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Post by davidricketts1 on Jun 19, 2014 16:24:43 GMT
oldgrumpy is correct - and gets a banana for being so helpful. 1.5%. 
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Post by Come_on_Grandad on Jun 19, 2014 16:31:11 GMT
Thanks for the update davidricketts1, but in it you don't say what is the rate of default interest. Neither does the credit report. Is there some general rule that we should assume? Or could you please always be specific. Yes he does. 1.5% per month. Ah, I hadn't seen that when I posted. My point is that neither the credit report nor the lender update specified the default rate ... so those investors who don't rush to this forum remain uninformed. I'd like to see the default interest rate specifically mentioned in all credit reports.
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Post by Ton ⓉⓞⓃ on Jun 19, 2014 16:34:53 GMT
oldgrumpy is correct - and gets a banana for being so helpful. 1.5%. Is Anglesey off the Aftermarket or is it still open for trading?
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Post by davidricketts1 on Jun 19, 2014 16:35:42 GMT
Ton ⓉⓞⓃ Interest accrues daily so if loan is repaid 10 days late then default interest for 10 days will be payable. To answer the first part, as soon as we know we'll let lenders know. I do appreciate that it's a frustrating position to be in so thanks for bearing with us - please be assured that we're working on it as a priority. Thanks, David
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oldgrumpy
Member of DD Central
Posts: 5,087 
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Post by oldgrumpy on Jun 19, 2014 16:37:11 GMT
Does a quote on a banana count as two bananas?  |
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Post by Ton ⓉⓞⓃ on Jun 19, 2014 16:39:01 GMT
Yes he does. 1.5% per month. Ah, I hadn't seen that when I posted. My point is that neither the credit report nor the lender update specified the default rate ... so those investors who don't rush to this forum remain uninformed. I'd like to see the default interest rate specifically mentioned in all credit reports. For bridges it seem that's a standard clause on AC, tho' in the terms on the site it says default interest is an extra 4%. So you're right to ask to my mind; just to be clear on the details, no matter what you might read as there are always exceptions.
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Post by Ton ⓉⓞⓃ on Jun 19, 2014 17:06:58 GMT
oldgrumpy is correct - and gets a banana for being so helpful. 1.5%. Is Anglesey off the Aftermarket or is it still open for trading?
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Post by chris on Jun 19, 2014 19:10:04 GMT
My understanding is that all auto invest instructions have been disabled and the warning placed on the loan listing, but lenders are then free to buy and sell as they would normally should they wish to do so.
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Post by davidricketts1 on Jun 20, 2014 9:02:20 GMT
Just to be clear: it’s been disabled on auto-invest. People can still sell (and buy) units on the aftermarket if they wish to, but there are warning messages on the loan that state the credit position has changed.
Thanks,
David
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Post by chris on Jun 20, 2014 9:21:16 GMT
Just to be clear: it’s been disabled on auto-invest. People can still sell (and buy) units on the aftermarket if they wish to, but there are warning messages on the loan that state the credit position has changed. Thanks, David There's possibly some room for confusion in the wording, so to be 100% clear all existing auto-invest instructions have been disabled. You are still free to set up new instructions or to reactivate your old instruction, but that is a manual step you'll need to take for yourself.
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Post by Ton ⓉⓞⓃ on Jun 20, 2014 22:12:27 GMT
Oh that's clever Anglesey Bridge has suddenly become Loan No. 102 Lasting a month at 1.5% default rate interest (old no. was 60)
Interest due today has been paid in full at 22.28pm
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Post by Come_on_Grandad on Jun 21, 2014 17:18:34 GMT
Oh that's clever Anglesey Bridge has suddenly become Loan No. 102 Lasting a month at 1.5% default rate interest (old no. was 60) Interest due today has been paid in full at 22.28pm The headline for loan 102 is correct, showing 1.5% a month and to the left of the horseshoe the fee is given as 1.5%. However under the horseshoe shows a fee of 1%, and the individual bids show 1%, so some fields were incorrectly carried across from loan 60. Loan units, under My Account and in the download csv, show the incorrect annualised rate of 12% and the running total of accrued interest is going to be wrong. Could these be corrected please, chris
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Post by Ton ⓉⓞⓃ on Jun 21, 2014 17:34:23 GMT
Oh that's clever Anglesey Bridge has suddenly become Loan No. 102 Lasting a month at 1.5% default rate interest (old no. was 60) Interest due today has been paid in full at 22.28pm The headline for loan 102 is correct, showing 1.5% a month and to the left of the horseshoe the fee is given as 1.5%. However under the horseshoe shows a fee of 1%, and the individual bids show 1%, so some fields were incorrectly carried across from loan 60. Loan units, under My Account and in the download csv, show the incorrect annualised rate of 12% and the running total of accrued interest is going to be wrong. Could these be corrected please, chrisMy £100 units are rolling up @ 3pence a day are you saying that should be 4p a day Come_on_Grandad? One being 1% the other 1.5% a month. IN EDIT Ignoring roundings and my inaccuracies.
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mikeb
Posts: 1,072
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Post by mikeb on Jun 21, 2014 18:16:23 GMT
Oh that's clever Anglesey Bridge has suddenly become Loan No. 102 Lasting a month at 1.5% default rate interest (old no. was 60) Interest due today has been paid in full at 22.28pm The headline for loan 102 is correct, showing 1.5% a month and to the left of the horseshoe the fee is given as 1.5%. However under the horseshoe shows a fee of 1%, and the individual bids show 1%, so some fields were incorrectly carried across from loan 60. Loan units, under My Account and in the download csv, show the incorrect annualised rate of 12% and the running total of accrued interest is going to be wrong. Could these be corrected please, chrisSlowcoach  I already Q&A'd that last night! No A yet, but then it is the weekend, and I'm sure chris will have a look down the back of the sofa for any loose change as a result of the error. Assuming the sofa hasn't been, erm, removed.
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Post by Come_on_Grandad on Jun 21, 2014 18:59:50 GMT
Oops. Apologies mikeb. Q&A must be the only place I didn't explore. I wanted to post for chris here, in case the same process is repeated for auction 50, due to default today. |
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I already Q&A'd that last night!