foxy
Quick learner?
Posts: 18 
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Post by foxy on Nov 1, 2015 9:39:26 GMT
During October I sold off a few of my loans. I had the capital deposited into my account fine. I was expecting at the end of the month to have the outstanding interest paid (up to the day I put the loans up for sale) I have checked my account this morning and find I have had a small deposit of interest from one, but nothing from the other two
am I missing something here?
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ablender
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Post by ablender on Nov 1, 2015 9:43:50 GMT
That is more than I received. My statement has not updated yet. It may be that it is because today is Sunday. I will wait till tomorrow to see if this changes. I do not know if this is an automatic update or manually made / started.
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Balder
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Post by Balder on Nov 1, 2015 9:48:11 GMT
During October I sold off a few of my loans. I had the capital deposited into my account fine. I was expecting at the end of the month to have the outstanding interest paid (up to the day I put the loans up for sale) I have checked my account this morning and find I have had a small deposit of interest from one, but nothing from the other two am I missing something here? Hi Foxy - the one you have had paid I assume is the loan that payed back fully on the 30th - you will get the rest when the month's interest is paid - I expect tomorrow, 2nd.
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paulgul
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Post by paulgul on Nov 1, 2015 10:15:58 GMT
That is more than I received. My statement has not updated yet. It may be that it is because today is Sunday. I will wait till tomorrow to see if this changes. I do not know if this is an automatic update or manually made / started. Yes, as I understand, the interest is added on the statement on the first working day after the last day of the month
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ablender
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Post by ablender on Nov 1, 2015 12:29:54 GMT
I do not think that there is reason for alarm. After all there is always the super yacth to chase them with, or have they used it to escape?  |
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paulg
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Post by paulg on Nov 1, 2015 13:10:15 GMT
Hi Foxy - the one you have had paid I assume is the loan that payed back fully on the 30th - you will get the rest when the month's interest is paid - I expect tomorrow, 2nd. AFAIK interest payments are done manually and, again ASFAIK, are always paid on the 1st of the month. I have been with savingstream for 2 years and have been paid regularly on the 1st and usually by 10am. My payments have never been this late before.I've only been with SS 11 months, but interest was paid on: 2nd Jan 15 for December 2nd Feb 15 for January 2nd March 15 for February 31st March 15 for March. With the exception of the March 15 interest all other monthly interest payments have been made on the first working day of the following month.
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paulg
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Post by paulg on Nov 1, 2015 15:00:15 GMT
paulg Your reply made me recheck and I have the following dates for monthly interest withdrawals for the last 15 months or so. 1st August '14; 1st September '14; 30th September '14; 1st Nov '14; 1st Dec '14; 2nd Jan '15; 2nd Feb '15; 2nd March '15; 31st March '15; 1st May '15; 1st June '15; 1st Jul '15; 1st August '15; 1st Sep '15; 1st Oct '15. Two of those days were weekend days. savingstream were consistent in paying out on the 1st and were usually available to answer queries at the weekend. Perhaps it is just part of their growing bigger with more lenders and bigger loans that results in interest payments processing taking longer. They are a very lean machine. : Of course, you're right - 2 of those dates are Saturdays, but I've never had interest paid out on a Sunday so just assumed we'd get it tomorrow as per Jan and Feb interest. They're scheduled to do a BACS reconciliation on Saturday mornings so maybe they do the interest as well if it's the 1st of the month. As you say - they are a very lean machine, and I wouldn't expect them to be doing routine activities on a Sunday.
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Nov 1, 2015 15:01:33 GMT
I thouht I read somewhere that if you sell a loan the interest earned during that month is not paid until the loan is paid off. As I have only been with SS for a couple of months I do not know for certain. Perhaps someone with more experience with this company can clarify
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foxy
Quick learner?
Posts: 18
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Post by foxy on Nov 1, 2015 15:08:25 GMT
I am by no means an expert, hence the initial question, however on checking the only sold loan that has paid up is the one that he capital as been paid back on the 30.10. Have also checked and all other interest payments have been made on the last day of each month (tax point) so am guessing it will be as last suggested, the outstanding interest only paid back once the capital has been paid up.
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mikes1531
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Post by mikes1531 on Nov 1, 2015 15:22:10 GMT
AFAIK interest payments are done manually and, again ASFAIK, are always paid on the 1st of the month. I have been with savingstream for 2 years and have been paid regularly on the 1st and usually by 10am. My payments have never been this late before.I've only been with SS 11 months, but interest was paid on: 2nd Jan 15 for December 2nd Feb 15 for January 2nd March 15 for February 31st March 15 for March. With the exception of the March 15 interest all other monthly interest payments have been made on the first working day of the following month. I presume that paulg can make the above statement only because he kept notes as to when the interest was paid. SS have a habit of backdating entries in their accounts to a time they feel is more appropriate rather than the time things actually happened. The list of transactions on my account tells me that I received my December interest on 31/Dec, my January interest on 31/Jan, my February interest on 28/Feb, etc., etc., while my memory tells me that the credits didn't actually arrive until after those dates. I see no sign of any October interest -- except for that received when PBL15 was repaid. I'm expecting my October interest to be credited on Monday, 2/Nov, but I'm also expecting that when it does arrive it will be dated 31/Oct.
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ablender
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Post by ablender on Nov 1, 2015 15:32:09 GMT
I joined SS in September. I bought a small loan in PBL20 and sold it after a day. I earned 1p interest. This was paid at the end of September. SS pays monthly not at the end of the loan.
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mikes1531
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Post by mikes1531 on Nov 1, 2015 15:39:42 GMT
I thouht I read somewhere that if you sell a loan the interest earned during that month is not paid until the loan is paid off. I think skippyonspeed did read that -- in the original Ts&Cs that are now out of date and being replaced. It's a carryover from the time when virtually all SS loans were on boats and all interest was paid at the end of the six-month term. People who sold any parts in those loans had to wait for their interest just like those who had active holdings in those loans.
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ablender
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Post by ablender on Nov 1, 2015 16:16:09 GMT
Yey  . Interest is in. I feel rich.  |
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mikes1531
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Post by mikes1531 on Nov 1, 2015 17:44:36 GMT
I'm expecting my October interest to be credited on Monday, 2/Nov, but I'm also expecting that when it does arrive it will be dated 31/Oct. One out of two for me. I was wrong about the timing of the credits, but correct that they'd be backdated.
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