r00lish67
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Post by r00lish67 on Nov 13, 2017 17:50:07 GMT
Yep, I shall have some of that. 'Market', to use the term vaguely, crossed. I assume as they don't want the rate going to 10%+. £575k left for those busy fiddling with debit cards. £488k as of 18:00
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trevor
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Post by trevor on Nov 13, 2017 18:30:25 GMT
7.0% available on 5 yr market
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oldgrumpy
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Post by oldgrumpy on Nov 13, 2017 18:50:58 GMT
I wonder just what it is we are actually funding; a single borrowing order of well over £500K (it had already been nibbled away at before I woke up). RS does use some very odd methods. What about all those lenders fast asleep offering 6.2%+ who may well be bypassed? By the time half of them realise it'll be tomorrow morning; borrowers will be offering 3.9%, and enthusiastic lenders will be bidding down to that!
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r00lish67
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Post by r00lish67 on Nov 13, 2017 18:56:14 GMT
I wonder just what it is we are actually funding; a single borrowing order of well over £500K (it had already been nibbled away at before I woke up). RS does use some very odd methods. What about all those lenders fast asleep offering 6.2%+ who may well be bypassed? By the time half of them realise it'll be tomorrow morning; borrowers will be offering 3.9%, and enthusiastic lenders will be bidding down to that! It is weird. There's a full £580k available from would-be lenders at 6.2-6.9%, and yet RS have crossed the market to cut their profit margins and potentially alienate some of their lenders. Anyway, it is what it is for now - £263k left and falling fast..
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smezz
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Post by smezz on Nov 13, 2017 19:20:34 GMT
As I posted earlier it was £1.28M when I first saw it. Hope it's for a good project!
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blink
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Post by blink on Nov 13, 2017 20:50:05 GMT
As I posted earlier it was £1.28M when I first saw it. Hope it's for a good project! I placed an order on 7% market rate earlier today and just added a bit more. Both amounts waiting to be formed. One borrower...a bit scary as on RateSetter I would prefer my money to be a bit of a spread...but could not resist that rate....hoping it repays in 3 years...
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david42
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Post by david42 on Nov 13, 2017 20:50:16 GMT
With these crossed markets I can sort of understand why the Ratsetter software might insist on matching offers at 7.0% rather than anything less than or equal to 7.0%. But why does it ignore the existing offers at 7.0%? Only new offers at 7.0% are getting matched. At 20:45 this evening there were enough existing 7.0% offers to satisfy the remaining borrower request - but they are being ignored.
Lender Offers Rate On Offer Orders Cumulative 7.10% £5.0k 17 £593.2k 7.00% £60.8k 292 £588.3k 6.90% £24.7k 131 £527.5k 6.80% £26.8k 132 £502.8k 6.70% £12.0k 104 £476.0k 6.60% £52.0k 259 £464.0k 6.50% £86.7k 712 £412.0k 6.40% £204.3k 499 £325.3k 6.30% £82.1k 532 £121.0k 6.20% £38,911.91 178 £38,911.91
Borrower Offers Rate On Offer Orders Cumulative 7.00% £59,302.25 1 £59,302.25
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oldgrumpy
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Post by oldgrumpy on Nov 13, 2017 21:05:23 GMT
As this anomaly in Rs's systems is repetitive, and often publicly highlighted (to a limited number of lenders' benefit*), one can only assume that either RS is allowing this knowingly and deliberately, (for what purpose is unclear) or RS is totally incompetent and does not have a clue how to deal with it. Today, lender funds of over half million pounds have been bypassed, to those people's detriment. What kind of a management repeatedly ignores the situation? * yes, me included. Eh Kev? westonkevRS WestonKevTMP Eh kiwi80 ? Edit all gone now - and £578K of lenders money which was listed before this evening's bonanza remains at 6.2-7.0% Roll on tomorrow; I'll have another game
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Post by nesako on Nov 13, 2017 21:30:10 GMT
How long are the formed contracts @ 7%?
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IFISAcava
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Post by IFISAcava on Nov 13, 2017 21:57:23 GMT
Missed it - transferred some money over hours ago but not credited in time. Just some pennies in rolling that I got in.
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oldgrumpy
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Post by oldgrumpy on Nov 13, 2017 21:58:44 GMT
How long are the formed contracts @ 7%? These anomalyical evening biggies generally get formed the following morning I think, and will be five years. I'll post here when I check mine tomorrow.
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Post by wildlife2 on Nov 13, 2017 22:13:55 GMT
I managed to grab some at 7% using debit card 2 hours ago...
Edit; contract formed and is for 60 months.
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r00lish67
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Post by r00lish67 on Nov 13, 2017 22:34:30 GMT
As I posted earlier it was £1.28M when I first saw it. Hope it's for a good project! I placed an order on 7% market rate earlier today and just added a bit more. Both amounts waiting to be formed. One borrower...a bit scary as on RateSetter I would prefer my money to be a bit of a spread...but could not resist that rate....hoping it repays in 3 years... Guys, RS is a provision-fund backed product so it really doesn't matter if you have just one borrower or one hundred. Even if the overall provision fund is depleted we'd then all just start to earn less than we'd expected, rather than a few poor souls taking the full hit. See here: www.ratesetter.com/invest/everyday-account/protectionThe only way in which I'm aware it makes a difference is that if the borrower repays early or defaults, you'll have all of your money back in one lump. Irritating but not too scary.
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smezz
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Post by smezz on Nov 13, 2017 22:38:48 GMT
It is nominally at least a full 5 years to Nov 2022.
Maybe the customer is Zopa and they're now busily lending it out at 9%!
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TheDriver
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Slightly bonkers
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Post by TheDriver on Nov 14, 2017 0:00:24 GMT
7.0% available on 5 yr market. So why is my 6.8 still sitting there from last week?!?Guess it's the "crossed" syndrome, but I don't understand why RS pay higher rates than needed; do they have some favoured lenders?
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