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Post by Ton ⓉⓞⓃ on Apr 2, 2014 19:49:41 GMT
Before I started lending I read the T&C's and I thought I understood how, when and using what mechanic interest would be paid. But I owned a loan for 9minutes and 26seconds on the 17th of March and I see I've now been paid 26pence for my trouble. I owned LtL No.2 from 14.18.00 to 14.27.26 (24hour clock, hrs,mins,secs). It was a £100 unit paying 6.5%, Roughly speaking each day that will pay one or two pence only so how can owning it for less than 10 minutes yield 26p? I didn't even own it at midnight, it just doesn't seem to follow the rules. I know this might seem a little  to some so just humour me and lead me thru the rules and the calculations. Teach me how to suck eggs. |
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andy2001
Member of DD Central
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Post by andy2001 on Apr 2, 2014 20:02:12 GMT
Assetz Capital interest in paid daily at midnight. If you own the loan at that point you get the interest. If not you get nothing.
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mikeb
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Post by mikeb on Apr 2, 2014 20:29:12 GMT
Not sure if that reply explains the problem ton has seen, the interest is supposed to accrue to you for only as long as you hold the loan. So if the loan has been accruing interest to original bidder, and has built up say 67p of interest, and they sell it at that point, the new buyer should see Accrued: 0.00 straight away. Not 67p. The old owner (bidder) should get the 67p when the next payment is made, the new owner will start gaining 1p+ until it pays out. I think ton has spotted a calculation bug somewhere. It's not a game of pass the parcel, whoever holds the loan when the music stops gets the interest  |
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mikes1531
Member of DD Central
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Post by mikes1531 on Apr 2, 2014 20:31:07 GMT
If that is the only part you've ever had of that loan, then I'm as baffled as you are, because what we've been told is as described by andy2001, so you shouldn't have earned any interest on that part.
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Post by chris on Apr 2, 2014 20:35:31 GMT
Not sure if that reply explains the problem ton has seen, the interest is supposed to accrue to you for only as long as you hold the loan. So if the loan has been accruing interest to original bidder, and has built up say 67p of interest, and they sell it at that point, the new buyer should see Accrued: 0.00 straight away. Not 67p. The old owner (bidder) should get the 67p when the next payment is made, the new owner will start gaining 1p+ until it pays out. I think ton has spotted a calculation bug somewhere. It's not a game of pass the parcel, whoever holds the loan when the music stops gets the interest Hmm... something I'll have to investigate. Could be that there's a bug on the day of crossover, will need to experiment. That's a particularly nasty piece of code with the way it's currently implemented, requiring a recursive calculation where the loan unit has been sold multiple times. I'm minded to update it to something more elegant, but either way if there's a bug I'll get it fixed and any mistakes in the current month will be corrected.
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Post by Ton ⓉⓞⓃ on Apr 3, 2014 18:47:14 GMT
Just for peoples entertainment I'll try to stick up the offending entries from My Account. My Strange AC Account Screen Shot.doc (37.5 KB) It's saved a word doc. I could only post this as an attachment. Can someone give me directions as to posting a piccy here? |
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Apr 3, 2014 19:53:52 GMT
When you are writing your post, at top right is "Add attachment". Click! Click + Add files Find your piccy (mine are usually on desk top) Click "open" Click "insert" and it'll post your notes and piccy on the forum Or click add at end, and you can carry on writing. I added this piccy that way  If you mess up (like I did) you can edit afterwards. Edit: We'd rather you didn't use this try adding an image instead |
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Post by badger on Apr 4, 2014 16:16:54 GMT
I've had a similar "feature"
I bought £100 Ip***ch today to test out the AI, and I've got 97p accrued interest already, later the same day
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Post by chris on Apr 4, 2014 16:47:33 GMT
I've had a similar "feature" I bought £100 Ip***ch today to test out the AI, and I've got 97p accrued interest already, later the same day Hmm... will investigate tonight.
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Post by Ton ⓉⓞⓃ on Apr 4, 2014 17:27:39 GMT
On the 2nd April I acquired Auction 24 for £69.29 @10%. Immediately I had 17p, the chart below gives the rest of the story Date Time
| Accrued Int
| 2.4.14 18.04
| 17P Bought
| 3.4.14 20.43
| 19P | 4.4.14 18.07
| 20p
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Their repayments are on the 24th of the month which works out about a penny or two a day which is about right to get tothe the above totals. It seems to be for several of the loans the whole interest for the month sticks to the principle when bought or sold on the AM. I've noticed this several times, I've given you this eg and the o.p. can I keep the interest chris? I've not done any maths other than counting on my fingers to come to this conclusion as I've lost my calculator Miss. |
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Post by Come_on_Grandad on Apr 4, 2014 18:24:16 GMT
On the 2nd April I acquired Auction 24 for £69.29 @10%. Immediately I had 17p, the chart below gives the rest of the story Date Time
| Accrued Int
| 2.4.14 18.04
| 17P Bought
| 3.4.14 20.43
| 19P | 4.4.14 18.07
| 20p
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Their repayments are on the 24th of the month which works out about a penny or two a day which is about right to get tothe the above totals. It seems to be for several of the loans the whole interest for the month sticks to the principle when bought or sold on the AM. I've noticed this several times, I've given you this eg and the o.p. can I keep the interest chris? I've not done any maths other than counting on my fingers to come to this conclusion as I've lost my calculator Miss. I am the other half of that transaction, and I demand my 17p. There is no indication from the appearance of my sold unit (201498) in my loans csv that I won't get it. However, I previously sold another unit in this loan (20th Feb: Sale of loan part 129290 (new id 159791) for 77.20 GBP ) and it seems to me that on the next repayment date, the 24th, I didn't get the 23p of accrued interest owed to me. I got interest on the loan, because I still held several other parts, but there is no "deferred interest" entry in my statement (which I am assuming results from a sale loan part). So  Overall on the aftermarket, I have purchased about 2.5 times as much loan units as I've sold. I wonder, am I winning or losing on this bug?
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Post by Ton ⓉⓞⓃ on Apr 4, 2014 18:59:46 GMT
It's nice to meet you @come_on_Grandad, if you send me your details and a cheque for £5 that will pay for the P&P, handling & printing costs and when the cheque clears I will send you a money order for the 17p interest. Sometimes the interest sticks to the loan and sometimes it doesn't, if it happens to fall off when it's in your account; great. I sold some Hackney 18.3.14 @11.51 on this occasion the 7p appeared to go to the buyer (if my notes and memory are correct) as I seemed to be selling £100.07 for £100 this time they got the benefit. I PMed the person I originally bought the unit off of as I seemed to be getting their accrued interest but they didn't reply. But sadly as I said it didn't drop off into my account; hopefully the next guy got it. |
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mikeb
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Post by mikeb on Apr 4, 2014 21:45:25 GMT
So what we have here is a bizarre combination of Ratesetter's slogan, and a famous Eric and Ernie sketch with Mr Preview. "Every lender, every penny ... just not necessarily to the right lender" A recent loan part in Rubi*** seems to have "suspect" interest, 12% PA, £18.12 part picked up on AM, with 12p? of interest nailed on it at purchase. Now up to 14p accrued 2 days later. That doesn't seem quite right, who was it that dropped the loan part, any takers? It went through auto-invest so I didn't see a buyer name. Honest! chris This one was my new id: 232614 (old id 78928) if it helps trace the bug. |
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Post by Come_on_Grandad on Apr 5, 2014 11:37:27 GMT
I've had a similar "feature" I bought £100 Ip***ch today to test out the AI, and I've got 97p accrued interest already, later the same day I sold three loan parts in Ip***ch recently. Today is payment day. I see in my statement that I have just now been credited with the expected amount in three separate deferred interest payments in my statement. Phew!
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Post by badger on Apr 5, 2014 12:24:06 GMT
I've had a similar "feature" I bought £100 Ip***ch today to test out the AI, and I've got 97p accrued interest already, later the same day Hmm... will investigate tonight. Today (1 day later) accrued interest on my Ip***ch has gone down to zero, but I've received £1 actual interest. Not a bad rate for one day's lending! Today was an interest payment day for Ip***ch, a whole month's interest has gone to me. Chris - if you want to trace it, new ID is 234354 This could be a big problem for anyone selling something like St*******ge where all interest is rolled up and paid at the end. I suspect they might lose all their accrued interest, and it will all go to the person who has bought it.
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to some so just humour me and lead me thru the rules and the calculations. Teach me how to suck eggs.
