What time of day does payment processing happen?

Acrued interest updates at midnight (or just after). The repayment run usually takes place in the early hours of the morning (your account will be totally out of sync while it's running).

'Unexpected' events such as bank holidays, months with less than 31 days really seem to mess it up. After one of these a repayment run may well take place during the day (suspect it's a manual operation).

Feb 2016 is likely to totally confuse things - it'll have 29 days. I seem to recall that it took ages for things to get back to 'normal' after 29/2/12 but then the platform was a lot, lot smaller.

I think the loanbook is only updated sometime late evening/early morning.  I've noticed that newly drawn down loans show up on it the following day.

The last time I was tracking it in detail (a long time ago, so my experience may well be rather out of date) the sequence went broadly as follows:

For payments that clear "overnight":

1. at the stroke of midnight the loan value updates to show interest being repaid.
2. at 1am the loan value updates to show a repayment having been made, and any loan parts sold after that time are effectively "ex-repayment".
3. From about 2am onwards, the actual payments gradually filter into lender accounts, based on who was holding the loan part at 1am.

In between steps 2 and 3, the account total would be incorrect.

For payments that do not clear "overnight"
1. [as above]
2. at 1am the loan enters "processing/retry" state, and is suspended from trading
3. some time later the payment will clear and be processed, and loan parts can be listed for sale again. I've never watched closely enough to see if that's also a 2-stage process.


Maybe someone with a hawk-eyed bot will be able to confirm the precise current behaviour?

Retry is when the DD failed to collect and gets resubmitted .. clearly a problem outside of sticky wires on the abacus. 'Processing' seems to be when FC are not yet sure that the DD bounced .. something else may have gone wrong (or just the aforesaid sticky wires).

I do not think processing and retry have ever been defined. I do not remember ever seeing a loan go straight to retry, which suggests that a time in processing was always required first - whatever the position of the fund acquisition. Generally two or three working days of processing before one or two working days of retry, which seemed to show a process of escalation before being eased into late.
There was once a property loan which nearly went late even though FC had all the interest up front. I am not sure if it went to retry, though that may be in the forum. Unfortunately someone spoiled the fun by alerting FC before it went late and before they had to write a note.