Investboy
Member of DD Central
Trying to recover from P2P revolution
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Post by Investboy on Nov 21, 2015 20:02:57 GMT
I've invested £3,000 on the platform. My dashboard says:
AVAILABLE FUNDS
£1,015.73
ACTIVE BIDS
£0.00
BIDS ON PROPOSED LOANS
£0.00
FUNDS CURRENTLY LENT
£1,964.00
ALL INTEREST EARNED
£8.23
LAST 12 MONTHS INTEREST EARNED
£8.23
I'd assume Available Funds + Funds Currently Lent should equal to all capital and earned interest. But in reality it is only £2,979.73. Where is the rest? What am I missing?
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ablender
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Post by ablender on Nov 21, 2015 20:29:42 GMT
Did you buy anything from the SM?
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blender
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Post by blender on Nov 21, 2015 20:56:05 GMT
Did you buy anything from the SM? I think that must be right. Funds lent plus available funds can only be less than net invested if a premium has been paid on the SM. And the dashboard cannot be fully interpreted without the account history - which may possibly contain cash back or instant returns which could make the premium paid even more than the £28.50 apparent from the dashboard. Did you pay about 101.5% on the SM some time ago for about £2000 principal?
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ablender
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Post by ablender on Nov 21, 2015 20:58:45 GMT
Go to Dashboard>My account history.
NB: It is a multipage thing. (You will see numbers at the bottom)
If you understand it, let me know. I am having problems myself.
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james
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Post by james on Nov 21, 2015 21:31:49 GMT
Go to Dashboard>My account history. ... If you understand it, let me know. I am having problems myself. If you fancy starting a new topic with entries that you don't understand I'll probably be able to explain them to you. I keep a spreadsheet that reconciles those entries with the totals and I've mentioned any issues to Ablrate in the past because I'll usually notice them.
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Post by ablrateandy on Nov 21, 2015 21:33:54 GMT
Hello! As ablender and blender observe, it will be because you have bought something over par in the secondary market. The "Funds Currently Lent" should reflect the face value of the loans that you are invested in. If this doesn't make sense, please DM me your login and I will take a look! |
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james
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Post by james on Nov 21, 2015 21:39:07 GMT
As well as the capital cost on a secondary market deal you would probably have paid some accrued interest to the seller that would show up as a reduced capital balance. You'll get this back with the next loan payment. The accrued interest covers the period from the last payment until the date of purchase. So on next payday you get this back plus the part for the time since you made the purchase, all in one single interest payment.
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ablender
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Post by ablender on Nov 21, 2015 21:40:32 GMT
When I put a bid on the SM I usually get a negative entry. In one occasion it is showing a positive one (£0.05: 15/11/15 10:38).
Also I cannot understand how I earned 50p interest on £100 and the next instalment is 50p even though the lent amount went up to £150.
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Post by ablrateandy on Nov 21, 2015 21:57:48 GMT
OK on point 1, you reduced the price on yur bid so instead of cancelling it, it simply updates it. You initially bid 100.21 but updated it to 100.11, so it gave you back the difference.
On the second point, it looks to me like you have only received one interest payment so far? (on the Cessna Caravan). Your next payment is on the same loan and for the same amount on the 16th December. Once that is paid, your "Next Payment" will be on the other loan that you are invested in.
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blender
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Post by blender on Nov 21, 2015 22:35:48 GMT
As well as the capital cost on a secondary market deal you would probably have paid some accrued interest to the seller that would show up as a reduced capital balance. You'll get this back with the next loan payment. The accrued interest covers the period from the last payment until the date of purchase. So on next payday you get this back plus the part for the time since you made the purchase, all in one single interest payment. Yes, I had forgotten that. It would reduce the available funds. But the £8.23 interest earned suggests that at least one monthly repayment on something has been made to investboy and the negative accrual may have been cancelled, £8.23 being the balance. We do not have enough info to say.
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ablender
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Post by ablender on Nov 21, 2015 23:26:26 GMT
OK on point 1, you reduced the price on yur bid so instead of cancelling it, it simply updates it. You initially bid 100.21 but updated it to 100.11, so it gave you back the difference. On the second point, it looks to me like you have only received one interest payment so far? (on the Cessna Caravan). Your next payment is on the same loan and for the same amount on the 16th December. Once that is paid, your "Next Payment" will be on the other loan that you are invested in. Thanks. As time pass I will start seeing the pattern and understand it better. Sorry, but this subject is not my strongest point so it will take me some time.
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Post by ablrateandy on Nov 21, 2015 23:32:14 GMT
No probs. Always here to help  |
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Investboy
Member of DD Central
Trying to recover from P2P revolution
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Post by Investboy on Nov 22, 2015 0:17:06 GMT
Yep, I did purchased some British businesses, planes and containers on SM for 101%-102%. That may explain my "negative" yield up till now.
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james
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Post by james on Nov 22, 2015 4:15:45 GMT
OK on point 1, you reduced the price on yur bid so instead of cancelling it, it simply updates it. You initially bid 100.21 but updated it to 100.11, so it gave you back the difference. On the second point, it looks to me like you have only received one interest payment so far? (on the Cessna Caravan). Your next payment is on the same loan and for the same amount on the 16th December. Once that is paid, your "Next Payment" will be on the other loan that you are invested in. Thanks. As time pass I will start seeing the pattern and understand it better. Sorry, but this subject is not my strongest point so it will take me some time. It's actually a good point. The description of a reduced bid is something that Ablrate could usefully improve. It should really contain something like the total current cost of the bid after the change (as should the initial bid) so these can be more easily reconciled with the totals. Just in case it wasn't clear, the "next payment" at the top of the screen is the next payment on any loan. To get the correct future payments for the amount that you currently own check the repayments part at the bottom of the loan details page, reachable from the current investments tab. The past payment amounts there will be wrong if you have bought or sold parts, those also update to the current amount held, not the amount held at the time the payment was made. The account history/transaction list is where you can get accurate past payment information if you've bought or sold on the secondary market.
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ablender
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Post by ablender on Nov 22, 2015 9:08:49 GMT
Thanks. As time pass I will start seeing the pattern and understand it better. Sorry, but this subject is not my strongest point so it will take me some time. It's actually a good point. The description of a reduced bid is something that Ablrate could usefully improve. It should really contain something like the total current cost of the bid after the change (as should the initial bid) so these can be more easily reconciled with the totals. Just in case it wasn't clear, the "next payment" at the top of the screen is the next payment on any loan. To get the correct future payments for the amount that you currently own check the repayments part at the bottom of the loan details page, reachable from the current investments tab. The past payment amounts there will be wrong if you have bought or sold parts, those also update to the current amount held, not the amount held at the time the payment was made. The account history/transaction list is where you can get accurate past payment information if you've bought or sold on the secondary market. Thanks James. So if I understand well, the "All interest earned", "Last 12 months interest earned" and "next instalment amount" do not necessarily show correct figures, or at least not a complete picture of a monthly earning.. In my current situation, I have two loan parts: £100 on an plane and £50 on another. £100 plane 1 20/12/15 - £0.83 £50 plane 2 16/12/15 - £0.50 Next instalment amount is showing £0.50 as the interest on plane 2 will be the first to pay; i.e. what the expected next interest transaction is going to be. In my opinion this is a bit of a convoluted approach, but as I said before accounts and economics are not my main subject, so perhaps this is how it is normally done, no matter how strange it looks to me. I would prefer to have a simple table with all the loan parts showing how much each is going to earn in the current month and the total for the month.
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