vmail
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Post by vmail on Feb 13, 2017 14:39:39 GMT
This seems to be random. Or it could be something simple like you started the loan at 10am, but the loan was completed at 9am. So if it was completed after 10am then you would get the extra day?
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kaya
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Post by kaya on Feb 13, 2017 16:36:43 GMT
Don't worry. It's just the angels' share.
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ozboy
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Post by ozboy on Feb 13, 2017 17:25:52 GMT
Funnily enough, I just phoned FS today, by my calculations I was three weeks short on the Interest Paid. I await their response. 14/2/17 Seems the Interest Paid is correct, which I'll of course now double check! But at least FS did contact me to explain so that's good.  |
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jo
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Post by jo on Feb 13, 2017 17:46:04 GMT
On a broader point, I've found monthly interest totals tp be pretty erratic since Oct last year. Some months coming in at 35% of previous average, and only partially recouped the next month.
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ozboy
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Post by ozboy on Feb 13, 2017 17:58:23 GMT
I know that February being a "short" month has caused some platforms a bit of confusion/bother, however, if to my growing list of "Own DD" I have to now also add "Check every interest payment for accuracy" it may be the straw that .......................... 14/2/17 Seems the Interest Paid is correct, which I'll of course now double check! But at least FS did contact me to explain so that's good. |
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mikes1531
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Post by mikes1531 on Feb 14, 2017 20:29:10 GMT
On a broader point, I've found monthly interest totals tp be pretty erratic since Oct last year. Some months coming in at 35% of previous average, and only partially recouped the next month. : Monthly interest totals? At FS? Where are you seeing those?
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jo
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Post by jo on Feb 15, 2017 8:54:22 GMT
On a broader point, I've found monthly interest totals tp be pretty erratic since Oct last year. Some months coming in at 35% of previous average, and only partially recouped the next month. : Monthly interest totals? At FS? Where are you seeing those? I use an XIRR spreadsheet and Microsoft Money to manually manage P2P (and everything else, for that matter!). I guess you could input monthly dates in the Tax Statement page on the website.
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SteveT
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Post by SteveT on Feb 15, 2017 10:19:45 GMT
I use an XIRR spreadsheet and Microsoft Money to manually manage P2P (and everything else, for that matter!). Me too. I'd be lost without my copy of MS Money (now prehistoric, but happily still entirely functional in W10) and I can't understand why it was axed nor why no-one has ever built an equivalent product that can import an existing MS Money data file.
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jo
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Post by jo on Feb 15, 2017 10:30:04 GMT
I use an XIRR spreadsheet and Microsoft Money to manually manage P2P (and everything else, for that matter!). Me too. I'd be lost without my copy of MS Money (now prehistoric, but happily still entirely functional in W10) and I can't understand why it was axed nor why no-one has ever built an equivalent product that can import an existing MS Money data file. With you on that. Been using mine since 2001; I dread the day the banks finally pull the plug on MS Money downloads - I'll be bereft! I guess it's planned obsolescence 'we haz cloudz services to sell'. Felt the same way when Google nixed 'Reader', that was another incredibly useful tool.
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SteveT
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Post by SteveT on Feb 15, 2017 10:37:15 GMT
Me too. I'd be lost without my copy of MS Money (now prehistoric, but happily still entirely functional in W10) and I can't understand why it was axed nor why no-one has ever built an equivalent product that can import an existing MS Money data file. With you on that. Been using mine since 2001; I dread the day the banks finally pull the plug on MS Money downloads - I'll be bereft! I guess it's planned obsolescence 'we haz cloudz services to sell'. Felt the same way when Google nixed 'Reader', that was another incredibly useful tool. I think I was a year or two later starting with MS Money since I was wedded to Quicken, until that too was axed (the import / conversion from Quicken to Money was not without pain, I seem to recall!). Someone is still selling "Quicken 2017" software in the US and Canada, but I don't think it works over here, unless anyone else knows different?
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SteveT
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Post by SteveT on Feb 22, 2017 16:55:58 GMT
Look on the bright side. You could have been in the London Parking Spaces loan and lost 609 days of interest!!
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 22, 2017 17:37:17 GMT
I agree - absolutely unacceptable. For contrast, MT, loan paid back late in the day/evening so they give an additional day's interest. Here were have 3 full days of interest missing (+1 =4 full days if you want to include interest also for the final date your capital is given back). And the delay in repayment was 'minor' (in comparison to many other loans). But what about loans which are months late, as the Londonderry ones? If FS really expecting to 'backdate' the interest to the original due dates and not pay us for MONTHS of interest? I am really furious about this. I think you need to get some perspective on the matter. If the renewal didn't fill on the Friday (day183), then you would have justification, because your money was still at risk. If it did fill then your money wasn't at risk. I suspect the loan renewal did fill on the Friday and therefore the original loan closed on the Friday, and interest was paid the next working day. All overdue loans continue to accrue interest, and the Londonderry loans will be no different. The date of loan closure won't be backdated, because your money is still at risk. EDIT: The renewal was posted on Saturday(day 184), so you could claim interest until the loan refilled.
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jamesc
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Post by jamesc on Feb 22, 2017 17:47:51 GMT
I agree - absolutely unacceptable. For contrast, MT, loan paid back late in the day/evening so they give an additional day's interest. Here were have 3 full days of interest missing (+1 =4 full days if you want to include interest also for the final date your capital is given back). And the delay in repayment was 'minor' (in comparison to many other loans). But what about loans which are months late, as the Londonderry ones? If FS really expecting to 'backdate' the interest to the original due dates and not pay us for MONTHS of interest? I am really furious about this. It not actually as bad as you think although I do think FS are wrong. The 10th (due date) was a Friday and I suggest the borrower paid interest for the full term of the loan 183 days but FS did not launch the renewal until Monday the 13th. Rather than making good the 3 days extra interest which I think they should have, they have just forwarded to investors the 183 days the borrower paid. I have also e mailed FS to ask about our three days interest because in the same way FS pay interest for the period between us pledging funds and drawndown of the loan likewise they should pay interest up until when the loan is repaid to investors not up to the date they receive funds if this is different.
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SteveT
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Post by SteveT on Feb 22, 2017 19:42:51 GMT
I think you may have a job convincing FS of that, but feel free to trawl the platform T&Cs. There have been several past examples where items were sold at auction, at which point accrual of interest ceased but repayment wasn't received until funds were forwarded by the auction house, up to 28 (IIRC) days later.
{ps. I do recall warning you on the FC board some months back that you might find the grass on the FS side of the fence wasn't quite as green as you reckoned it to be when you joined!}
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 22, 2017 21:36:26 GMT
It is NOT the lender role to make sure loans are repaid. It is FS' duty. And it is FS duty to make sure the repayment happens BEFORE OR ON THE DATE OF the end of the loan (even of they don't do it often). And it is FS duty to pay interest for each single day the money is out of control of the lender. Wether the money is in a safe, in a FS bank account or under a laywer's control DOES NOT MATTER AT ALL. And similarly, it should not be of any care of the lender when or if the loan has a renewal or is repaid via other routes. I did not partecipate to the renewal, so I cannot care less if it started on saturday or monday, if it filled at 6am or at 10am. If I receive my money back on the 13/02 (for whatever reason, repayment or refinancing route or even simply bad FS organisation/working practices), I WANT the full interest for that money up and until that day, 13/02 and cannot accept three days less. At least you didn't wait 21 days, re: Loan 2576894515.
"Update 18/9/15
We are pleased to advise that the piano was sold at auction yesterday with sufficient proceeds to pay back all interest and capital. The loan will not be completed until we receive the proceeds, which are expected in 21 days. As we are legally obliged to settle with the borrower as of the date of auction, interest will not accrue between auction date and settlement date."Not sure how you would have felt about that one?
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