freddy
Member of DD Central
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Post by freddy on Jun 2, 2016 1:20:56 GMT
Back dated ? - what is this guy talking about ? Interest is always paid on the 1st of the month. : 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 is 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 Ive got a headache.
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arbster
Member of DD Central
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Post by arbster on Jun 2, 2016 6:21:20 GMT
Nobody actually mentioned (at least not on this thread) that not only did they pay the interest on all the live loans (at the usual time) but they also credited interest on the 'loan we shall not name' up to 27th May, which I for one was not really expecting. If people are confused about when interest is actually calculated/credited, I though this was covered somewhere on the 'FAQs for new arrivals' thread (if not, perhaps it can be). As I understand it, borrowers pay up front interest (or have it withheld from the loan amount) for the agreed loan duration, hence Saving Stream will have been holding this, and paying to us monthly. Paying us interest up to 27th May is simply paying out the last of the pre-paid interest; now we are accruing interest owed from the borrower that has not been pre-paid, and we won't get paid anything more until the loan is repaid (with accrued additional interest, hopefully) or the security is sold and we get our share of what's left when the administrators and lawyers have all been paid.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
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Post by cooling_dude on Jun 2, 2016 6:30:45 GMT
Nobody actually mentioned (at least not on this thread) that not only did they pay the interest on all the live loans (at the usual time) but they also credited interest on the 'loan we shall not name' up to 27th May, which I for one was not really expecting. If people are confused about when interest is actually calculated/credited, I though this was covered somewhere on the 'FAQs for new arrivals' thread (if not, perhaps it can be). As I understand it, borrowers pay up front interest (or have it withheld from the loan amount) for the agreed loan duration, hence Saving Stream will have been holding this, and paying to us monthly. Paying us interest up to 27th May is simply paying out the last of the pre-paid interest; now we are accruing interest owed from the borrower that has not been pre-paid, and we won't get paid anything more until the loan is repaid (with accrued additional interest, hopefully) or the security is sold and we get our share of what's left when the administrators and lawyers have all been paid. Borrowers do have the interest held back from their total loan amount, and sometimes the borrower sends funds to extend the loan period. However, the Mcbeth loan Is 154 days overdue and (AFAIK) had no interest sent from the borrower to cover this period; so for this period interest has been paid out of SS's own pocket.
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Post by GSV3MIaC on Jun 2, 2016 7:49:06 GMT
One of the issues is that we don't know, and may never find out, how much of that 150 days has been 'floated' by SS. We do know that the FCA don't like it. Same concern about other 'negative days' loans.
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Post by earthbound on Jun 2, 2016 8:13:23 GMT
I second the not expected. If this is the precedent that is being set that's very good, however would take SS to confirm this is going to be the ongoing practice (I've emailed). Unfortunately that's not the precedent, if it was to be the ongoing precedent then you would have received interest to the end of the month, plus the big red box states clearly "interest will continue to be accrued, but will not be credited until sale of security completes"
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mikes1531
Member of DD Central
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Post by mikes1531 on Jun 2, 2016 13:48:23 GMT
I second the not expected. If this is the precedent that is being set that's very good, however would take SS to confirm this is going to be the ongoing practice (I've emailed). Unfortunately that's not the precedent, if it was to be the ongoing precedent then you would have received interest to the end of the month, plus the big red box states clearly "interest will continue to be accrued, but will not be credited until sale of security completes" : But haven't SS simply paid interest earned up to the point where the big red box appeared? That would make the statement in the red box effective from the date the loan was declared to be a default and the red box appeared, and that strikes me as a reasonable policy to adopt.
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Post by GSV3MIaC on Jun 2, 2016 15:33:24 GMT
Yes, the precedent set (which appears to be reasonable, going on 'generous') was that interest was paid up to the day the loan was declared in default .. I was rather assuming it would be paid up only to the last payday (end of prior month), and would just have been accrued from then, on the assumption the end borrower hadn't paid any since then.
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Post by dualinvestor on Jun 2, 2016 19:24:57 GMT
SS failed to answer my fairly clear question, but instead of grumbling here I should really respond to them and clarify further. I'll post here with the end result. Did they fail to answer or reply but not answer the question?
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Post by GSV3MIaC on Jun 4, 2016 14:50:53 GMT
Well it's a (pleasant) surprise for me, since I'm used to platforms which only work in whole months .. if the loan defaults, you get nowt until recovery takes place. I like this better!
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
Posts: 787
Likes: 424
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Post by skippyonspeed on Jul 1, 2016 22:50:58 GMT
Well done SS on July's interest payments....completed before 9am, it was a nice surprise  Now.....if you could just speed up the transfer of bank deposits into my user account....... instant transfer from my Barclays account to your Barclays account was made early afternoonish, yet my account is still showing a negative amount.  |
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jcb208
Member of DD Central
Posts: 838
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Post by jcb208 on Jul 2, 2016 6:55:53 GMT
Well done SS on July's interest payments....completed before 9am, it was a nice surprise Now.....if you could just speed up the transfer of bank deposits into my user account....... instant transfer from my Barclays account to your Barclays account was made early afternoonish, yet my account is still showing a negative amount. I asked Savingstream about this and the reply was " We do have plans in development for intra day reconciliations " So will wait and see
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n
Member of DD Central
Yet another Nick
Posts: 881
Likes: 461
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Post by n on Jul 2, 2016 9:24:41 GMT
Requested my withdrawal about 8am Friday and not yet appeared (10:20 Saturday).
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star dust
Member of DD Central
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Post by star dust on Jul 2, 2016 9:25:24 GMT
It seems they were up bright and breezy yesterday, the payment run was done at about 7a.m before the interest run. In my experience they don't always do a run on Saturday, although if they do it could be anytime even late afternoon. I haven't had my withdrawal processed yet.
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fasty
Member of DD Central
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Post by fasty on Jul 2, 2016 9:58:13 GMT
7am is very keen. In my house 7am is more likely to involve Shaving Scream than Saving Stream.
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archie
Posts: 1,866
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Post by archie on Jul 2, 2016 10:09:16 GMT
I think they run one bank run for both incoming and outgoing funds before 10am. Whether you hit the deadline depends on when they start the run.
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