aju
Member of DD Central
Posts: 3,486 
Likes: 919
|
Post by aju on Dec 3, 2020 9:54:48 GMT
So i'm sure this is just me monitoring things very closely but both myself and Mrs Aju have a loan that yesterday and for weeks has been posting a payment dates of around 3rd of the month. I checked yesterday and the system said the next payment was due 3/12 for both of us (It is the same loan just different contracts/accounts).
So I'm confused as I just logged in to check if it was paid (Its access product btw) and surprisingly the final payment date has now been moved to 18th. I'm guessing its because the original date for our contract did not line up with the true loan contract date but its a shame that the RS systems cannot cope with this until the day before its due to be paid.
Anyone got any thoughts?
Edit: It's just Access quirks I think.
Just checked the transactions over the last 3 months and it seems that as its Access its posted a new contract that pays on the 18th so I'm now guessing it is just the fact our contract dates did not line up with the loan dates. Its a shame that RS does not state the original loan contract date in the borrowers section i'd have been able to tell that there are still further payments.
|
|
|
|
Post by mouldy on Dec 3, 2020 11:08:38 GMT
I had this on one of my loans when it was coming up to the final repayment date so I asked Ratesetter and got the following reply:
"In this instance the borrower has made their monthly interest repayment on 3rd September 2020 as expected. The capital remains on loan and is scheduled to be repaid on 10th September 2020, although borrowers are able to change the date of their repayment which may delay this."
|
|
aju
Member of DD Central
Posts: 3,486
Likes: 919
|
Post by aju on Dec 3, 2020 11:36:34 GMT
I had this on one of my loans when it was coming up to the final repayment date so I asked Ratesetter and got the following reply: "In this instance the borrower has made their monthly interest repayment on 3rd September 2020 as expected. The capital remains on loan and is scheduled to be repaid on 10th September 2020, although borrowers are able to change the date of their repayment which may delay this." Thanks, I did read something similar in the borrowers details - at the bottom of that section I think it was - but I thought/assumed that was just relative to they could pay earlier - some of my 1Y loans did a lot of that when I had them - this loan is £100,000 for the borrower and t tends to be these type of loans that mostly fall short by a couple of months or so. In your case was it that the loan paid early or was it similar to mine in that it was pushed back by days in the same or next month.(since reviewing the details further I do now think its just the lineup of contract dates, when we took them out, it just did not line up with the borrowers contract end/start dates) I would be happier if they stated the loan start date definitively then one could get a better idea of what is happening in the meantime I've just reset my calendar reminder date to the poss 18th closure date.
|
|
bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
Posts: 129
Likes: 53
|
Post by bt on Dec 3, 2020 12:09:24 GMT
I've often had non-amortising loans repay just interest on the end date, then you find it appears in your schedule again a few days later for the capital repayment. Is that what you mean ?
|
|
|
|
Post by mouldy on Dec 3, 2020 12:56:49 GMT
I had this on one of my loans when it was coming up to the final repayment date so I asked Ratesetter and got the following reply: "In this instance the borrower has made their monthly interest repayment on 3rd September 2020 as expected. The capital remains on loan and is scheduled to be repaid on 10th September 2020, although borrowers are able to change the date of their repayment which may delay this." Thanks, I did read something similar in the borrowers details - at the bottom of that section I think it was - but I thought/assumed that was just relative to they could pay earlier - some of my 1Y loans did a lot of that when I had them - this loan is £100,000 for the borrower and t tends to be these type of loans that mostly fall short by a couple of months or so. In your case was it that the loan paid early or was it similar to mine in that it was pushed back by days in the same or next month.(since reviewing the details further I do now think its just the lineup of contract dates, when we took them out, it just did not line up with the borrowers contract end/start dates) I would be happier if they stated the loan start date definitively then one could get a better idea of what is happening in the meantime I've just reset my calendar reminder date to the poss 18th closure date. It was similar to yours that it was pushed back by a few days.
|
|
aju
Member of DD Central
Posts: 3,486
Likes: 919
|
Post by aju on Dec 3, 2020 15:17:20 GMT
I've often had non-amortising loans repay just interest on the end date, then you find it appears in your schedule again a few days later for the capital repayment. Is that what you mean ? Yes that's pretty much what happened although it unexpectedly appeared on the day it was meant to pay and if It had then I would have only a single loan left in the relevant product. If I had checked the Transaction history before writing here I might not have bothered but as it happened I only checked the On loan list and saw that my loan was still there and was posting repayment later in the month. That's the way this stuff works when one thought they understood how it worked and finds out they did not. Mind you in my defence Rolling and it's subsequent brethren babies A/P/M were always rather difficult to work with compared to the simpler 1Y and 5Y products. RS seems to treat the loans in these A/P/M products as rolling over each month with subsequent new contract numbers. A while back RS moved the LoanID down a level from the contractID info and it become harder to keep track of in a spreadsheet (I gave up tracking in that way quite a while ago as a result.)
|
|
