|
|
Post by oppsididitagain on Apr 14, 2020 10:05:02 GMT
Morning All
Sorry if its been asked before :
Does anyone know/had any experience since March 20 how the PF is operating on defaulted loans - is it business as usual or is it just covering the interest payment missed. ?
Also anyone had any of their loans paid back in full before the end date. I still have 1year loans paying 5.5-8.3% , and 5 years 5.8-6.9% - I got an early repayment of a loan in access of over 2K but that was about march 4th.
Historically we used to joke make comments higher than normal paying loans would only last a few days/weeks and be paid back early.
TIA
|
|
|
|
Post by oppsididitagain on May 19, 2020 8:19:31 GMT
I ve had 2 loans repay early this month, in the 1st week of May a few hundred Squids in the 1yr which was part of a property loan and overnight £700 in the access which was part of a consumer loan.
After doing some digging via the platform, both loans didn't take payment from the provision fund according to RS which is good news.
|
|
|
|
Post by scepticalinvestor on May 19, 2020 9:05:36 GMT
Maybe I'm missing something obvious here, but surely if a loan gets repaid early it follows that PF wouldn't come into the picture anyway? I ve had 2 loans repay early this month, in the 1st week of May a few hundred Squids in the 1yr which was part of a property loan and overnight £700 in the access which was part of a consumer loan. After doing some digging via the platform, both loans didn't take payment from the provision fund according to RS which is good news. |
|
|
|
Post by Badly Drawn Stickman on May 19, 2020 9:37:06 GMT
Maybe I'm missing something obvious here, but surely if a loan gets repaid early it follows that PF wouldn't come into the picture anyway? I ve had 2 loans repay early this month, in the 1st week of May a few hundred Squids in the 1yr which was part of a property loan and overnight £700 in the access which was part of a consumer loan. After doing some digging via the platform, both loans didn't take payment from the provision fund according to RS which is good news. As I understand it, if a loan was to default the current position is that it is absorbed by the provision fund but would repay as effectively an early repayment. Only further investigation would show the PF involvement. oppsididitagain did kind of illustrate that in fairness.
|
|
|
|
Post by oppsididitagain on Jun 11, 2020 11:01:04 GMT
Had 3 repaid early today a total of 4.3K.
A 2K 1 yr due to complete in Aug 20.
2X access loans - defaulted , so money came from provision fund. In fact it looks like it was the same original borrower, I must have had 2 contracts with them.
But still got 4.3K back :-)
|
|
