rogerbu
Member of DD Central
Posts: 398 
Likes: 213
|
Post by rogerbu on Mar 19, 2015 20:01:39 GMT
Can anyone explain simply when interest is due to be credited on any one loan.
To use an example of my confusion.
PBL 004b has a loan start date of 16/02/15
I have 2 loan parts
LP1 bought 2/3/15 and
LP2 bought 3/3/15
If the loan start date was 16/2/15, would have expected interest on 16/3, 16/4, 16/5, 16/6, 16/7 and Capital + Interest on 16/8 for both Loan Parts.
Instead I get a small interest on LP1 dated 28/02/15. (2 weeks before I bought the LPs)
But, no similar interest on LP2
and no interest around 16/03/15
I ask SS for an explanation and get no reply.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
Likes: 11,524
|
Post by ilmoro on Mar 19, 2015 20:49:56 GMT
Can anyone explain simply when interest is due be credited on any one loan. To use an example of my confusion. PBL 004b has a loan start date of 16/02/15 I have 2 loan parts LP1 bought 2/3/15 and LP2 bought 3/3/15 If the loan start date was 16/2/15, would have expected interest on 16/3, 16/4, 16/5, 16/6, 16/7 and Capital + Interest on 16/8 for both Loan Parts. Instead I get a small interest on LP1 dated 28/02/15. (2 weeks before I bought the LPs) But, no similar interest on LP2 and no interest around 16/03/15 I ask SS for an explanation and get no reply. Interest is credited at end of month on all loans except outstanding boats (excluding superyacht) which pay at term. The exception is where a loan draws down after more than a month when interest accrued up until end of previous month is credited at draw down (dated end of previous month)with interest for the current month then paid as normal at end of that month So a loan launched in Feb will pay interest at the end of Feb if drawndown in Feb but if it draws down in March it will pay interest accrued between launch & end of Feb at drawdown & then interest accrued in Mar at end of Mar & so on Deleted - clearly talking out of my a*** with no basis in fact
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Mar 19, 2015 20:57:16 GMT
Further to the above, if you didn't own any parts of this loan before 2/Mar, then I don't think you should have received any interest dated 28/Feb. An email to savingstream is going to be the only way to resolve this, so you'll need to poke them again if you don't get a response to your previous email. They're usually pretty good about replying to direct emails. I hope they don't have as many problems receiving our emails as we seem to have receiving theirs. |
|
rogerbu
Member of DD Central
Posts: 398
Likes: 213
|
Post by rogerbu on Mar 21, 2015 10:14:40 GMT
Thanks for the replies guys.
No where had I figured out that interest for each loan was normally paid at the end of each calendar month on SS.
Does this apply to the final month when Interest & capital are due?
ie for an example loan that started on 16/02/15.
Do I expect the final interest & Capital return on the 16/08/15 or 31/8/15?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
Likes: 11,524
|
Post by ilmoro on Mar 21, 2015 11:43:40 GMT
Thanks for the replies guys. No where had I figured out that interest for each loan was normally paid at the end of each calendar month on SS. Does this apply to the final month when Interest & capital are due? ie for an example loan that started on 16/02/15. Do I expect the final interest & Capital return on the 16/08/15 or 31/8/15? In that instance, capital & interest are paid when the loan repays which should,' in theory, be 16/8/15
|
|
|
|
Post by solicitorious on Mar 31, 2015 15:45:41 GMT
Aren't we expecting something today?
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Mar 31, 2015 16:35:35 GMT
Aren't we expecting something today? Yes, and No. When the monthly interest is credited, it will be dated today -- but it probably won't actually happen until tomorrow. (IIRC, that's what's happened in the past.)
|
|
|
|
Post by duncandive on Mar 31, 2015 19:27:15 GMT
My interest was just credited into my account  |
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Mar 31, 2015 20:07:37 GMT
My interest was just credited into my account Mine too. So either I've misremembered or SS have posted the interest more quickly this month.
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Mar 31, 2015 20:55:29 GMT
Aren't we expecting something today? Drawdown of PBL 16,17,18 or 19?
|
|
|
|
Post by solicitorious on Mar 31, 2015 22:31:53 GMT
Me too, but seems a bit "light."
I hate having to check the figures...
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Mar 31, 2015 22:41:43 GMT
Several loans haven't drawdown, so no interest yet  |
|
|
|
Post by solicitorious on Mar 31, 2015 22:43:37 GMT
Ah yes, that could explain it...  Cheers! |
|
paulg
Member of DD Central
Posts: 312
Likes: 189
|
Post by paulg on Mar 31, 2015 23:08:58 GMT
Me too, but seems a bit "light." I hate having to check the figures... My wife's interest is short this month. Checking individual interest payments it seems that any loan part bought before 1st March and sold before 31st March has received one day's interest less than it should have. i.e. A loan part bought on 24th Feb and sold on 24th March received 4 days interest last month but has only received 23 days interest this month. Edit: She has emailed SS about it. I note that we haven't received the usual email from SS saying that the interest has now been paid, so perhaps they are aware that there is a problem with it.
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Apr 1, 2015 0:22:51 GMT
Paul I too have sold loan parts and according to my figures have been paid 1 day short, more hassle than its worth trying to prove I'm right. That's if they reply. Can you you post an example, because people won't understand what you mean. PS tell them they owe me a £1, I think it was. Edit: I am talking about sales I made several months ago, so not this month. Ie probably a long standing problem. Anyone else? |
|
