theshape
Member of DD Central
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Post by theshape on May 1, 2017 15:38:17 GMT
I made an entry in my spreadsheet on 08/04/17 of my then current Lending Works IFISA balance which stood at £1514.17. My balance today (01/05/17) stands at £1513.95. If I assume that I made a correct entry on 08/04/17, I can't work out the reason for the reduced balance. Anyone got an idea what I might be overlooking?
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ben
Posts: 2,020
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Post by ben on May 1, 2017 15:46:32 GMT
not really looked at the ISA but do they charge a fee?
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theshape
Member of DD Central
Posts: 153
Likes: 109
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Post by theshape on May 1, 2017 19:00:21 GMT
not really looked at the ISA but do they charge a fee? Not that I can remember reading when I signed up. Can't see any mention of fees in the t&cs.
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Post by Matthew on May 2, 2017 21:31:48 GMT
Hi theshape Sounds strange. Without looking into your account, I can only think of two possible reasons why this might have happened: 1. One of your loans was cancelled by the borrower within their 14-day 'cooling off' period i.e. exercising their right of withdrawal from the credit agreement. In these circumstances, the borrower returns the funds paid to them and the agreement is cancelled. Your account immediately prior to this would have been showing accrued interest which would end up not being received. 2. One of your loans had a payment due (but not yet processed in the system) on the same day you checked your account. This can happen, for example when a payment falls due on a weekend or bank holiday where the payment is processed on the next available business day. The accrued interest showing for this loan part would have been £nil on the assumption that the capital and interest payment had been received already. Your total account value on the preceding day would have been higher (by the accrued interest amount). It's unlikely there is any issue with your account, but if you'd like further investigation please do send details to our customer service team (cs@lendingworks.co.uk) and they can delve a bit more deeply into your account. Hope this helps. |
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Post by Matthew on May 3, 2017 8:29:18 GMT
Hi theshape Sounds strange. Without looking into your account, I can only think of two possible reasons why this might have happened: 1. One of your loans was cancelled by the borrower within their 14-day 'cooling off' period i.e. exercising their right of withdrawal from the credit agreement. In these circumstances, the borrower returns the funds paid to them and the agreement is cancelled. Your account immediately prior to this would have been showing accrued interest which would end up not being received. 2. One of your loans had a payment due (but not yet processed in the system) on the same day you checked your account. This can happen, for example when a payment falls due on a weekend or bank holiday where the payment is processed on the next available business day. The accrued interest showing for this loan part would have been £nil on the assumption that the capital and interest payment had been received already. Your total account value on the preceding day would have been higher (by the accrued interest amount). It's unlikely there is any issue with your account, but if you'd like further investigation please do send details to our customer service team (cs@lendingworks.co.uk) and they can delve a bit more deeply into your account. Hope this helps. [br Point 1 is incorrect. In these circumstances accrued interest is still paid, as happened to me last week when I received my capital refund plus 3p in interest. That would have been an early settlement rather than a statutory cancellation within the 14-day cooling off period.
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Ukmikk
Member of DD Central
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Post by Ukmikk on May 3, 2017 8:57:10 GMT
My apologies Matthew , I was thinking of another platform, hence tried to remove my post before it was picked up (unsuccessfully) .
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