Investor
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Post by Investor on Feb 29, 2016 22:31:27 GMT
However if you do only have £100 invested, you might like to check you maths again as I think you will find that £1.64 is a little optimistic.
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micky
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Post by micky on Feb 29, 2016 22:34:37 GMT
Yes. It's 1% per month.
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Investor
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Post by Investor on Feb 29, 2016 22:38:21 GMT
Not quite. The correct formula for Shane is;
amount invested multiplied by 0.12 divided by 365 then finally multiplied by the number of days in that month (or the number of days you have held that loan part if you haven't held it for the full month)
*number of days = number of midnights
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micky
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Post by micky on Feb 29, 2016 22:46:00 GMT
I'm pretty sure if they wanted it back they would already have taken action. No need to worry. I think i know the loan.  |
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Investor
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Post by Investor on Feb 29, 2016 22:47:02 GMT
I think they will probably cut you some slack on this one, likely to find many in the forum would be disappointed in SS if they started going legal against you. I assume it wasn't too many zeros!! See what you get tomorrow and if you are concerned I would do the decent think and drop them (or ask mum to drop them an email)
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Investor
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Post by Investor on Feb 29, 2016 22:51:58 GMT
Well I'm not going to post it on here of fear of shaming him, but if anyone wants to work out Shane's AER on £100 at 12% for 6 days with £1.64 ROI, I think we need another thread where Shane gives us old hands some financial advice.
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greeb
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Post by greeb on Feb 29, 2016 22:53:30 GMT
thanks for the advice so far. Do I need to fund my account before I can buy on SM or is settlement in 48 h as PM. Purely out of interest What happens if you dont settle - presumably SS just sells your purchase in SM and your account is suspended ?
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cooling_dude
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Post by cooling_dude on Feb 29, 2016 22:54:36 GMT
thanks for the advice so far. Do I need to fund my account before I can buy on SM or is settlement in 48 h as PM. Purely out of interest What happens if you dont settle - presumably SS just sells your purchase in SM and your account is suspended ? No. It is the same with PM; you can settle your negative balance within 48hours (24hours to be safe) either by sending funds or selling the equivalent back onto the SM. If you don't settle, SS will indeed sell the investments back onto the SM; but your account won't be suspended as far as I know. Repeated offences, then yes, I would suspect that your account would get suspended
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sl75
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Post by sl75 on Feb 29, 2016 23:07:33 GMT
If you don't settle, SS will indeed sell the investments back onto the SM; but your account won't be suspended as far as I know. Repeated offences, then yes, I would suspect that your account would get suspended Surely there's no need for them to suspend the account, even for repeat "offences" - I'd think they could do it just by removing the free overdraft facility (maybe only temporarily for a first offence).
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 29, 2016 23:13:10 GMT
If you don't settle, SS will indeed sell the investments back onto the SM; but your account won't be suspended as far as I know. Repeated offences, then yes, I would suspect that your account would get suspended Surely there's no need for them to suspend the account, even for repeat "offences" - I'd think they could do it just by removing the free overdraft facility (maybe only temporarily for a first offence). Very true. TBH, I was only thinking out loud. I've started to get concerned about people playing the system, speculating that investors might just repeatedly invest in the SM, without any cash and then either sell the investments back onto the SM, or let SS do it for them, but benefit from the process by the gained interest. I hope that SS have monitored this, and combat it.
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Post by takealongwalk on Mar 1, 2016 12:43:01 GMT
Hi,
i have a piece of PBL004B which I bought circa one year ago. I have not been monitoring it closely however my recollection is it was due to mature in 2015.
1. in "my loans" it shows as due in "-167" days, do I take it from this that it has been restructured or extended in some way but is still being serviced?
2. I recall logging in late last year to be greeted with.a message to the effect that loan terms have been altered such that my exposure is now directly to the borrower, rather than via Lendy Ltd which was originally the case for all loans:
(i) is this recollection correct?
(ii) does this mean that my exposure on PBL004B is also now direct, given this apparent extension may have occurred since the T&C alteration?
3. Am I able to sell this piece of PBL004B, or do I need to wait for it to be settled? If I sell are there any penalties?
many thanks for any help.
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greeb
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Post by greeb on Mar 1, 2016 12:43:28 GMT
I have managed to get my feet wet and invested in some loans - this SS housekeeping has been very opportune for me. I have made a fast payment from my bank account ( santander) but it is not showing in my SS account. How long does this normally take?
Also with sudden splurge of availabilty I wanted to reduce some of my original purchases from last night to get my balance back down having indulged in the goodies up for grabs this morning. Although my first two sales loaded and happily sold quickly I now find that nothing happens when I click on the sell button ? Have I been blocked ? what to do ?
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SteveT
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Post by SteveT on Mar 1, 2016 12:47:34 GMT
Hi, i have a piece of PBL004B which I bought circa one year ago. I have not been monitoring it closely however my recollection is it was due to mature in 2015. 1. in "my loans" it shows as due in "-167" days, do I take it from this that it has been restructured or extended in some way but is still being serviced? 2. I recall logging in late last year to be greeted with.a message to the effect that loan terms have been altered such that my exposure is now directly to the borrower, rather than via Lendy Ltd which was originally the case for all loans: (i) is this recollection correct? (ii) does this mean that my exposure on PBL004B is also now direct, given this apparent extension may have occurred since the T&C alteration? 3. Am I able to sell this piece of PBL004B, or do I need to wait for it to be settled? If I sell are there any penalties? many thanks for any help. It's been extended several times and is likely to be repaid "soon" when SS make a development finance loan on the same property. PBL004b is still on the old terms, as far as we know, but any new DFL is likely to be on new terms Yes, you can sell it whenever. No penalties.
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adrianc
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Post by adrianc on Mar 1, 2016 12:48:52 GMT
1. in "my loans" it shows as due in "-167" days, do I take it from this that it has been restructured or extended in some way but is still being serviced? It's just very, very late. But interest is still being paid on it. Some older loans have changed to the new Ts & Cs. That Damned Bungalow isn't one of them. The loan updates table which ilmoro maintains shows the current status of all loans. Sell away!
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cooling_dude
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Post by cooling_dude on Mar 1, 2016 12:50:44 GMT
I have managed to get my feet wet and invested in some loans - this SS housekeeping has been very opportune for me. I have made a fast payment from my bank account ( santander) but it is not showing in my SS account. How long does this normally take? Also with sudden splurge of availabilty I wanted to reduce some of my original purchases from last night to get my balance back down having indulged in the goodies up for grabs this morning. Although my first two sales loaded and happily sold quickly I now find that nothing happens when I click on the sell button ? Have I been blocked ? what to do ? It is a worry when you first send money from your account to SS, but don't worry it will appear! It will usually be credited the next working day You haven't been blocked..... not sure about this. Are you sure your not just waiting for the investments to sell; they will take slightly longer on the SM ATM.....
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