tx
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Post by tx on May 31, 2016 23:09:01 GMT
I didn't receive interest payment today, the "month end" of May as usual! Am I the only one?!
My last interest payment was on 30 Apr, month end. What's going on with SS. Maybe I should start to worry.
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davex
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Post by davex on May 31, 2016 23:18:06 GMT
Give them time, they don't sit there with the finger on the button at 1 second past midnight.
Unlike some lenders on the SM.
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Post by p2plender on May 31, 2016 23:19:42 GMT
lol.
Least threats of lawyers haven't entered the conversation yet....
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Liz
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Post by Liz on May 31, 2016 23:27:29 GMT
They usually credit interest in the 1st working day if the new month, with a transaction date of the month end. ie paid in the 1st, transaction date, 31st May.
No need to panic.
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ben
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Post by ben on May 31, 2016 23:31:53 GMT
I was expecting the first person to panic at about 10 ish like usual think this must be a record.
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tx
Member of DD Central
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Post by tx on May 31, 2016 23:37:13 GMT
That's not really month end then. They as well "gaming" with the interest dates. Back dated is such bad practice, cause all sorts of problem in my work place.
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Liz
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Post by Liz on May 31, 2016 23:54:50 GMT
That's not really month end then. They as well "gaming" with the interest dates. Back dated is such bad practice, cause all sorts of problem in my work place. This really is kick Stream Stream week  I don't think they care if you think it's bad practice. Doesn't seem to be an issue for them. You are bordering on liable accusing them of "gaming" interest dates. What has happened to this forum!!!
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tx
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Post by tx on Jun 1, 2016 0:13:47 GMT
You are bordering on liable accusing them of "gaming" interest dates. What has happened to this forum!!! I am not so sure if everyone agrees that paying interest on the 1st of every month, or even 1st working day of every month, is same as "month end". I believe it would be called "misrepresentation" in marketing material in my line of work. They earned the accrued interest in bank, and investors lose possible accrued interests on reinvesting the funds. That's the fact I see.
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Liz
Member of DD Central
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Post by Liz on Jun 1, 2016 0:17:24 GMT
You are bordering on liable accusing them of "gaming" interest dates. What has happened to this forum!!! I am not so sure if everyone agrees that paying interest on the 1st of every month, or even 1st working day of every month, is same as "month end". I believe it would be called "misrepresentation" in marketing material in my line of work. They earned the accrued interest in bank, and investors lose possible accrued interests on reinvesting the funds. That's the fact I see. Best ring your lawyers! Maybe check T&C's first, to find this misrepresentation.
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Post by Harland Kearney on Jun 1, 2016 1:08:44 GMT
Hmm, chill out, hopefully no one calls the lawyers. Barclays was 3 minutes past mid night at paying my ISA interest, was almost going to phone them up. Terrifying ordeal.
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freddy
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Post by freddy on Jun 1, 2016 2:46:20 GMT
I certainly haven't been expecting to see Mays interest paid to my account until today (1st June). I can't be bothered to check back and I stand to be corrected, but any difference in payment dates last month was probably due to the last day being a Sunday and the Monday being a Bank Holiday. I have no doubt that interest due will arrive today and can see no reason why anyone would think otherwise.
I do think that some of the criticism regarding recent communication, or lack of it, has been justified however I hope that we are not entering a phase where any excuse to bash SS is being sought. We all benefit from the platform and IMHO if any investor has such a low degree of confidence then they've got their money in the wrong place. You'll worry yourself to death.
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Post by dualinvestor on Jun 1, 2016 7:02:49 GMT
You are bordering on liable accusing them of "gaming" interest dates. What has happened to this forum!!! I am not so sure if everyone agrees that paying interest on the 1st of every month, or even 1st working day of every month, is same as "month end". I believe it would be called "misrepresentation" in marketing material in my line of work. They earned the accrued interest in bank, and investors lose possible accrued interests on reinvesting the funds. That's the fact I see. I think most people will agree that I am not a stooge on here acting for SS. Technically interest accrues up to midnight on the last day of the month, therefore to credit it before the month end would be erroneous. Even with automated systems it is reasonable (or to use the double negative not unreasonable) for it to be added to account at the start of business i.e. by 10am on the first working day as other people have said has happenned in the past and dated at the last day of the previous month, in no way could that be considered as "gaming."
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happy
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Post by happy on Jun 1, 2016 7:36:18 GMT
Hmm, chill out, hopefully no one calls the lawyers. Barclays was 3 minutes past mid night at paying my ISA interest, was almost going to phone them up. Terrifying ordeal. Here here! Obviously interest cannot be paid until AFTER the end of the month otherwise it would be still accruing and therefore lenders are technically not legally entitled to all of it yet.....Doh!! I think there are some people investing in P2P today that should maybe consider a different, perhaps less stressful, home for their money .....perhaps a bank 
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oldgrumpy
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Post by oldgrumpy on Jun 1, 2016 7:42:53 GMT
You are bordering on liable accusing them of "gaming" interest dates. What has happened to this forum!!! I am not so sure if everyone agrees that paying interest on the 1st of every month, or even 1st working day of every month, is same as "month end". I believe it would be called "misrepresentation" in marketing material in my line of work. They earned the accrued interest in bank, and investors lose possible accrued interests on reinvesting the funds. That's the fact I see. You haven't earned it until the END of the last day of the month so it can't be given to you until the first day of the next month, and I'm sure it will be. Your "complaint" is trivial.
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SteveT
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Post by SteveT on Jun 1, 2016 7:43:02 GMT
As Abraham Lincoln and/or Mark Twain probably didn't actually say, "Better to remain silent and be thought a fool than to open one’s mouth and remove all doubt"  |
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