Interest to date indicator

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Interest to date indicator Sept 10, 2016 6:56:10 GMT

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Post by Deleted on Sept 10, 2016 6:56:10 GMT

Within FundngSecure, I seem to find the current accumulated interest in:

Investments-MyCurrent Investments-column Interest to date.

Can anyone check for me that their numbers in this column are correct? They seem to be wrong to me!
For example for Loan 3867743062 (loan is active), I have a 1k part, which is showing 13.15 GBP interest since day 1 and never moved (should have started from 0 and increasing 0.43 GB a day). Also other parts show interests which are definitely wrong.

Am I misinterpreting the column or is this a bad (repeated) bug?

Last Edit: Sept 10, 2016 6:56:38 GMT by Deleted

hendragon Member of DD Central Posts: 631 Likes: 619	Interest to date indicator Sept 10, 2016 7:04:00 GMT Quote Select Post Deselect Post Link to Post Back to Top Post by hendragon on Sept 10, 2016 7:04:00 GMT The initial interest from day 1 is the minimum interest, usually 1 month, you will get if the borrower repays within this period. It will start to change after 30 days. This does not apply to sales on the SM. IIRC

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Interest to date indicator Sept 10, 2016 7:21:14 GMT

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Post by Deleted on Sept 10, 2016 7:21:14 GMT

Sept 10, 2016 7:04:00 GMT hendragon said:

The initial interest from day 1 is the minimum interest, usually 1 month, you will get if the borrower repays within this period. It will start to change after 30 days. This does not apply to sales on the SM. IIRC

The minumum interest of 1 month is a good concept and this might be it.
But why does it not apply to SM slices? If a borrower repays within that period, why should the SM lender get less than the minimum?

SteveT
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Interest to date indicator Sept 10, 2016 7:23:27 GMT

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Post by SteveT on Sept 10, 2016 7:23:27 GMT

I'm not actually sure whether an SM buyer of a <30 days part would get the full month's interest if repaid very early (I assume they would). The point however is that an SM seller cannot sell a 5 days old loan part with the minimum of 30 days of accrued interest attached. The buyer only pays them for 5 days.

Last Edit: Sept 10, 2016 7:23:58 GMT by SteveT

Post by Deleted on Sept 10, 2016 6:56:10 GMT

Post by hendragon on Sept 10, 2016 7:04:00 GMT

Post by Deleted on Sept 10, 2016 7:21:14 GMT

Post by SteveT on Sept 10, 2016 7:23:27 GMT