vmail
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Post by vmail on Jun 21, 2014 23:27:24 GMT
Accrued interest is still being paid at 1%. Am I missing something?
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Post by Ton ⓉⓞⓃ on Jun 21, 2014 23:35:10 GMT
Accrued interest is still being paid at 1%. Am I missing something? I think you're right hopefully chris will explain or sort it out on Monday. It does say somewhere that we get most of the default interest and that AC take some for their work but I don't think that explains whats happening here, I'm hoping it's an simple typo error. If you look at the Loan page the Title line says 1.5%pm but under the horseshoe it says 1%. I think this page (for loan 102) was set up late last night (Fri) and there was a mistake or two...
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andy2001
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Post by andy2001 on Jun 22, 2014 0:13:07 GMT
Accrued interest is still being paid at 1%. Am I missing something? I just bought a unit, and the first days interest was 0.04 which if rounded down is 1.5% not 1%.
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Post by Ton ⓉⓞⓃ on Jun 22, 2014 0:22:43 GMT
Accrued interest is still being paid at 1%. Am I missing something? I just bought a unit, and the first days interest was 0.04 which if rounded down is 1.5% not 1%. Interesting. My total now on £100 is 7p, i.e. a 3p from yesterday and a 4p from this midnight.
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vmail
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Post by vmail on Jun 22, 2014 23:21:06 GMT
Day 3 and it is sitting at 10p instead of 15p
Rate 1%
Day 1 = 0.01/30*1*100 = 0.03333 or 3p
Day 2 = 0.01/30*2*100 = 0.06667 or 7p
Day 3 = 0.01/30*3*100 = 0.10, 10p
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Post by Ton ⓉⓞⓃ on Jun 22, 2014 23:45:30 GMT
Day 3 and it is sitting at 10p instead of 15p Rate 1% Day 1 = 0.01/30*1*100 = 0.03333 or 3p Day 2 = 0.01/30*2*100 = 0.06667 or 7p Day 3 = 0.01/30*3*100 = 0.10, 10p I'm thinking that this extension to the loan will be at the previous rate of 1%pm, but the default interest will be added later because AH made this comment recently In other words I'm guessing we & AC don't know how much of the default interest to pass onto lenders just yet, that or a mistake has been made with the interest payment...
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Post by andrewholgate on Jun 23, 2014 7:59:55 GMT
Hi all - looking into this this morning and either I or one of the team will let you know as soon as possible.
On behalf of Andrew Holgate
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Post by davidricketts1 on Jun 23, 2014 15:53:09 GMT
Hi all - you should be accruing interest at 1.5% per month and given it won't be paid until we receive full repayment of the capital as well we are just checking to ensure that it is accruing at the correct rate. If not, then we will undertake a manual recalculation to ensure lenders get paid the correct amount when repaid with their capital.
Thanks,
David
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unmadem
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Post by unmadem on Jun 23, 2014 16:10:42 GMT
Hi all - you should be accruing interest at 1.5% per month and given it won't be paid until we receive full repayment of the capital as well we are just checking to ensure that it is accruing at the correct rate. If not, then we will undertake a manual recalculation to ensure lenders get paid the correct amount when repaid with their capital. Thanks, David , it has been reported on another thread that Bolton has the same issue, so worth checking that too.
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vmail
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Post by vmail on Jun 24, 2014 7:46:33 GMT
Fixed now, Day 4 sitting at 20p
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Post by cyrilmadrid on Jul 7, 2014 21:32:43 GMT
Any update from AC with regards to this loan, 2 weeks into default ? I have posted a question in the Q&A section tonight.
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Post by davidricketts1 on Jul 8, 2014 9:45:50 GMT
Hi cyrilmadrid - an update was requested from the introducer yesterday regarding the status of the refinance. This update was received this morning but we have requested clarification on a couple of points contained within it. This has been requested by Thursday and lenders will be updated in full on receipt of this. Thanks, David |
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Post by davidricketts1 on Jul 10, 2014 15:18:48 GMT
Hi all - update is that refinance is progressing.
We remain confident of securing repayment by expected date but we are speaking to the borrower and introducer frequently to ensure that this remains on track.
Any issues and lenders will be updated immediately.
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Post by whitmanthecat on Jul 18, 2014 13:49:17 GMT
davidricketts1 , further to today's announcement regarding the payment delayed beyond 21st July, I have a few queries. As this loan is already having interest at a 'default' rate of 0.5%pm above the original rate, would a further uplift be payable when repayment is beyond 21st July (or 28th July, if that is the agreed tolerance)? A response to the Q&As indicates the offer from the provider of the refinance expires on 21st July and so is any delay, whether one week or two, likely to cause any issues? Is there any risk that formal default processes could risk the original refinance deal from happening, or it is more of a legal kick up the rear to get things moving? Thanks, James
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oldgrumpy
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Post by oldgrumpy on Jul 18, 2014 13:59:32 GMT
Has Alderspore given them an extension?
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