cobi
Member of DD Central
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Post by cobi on Dec 14, 2017 17:28:25 GMT
Why does FC penalise the acquisition of SM loans by charging the new holder all the months fees no matter how many days are left to payment day?
I was recently allocated an interest only property loan with 1 month and 3 days left to run leaving me with all the risk and 2 months charges for 1 month’s interest.
Asking FC gets the following answer
You have queried the fee structure of the platform. Please note that we operate the same fee structure as we did when you began lending. Upon receipt of the monthly repayment, the servicing fee is deducted from the borrower's repayment. Our fee structure is clearly stated in our terms and conditions and FAQs [please see appendices for details].
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Post by skint4achange on Dec 14, 2017 17:33:12 GMT
Sell it on! Put the exact amount of the loan part up for sale and it should get sold (Provided you have no loan parts for exactly that amount other than this one).
Just don't sell it to me!! 
Don't forget to resume lending as soon as it is sold!!
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cobi
Member of DD Central
Posts: 76
Likes: 80
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Post by cobi on Dec 14, 2017 17:38:21 GMT
Does that still work when there is some accrued interest?
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Post by skint4achange on Dec 14, 2017 17:43:09 GMT
From my experience, yes. When you list the loan part (Or rather the amount you want to liquidate) the buyer will pay you for the part and the interest. They will then show a negative interest payment until the next payment as they will receive all the interest for the month having already paid you yours.
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cobi
Member of DD Central
Posts: 76
Likes: 80
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Post by cobi on Dec 14, 2017 20:13:55 GMT
This is not working for me. I have found the exact amount of a loan part
£209.01
and request that amount and it tells me total of loans to be sold
£209.99
accrued interest £1.47
total £211.46
I don't have a single loan part of value £209.99
(I have over 1000 loan parts)
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Post by skint4achange on Dec 14, 2017 20:29:18 GMT
That would be a lot more complicate. You would have to figure out a value of multiple parts that include the one you want to sellthat cannot be achieved by any other combination of loan parts and then get rid of a couple of extra parts. Really not worth the effort to be honest.
This is the reason why I have multiple account!! 
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ceejay
Posts: 972
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Post by ceejay on Dec 17, 2017 11:43:18 GMT
Sell it on! Put the exact amount of the loan part up for sale and it should get sold (Provided you have no loan parts for exactly that amount other than this one).
Are you sure this works? I know it sounds like it should, but as an experiment I've had a go at selling a couple of loan parts where I had just the one part at that price. In each case the autosell process rounded up and picked something completely different.
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Post by skint4achange on Dec 17, 2017 11:49:00 GMT
Always works for me. But do not forget that I am taking about an account where all the loan parts are NEW! I.e. All for the same value. If you have 1000 loan parts and they are all for different amounts, the algorithm of the platform may pick what ever it likes. But if I have 1000 loan parts all for £50 and then I pick one up on the SM for £35, if I put in £35 it sells only that part.
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cobi
Member of DD Central
Posts: 76
Likes: 80
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Post by cobi on Dec 18, 2017 9:45:53 GMT
I wonder whether it doesn't like selling large loan parts which could be difficult to offload and would default to multiple smaller loans.
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