|
Post by misotu on Jul 30, 2018 20:07:20 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. Well, they have a *lot* of formal complaints to deal with as a result of this fiasco. Particularly regarding the lack of notification. Mine is in the long queue. And I'm with coogaruk. Someone needs to be accountable. Enticing ISA funds in and then pulling this shabby trick was a seriously poor decision.
|
|
lara
Posts: 345
Likes: 300
|
Post by lara on Jul 30, 2018 20:37:34 GMT
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. Well, they have a *lot* of formal complaints to deal with as a result of this fiasco. Particularly regarding the lack of notification. Mine is in the long queue. And I'm with coogaruk. Someone needs to be accountable. Enticing ISA funds in and then pulling this shabby trick was a seriously poor decision. I got in early with my formal complaint and I received a (completely unsatisfactory) reply some time before they decided to backtrack. Part of me still misses RS and from time to time now it has crossed my mind to throw a little money in their direction but honestly, the lack of respect and complete disdain with which I feel that I was treated has left such a bad taste in my mouth that even with the reversal of the changes, it probably would take a genuine apology for me to return. I'm not holding my breath.
|
|
|
Post by misotu on Jul 30, 2018 20:49:00 GMT
My complaint has been formally opened but not yet resolved. I'm not holding my breath to be honest. The whole sorry mess is exasperating.
|
|
m2btj
Member of DD Central
Posts: 626
Likes: 749
|
Post by m2btj on Jul 31, 2018 8:17:25 GMT
Is it just me that has noticed a distinct lack of borrowers recently?
|
|
lara
Posts: 345
Likes: 300
|
Post by lara on Jul 31, 2018 8:29:24 GMT
Is it just me that has noticed a distinct lack of borrowers recently? Ever since the change, I have too. They used to dump all the borrowers money on the (rolling) market during the early hours of the morning, that made it easy to know what rate to place investment money at to get the best deal but still be matched that day. But since then, it seems to just trickle in like it used to do on weekends.
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
|
Post by coogaruk on Jul 31, 2018 11:42:58 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 Not one so serious that it cost your employer so much in both finanacial and reputational terms, I'd wager. And don't overlook the fact that it was because of so much anger that they eventually listened.
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
|
Post by coogaruk on Jul 31, 2018 11:50:37 GMT
Cougar [sic] - the paramilitary wing of p2p lenders I wasn't advocating violence, just some sort of action that might benefit both RS and their customers over the longer term.
|
|
lara
Posts: 345
Likes: 300
|
Post by lara on Jul 31, 2018 13:30:21 GMT
I understand the anger but we've all made mistakes in our day jobs and given they appeared to have listened Not one so serious that it cost your employer so much in both finanacial and reputational terms, I'd wager. And don't overlook the fact that it was because of so much anger that they eventually listened. I'm curious myself as to who was responsible for such a ridiculous situation coming to be. I suspect it probably came from fairly high up. Whoever it was, they certainly didn't think it all the way through!
|
|
m2btj
Member of DD Central
Posts: 626
Likes: 749
|
Post by m2btj on Jul 31, 2018 14:02:18 GMT
Not one so serious that it cost your employer so much in both finanacial and reputational terms, I'd wager. And don't overlook the fact that it was because of so much anger that they eventually listened. I'm curious myself as to who was responsible for such a ridiculous situation coming to be. I suspect it probably came from fairly high up. Whoever it was, they certainly didn't think it all the way through! I believe it was the same person responsible for the new rail timetables! I have no doubt they will have been promoted out of that job now!
|
|
|
Post by bricktop on Aug 1, 2018 7:36:44 GMT
Is it just me that has noticed a distinct lack of borrowers recently? I think they put the borrowing rate. I noticed on the website it was quite high - might have been 6% at the end of last week, checking today it's come back down to 3.9%. I'd guess supply and demand, is summer a slow time for loans?
|
|
robski
Member of DD Central
Posts: 772
Likes: 462
|
Post by robski on Aug 1, 2018 10:47:18 GMT
Is it just me that has noticed a distinct lack of borrowers recently? nah in fact its been ok The issue is, when everything used to expire automatically every 30 days you had all of that to be rolled back into loans again, every weekday, which would match at lunchtime Now all you see on rolling is new borrowers and briefly anything someone sold out
|
|
|
Post by GentlemansFamilyFinances on Aug 1, 2018 10:52:32 GMT
I do sometimes wonder how RateSetter works - and who controls it! In the past, I have managed to snag great rates - I still have a 5 year loan at a rate of 8.2% (and a few more that were repaid early). Right now, I don't actively manage my funds and just relend on auto. I have a weekly check to see if the rates are high and lend more or stop relending on that basis. Here's a question - how much more can you get out of actively managing your manual lending rates vs. the autolending rate? My feeling is that unless you are lending tens of thousands, it's not worth the few extra pence. But I'd like to be proved wrong.
|
|
robski
Member of DD Central
Posts: 772
Likes: 462
|
Post by robski on Aug 1, 2018 11:01:51 GMT
I do sometimes wonder how RateSetter works - and who controls it! In the past, I have managed to snag great rates - I still have a 5 year loan at a rate of 8.2% (and a few more that were repaid early). Right now, I don't actively manage my funds and just relend on auto. I have a weekly check to see if the rates are high and lend more or stop relending on that basis. Here's a question - how much more can you get out of actively managing your manual lending rates vs. the autolending rate? My feeling is that unless you are lending tens of thousands, it's not worth the few extra pence. But I'd like to be proved wrong. Well really its how long is a piece of string Certainly rates spike a bit at times (both up and down) If your on auto imho your more likely to get none/few of the peaks and most/all of the troughs. If you actively manage, which to me means log on most days, then you should be able to achieve around 0.3% more on rolling and 5 year. Sometimes you won't if there is a lot of extra cash that day, sometimes you will get more than that if theres low cash. 1 year is different, you do seem to get much higher spikes but they are far less frequent. Eg last week or so there was 1 year at 6% it obviously didn't hang around long!
|
|
mark123
Member of DD Central
Posts: 111
Likes: 120
|
Post by mark123 on Aug 1, 2018 14:43:10 GMT
I do sometimes wonder how RateSetter works - and who controls it! In the past, I have managed to snag great rates - I still have a 5 year loan at a rate of 8.2% (and a few more that were repaid early). Right now, I don't actively manage my funds and just relend on auto. I have a weekly check to see if the rates are high and lend more or stop relending on that basis. Here's a question - how much more can you get out of actively managing your manual lending rates vs. the autolending rate? My feeling is that unless you are lending tens of thousands, it's not worth the few extra pence. But I'd like to be proved wrong. You can get quite a lot more. The default rate on 5 year is currently 5.3%. If you set a rate of 5.8% it is likely to be lent within a week. If you think there is no real risk, 5.8% isn't that much more than 5.3%. If you think the risk is worth (say) 4% then the margin above the risk is 1.3% or 1.8%... I find the difference significant. Top tip: put a third of your funds at 5.6%, 5.7% and 5.8%. After a week, if the lower offers have gone, be patient. If they haven't gone, reduce the rate on the 5.8% offer. My average since April is 5.5% (and rising) using this technique; you only have to log on once per week. Some people worry about the lost interest from waiting a week. But, taking the risk into account, I find the higher rate worth it on loans which can last 5 years.
|
|
lara
Posts: 345
Likes: 300
|
Post by lara on Aug 1, 2018 14:48:33 GMT
Is it just me that has noticed a distinct lack of borrowers recently? nah in fact its been ok The issue is, when everything used to expire automatically every 30 days you had all of that to be rolled back into loans again, every weekday, which would match at lunchtime Now all you see on rolling is new borrowers and briefly anything someone sold out Thank you for the insight. So when the money that is currently forcibly re-invested at the market rate ( a while ago today it was 5543 orders totalling £1,206,627.58) appears on the market, we can just ignore it in the queue because it's already accounted for and is just turning over at the new rate?
|
|