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Post by yorkshireman on Apr 28, 2017 15:07:47 GMT
andrewholgate Why are a number of first payments late? Loans 437, 438, 439 and 440 are current examples with first payment due 21/04/2017 in each case. I appreciate that AC quote: “allow for a 7 day grace period on payments as there are occasions when cash flows are delayed in addition to having to allow for weekends and Bank Holidays” but why does the term remaining reduce? Each of these 4 loans show 35 / 36 months remaining suggesting that payment has been made. This also applies to loan 405 which was extremely late with the first payment despite which the term was reduced and is currently 2 days late with the third yet the term shows 57 / 60 indicating the third payment has been made, to my way of thinking. As I see this, AC are presenting lenders with ambiguous and misleading information by reducing the outstanding term remaining before payment is made. I would be interested to hear AC’s reasoning behind this.
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pikestaff
Member of DD Central
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Post by pikestaff on Apr 28, 2017 15:11:33 GMT
I think the display is correct, and not remotely misleading. Term remaining means length of time remaining. It does not mean number of payments outstanding.
The payment history is clearly shown (with dates) on the repayments tab.
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Post by yorkshireman on Apr 28, 2017 15:14:03 GMT
I think the display is correct. Term remaining means length of time remaining. It does not mean number of payments outstanding. In which case I’ll amend my original post to misleading information. Or better still, ambiguous!
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Post by yorkshireman on Apr 28, 2017 15:18:05 GMT
I think the display is correct, and not remotely misleading. Term remaining means length of time remaining. It does not mean number of payments outstanding. The payment history is clearly shown (with dates) on the repayments tab. I'm aware of the payment history, a term of 35 / 36 means 35 remaining payments to be made.
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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 Apr 28, 2017 15:39:32 GMT
I think the display is correct, and not remotely misleading. Term remaining means length of time remaining. It does not mean number of payments outstanding. The payment history is clearly shown (with dates) on the repayments tab. I'm aware of the payment history, a term of 35 / 36 means 35 remaining payments to be made. Never has. Means 35 out of 36 months remaining. What about loans that repay at term or are in default? They arent making repayments so nobody could ever think their displays were misleading yet they reduce each month. Its how AC system works as we know from when the counter hits zero, the system stops accruing/GBBA starts selling
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Post by yorkshireman on Apr 28, 2017 16:31:26 GMT
I'm aware of the payment history, a term of 35 / 36 means 35 remaining payments to be made. What about loans that repay at term or are in default? They arent making repayments so nobody could ever think their displays were misleading yet they reduce each month. So if they're late or in default, why reduce them? I can’t imagine a bank displaying a loan term as 57 / 60 when the borrower misses a payment after 2 payments on a 60 month loan. I’m not ashamed to say that I find this method of presentation misleading at any stage of the loan term, what is achieved by reducing the display if they are not making payments? The display appears to provide no information of value to the lender, the only thing it says is, there are x months left out of a y month term but don’t worry about little things such as late payments. Yes, I know there is the repayments column but IMO AC should be highlighting late payments rather than simply reducing the outstanding term.
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dave2
Member of DD Central
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Post by dave2 on Apr 28, 2017 23:15:12 GMT
The loan term is fixed, if the maturity date of a fixed term loan is in six months time then there are six months left to maturity even if several repayments have been missed. A lender can expect to have his money repaid in six months, a new lender can expect to receive six months worth of interest payments, it would be wrong to indicate more.
The only inaccuracy is that a loan showing "6 of 60 months remaining" might only have 5 months and one day left due to rounding up, but that is a different matter.
A loan from your bank may well be handled differently.
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