days and then sell 3 days before an interest payments due, will MT pay me for the 28 days interest I held the loan part? Yes. You will receive the interest on the usual due date for the amount accrued up until the point of sale.
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Post by MoneyThing on Apr 13, 2016 18:35:50 GMT
I'm sure this has been answered before but the forums search feature makes hunting down answers tricky. If I were to sell a part on MT's SM, do I receive interest for days owed after it is sold? I know the buyer doesn't pay the interest so for example if I hold the loan for 28 days and then sell 3 days before an interest payments due, will MT pay me for the 28 days interest I held the loan part? Evening, You will continue to accrue interest on any unsold balance. This is then credited upon the month's anniversary of that particular loan (on the same day of the month as the loan end date). e.g. A loan has an end date of 15th August 2016. You decide to sell the loan part on the 10th April and it doesn't sell until the 20th April then you would receive two interest payments, one on the 15th April (for interest accrued between the 10th & 15th April), and then a further interest payment on the 15th May for interest accrued between the 15th & 20th April. Regards, Ed
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Post by MoneyThing on Apr 13, 2016 18:38:06 GMT
I'm sure this has been answered before but the forums search feature makes hunting down answers tricky. If I were to sell a part on MT's SM, do I receive interest for days owed after it is sold? I know the buyer doesn't pay the interest so for example if I hold the loan for 28 days and then sell 3 days before an interest payments due, will MT pay me for the 28 days interest I held the loan part? Evening, You will continue to accrue interest on any unsold balance. This is then credited upon the month's anniversary of that particular loan (on the same day of the month as the loan end date). e.g. A loan has an end date of 15th August 2016. You decide to sell the loan part on the 10th April and it doesn't sell until the 20th April then you would receive two interest payments, one on the 15th April (for interest accrued between the 10th & 15th April), and then a further interest payment on the 15th May for interest accrued between the 15th & 20th April. Regards, Ed EDIT: Post crossed with ilmoro & stevet who have come up with much more succinct answers.
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