poppyland
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Post by poppyland on Oct 31, 2016 12:26:53 GMT
Everything corrected on my account now, and £1.64 showing accrued for a £3,000 loan part. Not as good as I'd have had with 12% interest, but still not too bad.
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star dust
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Post by star dust on Oct 31, 2016 17:25:04 GMT
Latest update "This loan has now completed". As have PBL142 and DFL008 ilmoro  . Indeed the only one that hasn't drawndown now is Hull PBL131. |
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jonah
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Post by jonah on Oct 31, 2016 19:53:42 GMT
The people who are reporting 0%, may I ask if you are in negative balance? No. I had zero interest first thing today. I cleared my negative balance and now have some interest.
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mikes1531
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Post by mikes1531 on Oct 31, 2016 20:30:50 GMT
I queried this with SS directly yesterday... And George replied at lunchtime today... " May have been a delay"  Don't savingstream know whether or not there was an issue? I can't say I'd give SS good marks for this answer, but at least I did get one!  |
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Post by thetreasurer on Nov 1, 2016 13:11:03 GMT
Anyone know why £150k just became available on this?
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Post by portlandbill on Nov 1, 2016 13:15:39 GMT
i dont know, but it's as good a place as any for my interest payment to go :-)
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Steerpike
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Post by Steerpike on Nov 1, 2016 13:15:54 GMT
Anyone know why £150k just became available on this? Loan queue is 0 so SS released another chunk
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poppyland
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Post by poppyland on Nov 1, 2016 13:20:00 GMT
Anyone know why £150k just became available on this? Loan queue is 0 so SS released another chunk If SS released a chunk that means that uptake on the loan wasn't very good. Interesting...... Also interesting to see that SS haven't put up any new 9% loans since the first one. Uptake on that was pretty terrible it seems. Market forces at work!
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ganymede
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Post by ganymede on Nov 1, 2016 13:20:23 GMT
Checked today and appears the loans rate has been corrected and now displays 10% rather than 9.9996% for the loan or 9.96% on the loan parts.
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SteveT
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Post by SteveT on Nov 1, 2016 13:25:20 GMT
Maybe a BH or two not paying attention, pre-funding a huge target to game the system and then failing to pay when they realised they'd bought a heap of 10% by mistake.
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Post by Deleted on Nov 1, 2016 13:30:07 GMT
Its shifting though... the SM demand monster is even hungry for 10% loans it seems
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sam i am
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Post by sam i am on Nov 1, 2016 16:59:55 GMT
... SS have entered 0.8333 which when multiplied by 12 becomes 9.9996. The documents make it clear that it is 10%. The documents may well say 10%, but if the monthly interest calculation is based on the 0.8333 number entered, then all we're going to get is 9.9996%. Not that is will make a bean's worth of difference to anyone. Well, maybe a couple of beans' worth of difference to the BHs.  Looks like SS fixed the site to correctly display 10% now...
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twoheads
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Programming
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Post by twoheads on Nov 2, 2016 18:13:01 GMT
The 'no interest until you pay' solution would complicate their software. I assume they have implemented a very simple 'loan part' on which the interest can be calculated based simply on the value, age and A.P.R. However, if some loan parts were purchased and not paid for (fully or in part) then the interest would no longer be calculable in this simple way. The administration concerning interest would become less transparent within their system. "No interest until you pay" can be implemented perfectly well with such a simple loan part... it merely needs to determine the "age" (or rather the "start date" on which the age is calculated) based on the date on which the loan part was paid for, rather than the date on which the loan part was created. The 'simple' model only works for entire loan parts. If I purchase a £100 loan part leaving me £50 'overdrawn' then I would expect interest on half of my loan part which the 'simple' model cannot accommodate. My £100 could be split into two loan parts but this gets more complex if I then sell £25... well, you get the picture.
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sl75
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Post by sl75 on Nov 3, 2016 1:09:33 GMT
The 'simple' model only works for entire loan parts. If I purchase a £100 loan part leaving me £50 'overdrawn' then I would expect interest on half of my loan part which the 'simple' model cannot accommodate. My £100 could be split into two loan parts but this gets more complex if I then sell £25... well, you get the picture. The only reason it "gets more complex" is because of the extra complexity you're adding. If you purchase a £100 loan part leaving you £50 "overdrawn", you don't get partial interest credited. Even now, if you fail to settle the negative balance, the entire £100 loan part would be cancelled; it would NOT be split into a "paid for" £50 and a "not paid for" £50 with only the latter cancelled. As far as I can see, there's no reason to do anything different for the hypothetical "no interest until you pay" restriction either. Investors who want to ensure they receive the "proper" amount of interest need only ensure they don't leave a negative balance overnight (or that any negative balance is a whole number of loan parts).
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twoheads
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Programming
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Post by twoheads on Nov 10, 2016 9:21:39 GMT
Someone just dumped 150k of this on to the SM!
...and a 20k slice was snapped up in seconds.
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. Indeed the only one that hasn't drawndown now is Hull PBL131.
Don't 
