mikes1531
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Post by mikes1531 on Feb 12, 2015 0:37:04 GMT
SS's Home page states that borrowers pay a rate of between 1.5% and 3% per month. I'm sure it will be a sliding scale related to the size of the loan. IMHO this rate will also exclude legal fees etc. Does anyone know whether this is different from what was said in the past? Could it be left over from the days when all the loans were boaty loans?
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mikes1531
Member of DD Central
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Post by mikes1531 on Feb 12, 2015 0:49:36 GMT
Unless SS manage to negotiate it (as they have in one case that we know of) the borrower is not liable for payment of interest until the loan is drawn down, so the backdated interest is paid by SS and not by the borrower. I can't say what ramblin rose knows, but what I think I know in these cases is really only what SS have told me. So I don't know whether or not SS might routinely collect a fee from borrowers to cover this. And I don't know whether or not SS actually got the borrower to pay extra for the long-delayed PBLs 11/12/13. We need to bear in mind that an awful lot of what we take to be fact regarding the whole P2P/P2B sector is unverifiable and is based on us trusting the people/platforms supplying the info. A sobering thought, IMHO. 
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Feb 12, 2015 0:52:24 GMT
Thank you for your replies. I have asked 'SavingStream' to issue a reply which will hopefully give us some reassurance. : If SS reply to you directly rather than here in the forum, we'd appreciate it if you would tell us what they say.
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Post by chrisuk on Feb 12, 2015 1:07:47 GMT
Thank you for your replies. I have asked 'SavingStream' to issue a reply which will hopefully give us some reassurance. : If SS reply to you directly rather than here in the forum, we'd appreciate it if you would tell us what they say. Of course.
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Post by savingstream on Feb 12, 2015 15:06:21 GMT
Predrawn interest is Lendy Ltd’s responsibility and is one of our major, but only costs. It is a risk, in that we don’t necessarily know 100% whether the deal will be completed as was evidenced from the recent PBLS 11, 12 & 13. However, we do try to renegotiate with our borrowers as time goes by if the loans are delayed in legals. We have sufficient capital available to cover many monthly interest payments if neccessary and will continue to do so for the foreseeable future.
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