Trading in first 30 days. Beware
Dec 21, 2016 13:00:21 GMT
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locutus and moneymagnet like this
Post by stub8535 on Dec 21, 2016 13:00:21 GMT
Having tripped over this issue this morning I thought I would bring it to your attention.
If you wish to sell a loan part that is less than 30 days old for any reason this applies to you.
When you go onto the sell my loan parts page you see an accrued interest figure. That, for less than 30 days old loans, is wrong.
You would only become aware of the error of relying on that figure after you have concluded your transaction, on the new system, as it would show in the cnv figure as the true accrued interest.
I have raised this with FS and have been told that the borrower pays a minimum of 30 days interest so this is what they display for lenders. Do others think this is misleading and should be changed?
If you wish to sell a loan part that is less than 30 days old for any reason this applies to you.
When you go onto the sell my loan parts page you see an accrued interest figure. That, for less than 30 days old loans, is wrong.
You would only become aware of the error of relying on that figure after you have concluded your transaction, on the new system, as it would show in the cnv figure as the true accrued interest.
I have raised this with FS and have been told that the borrower pays a minimum of 30 days interest so this is what they display for lenders. Do others think this is misleading and should be changed?
