jcb208
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Post by jcb208 on Apr 10, 2016 15:57:21 GMT
Maybe savingstream can confirm If they pay the interest on unpaid loan parts or not |
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brin
I am trying to stay calm.
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Post by brin on Apr 10, 2016 19:51:36 GMT
I think that what happens is that SS have a mechanism to determine which loan parts were "sold before paid for", and ignore them when paying the monthly interest. Exactly what i was trying to ascertain... do SS pay interest on parts that were never paid for..
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goopy
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Post by goopy on Apr 10, 2016 20:19:29 GMT
I think that what happens is that SS have a mechanism to determine which loan parts were "sold before paid for", and ignore them when paying the monthly interest. Exactly what i was trying to ascertain... do SS pay interest on parts that were never paid for.. No.
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brin
I am trying to stay calm.
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Post by brin on Apr 10, 2016 20:41:27 GMT
Exactly what i was trying to ascertain... do SS pay interest on parts that were never paid for.. No. thanks goopy... then the scenario i spoke of earlier is not possible... good.
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goopy
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Post by goopy on Apr 10, 2016 20:48:35 GMT
SS have stated on many ocasions that interest is not paid on loan parts which are not paid for. If as you say this is not the case then mabe SS can clarify?
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sl75
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Post by sl75 on Apr 10, 2016 20:55:40 GMT
Do you have evidence of this - or infact, does anyone? Because there was one occasion, last month, where I invested in a loan that I, after further DD, sold again the following day. I have just checked - the one days interest on the loan part I bought and sold was paid for. Do you have evidence that SS didn't consider this loan to have been paid for?
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brin
I am trying to stay calm.
Posts: 379
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Post by brin on Apr 10, 2016 20:58:53 GMT
Do you have evidence of this - or infact, does anyone? Because there was one occasion, last month, where I invested in a loan that I, after further DD, sold again the following day. I have just checked - the one days interest on the loan part I bought and sold was paid for. Hi money.. i must say i'm with you on this, i am a night owl.. i do my business between 11pm and 1am, i have seen 100k plus dissapear at 5 to 12 and re-appear at 5 past... why?... there is something going on, and i think it is passing the parcel to gain free interest.
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brin
I am trying to stay calm.
Posts: 379
Likes: 69
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Post by brin on Apr 10, 2016 21:01:04 GMT
Do you have evidence of this - or infact, does anyone? Because there was one occasion, last month, where I invested in a loan that I, after further DD, sold again the following day. I have just checked - the one days interest on the loan part I bought and sold was paid for. Do you have evidence that SS didn't consider this loan to have been paid for? Not sure how you can consider a loan to have been paid for.. either it has or it has not.
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sl75
Posts: 2,092
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Post by sl75 on Apr 10, 2016 21:04:58 GMT
Do you have evidence that SS didn't consider this loan to have been paid for? Not sure how you can consider a loan to have been paid for.. either it has or it has not. If you're buying several loans on the same day (and maybe selling others), it doesn't become trivial to determine which are considered to have been "paid for" and which "not paid for". Clearly if your available funds are positive at any point, all loans can reasonably be considered "paid for", but what if it's negative by an amount less than the total of all your "recent" purchases? Which ones do you consider paid for and which not? ... and will your assessment agree with what SS do when deciding which loans should be considered valid for interest crediting purposes?
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Post by Deleted on Apr 10, 2016 21:10:26 GMT
SS have stated on many ocasions that interest is not paid on loan parts which are not paid for. If as you say this is not the case then mabe SS can clarify? From a programming and financial control/balancing (which is a precise duty, even more now that SS is asking full FCA license), it would honestly be a nightmare not to pay interest on a loan owned by someone (even for a single night). So I honestly think that SS is paying the interest on any loan owned by anyone even for a night (and any evental missing payment is simply a mistake). Probably their committment is to check abuses and reverse eventual false buy before they start accumulating iserious interests, but I doubt they check buy-and-sell actios.
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Post by Deleted on Apr 10, 2016 21:13:00 GMT
Do you have evidence of this - or infact, does anyone? Because there was one occasion, last month, where I invested in a loan that I, after further DD, sold again the following day. I have just checked - the one days interest on the loan part I bought and sold was paid for. Hi money.. i must say i'm with you on this, i am a night owl.. i do my business between 11pm and 1am, i have seen 100k plus dissapear at 5 to 12 and re-appear at 5 past... why?... there is something going on, and i think it is passing the parcel to gain free interest. I think very few are the lenders with deep pockets to move freely 100k parts (remember SS will not allow anyone to access 100k GBP advance money)...
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goopy
Member of DD Central
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Post by goopy on Apr 10, 2016 21:17:09 GMT
SS have stated on many ocasions that interest is not paid on loan parts which are not paid for. If as you say this is not the case then mabe SS can clarify? From a programming and financial control/balancing (which is a precise duty, even more now that SS is asking full FCA license), it would honestly be a nightmare not to pay interest on a loan owned by someone (even for a single night). So I honestly think that SS is paying the interest on any loan owned by anyone even for a night (and any evental missing payment is simply a mistake). Probably their committment is to check abuses and reverse eventual false buy before they start accumulating iserious interests, but I doubt they check buy-and-sell actios. I supose on small loan parts it would not make a lot of diference to SS, but if theres 100's of k being moved about they are going to notice and I presume make sure interest is not paid.
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Post by Deleted on Apr 10, 2016 21:19:43 GMT
Think this was briefly discussed a few months ago, it would be easy for someone using multiple accounts to abuse the system, but it also should be easy for SS to spot this.
i.e. Account 1 buys part A, sells after 2 days to account 2, sells after two days to account 3, sells after etc etc.
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brin
I am trying to stay calm.
Posts: 379
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Post by brin on Apr 10, 2016 21:22:04 GMT
Think this was briefly discussed a few months ago, it would be easy for someone using multiple accounts to abuse the system, but it also should be easy for SS to spot this. i.e. Account 1 buys part A, sells after 2 days to account 2, sells after two days to account 3, sells after etc etc. Perfect analogy.. i have been saying this for ages.. i think it IS happening. and MONEY is bang on, are SS bothered, the loans are underwritten... someone has to have the interest, does it matter to SS who gets it?
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Post by Deleted on Apr 10, 2016 21:26:30 GMT
However as some have mentioned it is not always as straightforward. I can think of a time when I bought one loan part, then bought a better one the next day, so I sold the first one.
However this is different to those using multiple accounts to delay paying indefinitely.
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