I have a new borrower who has yet to make a repayment as it is not yet due. However the payment statement shows as -0.29% while other borrowers (earlier and later) show as 0.0% as expected. Explanation anyone?
1
Am I paying money to borrowers?
Started by Sealate, Apr 30 2012 16:40
2 replies to this topic
#1
Sealate
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Zebra
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Posted 30 April 2012 - 16:40
The richest man is not he who has the most but he that needs the least. (paraphrased)
#2
sl75
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Posted 30 April 2012 - 17:04
Sealate, on 30 April 2012 - 16:40, said:
I have a new borrower who has yet to make a repayment as it is not yet due. However the payment statement shows as -0.29% while other borrowers (earlier and later) show as 0.0% as expected. Explanation anyone?
I've got one (possibly the same borrower) from 25/03/2012 who is recorded as having made a small additional payment on 08/04/2012 for an amount considerably less than the interest due up to that date. (Scaling my portion of the payment up, it appears to have been for about £10 - possibly the borrower trying out the extra payment function with the minimum allowed amount).
As usual for an extra payment of an amount less than the interest due to date, the amount remaining to allocate to capital was negative after the interest was deducted. Since this was the only payment the borrower has made so far, this means the total capital payments to date are also negative.
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#3
Sealate
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Zebra
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Posted 30 April 2012 - 18:19
sl75, on 30 April 2012 - 17:04, said:
Are you sure they've not made a repayment? Did you check by expanding the borrower's details to get the payment log in MLB?
I've got one (possibly the same borrower) from 25/03/2012 who is recorded as having made a small additional payment on 08/04/2012 for an amount considerably less than the interest due up to that date. (Scaling my portion of the payment up, it appears to have been for about £10 - possibly the borrower trying out the extra payment function with the minimum allowed amount).
As usual for an extra payment of an amount less than the interest due to date, the amount remaining to allocate to capital was negative after the interest was deducted. Since this was the only payment the borrower has made so far, this means the total capital payments to date are also negative.
I've got one (possibly the same borrower) from 25/03/2012 who is recorded as having made a small additional payment on 08/04/2012 for an amount considerably less than the interest due up to that date. (Scaling my portion of the payment up, it appears to have been for about £10 - possibly the borrower trying out the extra payment function with the minimum allowed amount).
As usual for an extra payment of an amount less than the interest due to date, the amount remaining to allocate to capital was negative after the interest was deducted. Since this was the only payment the borrower has made so far, this means the total capital payments to date are also negative.
Thanks. A plausible explanation although since payment date has not arrived yet it seems that the payment is being calculated against that due on payment date rather than the actual payment date.
The richest man is not he who has the most but he that needs the least. (paraphrased)
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