shimself
Member of DD Central
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Likes: 1,171
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Post by shimself on Aug 30, 2014 18:51:40 GMT
When trying to sell loan parts this is what I see
Are you sure you wish to sell £999 of this loan part?
Interest will cease to be accrued on this value and will only become payable upon repayment of the loan.
This loan part amount will be credited to your available balance once it has been fully purchased.
I'm trying to understand the second sentence, or perhaps it doesnt mean what it seems to say.
The third sentence could do with a bit if work as well I think (fully purchased???)
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
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Post by j on Aug 30, 2014 19:01:40 GMT
When trying to sell loan parts this is what I see Are you sure you wish to sell £999 of this loan part?
Interest will cease to be accrued on this value and will only become payable upon repayment of the loan.
This loan part amount will be credited to your available balance once it has been fully purchased.
I'm trying to understand the second sentence, or perhaps it doesnt mean what it seems to say .
The third sentence could do with a bit if work as well I think (fully purchased???)
the loan part i take it is £999 in one full swoop?
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Post by mrclondon on Aug 30, 2014 20:52:29 GMT
Interest will cease to be accrued on this value and will only become payable upon repayment of the loan. The accrued interest on each loan part normally accrues another days interest at midnight. If I have a £1000 loan part, and put (say) £400 of it up for sale, then the loan part in immediately split into a £600 part which will accrue another days interest at midnight on that £600 as normal, and a £400 loan part which is listed for sale. The accrued interest on this for sale loan part is now frozen, and will not accrue any more interest even if it is not sold by midnight. That frozen interest will be paid out on the repayment of the loan (boats) or at the end of the month (property bridging loans) This loan part amount will be credited to your available balance once it has been fully purchased. Continuing with my example of putting £400 up for sale ... person A buys £100, person B buys £100, then 2 days later person C buys the remaining £200. My £400 sale is now fully purchased and I receive the £400 into my cash account.
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