Obsolete - do not use until updated. IM

Been like this for a while. Not sure exactly when it changed, maybe with new site, I didnt notice immediately.

This would seem to be a logical approach, but I'm not sure things actually happen this way.  On 'old Ts&Cs' loans, it's Lendy that are obligated to pay the interest, so it wouldn't matter if the borrower was paying or not.

We've had some loans where SS have reported that the borrower had paid more interest, but I don't know whether those were 'old Ts&Cs' loans or 'new Ts&Cs' loans.  If any were 'new Ts&Cs' loans, we don't know whether the extra interest was paid before, or some time after, the term remaining went negative.  And we don't know how many of the currently negative loans actually have had further interest paid by the borrowers.

It would seem that SS are making an effort to adjust the displayed remaining term to match the interest that has been prepaid, but we don't know whether they've finished that job.

The critical unanswered question is what SS does, or will do, when a 'new Ts&Cs' loan reaches the end of its prepaid term.  Unless they make it clear that the interest is unpaid and that investors will receive the accrued interest only if the borrower subsequently pays it, or if the security is sold for enough to return all capital, SS fees, and also pay the interest, then anyone buying parts in that loan will have a grievance if they don't receive the interest they are expecting.

Unlike AC, where all borrower payments are shown on their website, SS doesn't publish this sort of info, so we're really in the dark about delinquent borrowers.  It's obviously in SS's interest to give the impression that all loans are up-to-date, so they won't want to publish such info if they can avoid it.  And if SS are willing to cover the interest in these cases, that's fine.  But if they're not, we need a bit more light and transparency from SS.

Bank transfer only.

This I have done thanks. But I assume that although I made purchases both yesterday and today. The transaction may only be processed tomorrow and hit my account with SS on Tuesday (worst case scenario) assuming both SS and FD work faster payments. Would Tuesday arrival be OK or will my purchases be wiped?

I would think that Tuesday won't be a problem, you can also drop SS an email saying the transfer is on it's way.

I asked on a previous post about the SM. The reply was that it is not strictly a SM although you are buying remaining time on Live Loans.

Can I ask if there are any tax implications re. interest. Like say FS where "CAUTION: When buying a loan part you are purchasing the original loan part. In line with HMRC rules you will therefore be responsible for any tax liability on all interest paid when the loan completes. As this can result in an overall loss, especially if the loan is repaid early, you should bear this in mind when purchasing on the secondary market".

Or does this not apply when interest is paid monthly?

Thanks for the reply. I don't see how other platforms can do that to investors who may be a unaware or like me a bit naïve.

It appears that you buy a part loan off an investor at discount or with a premium and also have to pay him the interest that has already accrued because you will be picking that up when the loan terminates. But you are then liable for paying tax on the whole loan. How many people innocently buy on those SM's and get duped?