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Post by dan1 on Jan 22, 2020 14:35:02 GMT
Well I suppose I ought to say im delighted..full capital £500 + £81.31 int.[was £87.45 as at 24/10/19]..and in IFISA too..but my elation is tempered by what is yet to unfold..still, might as well enjoy the moment..  I see someone has worked it out at 9.5% int..in the circumstance I'd love to know if there was an easy way to work that out but I think I'll just be grateful and leave it at that. FS pay simple interest, so the amount you receive back (principal + interest), A, is A = principal*(1 + rate*period) e.g. for your £500, A = 500*(1 + 9.5%*(623/365)) = £581.08 (near enough given the rounding on the rate) loan went live 10 May 18, which is 623 days. To work out the rate given your return... rearranging above, rate = ((A/principal) - 1) / period for your return, (((500+81.31)/500) - 1) / (623/365) = 9.53% Stick it in a spreadsheet if you're comfortable with those or use an online calculator to solve.... www.calculatorsoup.com/calculators/financial/simple-interest-plus-principal-calculator.php
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rogerthat
Member of DD Central
Posts: 2,048 
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Post by rogerthat on Jan 22, 2020 15:04:16 GMT
Well I suppose I ought to say im delighted..full capital £500 + £81.31 int.[was £87.45 as at 24/10/19]..and in IFISA too..but my elation is tempered by what is yet to unfold..still, might as well enjoy the moment.. I see someone has worked it out at 9.5% int..in the circumstance I'd love to know if there was an easy way to work that out but I think I'll just be grateful and leave it at that. FS pay simple interest, so the amount you receive back (principal + interest), A, is A = principal*(1 + rate*period) e.g. for your £500, A = 500*(1 + 9.5%*(623/365)) = £581.08 (near enough given the rounding on the rate) loan went live 10 May 18, which is 623 days. To work out the rate given your return... rearranging above, rate = ((A/principal) - 1) / period for your return, (((500+81.31)/500) - 1) / (623/365) = 9.53% Stick it in a spreadsheet if you're comfortable with those or use an online calculator to solve.... www.calculatorsoup.com/calculators/financial/simple-interest-plus-principal-calculator.phpThanks dan1..perhaps you missed the word 'easy'  but will have a look at that later
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michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on Jan 22, 2020 17:02:10 GMT
Well I suppose I ought to say im delighted..full capital £500 + £81.31 int.[was £87.45 as at 24/10/19]..and in IFISA too..but my elation is tempered by what is yet to unfold..still, might as well enjoy the moment.. I see someone has worked it out at 9.5% int..in the circumstance I'd love to know if there was an easy way to work that out but I think I'll just be grateful and leave it at that. I see you were in this for an identical sum as me. Great minds and all that... Anyone know the latest thinking on getting cash out of the "segregated" account ? Are we likely to see all of that or is it not segregated after all?
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Post by dan1 on Jan 22, 2020 17:06:51 GMT
FS pay simple interest, so the amount you receive back (principal + interest), A, is A = principal*(1 + rate*period) e.g. for your £500, A = 500*(1 + 9.5%*(623/365)) = £581.08 (near enough given the rounding on the rate) loan went live 10 May 18, which is 623 days. To work out the rate given your return... rearranging above, rate = ((A/principal) - 1) / period for your return, (((500+81.31)/500) - 1) / (623/365) = 9.53% Stick it in a spreadsheet if you're comfortable with those or use an online calculator to solve.... www.calculatorsoup.com/calculators/financial/simple-interest-plus-principal-calculator.phpThanks dan1 ..perhaps you missed the word 'easy' but will have a look at that later I thought you'd say that  Follow the link but to calculate the effective rate you need to know your principal, earnings, and days invested. btw I forgot the most important aspect which is that this isn't your actual return, that depends on when the cash hits your bank account. That return of 9.53% will reduce each and every day you can't access your cash. Obvious but little point in deriving % before cash is returned.
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iRobot
Member of DD Central
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Post by iRobot on Jan 22, 2020 18:06:05 GMT
at least a relatively good result as we expected - be interested to see what this went for. I ask because I think any profit is returned to the borrower. I wonder why the administrator did not charge all his expenses to the borrower and return 12% to the lenders? I realise they are working to a model but it seems very unfair to me that the lenders here are penalised as it were. Hopefully we will soon get a detailed explanation I presume because the Borrower has a contract between themselves and FundingSecure which will outline the terms of Redemption from a defaulted position. Whilst it would probably include a clause that allows for 'additional costs', the Borrower could reasonably argue that FundingSecure's situation of finding itself in Administration isn't their (the Borrower's) issue and that additional costs relating to that 'internal' situation shouldn't be passed on to the Borrower. If the Borrower were to argue that position, the Administrator would have to defend it. I'm guessing it would cost more than the amount deducted for them to do that, and that sum would (also) come off the lenders returns.
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I see someone has worked it out at 9.5% int..in the circumstance I'd love to know if there was an easy way to work that out but I think I'll just be grateful and leave it at that.
but will have a look at that later
