jonah
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Post by jonah on Mar 28, 2016 9:05:40 GMT
I'm fairly new to p2p and up to now have only funded interest only loans. How is the interest calculated for tax reasons on a repayment loan? In other words how do you know how much of the monthly repayment is capital and how much is interest? There should be two lines in the transaction report each month (or year etc)... One interest and the other capital repayment.
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SteveT
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Post by SteveT on Mar 28, 2016 11:13:59 GMT
ablrate / ablrateandy, could you please let us know whether the school that needs the buildings is state-funded or independent? Also whether they're already in-situ / awaiting installation / undergoing manufacture ? Thanks.
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james
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Post by james on Mar 28, 2016 11:29:57 GMT
I'm fairly new to p2p and up to now have only funded interest only loans. How is the interest calculated for tax reasons on a repayment loan? In other words how do you know how much of the monthly repayment is capital and how much is interest? In the Ablrate account statement there are two lines. One says the amount of capital repaid and the other the amount of interest paid. The first gradually increases and the second gradually decreases, just like a mortgage. So it works just as jonah wrote it should work.
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goopy
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Post by goopy on Mar 29, 2016 10:02:04 GMT
Sorry got another question about repayment type loans. How are the repayments worked out, for this loan would I be correct in assuming the monthly repayments would be £n x 0.13 x 3 + £n / 36?
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SteveT
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Post by SteveT on Mar 29, 2016 10:12:19 GMT
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Post by ablrate on Mar 29, 2016 10:28:26 GMT
Hi ablrateandy Can you confirm please the way of bidding on this loan, will it be pledges or straight forward first come basis? Also, just to note that 1pm on a Tues after a bank holiday doesn't give people much time to liquidate funds elsewhere, receive them into their bank account and send onto Ablrate (although your debit card deposit is fast, withdrawals from other platforms might not be done by 1pm). Even a slightly later start time, say 4pm, would help a little Hi stevio I appreciate that it may not be in time to move things around, but we don't think it will all go in one day, so here should be ample time to get involved. Regards Ablrate
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Post by ablrateandy on Mar 29, 2016 10:32:20 GMT
Repayments on amortising loans are :
=((((Monthly Rate)*(1+(Monthly Rate))^Number of Payments)/(((1+(Monthly Rate))^Number of Payments)-1))*(Amount Invested))
So for 1000 invested :
=((((0.0108333)*(1+(0.0108333))^36)/(((1+(0.0108333))^36)-1))*(1000))
= 33.69 per month
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goopy
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Post by goopy on Mar 29, 2016 10:37:13 GMT
Thanks everyone.
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Post by ablrateandy on Mar 29, 2016 10:49:05 GMT
For anyone who wants the full cashflows :
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Post by ladywhitenap on Mar 29, 2016 11:45:29 GMT
OK 15 mins to go and so far I've not found any details about this loan to be reading and doing any DD on.
Is this the way it works on Ablrate?
LW
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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 Mar 29, 2016 11:59:12 GMT
OK 15 mins to go and so far I've not found any details about this loan to be reading and doing any DD on. Is this the way it works on Ablrate? LW Yes, its only the smaller loans that use pledging that appear on the platform in advance. They are looking at previewing loans, as answered earlier today Thanks for the feedback. That is something we are looking at. We do have a facility currently which is our 'scheduled loans' part of the system, we are just looking at what is the best way to deal with that. Regards Ablrate
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ilmoro
Member of DD Central
'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 Mar 29, 2016 12:07:31 GMT
First thing to note is that C***** have an existing loan on FK to C****** M******. Due to end Feb 18, fully up to date with no payment issues (60k currently)
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Post by ladywhitenap on Mar 29, 2016 12:14:04 GMT
Thanks Ilmoro, I'd not seen the other thread. Maybe I've been spoilt by the SS ways of working. At least it is not flying out the door in the way some MT loans have done giving us time for an examination of the docs. I've just put a couple of months state pension into it LW
Speeding up now 20% gone in first 15 mins!
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SteveT
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Post by SteveT on Mar 29, 2016 12:18:51 GMT
First thing to note is that C***** have an existing loan on FK to C****** M******. Due to end Feb 18, fully up to date with no payment issues (60k currently) Started Feb 14, so 2 years of clean payments on FK. The school is state-funded (Catholic Voluntary Aided) so the payments essentially are Government-backed. This is the sort of P2P loan I like Nice one ablrate / ablrateandy !
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Post by ablrateandy on Mar 29, 2016 12:20:27 GMT
We will, as ever, make no comment on the quality of loans offered, but we aim to please
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