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Post by Deleted on Nov 6, 2016 18:23:27 GMT
As I buy loan parts I've been listing them in a spreadsheet with a formula to countdown the remaining days to keep track of them all.
I think I've done the formula right but somehow after a week some are on track and others are as much as 10days off.
Would there be a reason for this?? Do the loan terms alter during the loan period??
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Nov 6, 2016 18:29:47 GMT
As I buy loan parts I've been listing them in a spreadsheet with a formula to countdown the remaining days to keep track of them all. I think I've done the formula right but somehow after a week some are on track and others are as much as 10days off. Would there be a reason for this?? Do the loan terms alter during the loan period?? SS do alter the term when additional interest is sent or correct the term when there has been a lull between live & drawdown date. Problem is, this isn't across all loans; SS seem to carry out adjustments to some while forgetting the others. Personally, I ignore the indicated term, and work via the drawdown date, and (attempt to) adjust when updates are provided. However, even then, that relies on good accurate updates; not something we are current receiving. The 6 Gloucestershire suddenly had their terms 'adjusted', with no explanation provided (I think we are to assume that interest was taken from one pot and sent to the other to level up the terms). It is something that SS need to look at; clarify what the term actually represents (IMO, it should represent the amount of time before the interest pot runs dry), and keep it up to date.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 6, 2016 20:02:24 GMT
As I buy loan parts I've been listing them in a spreadsheet with a formula to countdown the remaining days to keep track of them all. I think I've done the formula right but somehow after a week some are on track and others are as much as 10days off. Would there be a reason for this?? Do the loan terms alter during the loan period?? In addition to CDs post. There are number of loans where the initial term was given at 12 months which turned out to be 6 months. If you look at my updates list you can see where loans have been shortened, extended, changed their term etc. I used to try and recalculate the end dates but it became impossible because nothing actually tallied between site and updates. In theory all loan terms should start from launch date but then if there is a drawdown delay, does the borrower still get the agreed term, so the loan will run beyond stated term on site. Some loans have even appeared to start before launch. Cant remember which loan but its term at launch was 180days not 183 days normally showing for a 6 month loan. Look at PBL42, launched as a 12 month loan in July 15, but got a 2 month extension sometime in Feb 16 so clearly only 6months, that 2 months supposedly took it to early April (thats actually 3 months) In march a 4m extension was mooted (which would tie in with 6 + 2) but it actually got 3m in late April. In mid June it got another 2m (which isnt 3m from April but is from early March) Early July interest for another month, and again in August (is that covering 2m June extension or something else) in Sept a 6m month extension was mooted, it got another month in late Sept and went to zero on site in late Oct and will be relaunched for another year shortly. At any point over the last 16 months, could you be confident how long this loan had to run and what interest cover was in place?
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Post by Deleted on Nov 7, 2016 5:20:59 GMT
So very simply my daily countdown formula on my spreadsheet is rendered rather useless! Shame
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hantsowl
Member of DD Central
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Post by hantsowl on Nov 7, 2016 10:23:55 GMT
So very simply my daily countdown formula on my spreadsheet is rendered rather useless! Shame Not totally useless. I noticed the same a couple of days ago as I use a similar countdown formula, but the numbers are only off by a few days (10 at most) and I simply go through the list and update the new values. Yes this is annoying, but it makes little difference in my case even with the wrong numbers since I tend to invest based on remaining time but only in general terms. A few days makes little difference. Now if the loans were off by 20/30 days or more that would cause me a problem.
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elsee
Member of DD Central
Retired:D
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Post by elsee on Nov 7, 2016 10:34:25 GMT
@nirish
I have a spreadsheet too. Mostly when my dates are out it's because you also need to take into account whether they have drawn down or not. The clock seems to start on drawdown day.
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Post by savingstream on Nov 7, 2016 11:54:02 GMT
Hi All,
We had a tidy up last week, the dates on many of the loans were not in line with the actual draw down date i.e when the loan is due rather than when we went live on SS. We are now going through the list of loans that have had extensions and interest payments and will be bringing them into line as well so it should all be much more accurate/reliable soon.
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Post by mattie on Nov 7, 2016 13:37:02 GMT
Hi All, We had a tidy up last week, the dates on many of the loans were not in line with the actual draw down date i.e when the loan is due rather than when we went live on SS. We are now going through the list of loans that have had extensions and interest payments and will be bringing them into line as well so it should all be much more accurate/reliable soon. Once the remaining term data has been brought up to date will it be possible to make the list on the "Available Loans" page sortable by "remaining term"? I would find this function very useful if it were able to be provided. Thank you.
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Post by savingstream on Nov 7, 2016 13:55:00 GMT
With IT and is in the development pipeline.
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Post by Deleted on Nov 7, 2016 14:34:30 GMT
Hi All, We had a tidy up last week, the dates on many of the loans were not in line with the actual draw down date i.e when the loan is due rather than when we went live on SS. We are now going through the list of loans that have had extensions and interest payments and will be bringing them into line as well so it should all be much more accurate/reliable soon. Cheers Savingstream (very inventive name for a representative of SavingSteam!) I won't give up all hope of my geeky spreadsheet serving it's purpose then, although I second that sorting my loans in this way on the website would be an ever better fix!
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moist
Member of DD Central
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Post by moist on Nov 7, 2016 16:38:56 GMT
any sign of the Scottish land days being updated?.......
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puffin
Member of DD Central
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Post by puffin on Nov 7, 2016 17:11:03 GMT
Hi All, We had a tidy up last week, the dates on many of the loans were not in line with the actual draw down date i.e when the loan is due rather than when we went live on SS. We are now going through the list of loans that have had extensions and interest payments and will be bringing them into line as well so it should all be much more accurate/reliable soon. How about updating PBL057, seems to be a year out. 
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MarkT
Member of DD Central
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Post by MarkT on Nov 7, 2016 18:05:52 GMT
Hi All, We had a tidy up last week, the dates on many of the loans were not in line with the actual draw down date i.e when the loan is due rather than when we went live on SS. We are now going through the list of loans that have had extensions and interest payments and will be bringing them into line as well so it should all be much more accurate/reliable soon. How about updating PBL057, seems to be a year out. Beat me to it. 
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SteveT
Member of DD Central
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Post by SteveT on Nov 7, 2016 18:36:52 GMT
Hi All, We had a tidy up last week, the dates on many of the loans were not in line with the actual draw down date i.e when the loan is due rather than when we went live on SS. We are now going through the list of loans that have had extensions and interest payments and will be bringing them into line as well so it should all be much more accurate/reliable soon. How about updating PBL057, seems to be a year out. A maximum of 3 months out, surely, if the optioned buyer is servicing interest quarterly? " Borrower has agreed a sale for £6,000,000. On an option agreement for 12 months. The buyer will pay Saving Stream interest quarterly in advance for up to 12 months."
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Nov 7, 2016 18:37:50 GMT
How about updating PBL057, seems to be a year out. Beat me to it. And PBL055 Although, the as term (I believe ) is used to indicate the interest held, and in which case should be extended by 3 months (the buyer is sending interest quarterly - if that old update is still valid).
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