TonyL
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Post by TonyL on Jul 4, 2018 18:16:07 GMT
I feel like I should understand the 'Interest' column in the "My Loans" - "Selling Loanparts" screen, but I can't figure it out...can anyone help? For example, I have some DFL003 for sale (3 lots in fact). | ID | Start Date | End Date | Age | Amount | Interest | | 509130 | 11/07/2016 | 31/05/2018 | 22 months | £100.00 | £74.05 | | 1450349 | 21/07/2017 | 31/05/2018 | 10 months | £500.00 | £51.63 | | 1423850 | 11/07/2016 | 31/05/2018 | 22 months | £100.00 | £11.00 |
The two £100 parts were bought at the same time and then sold at the same time. Why does one say interest £74.05 and the other say £11.00? And how does one loan part of £100 get to £74.05 interest in just under two years? This is just one quick example, but practically all of the loan parts I have for sale share this seemingly arbitrary value of interest. Some even claim interest £0.00 when they are loans of a few hundred pounds and have been held for several months. Does anyone else have the same problem? Is it just a glitch that needs to be ignored? |
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tx
Member of DD Central
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Post by tx on Jul 4, 2018 22:21:36 GMT
I never understood, and I then did something amazing... I gave up.
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MONEY
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Post by MONEY on Jul 4, 2018 23:48:13 GMT
I feel like I should understand the 'Interest' column in the "My Loans" - "Selling Loanparts" screen, but I can't figure it out...can anyone help? For example, I have some DFL003 for sale (3 lots in fact). | ID | Start Date | End Date | Age | Amount | Interest | | 509130 | 11/07/2016 | 31/05/2018 | 22 months | £100.00 | £74.05 | | 1450349 | 21/07/2017 | 31/05/2018 | 10 months | £500.00 | £51.63 | | 1423850 | 11/07/2016 | 31/05/2018 | 22 months | £100.00 | £11.00 |
The two £100 parts were bought at the same time and then sold at the same time. Why does one say interest £74.05 and the other say £11.00? And how does one loan part of £100 get to £74.05 interest in just under two years? This is just one quick example, but practically all of the loan parts I have for sale share this seemingly arbitrary value of interest. Some even claim interest £0.00 when they are loans of a few hundred pounds and have been held for several months. Does anyone else have the same problem? Is it just a glitch that needs to be ignored? Can't help by comparison due to not currently having any holdings for sale but, according to the information provided, your two £100 loan parts weren't bought at the same time. Loan part ID #s run consecutively - each time a loan part is bought, be it 1p or £100k, the number notches up by 1 (currently 2,07X,XXX). The IDs of your two £100 loan parts would dictate that they were bought approx. 1 year apart. Loan part 509130's start date appears to be correct, but 1423850 was bought either June or early July 2017, not 2016. IIRC, there was an issue in the past where the data displayed in columns was misaligned, hence the information across rows didn't correspond. However, I would be inclined to contact Lendy directly if, as you say, your account is displaying numerous anomalies.
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SteveT
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Post by SteveT on Jul 5, 2018 5:30:17 GMT
IIRC, when you sell a portion of a loan part on Lendy, the remaining bit keeps the original part number. Perhaps the end column is displaying the total interest earned by that part number since inception, even though it is now much smaller than it was.
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sl75
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Post by sl75 on Jul 5, 2018 7:12:18 GMT
SteveT covered the essence of what I was going to say, but what's probably happened is:
1. On 11/07/2016 you invested some amount (much larger than £100) into the loan.
2. You've put portions of this loan part up for sale at various times (at the very least a £100 chunk in July or late June 2017, but there were probably others at other times to account for the additional interest on 509130).
3. Shortly afterwards in July 2017, you cancelled the sale of 1423850, and bought some more of the same loan (including at least the £500 loan part 1450349)
4. You then put all of them up for sale, on 31/05/2018.
This kind of weird shenanigans with partial sales is why I never do it, but perhaps explains why Lendy have so much difficulty dealing with interest payment runs.
If I want to sell only a portion of a loan part, I put the entire loan part up for sale, and then buy back the portion I want to keep as a brand new loan part. It keeps the accounting much easier to understand...!
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TonyL
Posts: 53
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Post by TonyL on Jul 5, 2018 14:27:53 GMT
Many thanks MONEY, SteveT, and sl75. Your interpretation of my past transaction habits for buying some, selling some, buying some more and selling sub-parts is entirely correct...and as you ascertained that purely from the grid I presented I accept your explanations completely. |
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