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Post by alamosurvivor on Dec 17, 2015 20:39:06 GMT
Anyone in this loan heard anything yet? Lets hope there are no problems as this is the thin end of a rather large Italian wedge.
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mikes1531
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Post by mikes1531 on Dec 17, 2015 20:44:11 GMT
Anyone in this loan heard anything yet? Lets hope there are no problems as this is the thin end of a rather large Italian wedge. I've heard nothing, and that is a bit worrying since in the past the borrower has indicated their intent to renew their loans before the expected end date. Perhaps fundingsecure would care to let us know what's happening?
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Post by alamosurvivor on Dec 17, 2015 21:01:27 GMT
Hi Mikes,
I messaged Daisy for info tues am. She replied saying there would be info in 48 hrs. Yes it is a little concerning, fingers crossed.
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Post by fundingsecure on Dec 17, 2015 21:54:32 GMT
Loan has been updated:
"Borrower has advised they expect to repay loan over the Christmas period. We will update as soon as possible."
FundingSecure
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mikes1531
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Post by mikes1531 on Dec 17, 2015 22:11:15 GMT
Loan has been updated: "Borrower has advised they expect to repay loan over the Christmas period. We will update as soon as possible." : Has the borrower indicated whether they're expecting to repay only this loan or all of their FS loans?
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Post by alamosurvivor on Dec 18, 2015 10:34:31 GMT
Answer is far too vague for me. Funding Secure could you ask borrower for more detail please? Sounds like a fob off. What does Christmas period mean? Is it 24TH, 25TH OR 26TH? Or does 27th to 1st of Jan 2016 come in to play?
This is not good enough. There are now plenty of other platforms paying 10% plus.
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Post by alamosurvivor on Dec 30, 2015 11:33:51 GMT
So xmas has come and gone. Let me guess the next reply - Early in the new year? well er, certainly by Easter. Lets get those books on the market. Happy new year.
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Post by alamosurvivor on Jan 15, 2016 20:11:33 GMT
According to the latest update this loan is to be renewed on Monday. I ticked the box not to renew months ago. Does anyone know what happens to my money next please?
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mikes1531
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Post by mikes1531 on Jan 15, 2016 20:15:39 GMT
According to the latest update this loan is to be renewed on Monday. I ticked the box not to renew months ago. Does anyone know what happens to my money next please? It should be credited to your account on Monday morning, along with the interest you've earned up to that point.
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akroyd
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Post by akroyd on Jan 18, 2016 10:25:55 GMT
What happens if you choose NOT to renew? Do you still get the full interest due up to today? Daisy seems to be of the opinion that interest will only be paid up to the scheduled renewal date (16th December)...
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 18, 2016 10:50:55 GMT
What happens if you choose NOT to renew? Do you still get the full interest due up to today? Daisy seems to be of the opinion that interest will only be paid up to the scheduled renewal date (16th December)... Thats correct. I had a loan that repaid a week late but the renewal was backdated & the interest only paid to that date. Less of an issue now, just renew & sell on SM
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akroyd
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Post by akroyd on Jan 18, 2016 11:01:32 GMT
What happens if you choose NOT to renew? Do you still get the full interest due up to today? Daisy seems to be of the opinion that interest will only be paid up to the scheduled renewal date (16th December)... Thats correct. I had a loan that repaid a week late but the renewal was backdated & the interest only paid to that date. Less of an issue now, just renew & sell on SM So FS are effectively penalising lenders if borrowers delay paying interest due on a loan. Surely it's the borrowers that should bear the cost of their tardiness, not the lenders. Something wrong with the model I feel.
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mikes1531
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Post by mikes1531 on Jan 18, 2016 13:32:09 GMT
Thats correct. I had a loan that repaid a week late but the renewal was backdated & the interest only paid to that date. Less of an issue now, just renew & sell on SM So FS are effectively penalising lenders if borrowers delay paying interest due on a loan. Surely it's the borrowers that should bear the cost of their tardiness, not the lenders. Something wrong with the model I feel. In a case like that, there is no actual cost of such tardiness, or any benefit to the borrower. If the renewal is delayed and backdated a few days then the 'new' loan shows as having started at the original renewal time and the lender is charged the usual interest throughout the term of the loan, including any renewals. So, yes, in that case those lenders who opt out of the renewal are penalised, and anyone who buys into the loan for the first time when it is renewed gets a bonus because their interest starts on the original renewal date rather than the date on which they invested. In other words, the lenders exiting are subsidising the new lenders. I don't know why FS allow that to happen, except perhaps because when a borrower pays the interest for the term just ended they're only asked to pay interest up to the original maturity date. Having said that, though, FS don't generally do that if the loan is well overdue, and this loan falls in that category. When I look at the loan's page it shows the previous loan as having ended on 18/Jan, so all lenders in that loan should have received interest accrued through today.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 18, 2016 13:57:33 GMT
So FS are effectively penalising lenders if borrowers delay paying interest due on a loan. Surely it's the borrowers that should bear the cost of their tardiness, not the lenders. Something wrong with the model I feel. I don't know why FS allow that to happen, except perhaps because when a borrower pays the interest for the term just ended they're only asked to pay interest up to the original maturity date. That was indeed the reason they gave when I queried the point previously. I think in this case 'Daisy' was quoting the general policy as opposed to the specific case. I should have qualified my original reply by checking the specific loan.
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