dan83
Posts: 243 
Likes: 84
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Post by dan83 on Feb 18, 2017 12:00:20 GMT
Hi,
I'm still new to money thing, been on here less then a month.
I don't log on every day, as there is no need to.
I logged on this morning to find I have been paid £1.20 interest, which I wasn't expecting.
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oldtimer
Member of DD Central
Posts: 211
Likes: 156
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Post by oldtimer on Feb 18, 2017 12:04:08 GMT
Interest is paid as you go along, not as with other companies at the end of the month.
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dan83
Posts: 243
Likes: 84
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Post by dan83 on Feb 18, 2017 12:29:28 GMT
If I sell a loan before the interest is paid, do I still get interest for the time I held the loan?
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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
Posts: 10,840
Likes: 11,068
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Post by ilmoro on Feb 18, 2017 12:30:27 GMT
If I sell a loan before the interest is paid, do I still get interest for the time I held the loan? Yes, on standard payment date, which is the day of the month each loan is due to finish, (so ends 15th June 2018, interest paid 15th each month) except for one of the P****bury H***l tranches which pays on 9th rather than expected 7th
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Post by markp2p on Feb 18, 2017 12:30:38 GMT
If I sell a loan before the interest is paid, do I still get interest for the time I held the loan? Yes, interest accrues from day to day at midnight. If you buy a loan at 5am and sell it at 5pm the same day, you get no interest, if you buy it at 11:59pm and sell at 12:01am the next day you get a day's interest (not that anyone is selling on the SM at 11:59 usually). Edit - as ilmoro says, you will receive the interest on the normal interest payment date. If a loan is scheduled to end on day 'x' of some month, interest will be paid on day 'x' of each month. It does not matter when the loan started.
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Post by brianac on Feb 18, 2017 20:18:59 GMT
If I sell a loan before the interest is paid, do I still get interest for the time I held the loan? Yes, interest accrues from day to day at midnight. If you buy a loan at 5am and sell it at 5pm the same day, you get no interest, if you buy it at 11:59pm and sell at 12:01am the next day you get a day's interest (not that anyone is selling on the SM at 11:59 usually). Edit - as ilmoro says, you will receive the interest on the normal interest payment date. If a loan is scheduled to end on day 'x' of some month, interest will be paid on day 'x' of each month. It does not matter when the loan started. which lead sme to wonder what happens on the final payment? pays capital on the 7th, then interst 2 days later? then interest on the interest? ... just wondering... Brian
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