nush
Member of DD Central
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Post by nush on Sept 30, 2017 11:04:03 GMT
well i can see this is going to work out well, i started an account on the 28/9 and on the 30/9 i have already lost money, is this a sign of things to come.
my statement says i have been paid interest but now i have less in my account than i started with.
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blender
Member of DD Central
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Post by blender on Sept 30, 2017 11:54:13 GMT
No problem. I assume you have bought, sorry the system has bought for you, some parts on the secondary market, SM. When this happens you pay the seller for the accrued interest to date, and that is real cash which subtracts from your account (recorded as negative interest). But your accrued interest goes up by the same amount. This is not actual cash because it has not yet been paid by the borrower. This all gets sorted on the repayment date, when you get the cash for the whole month, and not just the part of the month for which you held the loan. It will sort itself out.
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Post by GSV3MIaC on Sept 30, 2017 15:09:22 GMT
No problem. I assume you have bought, sorry the system has bought for you, some parts on the secondary market, SM. When this happens you pay the seller for the accrued interest to date, and that is real cash which subtracts from your account (recorded as negative interest). But your accrued interest goes up by the same amount. This is not actual cash because it has not yet been paid by the borrower. This all gets sorted on the repayment date, when you get the cash for the whole month, and not just the part of the month for which you held the loan. It will sort itself out. " when you HOPEFULLY get the cash for the whole month" .. which is why people sold (flipped) just before payment day .. they get 29/30ths of the interest with (roughly) 0/30ths of the risk. No longer an option under the improved/fairer system.
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blender
Member of DD Central
Posts: 5,719
Likes: 4,272
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Post by blender on Sept 30, 2017 15:27:22 GMT
True, but negative interest debit and accrued purchased interest is enough to cope with in one post. At least this is one FC system which does work, and gets the tax liability right.
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