Microsculptures (2995118349 - final id) DEFAULT Apr 12, 2015 1:27:25 GMT
Post by mikes1531 on Apr 12, 2015 1:27:25 GMT
According to my account info, the old loans are showing as being repaid on 10/Apr, and interest stopped accruing at that point. Which, I think is a rather unfair thing for fundingsecure to have done, because there's no sign of my money or the accrued interest having been credited to my account. If the loan is being renewed, then I can see how FS aren't in a position to credit any money to lenders' accounts right now -- because they haven't received the principal back from the borrower and they probably don't have £300k lying around to make available in case lenders decide they want to withdraw the proceeds. But if FS aren't going to give us access to our money then IMHO they ought to continue paying us interest.
Not sure what to make of the microsculptures as they are renewing 4 weeks in advance at a lower interest rate. Okay it's only a 1% difference and 4 weeks early but obviously FS feel they have enough lenders on board so I expect the old 13% will no longer be the 'normal' and then probably 12% will no longer be the 'normal' and so on. Maybe time to scale back my involvement.
I also note that the email announcing the 'new' loan says interest on that "will be paid with an effective date of April 11". Does that suggest that even lenders who were in the initial loan and re-invest in the renewal loan will lose a day's worth of interest? I do hope not!
It will be interesting to see how quickly the replacement loan is funded, and whether the reduced interest rate has any noticeable effect on that. If the loan is funded quickly, then perhaps it's time for us 'early adopters' to start looking more seriously at some of the other P2P investment opportunities.