averageguy
Member of DD Central
Posts: 1,165 
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Post by averageguy on Mar 3, 2017 14:15:49 GMT
Gordon on last weeks update thread you mentioned there would be an update early this week..has there been one? Apologies if I've missed it ..if no update can there be one  Thanks |
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Post by Collateral Rep on Mar 3, 2017 14:19:58 GMT
Hi averageguy, We are of the understanding the borrower will pay a percentage of the loan off. Which will result in a new loan being posted with a much reduced LTV. When I know more, I'll update you here and email. Many thanks, Gordon |
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Post by spareafewcoppersguv on Mar 3, 2017 15:35:18 GMT
Hi averageguy , We are of the understanding the borrower will pay a percentage of the loan off. Which will result in a new loan being posted with a much reduced LTV. When I know more, I'll update you here and email. Many thanks, Gordon Hi Gordon Will existing lenders have the facility to rollover, possibly on a consistent percentage basis to their current holdings on the reduced loan amount? thanks
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Post by Collateral Rep on Mar 3, 2017 16:21:24 GMT
Hi spareafewcoppersguv, Unfortunately if it is partly paid off (which hasn't been confirmed yet), it will be a new loan and not a renewal and at this time we don't have the facility to recalculate based on an original loan part sales. This may be something we can look into in the future. When I know for sure the status of the loan I will update here and email. Many thanks, Gordon |
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dermot
Member of DD Central
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Post by dermot on Mar 3, 2017 16:53:28 GMT
Hi spareafewcoppersguv , Unfortunately if it is partly paid off (which hasn't been confirmed yet), it will be a new loan and not a renewal and at this time we don't have the facility to recalculate based on an original loan part sales. This may be something we can look into in the future. When I know for sure the status of the loan I will update here and email. Many thanks, Gordon While this is probably going to be a relatively uncommon occurrence, I would certainly like to see these run as a percentage-based renewal on any future occasions - particularly since this loan is my biggest one... I realise this probably involves a certain amount of of software changes, but perhaps it could be part of a resolution for another issue raised by a number of lenders: a means of creating a single loan part out of multiples when they renew? I have quite a number of loans (including this one, with 8 fragments) with lots of small chunks and they get increasingly messy whenever I snaffle another little bit. I would have thought it would make calculating interest a bit easier for Collateral, as well as being simpler for lenders to keep track of things (a lot less in rounding errors, for one thing).
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Post by spareafewcoppersguv on Mar 4, 2017 13:15:04 GMT
Hi spareafewcoppersguv , Unfortunately if it is partly paid off (which hasn't been confirmed yet), it will be a new loan and not a renewal and at this time we don't have the facility to recalculate based on an original loan part sales. This may be something we can look into in the future. When I know for sure the status of the loan I will update here and email. Many thanks, Gordon While this is probably going to be a relatively uncommon occurrence, I would certainly like to see these run as a percentage-based renewal on any future occasions - particularly since this loan is my biggest one... I realise this probably involves a certain amount of of software changes, but perhaps it could be part of a resolution for another issue raised by a number of lenders: a means of creating a single loan part out of multiples when they renew? I have quite a number of loans (including this one, with 8 fragments) with lots of small chunks and they get increasingly messy whenever I snaffle another little bit. I would have thought it would make calculating interest a bit easier for Collateral, as well as being simpler for lenders to keep track of things (a lot less in rounding errors, for one thing). Obviously I would too, and probably other existing holders.....and support the consolidation of loan fragments although this would make the calculation of interest payments more opaque in months which loan fragments had been held for less than the full month...
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Post by Collateral Rep on Mar 4, 2017 13:23:08 GMT
Afternoon,
Yes we are looking to consolidate loan parts into just one entry when they go into renewals. This was suggested at the visit on Thursday and will be implemented ASAP.
Many thanks,
Gordon
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tomtom
Member of DD Central
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Post by tomtom on Mar 6, 2017 9:39:46 GMT
Hi averageguy , We are of the understanding the borrower will pay a percentage of the loan off. Which will result in a new loan being posted with a much reduced LTV. When I know more, I'll update you here and email. Many thanks, Gordon Any news yet what is happening to this loan? tomtom
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elliotn
Member of DD Central
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Post by elliotn on Mar 6, 2017 17:06:16 GMT
Hi averageguy , We are of the understanding the borrower will pay a percentage of the loan off. Which will result in a new loan being posted with a much reduced LTV. When I know more, I'll update you here and email. Many thanks, Gordon Any news yet what is happening to this loan? tomtom From the last email seems like a 60,000 repayment and new loan launch.
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tomtom
Member of DD Central
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Post by tomtom on Mar 7, 2017 9:09:44 GMT
Any news yet what is happening to this loan? tomtom From the last email seems like a 60,000 repayment and new loan launch. Gordon any new yet on this loan please?
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Post by Collateral Rep on Mar 7, 2017 9:56:55 GMT
Hi tomtom, We will be redeeming sometime this morning with the new loan going into pipeline just after. Just finalising details. Many thanks, Gordon |
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tomtom
Member of DD Central
Posts: 262
Likes: 39
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Post by tomtom on Mar 7, 2017 10:06:00 GMT
Hi tomtom , We will be redeeming sometime this morning with the new loan going into pipeline just after. Just finalising details. Many thanks, Gordon Thanks gordon, does this mean that you will be repaying the loan before it is going on pipeline? tomtom
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Post by Collateral Rep on Mar 7, 2017 10:10:44 GMT
Hi @tomotom,
Yes it will be repaid before.
Many thanks,
Gordon
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
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Post by stub8535 on Mar 7, 2017 10:30:07 GMT
While this is probably going to be a relatively uncommon occurrence, I would certainly like to see these run as a percentage-based renewal on any future occasions - particularly since this loan is my biggest one... I realise this probably involves a certain amount of of software changes, but perhaps it could be part of a resolution for another issue raised by a number of lenders: a means of creating a single loan part out of multiples when they renew? I have quite a number of loans (including this one, with 8 fragments) with lots of small chunks and they get increasingly messy whenever I snaffle another little bit. I would have thought it would make calculating interest a bit easier for Collateral, as well as being simpler for lenders to keep track of things (a lot less in rounding errors, for one thing). Obviously I would too, and probably other existing holders.....and support the consolidation of loan fragments although this would make the calculation of interest payments more opaque in months which loan fragments had been held for less than the full month... This suggestion was brought up in our meeting on 2.3.17 and was well recieved.
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Post by winger on Mar 7, 2017 13:14:41 GMT
Unfortunately if it is partly paid off (which hasn't been confirmed yet), it will be a new loan and not a renewal and at this time we don't have the facility to recalculate based on an original loan part sales. That's a bit annoying when you had £5k in the old loan but are limited to just £300 in the new one!
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