dawn
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Post by dawn on Jun 26, 2016 14:01:15 GMT
Sorry to start another thread but I can't find the answer via the search facility.
I put a loan part up for sale earlier in the month and interest stopped accruing for it. I've now decided to cancel the sale as my account has been balanced in other ways. Will I get interest for the period up to putting it for sale and from cancelling the sale or will the cancellation effectively mean it was never up for sale and that I will get interest for the whole period?
Thanks
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Jun 26, 2016 14:06:32 GMT
Only had to do that once, and I think you do get the interest for the "in limbo" period.
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Post by Deleted on Jun 26, 2016 15:22:32 GMT
Interest is accrued daily at midnight on loans held which does not include loans for sale, therefore you will just lose the interest on the loan parts while they were up for sale.
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jonah
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Post by jonah on Jun 26, 2016 16:51:30 GMT
Interest is accrued daily at midnight on loans held which does not include loans for sale, therefore you will just lose the interest on the loan parts while they were up for sale. Not sure on this.... I think that the interest 'catches up' the missing days.
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Jun 26, 2016 17:32:57 GMT
Interest is accrued daily at midnight on loans held which does not include loans for sale, therefore you will just lose the interest on the loan parts while they were up for sale. Not sure on this.... I think that the interest 'catches up' the missing days. That is what I thought, but as I said I have only done this once a while back. It's a pity you can't see the interest accrueing daily like on AC
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treeman
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Post by treeman on Jun 26, 2016 17:45:17 GMT
Sorry to start another thread but I can't find the answer via the search facility. I put a loan part up for sale earlier in the month and interest stopped accruing for it. I've now decided to cancel the sale as my account has been balanced in other ways. Will I get interest for the period up to putting it for sale and from cancelling the sale or will the cancellation effectively mean it was never up for sale and that I will get interest for the whole period? Thanks If you can remember, or made a note of the loan part(s) numbers, you could check your transactions once this months interest has been paid and let us know! Not something I've experienced myself yet (!), but I would be very interested to know for sure how this is handled by SS.
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nick
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Post by nick on Jun 26, 2016 18:04:10 GMT
Not sure on this.... I think that the interest 'catches up' the missing days. That is what I thought, but as I said I have only done this once a while back. It's a pity you can't see the interest accruing daily like on AC I'm pretty sure you're right - the end date of any loan part is the time you put it up for sale so when you cancel a sale and subsequently sell later, it is the later date that is used to calculate the interest accrual. You can see this if you look at your loan part listing which shows all interest paid & accrued for every loan part you have past and present. This definitely appears to be the case if you cancel before a month-end. However, I'm not sure if it holds true if the loan part is on sale over month-end when interest payments are made based on the data at that point of time (which will say that you are owed interest up date of sale). It all depends on how they calculate monthly interest payment, ie either (1) calculating total interest that has been earned from the start of time less actual interest paid, or (2) just calculating interest earned since the last payment date. If it is 2, then unpaid interest in the previous month may never be accounted for or paid. It should then show up as a reconciling item between actual interest paid and received and the total interest shown as being earned under My Loans. I'll cancel a sale over month end and see what happens..........
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min
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Post by min on Jun 26, 2016 19:08:41 GMT
Interest is accrued daily at midnight on loans held which does not include loans for sale, therefore you will just lose the interest on the loan parts while they were up for sale. Not sure on this.... I think that the interest 'catches up' the missing days. Can't remember where I saw it but pretty certain this is how it works. Put loan part up for sale and interest frozen. You get it at end of month. You cancel sale and new loan part created which starts earning interest.
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Post by Deleted on Jun 26, 2016 19:27:25 GMT
I'm still quite sure you don't receive interest when loan parts are put up for sale. That is why the pop-up warns you when you about to list the loan, that you will cease to earn interest.
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min
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Post by min on Jun 26, 2016 20:15:53 GMT
I'm still quite sure you don't receive interest when loan parts are put up for sale. That is why the pop-up warns you when you about to list the loan, that you will cease to earn interest. That's what I said.
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Jun 26, 2016 20:19:19 GMT
I'm still quite sure you don't receive interest when loan parts are put up for sale. That is why the pop-up warns you when you about to list the loan, that you will cease to earn interest. Yes that is quite right, but....... if you cancel the sell, I believe interest that was lost is regained.
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Liz
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Post by Liz on Jun 26, 2016 20:37:52 GMT
I'm still quite sure you don't receive interest when loan parts are put up for sale. That is why the pop-up warns you when you about to list the loan, that you will cease to earn interest. Yes that is quite right, but....... if you cancel the sell, I believe interest that was lost is regained. That is exactly what happened when I cancelled a loan part sale.
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NSFW
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Post by NSFW on Jun 26, 2016 21:13:14 GMT
Yes that is quite right, but....... if you cancel the sell, I believe interest that was lost is regained. That is exactly what happened when I cancelled a loan part sale. Yes, as the start date is the same as it was before being put up for sale even though the part is now split off from the original chunk it may have come from.
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dawn
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Post by dawn on Jun 26, 2016 21:25:54 GMT
OK - there doesn't seem to be a consensus as to whether interest is paid for the 'for sale' period or not so I have emailed Saving Stream and will post their response when I get it.
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Liz
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Post by Liz on Jun 26, 2016 21:31:16 GMT
OK - there doesn't seem to be a consensus as to whether interest is paid for the 'for sale' period or not so I have emailed Saving Stream and will post their response when I get it. or do test. Put something up for sale(it wont sell!) then cancel it tomorrow, and see if you get the interest.
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