Interest forfeited for period offered on SM

mary , I think that the interest deducted while for sale is simply whole days. The reason being that I had a particular £5k loan part which was up for sale for 23 days and 7 hours. However, the interest deducted is exactly 23 days not 23.29 days or any other fraction. EDIT - This is my interest as shown on line for that loan part which actually should not have the 23 days deducted! In the interest run I received all that I was due... It's a long story.

It has been confirmed on this forum that each month, any deductions due to 'for sale' time appear as negative interest in your account (at least this was the case in the interest run on 01/09).

Your loan parts only show the total duration for sale which could be several cancelled sales over many months. My guess (and it is a guess) is that during the interest run they will use the total duration for sale rounded down to whole days and subtract the number of days already deducted in previous months.

Example:

At the end of the first month: loan part total duration for sale is 40 hours (1 whole day): One day of interest will be deducted.

At the end of the second month: loan part total duration for sale is 80 hours (3 whole days): Two days of interest will be deducted because one was deducted in month 1.

etc... you get the idea.

And I agree... it will make it very difficult to track your interest and ensure it has been correctly calculated.