rscal
Posts: 924
Likes: 509
|
Post by rscal on Jul 20, 2018 14:48:25 GMT
Always assuming it runs for the 47 months. I invested money at 3.7% on the 15th this week that was repaid two days later on the 17th (and so becoming available for them to invest at whatever silly rate they chose). Is that possible, I thought the only way that could happen was if the owner of the underlying loan repaid it
Am I missing something?
Biscuit Hey don't knock it. It means (among other things) you can use their 'borrower of last resort' against them by intentionally drawing off Rolling money you would otherwise have relent in the normal fashion after it was paid back to you (thus complicating their boiler room operation of the Rolling Market) and forcing them to go to the yearly and five years and offer a premium since those are the only 'liquid' markets remaining after they jimmied it up with their 'fair use' policy. Meanwhile in CEOland it's full steam ahead.
Hopefully it will be a while before they can stop borrowing and start calmly paying it back with the money from those new customers flying through the door when they hear about that great new idea of allowing customers to set their own rates!
|
|
oik
Member of DD Central
Posts: 254
Likes: 349
|
Post by oik on Jul 20, 2018 14:54:30 GMT
Is that possible, I thought the only way that could happen was if the owner of the underlying loan repaid it That's right, or if RS offer to restructure the loan for the borrower. Whichever, maintaining the term isn't within the control of the lender unfortunately. You may get 3.7% for 47 weeks, 1 day, or anything in-between, but not till "whenever" you like. I have similar loans.
|
|
|
Post by befuddled on Jul 20, 2018 15:08:20 GMT
Always assuming it runs for the 47 months. I invested money at 3.7% on the 15th this week that was repaid two days later on the 17th (and so becoming available for them to invest at whatever silly rate they chose). Is that possible, I thought the only way that could happen was if the owner of the underlying loan repaid it
Am I missing something?
Biscuit How do "we" know if the underlying loan was genuinely repaid or if RS decided to pay it off internally and churn it over for a lesser market rate....
|
|
cb25
Posts: 3,524
Likes: 2,667
|
Post by cb25 on Jul 20, 2018 16:44:14 GMT
I would have thought the FCA may have something to say about Ratesetter giving sensitive information on how the rolling market will work in the future to only a subset of investors....
"Rhydian Lewis .., chief executive of RateSetter, told Peer2Peer Finance News it has reversed the decision because investors like to have control over the rate at which they lend."
“They can use rate-setting to act as a floor rate or they can use rate-setting to hold out for a higher rate,” he said. “Also, it is the mechanic of rate-setting on our exchange that allows our investors to always be able to lend their money quickly – you can always lower your rate to go to the front of the queue and you will be matched next and therefore start earning interest quicker.”
|
|
lara
Posts: 345
Likes: 300
|
Post by lara on Jul 20, 2018 16:56:35 GMT
I would have thought the FCA may have something to say about Ratesetter giving sensitive information on how the rolling market will work in the future to only a subset of investors....
"Rhydian Lewis .., chief executive of RateSetter, told Peer2Peer Finance News it has reversed the decision because investors like to have control over the rate at which they lend."
“They can use rate-setting to act as a floor rate or they can use rate-setting to hold out for a higher rate,” he said. “Also, it is the mechanic of rate-setting on our exchange that allows our investors to always be able to lend their money quickly – you can always lower your rate to go to the front of the queue and you will be matched next and therefore start earning interest quicker.”
It's a pity they didn't listen to the active investors' opinions before they implemented the changes in the first place but it seems to have taken so much money to leave to make them sit up and take notice. I kind of want to call them up and tell them "I told you so!"
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
|
Post by coogaruk on Jul 20, 2018 17:15:47 GMT
"Rhydian Lewis .., chief executive of RateSetter, told Peer2Peer Finance News ... investors like to have control over the rate at which they lend."
That sounds like a great idea for a new start-up company, you know, to challenge the banks and the corporate elite! Now, I wonder what we could call it?
|
|
jlend
Member of DD Central
Posts: 1,817
Likes: 1,444
|
Post by jlend on Jul 20, 2018 18:41:04 GMT
|
|
johni
Member of DD Central
Posts: 366
Likes: 327
|
Post by johni on Jul 20, 2018 19:04:47 GMT
Well RateSetter I telephoned and talked to customer services for over 30 minutes explaining how you were not working for the best of your customers, I explained that by doing this you would alienate your customers who would withdraw their money. I said it would make the rates artificially low as there was nothing to push them higher until you run out of lenders. This will then make the rates spike and you wouldn't have enough lenders to fulfill demand. The nice lady listened and told me she had had several people telephone and say similar things. But they had done their research and once customers understood what was happening then they would embrace it. I disagreed. We agreed to disagree but my parting comment was I bet it won't be long before you are backtracking on this and I will call you and remind you of of this. She says I really don't think that will happen. I can't wait until Monday to telephone to find out why the change and why they failed to listen to there core base. Think it's time to re-engage with this board.
|
|
|
Post by bricktop on Jul 20, 2018 20:05:24 GMT
Anyone seen the latest rate alert email? thought you'd like to know that our rates this week have been higher than usual.
Rolling 1 Year 5 Year 3.4% 4.4% 5.6% Average rates between 16/07/2018 and 19/07/2018 Last week saw the highest demand from borrowers for months, and one of our the highest of 2018. This week is looking strong too and we expect rates to remain high. We hope that’s great news for you. Keep an eye out for our rates this weekend and over the coming weeks.
Seems like despite £100m in isa money the demand is very high. Will be interesting to see the loan book.
|
|
lara
Posts: 345
Likes: 300
|
Post by lara on Jul 20, 2018 20:09:37 GMT
Anyone seen the latest rate alert email? Yes! They are really ramping up the damage control now!
|
|
sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
Likes: 916
|
Post by sussexlender on Jul 20, 2018 20:09:57 GMT
"Rhydian Lewis .., chief executive of RateSetter, told Peer2Peer Finance News ... investors like to have control over the rate at which they lend."
That sounds like a great idea for a new start-up company, you know, to challenge the banks and the corporate elite! Now, I wonder what we could call it? How about "Fix your own rate.com" as Ratesetters did do it then stuffed all the new FISA investors by withdrawing the ability to do it.
I wonder who it could have been that e mailed the P2P Finance News early this morning about the reversal of their daft policy and the failure to tell all investors about it and also the failure to put a suitable notice on the RS website? Perhaps they also went on to speak to the editorial team which led to the management of RS being forced into the public domain?
Thereafter, closely followed by the laughable e mail about the great rates being achieved at the moment - caused by the fact that many of us have taken very large sums out of RS.
All good fun.
|
|
lobster
Member of DD Central
Posts: 636
Likes: 467
|
Post by lobster on Jul 21, 2018 8:14:47 GMT
Apologies in advance if I have missed this from above, but have RS actually set a date yet at which point investors will be able to set their own rates again in the rolling market ?
I'm still getting regular emails from them saying that capital repayments in the rolling market have been automatically reinvested.
|
|
lara
Posts: 345
Likes: 300
|
Post by lara on Jul 21, 2018 8:26:07 GMT
Apologies in advance if I have missed this from above, but have RS actually set a date yet at which point investors will be able to set their own rates again in the rolling market ? I'm still getting regular emails from them saying that capital repayments in the rolling market have been automatically reinvested. No date yet.
|
|
|
Post by Deleted on Jul 21, 2018 10:03:51 GMT
I'm still gently removing my last few loans from them, all in all it has been a good experience but I need to earn a rate above inflation and income tax to make it worth while and since they seem to be unable to offer clear water they cannot be the place to leave large sums.
|
|
scc
Member of DD Central
Posts: 214
Likes: 163
|
Post by scc on Jul 27, 2018 11:16:54 GMT
I was able to set the rolling rate for some newly added funds this morning. It's the reinvestment settings that still need updating.
|
|