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Post by mrclondon on Jan 28, 2014 23:30:53 GMT
Some very odd entries have just appeared on the statement.
The first is the monthly interest, then a credit of the full repayment of my loan units, followed by a debit for reduced balance loan units which now appear as a new loan against today's date under completed loans.
Very odd !
Edited to add from the executive summary: "This loan is a replacement loan following the sale of one of the units and application of the proceeds against the outstanding capital. The unit sold for £180k (£10k) held pending completion of snagging, and the loan has been reduced by £170k to c£580k. Interest will now be calculated on the reduced capital."
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Post by pepperpot on Jan 29, 2014 0:07:46 GMT
It's nice when you find an extra couple of notes in your wallet that you'd forgotten about, but finding 170k is a bit out of my league.
From the CR - "The owners aim to sell 2 of the 6 units in the next 12 months...."
Looks like they've sold at least 1 and used the proceeds to reduce the debt. Good to know things are going according to plan for them, and now wish I hadn't reduced my exposure toward the end of last year.
(quote from bottom of page 3 of the Credit Report)
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j
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Post by j on Jan 29, 2014 0:21:47 GMT
Good to know things are going according to plan for them, and now wish I hadn't reduced my exposure toward the end of last year. (quote from bottom of page 3 of the Credit Report) that could also be a positive as it's now likely they'll pay off the loan altogether much earlier, which means it might be better diversifying into others that might last longer & not repay early, meaning more interest earned
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andy2001
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Post by andy2001 on Jan 29, 2014 2:10:10 GMT
I had sold a few of my units in this one but still my 2nd largest holding. I've now put most of the repayment in Lee*s.
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Post by chris on Jan 29, 2014 6:30:43 GMT
Yeah this is a partial repayment of the loan where CC L*... have made an overpayment to reduce their current balance. To put that through the system we had to effectively repay the old loan and create a new one (i'll work on a slicker way of doing this but for now it works). Being our first refinance we went through the process several times yesterday to test it so it was quite late by the time it went through on the live site, hence no communication from us to the lenders. An email will be sent to all affected lenders today.
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j
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Penguins are very misunderstood!
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Post by j on Jan 29, 2014 9:34:56 GMT
Yeah this is a partial repayment of the loan where CC L*... have made an overpayment to reduce their current balance. To put that through the system we had to effectively repay the old loan and create a new one (i'll work on a slicker way of doing this but for now it works). Being our first refinance we went through the process several times yesterday to test it so it was quite late by the time it went through on the live site, hence no communication from us to the lenders. An email will be sent to all affected lenders today. , in the absence of a function that directly shows how much capital & interest has been repaid, I for one actually like how you did it. That way, all I need to do is look at the statement, deduct the two values & work out how much capital was repaid!
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mikeb
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Post by mikeb on Jan 29, 2014 18:29:04 GMT
Yeah this is a partial repayment of the loan where CC L*... have made an overpayment to reduce their current balance. To put that through the system we had to effectively repay the old loan and create a new one (i'll work on a slicker way of doing this but for now it works). Being our first refinance we went through the process several times yesterday to test it so it was quite late by the time it went through on the live site, hence no communication from us to the lenders. An email will be sent to all affected lenders today. Initial headscratching here too ...  In the process, it seems to have re-consolidated whatever individual parts I held in in the original loan into one new part, presumably this is not such a problem for larger lenders, but for anyone with separate parts < £100, then it seems that these have been replaced by one loan part joining them all together. [analogy="car"] It's like waking up and finding that your two cars on the drive have been cut-and-shutted into a stretch limo -- all the car is still there, just not quite as manageable [/analogy] (I've emailed Dominic about this separately)
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Post by chris on Jan 29, 2014 19:00:59 GMT
Yeah this is a partial repayment of the loan where CC L*... have made an overpayment to reduce their current balance. To put that through the system we had to effectively repay the old loan and create a new one (i'll work on a slicker way of doing this but for now it works). Being our first refinance we went through the process several times yesterday to test it so it was quite late by the time it went through on the live site, hence no communication from us to the lenders. An email will be sent to all affected lenders today. Initial headscratching here too ... In the process, it seems to have re-consolidated whatever individual parts I held in in the original loan into one new part, presumably this is not such a problem for larger lenders, but for anyone with separate parts < £100, then it seems that these have been replaced by one loan part joining them all together. [analogy="car"] It's like waking up and finding that your two cars on the drive have been cut-and-shutted into a stretch limo -- all the car is still there, just not quite as manageable [/analogy] (I've emailed Dominic about this separately) The solution we used has been coded to cope with all situations including those where the loan has been mostly repaid and therefore loan part sizes would be very small. The smaller the principal the greater the effect of having to round transaction to pennies, and the more loan units you held the larger this effect. As such we felt the best solution was to aggregate and redistribute the loan units. Not ideal but the best solution we could come up with within the time frame. If these partial repayments become more frequent than once in a blue moon then I'll try and find a more elegant solution.
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Post by mrclondon on Jul 1, 2014 18:21:59 GMT
that could also be a positive as it's now likely they'll pay off the loan altogether much earlier, which means it might be better diversifying into others that might last longer & not repay early, meaning more interest earned And as correctly predicted by j back in January, full early repayment is now expected this Friday (the interest payment due at the end of June is to be included in the settlement balance). Notes were added to the loan overview this morning.
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Post by cyrilmadrid on Jul 4, 2014 17:09:31 GMT
Considering the time and the lack of news, looks like this hasn't been repaid today...
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andy2001
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Post by andy2001 on Jul 8, 2014 15:05:56 GMT
The loan redemption will not happen after all. Payment of interest expected tomorrow.
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Post by cyrilmadrid on Jul 9, 2014 19:40:29 GMT
I made the error to count on that repayment sooner or later, and placed some bids to reinvest that repayment which now will not happen !
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mikes1531
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Post by mikes1531 on Jul 11, 2014 12:31:52 GMT
I made the error to count on that repayment sooner or later, and placed some bids to reinvest that repayment which now will not happen ! Cue comment about counting hatching chickens... But seriously, you could put your loan parts up for sale in the Aftermarket, and get out of this loan that way, couldn't you? Or could you? Does the fact that the June repayment still is outstanding mean loan parts are not saleable? As an experiment, I tried offering up one unit for sale and got to the 'Review Sale' page without any hint that it might not work. But I didn't confirm the sale request because I suspect AI would have assigned my unit to someone else in an instant -- unless AI has been turned off for this loan because of the overdue payment. Does AC have a policy on 'non-performing' loans that controls the transfer of units and the use of AI. If so, where can I find a statement of that policy? And is it applied automatically, or is it a manual process? More specifically, are the units in this loan sell-able at the moment or not?
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mikes1531
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Post by mikes1531 on Jul 11, 2014 13:23:35 GMT
Well I just tried to sell one (it's only one unit so who cares) and i got ... "There Was A Problem. Not all of your loan units were listed for sale: Cannot currently sell a loan part when the loan has late payments." That certainly answers the question! Thanks for being brave enough to press the 'Yes, list these units for sale' button.
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