|
|
Post by ladywhitenap on Mar 14, 2017 12:08:01 GMT
Apologies if this has been covered before but a quick search has not produced an answer.
If I put up a loan part for sale, I think I forfeit that days interest. Is this so?
If during the day, I subsequently remove the loan part from sale before some key time of day, do I then get the interest for that day and what is the key time? Midnight say?
It did not really matter when the SM was more liquid. But thanks to rule changes it is stagnating a bit these days.
TIA
LW
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Mar 14, 2017 12:20:06 GMT
Apologies if this has been covered before but a quick search has not produced an answer. If I put up a loan part for sale, I think I forfeit that days interest. Is this so? If during the day, I subsequently remove the loan part from sale before some key time of day, do I then get the interest for that day and what is the key time? Midnight say? It did not really matter when the SM was more liquid. But thanks to rule changes it is stagnating a bit these days. TIA LW Yes, you lose the interest from the day you out the loan part up for sale, including the days it sits on the SM unsold. If you cancel the loan part before the payment run(31st) then you get to keep the accrued interest, including the period the loan part was on sale on the SM. That's my understanding, someone will confirm(or deny!)
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
Likes: 4,298
|
Post by cooling_dude on Mar 14, 2017 12:20:24 GMT
Apologies if this has been covered before but a quick search has not produced an answer. If I put up a loan part for sale, I think I forfeit that days interest. Is this so? If during the day, I subsequently remove the loan part from sale before some key time of day, do I then get the interest for that day and what is the key time? Midnight say? It did not really matter when the SM was more liquid. But thanks to rule changes it is stagnating a bit these days. TIA LW The key date is the end of the month. Unless anything has changed, if you cancel the SM listing before then, then you will get all your interest, when a new month starts you forfeit all interest (interest accrued since listing the loan). More of a glitch in the system than a feature (if I remember correctly) Edit - Crossed with Liz. This may have changed since the new INPL rules & Default rules have been applied
|
|
elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
|
Post by elliotn on Mar 14, 2017 12:22:05 GMT
Interest acrrues per day u til midnight so in normal circumstances lenders may sell unwanted parts after midnight.
Once your loan part sells you should then be allocated all interest until midnight before the day of sale.
For loan parts unsold at the month end you may lose interest so you may want to cancel amd re-list after midnight to not lose any monthly interest (you of course forfeit your sales' queue position).
Anyone like to clarify the month end point that have tried this? Thanks.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
|
Post by ilmoro on Mar 14, 2017 12:26:37 GMT
Apologies if this has been covered before but a quick search has not produced an answer. Did you read the FAQ? I think it covers it but might need tweaking.
|
|
|
|
Post by ladywhitenap on Mar 14, 2017 12:33:52 GMT
Thanks for all the replies.
So it looks like that during slow SM periods, I can list sales I want to make, then withdraw unsold parts in the last day or so of the month and re-list as soon as I see my interest arrive on account on 1st of the month so that other cash flush investors can pick up any parts they want.
I think the only downside being that I forfeit my place in the sales queue.
LW
|
|
|
|
Post by ladywhitenap on Mar 14, 2017 12:46:14 GMT
Apologies if this has been covered before but a quick search has not produced an answer. Did you read the FAQ? I think it covers it but might need tweaking. Hi Ilmoro, Yes I have now found it in the (your) FAQ. My search used the word "interest" which obviously gave so many hits I could not see the wood for the trees. Thanks for your work on the FAQ and I will write out 100 lines " I must look at the FAQ first" LW
|
|
elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
|
Post by elliotn on Mar 14, 2017 12:46:55 GMT
|
|
