benaj
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Post by benaj on Nov 15, 2023 9:18:42 GMT
I have received my interest earned today. However, I don't understand why the amount is being deducted straight away.
Any suggestions? The interest is 39p for lending £100 started 37 days ago. Having interest earned and deducted same day, I can't see my XIRR is above 0%.
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Greenwood2
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Post by Greenwood2 on Nov 15, 2023 10:26:21 GMT
I have received my interest earned today. However, I don't understand why the amount is being deducted straight away. Any suggestions? The interest is 39p for lending £100 started 37 days ago. Having interest earned and deducted same day, I can't see my XIRR is above 0%. Have you got it set to auto withdraw interest? It will be withdrawn to your bank account if you have. Edit: So you see it added and then deducted on the account transactions.
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benaj
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Post by benaj on Nov 15, 2023 10:50:06 GMT
I have received my interest earned today. However, I don't understand why the amount is being deducted straight away. Any suggestions? The interest is 39p for lending £100 started 37 days ago. Having interest earned and deducted same day, I can't see my XIRR is above 0%. Have you got it set to auto withdraw interest? It will be withdrawn to your bank account if you have. Edit: So you see it added and then deducted on the account transactions. I need to check my settings. I made a withdrawal earlier and it arrived within minutes. However, my bank account hasn’t received the earned interest yet. Does it take longer to pay interest to bank account?
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Greenwood2
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Post by Greenwood2 on Nov 15, 2023 10:57:17 GMT
Have you got it set to auto withdraw interest? It will be withdrawn to your bank account if you have. Edit: So you see it added and then deducted on the account transactions. I need to check my settings. I made a withdrawal earlier and it arrived within minutes. However, my bank account hasn’t received the earned interest yet. Does it take longer to pay interest to bank account? Mine's not in my account yet. I think it usually arrives same day.
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benaj
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Post by benaj on Nov 15, 2023 12:17:00 GMT
Thanks, Elfin has sent interest to my bank account.
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Greenwood2
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Post by Greenwood2 on Jan 15, 2024 16:50:06 GMT
My overall interest crept up to 9.0% AER this month. Held back I assume by lower rates when most tranches were started, mine have nearly all been 3 years from the beginning.
I can't find a way to see the current rates again, I only look every so often and it always seems obscure!
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Post by Ace on Jan 15, 2024 17:28:04 GMT
My overall interest crept up to 9.0% AER this month. Held back I assume by lower rates when most tranches were started, mine have nearly all been 3 years from the beginning. I can't find a way to see the current rates again, I only look every so often and it always seems obscure! Target rates are shown on www.elfinmarket.com/invest-with-us. Currently 10% pa for 3 year investments.
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Post by Ace on Jan 16, 2024 15:26:44 GMT
My forecast payment for 15th Feb has dropped from this month's payment, despite both being 31 day periods. This month's payment was equivalent to the advertised 10% target rate for 3 year investments, but the new forecast for next month is equivalent to an annualised 9.3%.
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Greenwood2
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Post by Greenwood2 on Jan 16, 2024 16:12:24 GMT
My forecast payment for 15th Feb has dropped from this month's payment, despite both being 31 day periods. This month's payment was equivalent to the advertised 10% target rate for 3 year investments, but the new forecast for next month is equivalent to an annualised 9.3%. Mine is lower too, closer to the interest for December, I haven't figured out the change in rate exactly maybe 0.5% (month to month), January was quite high for me, just crept over 9%. More bad debt predicted? It might change in the month although usually not by very much. Edit: January last year was comparatively high too, can't remember any particular reason.
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Post by Ace on Mar 8, 2024 16:21:28 GMT
I've just noticed that my forecast payment this month has increased without any transactions. It now represents a simple interest rate of 10.2% (an XIRR of 10.7%).
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benaj
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Post by benaj on Mar 8, 2024 16:31:50 GMT
Same here. Nice suprise!
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Post by erniec on Mar 14, 2024 22:32:26 GMT
… and it seems to have increased again today, before tomorrow’s payments.
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Post by Ace on Mar 15, 2024 8:19:47 GMT
… and it seems to have increased again today, before tomorrow’s payments. Not for me.
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Post by erniec on Mar 15, 2024 11:24:45 GMT
… and it seems to have increased again today, before tomorrow’s payments. Not for me. Mine went to 324 from 288 just yesterday. I did have some funds mature last month which were re-invested in 3 year product, previously 1 year. Perhaps something to do with that? Could it be due to recovered debt?
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Greenwood2
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Post by Greenwood2 on Mar 15, 2024 12:27:26 GMT
Mine went to 324 from 288 just yesterday. I did have some funds mature last month which were re-invested in 3 year product, previously 1 year. Perhaps something to do with that? Could it be due to recovered debt?That could be something, a debt sale maybe? But hoping it's a general rate increase not a one off.
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