littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Aug 16, 2016 14:39:14 GMT
A recent update said that PBL027 and PBL042 had paid interest for an extension, and the end dates have been changed accordingly and they show positive days remaining. All well and good, but does this imply that all the loans in negative days have not paid interest for an extension? Are SS crediting lenders with interest even though they are not receiving any?
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ilmoro
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'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 Aug 16, 2016 14:43:42 GMT
A recent update said that PBL027 and PBL042 had paid interest for an extension, and the end dates have been changed accordingly and they show positive days remaining. All well and good, but does this imply that all the loans in negative days have not paid interest for an extension? Are SS crediting lenders with interest even though they are not receiving any? No, SS have said several times that borrowers are paying interest on all loans, and when they stop they'll be defaulted.
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Liz
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Post by Liz on Aug 16, 2016 14:56:06 GMT
A recent update said that PBL027 and PBL042 had paid interest for an extension, and the end dates have been changed accordingly and they show positive days remaining. All well and good, but does this imply that all the loans in negative days have not paid interest for an extension? Are SS crediting lenders with interest even though they are not receiving any? No, SS have said several times that borrowers are paying interest on all loans, and when they stop they'll be defaulted. I'm not convinced, otherwise why are some staying in negative days, whilst others are adjusted from negative to positive.
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pom
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Post by pom on Aug 16, 2016 15:10:32 GMT
No, SS have said several times that borrowers are paying interest on all loans, and when they stop they'll be defaulted. I'm not convinced, otherwise why are some staying in negative days, whilst others are adjusted from negative to positive. That'll be the difference between signing up to a formally agreed multi-month extension with definite end dates, and a rolling monthly payment where SS ....(would you really want a loan constantly cycling between 0-31 days?)
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jamesc
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Post by jamesc on Aug 16, 2016 15:11:41 GMT
No, SS have said several times that borrowers are paying interest on all loans, and when they stop they'll be defaulted. I'm not convinced, otherwise why are some staying in negative days, whilst others are adjusted from negative to positive. I suspect that there are a number of loans that are not paying interest because of lack of cash flow on their part but they have not been defaulted because they are actively working with SS and have a solid plan and asset e.g. PBL 19 where if everything we are told is to be believed its just a matter of getting all parties together and the Hotel will be sold for considerably more than the loan outstanding. After all in this case what would be the advantage of defaulting the loan just a whole lot more expense and administration. I believe SS will only default as a very last resort.
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Liz
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Post by Liz on Aug 16, 2016 15:43:24 GMT
I'm not convinced, otherwise why are some staying in negative days, whilst others are adjusted from negative to positive. That'll be the difference between signing up to a formally agreed multi-month extension with definite end dates, and a rolling monthly payment where SS ....(would you really want a loan constantly cycling between 0-31 days?) That's exactly what I want! It's far better than showing as eg -120 days(PBL 26). I'm also with jamesc above, I don't think everyone is paying interest, like PBL 19, where they are in legals, and maybe others. If you had a loan cycling between 0-31 days, at least you would 100% know they have paid the months interest, the current system creates uncertainty.
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Post by p2plender on Aug 16, 2016 15:51:26 GMT
So who is paying the interest? Pretty sure all interest being paid.
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ilmoro
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'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 Aug 16, 2016 15:57:05 GMT
I suspect negative day loans are paying in arrears as opposed to positive days which have retained interest and SS see no point amending the terms every month. PBL19 has been paying interest an an adhoc basis.
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dan83
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Post by dan83 on Aug 16, 2016 16:13:43 GMT
Look at the updates part of the loans page, some have paid some interest.
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Post by portlandbill on Aug 17, 2016 15:00:39 GMT
That'll be the difference between signing up to a formally agreed multi-month extension with definite end dates, and a rolling monthly payment where SS ....(would you really want a loan constantly cycling between 0-31 days?) That's exactly what I want! It's far better than showing as eg -120 days(PBL 26). I'm also with jamesc above, I don't think everyone is paying interest, like PBL 19, where they are in legals, and maybe others. If you had a loan cycling between 0-31 days, at least you would 100% know they have paid the months interest, the current system creates uncertainty. Yep, me too. if nothing else it'll give me the confidence of knowing that someone (within SS) is at least keeping an eye on it and reporting it.
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Jeepers
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Post by Jeepers on Aug 17, 2016 15:02:27 GMT
Looking at PBL 36 at 265 days overdue, enough is enough. Think the plug needs to be pulled on this one!
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Post by dualinvestor on Aug 17, 2016 15:33:02 GMT
Looking at PBL 36 at 265 days overdue, enough is enough. Think the plug needs to be pulled on this one! Although the loan has gone twice over its original term there appears to be interest in it. As the last sales at the address were late 2014, it is surprising that the " new valuation is awaited to take into account the sale of 2 of the 3 flats" is not available on the SS site. There is however purported interest from a purchaser. So is it worth "pulling the plug" just because you are frustrated? Or is it better to wait to see if the offer is serious. (genuine question, after all its over eight months late so what harm* will come from another couple of weeks) Edit *Provided that the borrower is paying interest
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Jeepers
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Post by Jeepers on Aug 17, 2016 15:44:05 GMT
Looking at PBL 36 at 265 days overdue, enough is enough. Think the plug needs to be pulled on this one! Although the loan has gone twice over its original term there appears to be interest in it. As the last sales at the address were late 2014, it is surprising that the " new valuation is awaited to take into account the sale of 2 of the 3 flats" is not available on the SS site. There is however purported interest from a purchaser. So is it worth "pulling the plug" just because you are frustrated? Or is it better to wait to see if the offer is serious. (genuine question, after all its over eight months late so what harm* will come from another couple of weeks) Edit *Provided that the borrower is paying interest IMO this loan should have either been formally extended with interest paid upfront or should have gone into default long before now. Appreciate that bridging loans often overrun but 265 days is rediculous.
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Post by dualinvestor on Aug 17, 2016 15:45:25 GMT
If you are invested in it you should make those views clear to savingstream. |
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Jeepers
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Post by Jeepers on Aug 17, 2016 15:54:08 GMT
Another couple of weeks and I think we'll be seeing the red box.
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