mark123
Member of DD Central
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Post by mark123 on Jul 26, 2018 20:47:56 GMT
I have withdrawn 50% of my (substantial) loans in five year as they are repaid, but... - The provision fund has been climbing for 4 months and is now above the 125% minimum target
- With a bit of patience you can get 5.7% or even 5.8% on five year
- They have listened to lenders who were unhappy with the rolling changes
... so I am now transferring my ISA's into RS.
I hope I am sensible  Good luck, Mark |
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Post by Ace on Jul 26, 2018 21:59:51 GMT
Interesting. Would you care to say where you're transferring from?
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ceejay
Posts: 971
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Post by ceejay on Jul 27, 2018 8:10:33 GMT
I think I agree with part of your sentiment, but not all.
My RS holdings are about 85% down on their peak, but with rates as they are I am letting that drift slowly upwards at the moment. So, yes, sentiment re RS is cautiously positive.
However, I won't be returning any ISA funds for the foreseeable. This is because RS can become unattractive for new (or reinvested) funds at any time, and stay there for months. Non-ISA free funds can just be taken out and shoved somewhere else, but the ISA transfer process is so long and painful that you really don't want to be doing that all the time. This is of course a special problem with "current year" ISAs, where its all or nothing.
There is also the point that if you don't have enough ISA capacity to cover all of your P2P lending, then it seems to make sense to put it on the highest return platforms, which RS isn't ... and also on the platforms where the tax return is most likely to get complicated, ie where there are individual loans that might be defaulting and then slowly recovering - also not RS.
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mark123
Member of DD Central
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Post by mark123 on Jul 27, 2018 8:44:23 GMT
Interesting. Would you care to say where you're transferring from? Cash ISAs, earning 1%, and Stocks & Shares ISAs, which earn better (in good times) but are less tax efficient for equity investments than my SIPP.
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Post by nycmw on Jul 27, 2018 14:24:26 GMT
I hope your experience of transferring an ISA INTO Ratesetter is better then my experience of transferring OUT. It took them three weeks to action anything and even then, I receive no communication from them. Not even an email to say they carried out the transfer or that my ISA was closed. - From a security point, that is bad in my view. Also, once it is closed you can't see any history.
I hope yours goes well.
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ceejay
Posts: 971
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Post by ceejay on Jul 27, 2018 16:28:56 GMT
I hope your experience of transferring an ISA INTO Ratesetter is better then my experience of transferring OUT. It took them three weeks to action anything and even then, I receive no communication from them. Not even an email to say they carried out the transfer or that my ISA was closed. - From a security point, that is bad in my view. Also, once it is closed you can't see any history. I hope yours goes well. I transferred an ISA out of RS a little while ago. It took some time, though I suspect a lot of that was down to the destination platform and the fact that everything seems to be done by snail mail, with multiple communications required between lender and platforms before everything is done. Ending with a cheque being posted and then cleared, I think!
I did eventually get emails when the money was transferred and the ISA account closed. The whole process took four weeks from end to end.
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mark123
Member of DD Central
Posts: 111
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Post by mark123 on Jul 27, 2018 19:39:23 GMT
I hope your experience of transferring an ISA INTO Ratesetter is better then my experience of transferring OUT. It took them three weeks to action anything and even then, I receive no communication from them. Not even an email to say they carried out the transfer or that my ISA was closed. - From a security point, that is bad in my view. Also, once it is closed you can't see any history. I hope yours goes well. I transferred an ISA out of RS a little while ago. It took some time, though I suspect a lot of that was down to the destination platform and the fact that everything seems to be done by snail mail, with multiple communications required between lender and platforms before everything is done. Ending with a cheque being posted and then cleared, I think!
I did eventually get emails when the money was transferred and the ISA account closed. The whole process took four weeks from end to end.
I was clearly lucky. I downloaded a form from the Ratesetter website earlier this week and posted it to them. They got the funds from Alliance Trust and into my account within 3 days.
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ashtondav
Member of DD Central
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Post by ashtondav on Jul 28, 2018 12:49:59 GMT
No Mark, the problem is transferring OUT. Not IN.
Clearly they would be efficient about that!
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sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
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Post by sussexlender on Jul 30, 2018 6:50:35 GMT
Still no e mail to me confirming the reversal of their absurd decision to stop allowing investors to set their own rates and still no official posting on the RS noticeboard.
P2P financial news caught them out after they were tipped off but RS have failed to announce exactly what they will be doing.
Accordingly, many will continue to take money out of this platform until they tell us the true position and an apology would be nice.
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jlend
Member of DD Central
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Post by jlend on Jul 30, 2018 7:02:24 GMT
Still no e mail to me confirming the reversal of their absurd decision to stop allowing investors to set their own rates and still no official posting on the RS noticeboard.
P2P financial news caught them out after they were tipped off but RS have failed to announce exactly what they will be doing.
Accordingly, many will continue to take money out of this platform until they tell us the true position and an apology would be nice. There is also a post on their blog www.ratesetter.com/blog/article/Rate-setting-in-the-Rolling-market
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lara
Posts: 345
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Post by lara on Jul 30, 2018 7:38:27 GMT
Accordingly, many will continue to take money out of this platform until they tell us the true position and an apology would be nice. Agree completely. An apology would be nice. I lost a not insignificant amount of interest due to their decision to change the rules of the game mid way through. Thankfully now I'm earning more elsewhere with a level of risk at which I am comfortable but it really was a rotten way to treat investors.
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lara
Posts: 345
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Post by lara on Jul 30, 2018 7:41:03 GMT
Still no e mail to me confirming the reversal of their absurd decision to stop allowing investors to set their own rates and still no official posting on the RS noticeboard.
They said they will announce more details in the July statement.
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coogaruk
Hello everyone! Anyone remember me?
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Post by coogaruk on Jul 30, 2018 10:38:31 GMT
their absurd decision to stop allowing investors to set their own rates I hope whoever was behind the idea has been severely chastised or even sacked, along with the manager who agreed to implement it.
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Post by dan1 on Jul 30, 2018 10:49:30 GMT
their absurd decision to stop allowing investors to set their own rates I hope whoever was behind the idea has been severely chastised or even sacked, along with the manager who agreed to implement it. I understand the anger but we've all made mistakes in our day jobs and given they appeared to have listened I really wouldn't want anyone sacked for this.
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ashtondav
Member of DD Central
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Post by ashtondav on Jul 30, 2018 15:46:23 GMT
I hope whoever was behind the idea has been severely chastised or even sacked, along with the manager who agreed to implement it. I understand the anger but we've all made mistakes in our day jobs and given they appeared to have listened I really wouldn't want anyone sacked for this. Cougar - the paramilitary wing of p2p lenders 
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