sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428 
Likes: 1,212
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Post by sqh on Feb 5, 2017 1:36:00 GMT
I have suggested that, in order not to penalise early pm bidders on the sm, that fs pay the accrued at the point the loan fills. All that then accrues waiting for drawdown is then the same. Just got the "I will put it forwards at the next review meeting" message back. What do forumites think? This was previously suggested for a different reason, but it is still relevant. Paying pre-drawdown interest at drawdown means multiple bids in the same loan can be amalgamated, and any future buys from the sm can also be automatically amalgamated. This was a huge problem prior to the latest software change, not such a big problem now. If FS do implement your suggestion, then I think the pre-drawdown interest could, should or would be classed as cashback, and we all like cashback.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
Likes: 945
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Post by stub8535 on Feb 5, 2017 4:59:40 GMT
sqh not certain that amalgamation of bids is the right way to go for people who buy with sm in mind. Multiple bids of varying size gives you the option of multiple placings on the sm where a single, amalgamated entry would allow just one at a time.
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will
Member of DD Central
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Post by will on Feb 6, 2017 14:59:42 GMT
Thanks for the tips and advice - I've made my decision.
One question though - if a loan with a bonus is automatically renewed, does it renew at the bonus rate or the standard rate?
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SteveT
Member of DD Central
Posts: 6,875
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Post by SteveT on Feb 6, 2017 15:36:02 GMT
Thanks for the tips and advice - I've made my decision. One question though - if a loan with a bonus is automatically renewed, does it renew at the bonus rate or the standard rate? That depends whether bonus rates are also offered on the renewal loan (not always the case) and at what level. If you opt to renew and you're rolling over enough to hit any bonus level that is offered then you'll get it.
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Liz
Member of DD Central
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Post by Liz on Feb 7, 2017 0:38:38 GMT
Thanks for the tips and advice - I've made my decision. One question though - if a loan with a bonus is automatically renewed, does it renew at the bonus rate or the standard rate? You should have waited till they offered cashback 
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