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Post by stumblemumble on Apr 30, 2016 13:42:59 GMT
It's my first month with RS and I'm wondering 'what happens next' in terms of account activity. I had loans matched on 30th March, so presumably there'll be a statement of some kind soon to confirm things like repayments and interest paid, is that right? Does RS work to a calendar or 28-day month and roughly how soon after each monthly anniversary does loan information get updated?
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adrianc
Member of DD Central
Posts: 9,014 
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Post by adrianc on Apr 30, 2016 16:10:28 GMT
It's my first month with RS and I'm wondering 'what happens next' in terms of account activity. I had loans matched on 30th March, so presumably there'll be a statement of some kind soon to confirm things like repayments and interest paid, is that right? Does RS work to a calendar or 28-day month and roughly how soon after each monthly anniversary does loan information get updated? No, nothing's sent out. If you look at the Portfolio sub-page for each product, there's an "On Loan" section. Click on the header to expand it, and you see two links - "Your money on loan" and "Your repaid money". Click on the first one of those, and you see the rate, the amount remaining, and the next payment date for each of your loan parts. So - if it's the 5yr market, you want to go to members.ratesetter.com/your_lending/money_on_loan/by_product_on_loan.aspx?pid=4 (change the 4 to 3 for 1yr, 2 for 3yr, 1 for rolling)
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Post by westonkevRS on May 1, 2016 8:47:46 GMT
It's my first month with RS and I'm wondering 'what happens next' in terms of account activity. I had loans matched on 30th March, so presumably there'll be a statement of some kind soon to confirm things like repayments and interest paid, is that right? Does RS work to a calendar or 28-day month and roughly how soon after each monthly anniversary does loan information get updated? Depending on your notification settings, you get a monthly update email with your balance and interest earned. If you want a statement, as such, you just log in and look at your account history that shows all the payments made. If you want an idea of future payment dates, you can look at the contracts. Kevin.
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Post by stumblemumble on May 1, 2016 15:16:36 GMT
Thanks, both. I did eventually find the info I was looking for under the 'on loan' section. I was expecting to see my 1-year loans shown in the repayment schedules, but I'm only seeing them for rolling and 5-year loans - are 1-year loans only repaid on an annual basis?
Looking at the repayment schedule for the 5-year loan, the dates vary by a few days every so often. Why is that?
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alender
Member of DD Central
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Post by alender on May 1, 2016 16:02:53 GMT
Thanks, both. I did eventually find the info I was looking for under the 'on loan' section. I was expecting to see my 1-year loans shown in the repayment schedules, but I'm only seeing them for rolling and 5-year loans - are 1-year loans only repaid on an annual basis? Looking at the repayment schedule for the 5-year loan, the dates vary by a few days every so often. Why is that? For 1 year I believe it is paid capital and interest at the end of the loan. For the dates probably because the payment date falls on a weekend or bank holiday so is moved to the next business day.
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Post by westonkevRS on May 1, 2016 17:11:16 GMT
....are 1-year loans only repaid on an annual basis Unless there is an early repayment due to borrower early redemption or default. Then your capital and interest (to that day) is reinvested depending on your settings. Kevin.
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Post by stumblemumble on May 2, 2016 12:43:36 GMT
Got it. Thanks.
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