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Post by retired2005 on Jun 22, 2016 14:02:33 GMT
Was surprised to see an interest payment but only for my bit the first tranche of the recent loan this morning.
Being new to MT I was expecting just one interest payment for all my loans once a month - how does it work?
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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 Jun 22, 2016 14:08:21 GMT
Was surprised to see an interest payment but only for my bit the first tranche of the recent loan this morning. Being new to MT I was expecting just one interest payment for all my loans once a month - how does it work? Interest is paid each month on the same day/date that the loan is due to end. So each loan pays on a different date as opposed to SS or Collateral which pay all at end of month but which is relatively unusual on most platforms.
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Post by retired2005 on Jun 22, 2016 14:09:17 GMT
Ah OK.....Thanks!!!
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Post by retired2005 on Jun 22, 2016 14:13:24 GMT
just a little addendum....
Checking the dates of my loans .....do MT pay out interest at weekends or will they credit on a Monday?
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Post by MoneyThing on Jun 22, 2016 14:23:37 GMT
just a little addendum.... Checking the dates of my loans .....do MT pay out interest at weekends or will they credit on a Monday? We pay out at weekends too! Regards, Ed.
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Post by retired2005 on Jun 22, 2016 14:32:58 GMT
Thanks Ed !!
Don't think the few pennies you're going to have to pay me will break MT !!!!
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Post by herrbert on Jun 24, 2016 21:21:19 GMT
Is the interest paid on the selling loans as well, unlike Saving Stream? I try to spread the risk, but my loans are stuck in a long queue now after the referendum.
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Post by pepperpot on Jun 24, 2016 21:29:57 GMT
Is the interest paid on the selling loans as well, unlike Saving Stream? I try to spread the risk, but my loans are stuck in a long queue now after the referendum. Yes, you don't lose anything for leaving it in the queue. There is the option to de-list under 'My Loans' ... 'For Sale', right hand side 'Action' column if you need/want it.
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Post by MoneyThing on Nov 2, 2016 9:30:50 GMT
I might regret asking this. Have today's interest payments been based on a 32 day month? "Bank Error in your Favour" I can confirm that we did pay an extra day's interest by mistake due to the clocks changing. Since we apply interest each day at midnight, when the clocks went back it applied it again for the same day twice. We will fix this by processing interest at 2am daily instead. Well spotted and thank you for alerting us to fix it! Kind regards, Ed
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oldgrumpy
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Post by oldgrumpy on Nov 2, 2016 9:47:42 GMT
I might regret asking this. Have today's interest payments been based on a 32 day month? "Bank Error in your Favour" I can confirm that we did pay an extra day's interest by mistake due to the clocks changing. Since we apply interest each day at midnight, when the clocks went back it applied it again for the same day twice. We will fix this by processing interest at 2am daily instead. Well spotted and thank you for alerting us to fix it! Kind regards, Ed Jolly good Doesn't clock change occur at 2am, so 2am will happen twice in the autumn switch, so we'll still get double interest? I wonder how midnight happened twice if that is so.
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keystone
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Post by keystone on Nov 2, 2016 9:50:28 GMT
I might regret asking this. Have today's interest payments been based on a 32 day month? "Bank Error in your Favour" I can confirm that we did pay an extra day's interest by mistake due to the clocks changing. Since we apply interest each day at midnight, when the clocks went back it applied it again for the same day twice. We will fix this by processing interest at 2am daily instead. Well spotted and thank you for alerting us to fix it! Kind regards, Ed I thought clocks go back at 2am to 1am not at midnight , so 1) I don't understand how an extra days interest would have been paid 2) processing at 2am won't fix it! 3) Do we get to keep the extra days interest or are you going to snatch it back next month? Edit: Crossed with OG post
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Post by MoneyThing on Nov 2, 2016 10:06:14 GMT
"Bank Error in your Favour" I can confirm that we did pay an extra day's interest by mistake due to the clocks changing. Since we apply interest each day at midnight, when the clocks went back it applied it again for the same day twice. We will fix this by processing interest at 2am daily instead. Well spotted and thank you for alerting us to fix it! Kind regards, Ed I thought clocks go back at 2am to 1am not at midnight , so 1) I don't understand how an extra days interest would have been paid 2) processing at 2am won't fix it! 3) Do we get to keep the extra days interest or are you going to snatch it back next month? Edit: Crossed with OG post After discussing further with The Shuang, it appears that my statement "Since we apply interest each day at midnight, when the clocks went back it applied it again for the same day twice.", was wrong. It turns out that it was due to there being 25 hours in that day, the system 'rounded up' to 48hrs. Shuang is looking into a fix now. In summary, yes we did pay an extra day of interest, no we are not going to take this back from lenders and we promise this wont happen again.
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Post by uncletone on Nov 2, 2016 10:26:05 GMT
Very generous, young Ed. I just might buy a celebratory slipper.
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Post by MoneyThing on Nov 24, 2016 11:46:33 GMT
I thought that after 20th November interest would revert back to 31 days payment. I'm still receiving 32 days. ...sorry Ahoy hoy! Clocks changed on the 30th October, so need to go past the 30th November for it to revert back. Regards, Ed
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fasty
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Post by fasty on Dec 7, 2016 20:24:09 GMT
I'm puzzled:
I've received interest on Tranche 4 of a loan (MTA1579), but apparently none for Tranche 2 (MTA1577) which ends at the same time.
Has the interest-thing simply not got round to tranche 2 yet, or am I missing something?
Can anyone clarify?
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