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Post by ladywhitenap on Jun 18, 2016 9:28:46 GMT
In the available loans table we have a column entitled "Remaining Term"
Is the the number of days until the end of the original term or the latter amended by any negotiated and paid for extension.
I suspect the former but would it not be sensible to include the extension or at least to indicate extensions in a further column?
LW
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
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Post by cooling_dude on Jun 18, 2016 9:34:00 GMT
In the available loans table we have a column entitled "Remaining Term" Is the the number of days until the end of the original term or the latter amended by any negotiated and paid for extension. I suspect the former but would it not be sensible to include the extension or at least to indicate extensions in a further column? LW When the loan initially goes live, it is simply the term of the loan (i.e. the duration that the interest held covers). During the loan, there may be extensions (further interest sent by the borrower) and SS ( should) increase the indicated "remaining term" to reflect this. When the loan approaches the end, the borrower will start sending the interest on a rolling basis, and to reflect this the indicated remaining term becomes negative. Note : In the past, some loans have had a remaining term that didn't reflect the actual interest held, but SS seems to have sorted that situation out.
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Post by ladywhitenap on Jun 18, 2016 9:39:10 GMT
In the available loans table we have a column entitled "Remaining Term" Is the the number of days until the end of the original term or the latter amended by any negotiated and paid for extension. I suspect the former but would it not be sensible to include the extension or at least to indicate extensions in a further column? LW When the loan initially goes live, it is simply the term of the loan (i.e. how the duration that the interest that has been sent covers). During the loan, there may be extensions (further interest sent) and SS ( should) increase the indicated "remaining term" to reflect this. When the loan approaches the end, the borrower will start sending the interest on a rolling basis, and to reflect this the indicated remaining term becomes negitive. Thanks CD I conclude that in the last case, there is no obvious indication of the difference between a borrower pay his way albeit on a rolling basis and one where the borrower is not paying until such time as SS raise the Red Flag as we have on one current loan. LW
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Jun 18, 2016 9:43:55 GMT
When the loan initially goes live, it is simply the term of the loan (i.e. how the duration that the interest that has been sent covers). During the loan, there may be extensions (further interest sent) and SS ( should) increase the indicated "remaining term" to reflect this. When the loan approaches the end, the borrower will start sending the interest on a rolling basis, and to reflect this the indicated remaining term becomes negitive. Thanks CD I conclude that in the last case, there is no obvious indication of the difference between a borrower pay his way albeit on a rolling basis and one where the borrower is not paying until such time as SS raise the Red Flag as we have on one current loan. LW I believe ( although not 100% sure) that as soon as the interest has run out and is not being sent by the borrower, the loan is considered to have defaulted.
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bloodycat
Member of DD Central
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Post by bloodycat on Jun 18, 2016 10:01:01 GMT
They appear to have started amending the remaining term to take account of negotiated extensions e.g. PBL027. Presumably this is because they have paid the additional months interest up front, whereas the loans still with large negative days remaining are just paying on a month by month basis when they have to.
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Post by smrutib on Jun 18, 2016 11:10:34 GMT
Good point. In my opinion SS is more of a high yield fund than a P2P platform. Lenders are treated less like 'lenders' and more like 'investors' in the fund. Their policy on communications is 'trust us we know what we are doing'. I suspect a lot of it is because of the nature of bridging loans - to compete they have to approve loans quickly. That doesn't allow for any meaningful communication or feedback to happen.
I don't think this approach is wrong in itself. As long as we drop the pretence that we are 'lenders'.
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Post by trilby on Jun 18, 2016 12:35:28 GMT
Note : In the past, some loans have had a remaining term that didn't reflect the actual interest held, but SS seems to have sorted that situation out. Both 33 and 42 have been extended in the last 24 hours but their remaining term has not changed to reflect that.
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