rscal
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Post by rscal on Jul 5, 2018 11:14:26 GMT
"6.2 In order to release your investment, your Matched Loans will be sold on a “last in, first out basis”, i.e. starting with the most recent contract, regardless of rate."
Perhaps this accounts for the fact that RS creates a 'new contract' everytime a part of a rolling loan is repaid (which they don't need to)? Your 'good' rate loans will get a 'reset date' each month so will (potentially) move to the front of the RYI queue continually.
(Have I misunderstood that?)
[EDIT there is a potential 'benefit' to this if true though - that you could therefore 'wait' for a particular 'bad' rate loan to form a 'new contract' and cancel that (and that only) the 'next' day]
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rscal
Posts: 921
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Post by rscal on Jul 6, 2018 10:32:37 GMT
(Feeling smug)
I Did a RYI to clear just 'yesterday' contracts from the Rolling ( all low @ 2.8) about 6 this morning. Nothing happened immediately. I just received the notification email around 11 and went straight to login. I was not looking forward to the over the w/e wait for cash withdrawn to bank but I was prepared to do so if necessary. Fortunately though I could get an immediate 4.4 in the 1 year (happy with that) Well just see now how long it is before that gets paid back early (fingers crossed)
Some technical details for those interested 1) I adjusted the asked for figure until the interest pending figure went from '0.00' to something 2) that trigger point is actually £10.00 above the contract total not the total itself b/c the minimum bit that can be taken out of an older contract is £10. Thus I reduced my request by 0.01 but actually cancelled and was paid £9.99 less than that 3) the cancelled contracts are then individially listed in the 'Account History' after RS have processed 4) Funds appear in holding at login 5) Notification email is sent to inform you of this
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69m
Member of DD Central
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Post by 69m on Jul 6, 2018 16:18:40 GMT
The revised regime has now been in place for a month. Admittedly, that's not long enough to gauge trends, but so far those lenders who apparently told RS "they would prefer less volatility in the Rolling market rates" should be disappointed.
Such a lack of stability and predictability is hardly surprising when Market Rate is determined solely by new money (which on some days might be a very small proportion of total funds matched).
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coogaruk
Hello everyone! Anyone remember me?
Posts: 703
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Post by coogaruk on Jul 7, 2018 11:19:06 GMT
The revised regime has now been in place for a month. Admittedly, that's not long enough to gauge trends, but so far those lenders who apparently told RS "they would prefer less volatility in the Rolling market rates" should be disappointed.
Such a lack of stability and predictability is hardly surprising when Market Rate is determined solely by new money (which on some days might be a very small proportion of total funds matched).
My thoughts exactly and I was about to post something similar (but without the chart). I've not even been following the Rolling rates that closely but have noted a range of 2.4-3.3% during the past month.
And due to RS spiteful punishment I'm still banned from even placing new money onto the market just because I made a couple of very small cash-outs almost two weeks ago (and for good reason - attempting to recoup money that RS had lent out at a poor rate).
It's time pressure was brought to bear on RS to reverse this utterly ridiculous situation. Alienating your customers is never a good way to continue being a successful business.
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lara
Posts: 345
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Post by lara on Jul 7, 2018 12:48:44 GMT
The revised regime has now been in place for a month. Admittedly, that's not long enough to gauge trends, but so far those lenders who apparently told RS "they would prefer less volatility in the Rolling market rates" should be disappointed.
Such a lack of stability and predictability is hardly surprising when Market Rate is determined solely by new money (which on some days might be a very small proportion of total funds matched).
My thoughts exactly and I was about to post something similar (but without the chart). I've not even been following the Rolling rates that closely but have noted a range of 2.4-3.3% during the past month.
And due to RS spiteful punishment I'm still banned from even placing new money onto the market just because I made a couple of very small cash-outs almost two weeks ago (and for good reason - attempting to recoup money that RS had lent out at a poor rate).
It's time pressure was brought to bear on RS to reverse this utterly ridiculous situation. Alienating your customers is never a good way to continue being a successful business.
I wish they would reverse it too. I was perfectly happy with the old way of things. But apparently being part of the 7% means that our opinions are ignored.
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coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
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Post by coogaruk on Jul 7, 2018 17:02:42 GMT
I wish they would reverse it too. I was perfectly happy with the old way of things. But apparently being part of the 7% means that our opinions are ignored. To me, the 7% is nothing more than scotch mist.
What I find particularly annoying is the fact that rather than lenders being given official notice of this material change in T&C, we were expected to have read it on their blog instead. I only found out about it on this forum.
Disgraceful behaviour from a fully-regulated financial institution. If a bank had done similar I expect the P2P platforms would have been all over it (or at least they would have been ten years ago).
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lara
Posts: 345
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Post by lara on Jul 7, 2018 17:49:02 GMT
I wish they would reverse it too. I was perfectly happy with the old way of things. But apparently being part of the 7% means that our opinions are ignored. To me, the 7% is nothing more than scotch mist.
What I find particularly annoying is the fact that rather than lenders being given official notice of this material change in T&C, we were expected to have read it on their blog instead. I only found out about it on this forum.
Disgraceful behaviour from a fully-regulated financial institution. If a bank had done similar I expect the P2P platforms would have been all over it (or at least they would have been ten years ago).
I agree, on all counts! When I complained that there had been no headline email to warn of the changes. I was told that they couldn't spam us!!! They actually told me that! I only found out because I looked on Trust Pilot to find out if there was anyone else who was angry about the late tax information and someone there was complaining about the imminent changes. It took a bit more digging to find this forum but very glad I did. I am relieved to be amongst like minded people as RS honestly made me feel that everyone else was happy with the situation and I was the only one who was upset.
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Post by befuddled on Jul 7, 2018 18:08:31 GMT
the 93% who were not happy are conspicuous by their absence/silence on this forum.
Are we really meant to believe this silent majority pro-actively contacted RS en-masse to complain about a savings product they voluntarily signed up to and delivered exactly what it claimed, at the time
Fishy !
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Post by stevepn on Jul 7, 2018 20:02:56 GMT
the 93% who were not happy are conspicuous by their absence/silence on this forum. Are we really meant to believe this silent majority pro-actively contacted RS en-masse to complain about a savings product they voluntarily signed up to and delivered exactly what it claimed, at the time Fishy ! Ratesetters attitude is why screw 93% of the people when you can screw 100%. When Ratesetter floats on the stock market things will get even worse. The profits will then go to the share holders.
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Post by GSV3MIaC on Jul 7, 2018 20:19:58 GMT
But there aren't, afaik, any 'profits' to go to the share holders. What will happen is that founders and backers will get a bunch of shares at the IPO stage, which they will hope to sell at a fat capital gain to people who believe (as you do) that there will be profits to be shared out among the shareholders at some future date. Very few P2P companies actually have any profits for any shareholders (Ok, so very few have any shareholders yet, either).
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lara
Posts: 345
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Post by lara on Jul 8, 2018 19:30:35 GMT
Refreshing to see another couple of negative reviews by RS investors on TrustPilot. Their trust score has just decreased from 9.6 to 9.5 but of course, RS still advertise 97% on their website! We can add false advertising to the list of complaints!
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Post by misotu on Jul 9, 2018 9:28:48 GMT
I wish they would reverse it too. I was perfectly happy with the old way of things. But apparently being part of the 7% means that our opinions are ignored. To me, the 7% is nothing more than scotch mist.
What I find particularly annoying is the fact that rather than lenders being given official notice of this material change in T&C, we were expected to have read it on their blog instead. I only found out about it on this forum.
Disgraceful behaviour from a fully-regulated financial institution. If a bank had done similar I expect the P2P platforms would have been all over it (or at least they would have been ten years ago).
I added the bold - this is exactly the basis of my formal complaint to RS, which is currently being processed.
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puddleduck
Member of DD Central
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Post by puddleduck on Jul 9, 2018 9:40:58 GMT
I got notification by e-mail in the 'Your April 2018 statement' - it was cunningly hidden in a small section named 'Simplifying our Rolling Market'
Too be honest, I think given this was such a material change it should have had a dedicated e-mail - I did actually read this one, I normally skip the statement e-mails though.
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adrian77
Member of DD Central
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Post by adrian77 on Jul 9, 2018 10:09:33 GMT
I too don't like this change which I missed - getting very very fed up of all this p2p gubbins FC also quoted consumer research for the change - yeah right!
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jlend
Member of DD Central
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Post by jlend on Jul 9, 2018 10:14:01 GMT
But there aren't, afaik, any 'profits' to go to the share holders. What will happen is that founders and backers will get a bunch of shares at the IPO stage, which they will hope to sell at a fat capital gain to people who believe (as you do) that there will be profits to be shared out among the shareholders at some future date. Very few P2P companies actually have any profits for any shareholders (Ok, so very few have any shareholders yet, either). It wil be interesting to see if they are profitable this year given the very public statements RS have made. www.p2pfinancenews.co.uk/2017/10/05/ratesetter-profit-ceo/Plus in the last set of company accounts in the "going concern" statement it said it didnt need to raise any more capital to take it through to profitability. So it will be interesting to see if the press rumours are correct about them seeking to raise additional capital.
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