tony
Posts: 136 
Likes: 91
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Post by tony on May 1, 2015 9:45:05 GMT
Because it is very difficult to find a loan still open to part funding, owing to very few new loans being available and secondary market opportunities being snapped up so fast, I have decided to withdraw my interest each month rather than having it sit there not earning interest. There is no point in leaving money on account whilst SS continue to allow you to part loan, even though you have no funds, providing you transfer a new deposit within the time limit - this is no problem if you use the "faster payments" system used by banks nowadays.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,316
Likes: 11,525
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Post by ilmoro on May 1, 2015 10:09:14 GMT
Because it is very difficult to find a loan still open to part funding, owing to very few new loans being available and secondary market opportunities being snapped up so fast, I have decided to withdraw my interest each month rather than having it sit there not earning interest. There is no point in leaving money on account whilst SS continue to allow you to part loan, even though you have no funds, providing you transfer a new deposit within the time limit - this is no problem if you use the "faster payments" system used by banks nowadays.
Ive been doing the same from the start, no real point doing otherwise,particularly as reinvested my modest interest amounts in odd bits & pieces makes for a very fragmented loan book. Doing similiar on MT weekly and to some extent FS, though usually have a buffer available for the popup mini-loans. The relative ease of adding & subtracting funds to/from these platforms means cash is able to be reinvested quicker on to one of the platforms rather than languishing unused on each platform or at least its earning 3-5% in a normal bank AC while it waits
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webwiz
Posts: 1,133
Likes: 210
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Post by webwiz on May 3, 2015 12:45:22 GMT
Personally I would not risk any money in SS until I had maxed out the various bank accounts paying 3%+,, so I can only get 1.5% on any money I withdraw from SS and it is not worth the effort for small amounts.
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