SteveT
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Post by SteveT on Aug 11, 2016 8:53:49 GMT
Yes, but be aware that any renewal (on MT, FS, etc) relies on there being someone else willing to buy your part if you wish not to renew. If a renewal failed to fill then you'd be in much the same position as SS.
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mouse
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Post by mouse on Aug 11, 2016 9:05:10 GMT
archie and steveT - thnx for prompt replies. I was aware that was the situation with FS, but not with MT. I am learning a lot here.
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archie
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Post by archie on Aug 11, 2016 9:06:25 GMT
Yes, but be aware that any renewal (on MT, FS, etc) relies on there being someone else willing to buy your part if you wish not to renew. If a renewal failed to fill then you'd be in much the same position as SS. That's true on FS but not MT.
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SteveT
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Post by SteveT on Aug 11, 2016 9:21:16 GMT
Yes, but be aware that any renewal (on MT, FS, etc) relies on there being someone else willing to buy your part if you wish not to renew. If a renewal failed to fill then you'd be in much the same position as SS. That's true on FS but not MT. Technically you're right in that MT currently repay the first loan as they launch the renewal. However that policy couldn't last long if large numbers of lenders started opting out and there was a backlog of unfilled renewals. My point was that all platforms ultimately rely on the borrowers to repay if they are to repay lenders.
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Post by trilby on Aug 13, 2016 11:13:56 GMT
A question about interest on sold parts that I can't see having been answered before:
Say I bought a loan part on 2nd July, put it up for sale on 30th July and it actually sold on 2nd August.
I am then due interest for the period 2nd-30th July, but when would that interest be paid? It wouldn't have been paid on 1st August because the part was on sale on that day, and interest is not paid for parts that are on sale when the interest run happens. Therefore you would hope it would be paid in the next interest run on 1st September, but since the accrued interest period lies entirely within July I'm not sure whether or not that would actually happen.
Does anyone know how this works, ideally by having done it in practice? Surely you don't just lose the interest accrued between 2nd-30th July?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Aug 13, 2016 11:18:44 GMT
A question about interest on sold parts that I can't see having been answered before: Say I bought a loan part on 2nd July, put it up for sale on 30th July and it actually sold on 2nd August. I am then due interest for the period 2nd-30th July, but when would that interest be paid? It wouldn't have been paid on 1st August because the part was on sale on that day, and interest is not paid for parts that are on sale when the interest run happens. Therefore you would hope it would be paid in the next interest run on 1st September, but since the accrued interest period lies entirely within July I'm not sure whether or not that would actually happen. Does anyone know how this works, ideally by having done it in practice? Surely you don't just lose the interest accrued between 2nd-30th July? Selling on the SM is rather complex when it comes to what interest you get and lose. In your case, you would receive all the interest between 2nd-30th July, and you would have been credited that interest on the 1st day of the following month. However, the interest between 30th July - 2nd August would be lost, because the time a loan part is available on the SM, and if it sells, you lose the entire interest that you would have received during that period. It gets more complicated if you want to cancel the listing of your loan part; if you cancel a loan part before the month ends, you will receive all the interest that was earned while that loan part was on sale, but you will lose that interest if the loan part is on the SM when you move into a new month. Some discussion about this just here
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Post by trilby on Aug 13, 2016 12:23:48 GMT
The question isn't about the amount of interest due, I understand that it is the interest accrued between 2nd-30th July. The question is when it would be paid, or if it would ever be paid at all.
The interest wouldn't be paid on 1st August because the part was on sale on that day, and no interest is paid on parts that are on sale when the interest run happens. (This is initially surprising but is true, the reader is invited to check for themselves!)
The interest may be paid on 1st September. For that to happen, the interest run on 1st September (i.e. the interest run for August) would have to be able to pay interest that accrued between 2nd-30th July, so entirely within July rather than August. It's possible that it does do that (and I hope it does), but it's also possible that each interest run only pays interest accrued within the last calendar month, meaning the interest amount in question would be "lost".
I have some sold parts that are in a similar situation so I'll know for sure on 1st September, but in the meantime I was wondering if anyone knew from past experience if/how this works.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Aug 13, 2016 12:35:40 GMT
The question isn't about the amount of interest due, I understand that it is the interest accrued between 2nd-30th July. The question is when it would be paid, or if it would ever be paid at all. The interest wouldn't be paid on 1st August because the part was on sale on that day, and no interest is paid on parts that are on sale when the interest run happens. (This is initially surprising but is true, the reader is invited to check for themselves!)The interest may be paid on 1st September. For that to happen, the interest run on 1st September (i.e. the interest run for August) would have to be able to pay interest that accrued between 2nd-30th July, so entirely within July rather than August. It's possible that it does do that (and I hope it does), but it's also possible that each interest run only pays interest accrued within the last calendar month, meaning the interest amount in question would be "lost". I have some sold parts that are in a similar situation so I'll know for sure on 1st September, but in the meantime I was wondering if anyone knew from past experience if/how this works. I never realised this. It will be interesting to hear others experiences of this as I don't think it has been noted before. I'm 99% that you are due to be paid your interest. I'll have to check my account to see if I have had similar experiences in the past.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Aug 13, 2016 12:49:52 GMT
trilby Are you sure you're interest hasn't been paid? Remember that on your 'Transactions' page the Interest is accounted the day before the day it is paid (i.e. if you were paid interest on the 1st August, it would show up on your statement on the 31st July). I've had a good look at my transaction, but I've been pretty savvy in the past by not having loan parts on the SM when a new month approaches (so that I don;t loose all the interest in the event the loan part sells), so can't confirm or not if what you say is true.
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Post by trilby on Aug 13, 2016 15:05:05 GMT
Okay, you've convinced me that you are supposed to get interest payments for parts that are on sale, which means that my real problem is more specific than my example. I'd better start again with my real problem!
-Loan part for £1,400 bought on 25th May
-Correct interest payments received for May (£3.22) and June (£13.81)
-Part put up for sale on 1st August, 9.13am
-Interest run happened on 1st August, about 10.50am according to posts at the time
-Part sold on 1st August, 11.27am
The problem is that I didn't receive any interest for this part on 1st August, and I haven't received any since, so July's interest (£14.27) is still outstanding. The only four transactions showing in my account for this part are the purchase, the May and June interest, and the sale.
If I look at the part under "Sold Loanparts", it shows the correct start and end dates (25th May to 1st August) and the correct interest amount (£31.30) which is the total of the interest I have received (£3.22 + £13.81) and the interest I haven't (£14.27). There's hope that the outstanding amount may turn up on 1st September, I'll have to contact SS if not as something unusual has clearly happened.
TL;DR: Avoid selling loan parts on the first of the month before the interest run has happened, and if you ever have done then check your interest payments on those parts!
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Liz
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Post by Liz on Aug 13, 2016 16:18:01 GMT
Selling on the SM is rather complex when it comes to what interest you get and loose. *Lose
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Liz
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Post by Liz on Aug 13, 2016 16:22:31 GMT
Okay, you've convinced me that you are supposed to get interest payments for parts that are on sale, which means that my real problem is more specific than my example. I'd better start again with my real problem! -Loan part for £1,400 bought on 25th May -Correct interest payments received for May (£3.22) and June (£13.81) -Part put up for sale on 1st August, 9.13am -Interest run happened on 1st August, about 10.50am according to posts at the time -Part sold on 1st August, 11.27am The problem is that I didn't receive any interest for this part on 1st August, and I haven't received any since, so July's interest (£14.27) is still outstanding. The only four transactions showing in my account for this part are the purchase, the May and June interest, and the sale. If I look at the part under "Sold Loanparts", it shows the correct start and end dates (25th May to 1st August) and the correct interest amount (£31.30) which is the total of the interest I have received (£3.22 + £13.81) and the interest I haven't (£14.27). There's hope that the outstanding amount may turn up on 1st September, I'll have to contact SS if not as something unusual has clearly happened. TL;DR: Avoid selling loan parts on the first of the month before the interest run has happened, and if you ever have done then check your interest payments on those parts! Sounds like you need to e-mail Saving Stream, I would have thought that you should have been paid July interest. Strange.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Aug 13, 2016 16:26:19 GMT
Selling on the SM is rather complex when it comes to what interest you get and loose. *Lose 
Bloody awful spelling...Three times in the same post 
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david42
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Post by david42 on Aug 13, 2016 22:49:50 GMT
Okay, you've convinced me that you are supposed to get interest payments for parts that are on sale, which means that my real problem is more specific than my example. I'd better start again with my real problem! -Loan part for £1,400 bought on 25th May -Correct interest payments received for May (£3.22) and June (£13.81) -Part put up for sale on 1st August, 9.13am -Interest run happened on 1st August, about 10.50am according to posts at the time -Part sold on 1st August, 11.27am The problem is that I didn't receive any interest for this part on 1st August, and I haven't received any since, so July's interest (£14.27) is still outstanding. The only four transactions showing in my account for this part are the purchase, the May and June interest, and the sale. If I look at the part under "Sold Loanparts", it shows the correct start and end dates (25th May to 1st August) and the correct interest amount (£31.30) which is the total of the interest I have received (£3.22 + £13.81) and the interest I haven't (£14.27). There's hope that the outstanding amount may turn up on 1st September, I'll have to contact SS if not as something unusual has clearly happened. TL;DR: Avoid selling loan parts on the first of the month before the interest run has happened, and if you ever have done then check your interest payments on those parts! I have found the same issue. I put three loan parts up for sale on 1st August before the interest payment run and I received no July interest for those loan parts. I have just written to Saving Stream. I will report back when I get a reply.
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Post by trilby on Aug 14, 2016 13:59:07 GMT
Thanks for contacting SS, good to know it's not just me with the problem (although not good that it happened of course!) Hopefully SS can fix everybody's payments at the same time when they work out how it happened. This is the first time I've sold parts on the first day of the month before the interest run, so I can't say whether it's happened on previous months. I'd recommend others to check their accounts if it's something they have done.
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