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This page gives you a snapshot of your account with Money&Co. It displays cash, the amount you’ve loaned, and, below that, the payments you’ve received. Payments are displayed on a month-by-month basis.
The files on this page are print-friendly. If you want a hard copy of the statements, click on the “print” button. Electronic files can be obtained by clicking the “Download CSV” button.
Cash balance
This is the balance of cash in your account, and includes any cash that has been bid in Loan Auctions and also any cash paid by borrowers as principal and interest as part of their monthly payments.
Funds available to re-lend
This is the balance of cash less cash blocked in Loan Auctions.
Value of loans
This is the amount of cash that has been lent to borrowers as loans, and has not yet been paid back. It is therefore the “principal” value of the loans and does not include any of the interest that is due to be paid. As borrowers make monthly payments, this value decreases by the amount of the principal paid
Account value
This is the combined value of the cash balance and the value of the loans.
Deposit of funds
The date and amount of the transactions are shown. The description starts with an internal Money&Co. reference that links the payment to your account ID number. Your email address is shown alongside the method that the funds have been deposited “Internet Deposit”.
Loan execution
When a loan is made, or executed, this is represented by two transactions. 1) The cash is transferred from your account, where it had been blocked after it was bid in the Loan Auction, to the ‘Lender Disbursement’ account in Money&Co.’s system. Here it is combined with cash from all of the other lenders in this particular Loan Auction. The cash is then transferred to the Borrower in one lump sum. This transaction is shown with the description of ‘Order 100100008′ (this is the numerical reference specific to this transaction), and ‘Payment to 500100001 MandCo Lender Disbursement’, which is generic for all these types of transactions. The date and the amount of the transaction are shown.
2) The transaction of the Loan Part coming into your ownership is represented by the words ‘Buy’ in the description. The company that the loan has been provided to, along with its Money&Co system symbol (e.g. ‘MCO_1015′), are included in the description. At the point of this transaction, you then own this part of the Loan, which is due to be repaid over its term.
Receipt of Loan payment
When a borrower makes a monthly payment, this is described as a ‘Distribution’, and the reference number to this particular transaction is also shown. The payment is made up of both principal and interest. Money&Co. also deducts a fee equivalent to 1% p.a. of the outstanding amount, before the payment is given to the Lender. These amounts are all shown in the description of the payment.
Selling a Loan Part in the Market
Once another Lender purchases either part, or the full value of the Loan Part that you put up for sale in the Loan Market, you will see two transactions. 1) The description with ‘sell’ in it shows that you no longer own the Loan Part and have sold it to someone else. The date and amount are detailed. 2) Receipt of cash from the sale. Money&Co. charges a fee to the seller of 0.25% of the value of the sale, therefore cash received from the transaction has had the fee already deducted.
Buying a Loan Part in the Market
The transaction of transferring ownership is shown in the first transaction with the description ‘Buy’ followed by the name of the borrower and the loan code. The date and the amount are also shown.
The transaction of paying cash for the purchase is shown in the second transaction with the description ‘Payment to…’ followed by the details of the Money&Co. account that will then pass the cash to the seller of the Loan Part.
Withdrawing funds
Withdrawals are recorded as shown above – ‘Payment’ with transaction and account references, your email address, and a description of how the payment has been withdrawn.
Grove PCP Ltd.
Loan Details
Full details of this loan can be found in the attached credit note.