Interest not paid at month end?

Interest paid 10ish on the first of the month like always. I wasn't worried.       

Interest paid into my account as normal this morning and looks A OK although I haven't crunched the numbers yet.

I have to admit it was a more nervy night and early morning than usual and I see other people were twitchy as well and it just goes to show it doesn't take much to go wrong and the people start worrying about everything interpret everything as a sign that it's all falling apart.

Trust me guys , your playing in the first division now for a 12% return and don't expect it's just always going to be happening smoothly. I don't want to shock you but there will be defaults along the way it's only just begun as the song said and this is only the second default and there will be more and you can be sure there will be a bigger one than this. This default I've checked it all out and I
expect a recovery rate of about 80% of the capital and thats before the provision fund comes into play also it shouldn't have to because the pbl20 guys lent to lendy direct.

So guys my advice to you is this and I'm going to tell it straight. If you got a lot of cash invested here across saving stream in lots of loans and that's what you're going to continue doing over the next few years then trust me you will lose some of your capital eventually. You will lose some of your money. Most of the investors accept that and that's why we were debating the other day whether the real return be 7% or 8% or 9% interest on your money.

I would like to recommend that the people who run this forum have 200 stretchers on standby for when there is a 3 or 4 million pound default and capital losses. Iceland.

It's always been the case. Interest payments are credited against each loan individually. Overall I think it takes 30mins or so. 

Wow,that's worrying. I got a card and the nice piece of cake (probably from Iceland ), but I didn't get the usual £500 investment voucher to use in the upcoming defaulted loan of my choice. I took this to be a good thing

contrarian :  Since there was no 'smiley' in your message, I have presumed it was a serious question...

The issue is that SS add the interest to our accounts on the first day of the month, or maybe the first working day, but backdate the credit to the last day of the previous month.  So although my credits actually were made today (1/Jun) on my list of Transactions they appear with a date of 31/May.  AIUI, that's backdating, and IMHO that should be avoided.

The problems it causes for SS include...

• When people look at their statement they'll see that the interest credits for April are dated 30/Apr, so they'll expect their May credits to arrive on 31/May and will be confused/concerned/upset/worried when they don't.

• If anyone does a lot of buying or selling on the SM on the first of a month before interest it credited, they will generate a lot of entries on their Transactions list dated the first of the month.  If they then check that list later in the day to see if their interest has been credited, any such interest credits won't be at the top of the list because they were backdated into the previous month.  If they don't scroll far enough down the list to find the backdated credits, they will not think they have received their interest, and that will generate confusion/concern/upset/worry/panic.

HTH

Maybe your neighbour got it on your behalf.