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Post by nycmw on Aug 15, 2018 16:42:10 GMT
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rscal
Posts: 914
Likes: 503
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Post by rscal on Aug 15, 2018 19:14:35 GMT
Arh but you can set the rate, you just have to get in quickly enough to cancel the order.
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Post by honda2ner on Aug 15, 2018 20:20:53 GMT
Yep, that's another big fat juicy lie from Ratesetter. That's why I pulled my money out.
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spiral
Member of DD Central
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Likes: 455
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Post by spiral on Aug 16, 2018 6:40:10 GMT
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Post by RateSetter on Aug 16, 2018 12:33:50 GMT
Thank you all for your comments above. It is of course a fact that the interest rates in our markets are set by the interaction of supply of money from investors and demand for money from borrowers, and this has always been a feature of the RateSetter model.
Our facebook post highlights the difference between our dynamic, transparent and modern approach and that of the banks, where interest rates are set by committees behind closed doors (and we also draw attention to the fact that very few banks have passed on the Bank of England’s 0.25 percentage point interest rate increase).
We also note the comments about rate-setting in the Rolling market, and as you will be aware, on 5 September we will reintroduce the functionality for investors to set their own rate on reinvested capital.
Thank you
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Post by nycmw on Aug 16, 2018 13:00:42 GMT
Thank you all for your comments above. It is of course a fact that the interest rates in our markets are set by the interaction of supply of money from investors and demand for money from borrowers, and this has always been a feature of the RateSetter model. Our facebook post highlights the difference between our dynamic, transparent and modern approach and that of the banks, where interest rates are set by committees behind closed doors (and we also draw attention to the fact that very few banks have passed on the Bank of England’s 0.25 percentage point interest rate increase). We also note the comments about rate-setting in the Rolling market, and as you will be aware, on 5 September we will reintroduce the functionality for investors to set their own rate on reinvested capital. Thank you Always love a carefully crafted PR response. And yes most of us are fully aware of the reintroduction of setting our own rates in the monthly rolling market in Sept - I’m pretty sure you are hoping all that savvy investor money that was withdrawn will come flooding back into play. Mine won’t.
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rscal
Posts: 914
Likes: 503
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Post by rscal on Aug 16, 2018 13:21:07 GMT
We also note the comments about rate-setting in the Rolling market, and as you will be aware, on 5 September we will reintroduce the functionality for investors to set their own rate on reinvested capital. I wonder whether they wll 'turn off' the auto-reinvestment setting before 5th September then? If they merely 'allow' you to opt out from the moring on there could be some early matching.
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lara
Posts: 345
Likes: 300
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Post by lara on Aug 16, 2018 17:34:19 GMT
Our facebook post highlights the difference between our dynamic, transparent and modern approach and that of the banks, where interest rates are set by committees behind closed doors (and we also draw attention to the fact that very few banks have passed on the Bank of England’s 0.25 percentage point interest rate increase). That's a little hypocritical, don't you think? You certainly made the decision to reinvest lenders money at a rate that they had no say in, behind closed doors. And the way you introduced it, hidden in a routine monthly statement email, was far from transparent.
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Post by honda2ner on Aug 16, 2018 19:27:30 GMT
Thank you all for your comments above. It is of course a fact that the interest rates in our markets are set by the interaction of supply of money from investors and demand for money from borrowers, and this has always been a feature of the RateSetter model. Our facebook post highlights the difference between our dynamic, transparent and modern approach and that of the banks, where interest rates are set by committees behind closed doors (and we also draw attention to the fact that very few banks have passed on the Bank of England’s 0.25 percentage point interest rate increase). We also note the comments about rate-setting in the Rolling market, and as you will be aware, on 5 September we will reintroduce the functionality for investors to set their own rate on reinvested capital. Thank you Whilst you're at it could you fix the lie about the Rolling market that doesn't roll. RS must have a lot of very stupid investors that don't realise that they have been conned into a 5 year market that only pays Monthly (yes - that's what it used to be called) interest. Frankly, anyone with money in RS deserves everything they get.
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Post by Badly Drawn Stickman on Aug 16, 2018 20:55:31 GMT
Thank you all for your comments above. It is of course a fact that the interest rates in our markets are set by the interaction of supply of money from investors and demand for money from borrowers, and this has always been a feature of the RateSetter model. etc Whilst you're at it could you fix the lie about the Rolling market that doesn't roll. RS must have a lot of very stupid investors that don't realise that they have been conned into a 5 year market that only pays Monthly (yes - that's what it used to be called) interest. Frankly, anyone with money in RS deserves everything they get. I find having just modified my approach it is working quite well for me at the moment, presumably what I deserve. I didn't like the change initially and felt it needed a 'lead in time'. Now I can see advantages to it. Adapt and survive things never stand still.
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Post by honda2ner on Aug 21, 2018 21:13:27 GMT
Whilst you're at it could you fix the lie about the Rolling market that doesn't roll. RS must have a lot of very stupid investors that don't realise that they have been conned into a 5 year market that only pays Monthly (yes - that's what it used to be called) interest. Frankly, anyone with money in RS deserves everything they get. I find having just modified my approach it is working quite well for me at the moment, presumably what I deserve. I didn't like the change initially and felt it needed a 'lead in time'. Now I can see advantages to it. Adapt and survive things never stand still. Anyone investing at 3~4% for 5 years in a none FSCS account is deluding themselves about the level of risk they are taking. I doubt any advantages outweigh losing your money if defaults rise. The RS system is completely reliant on other people buying your old loans if you want to sell up. So what happens after interest rates rise when nobody is buying? You're stuck, unable to sell your loans whilst defaults roll in and batter your capital. This is all a very moot point, there are far better platforms out there than RS, platforms that share information with lenders, not hide it, participate openly on forums and above all pay much more interest on property backed loans. At least when you could set rates the lender could offset the risk against a decent return but when RS took that away they completely destroyed their own business model and any confidence in it, taking over a bankrupt borrower because it would have demolished the provision fund was dodgy enough. How can anyone not see the risk in dealing with a company that is so obviously crooked or out of control (I'm not sure which)?
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arby
Member of DD Central
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Likes: 959
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Post by arby on Aug 24, 2018 11:56:06 GMT
I find having just modified my approach it is working quite well for me at the moment, presumably what I deserve. I didn't like the change initially and felt it needed a 'lead in time'. Now I can see advantages to it. Adapt and survive things never stand still. Anyone investing at 3~4% for 5 years in a none FSCS account is deluding themselves about the level of risk they are taking. I doubt any advantages outweigh losing your money if defaults rise. The RS system is completely reliant on other people buying your old loans if you want to sell up. So what happens after interest rates rise when nobody is buying? You're stuck, unable to sell your loans whilst defaults roll in and batter your capital. This is all a very moot point, there are far better platforms out there than RS, platforms that share information with lenders, not hide it, participate openly on forums and above all pay much more interest on property backed loans. At least when you could set rates the lender could offset the risk against a decent return but when RS took that away they completely destroyed their own business model and any confidence in it, taking over a bankrupt borrower because it would have demolished the provision fund was dodgy enough. How can anyone not see the risk in dealing with a company that is so obviously crooked or out of control (I'm not sure which)? And yet for 5+ years they've been paying decent rates out to every investor without a loss. Sure, if you run over a long enough time period every single company either has or will cease trading, all we have to do is either hope we get lucky and are out before that point, or investigate the best we can and make an informed decision. If people took your advice years ago they'd have lost out on a reasonable opportunity. Who knows what the future holds, but you clearly have an axe to grind.
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Post by honda2ner on Aug 24, 2018 20:37:34 GMT
Anyone investing at 3~4% for 5 years in a none FSCS account is deluding themselves about the level of risk they are taking. I doubt any advantages outweigh losing your money if defaults rise. The RS system is completely reliant on other people buying your old loans if you want to sell up. So what happens after interest rates rise when nobody is buying? You're stuck, unable to sell your loans whilst defaults roll in and batter your capital. This is all a very moot point, there are far better platforms out there than RS, platforms that share information with lenders, not hide it, participate openly on forums and above all pay much more interest on property backed loans. At least when you could set rates the lender could offset the risk against a decent return but when RS took that away they completely destroyed their own business model and any confidence in it, taking over a bankrupt borrower because it would have demolished the provision fund was dodgy enough. How can anyone not see the risk in dealing with a company that is so obviously crooked or out of control (I'm not sure which)? And yet for 5+ years they've been paying decent rates out to every investor without a loss. Sure, if you run over a long enough time period every single company either has or will cease trading, all we have to do is either hope we get lucky and are out before that point, or investigate the best we can and make an informed decision. If people took your advice years ago they'd have lost out on a reasonable opportunity. Who knows what the future holds, but you clearly have an axe to grind. I don't have an axe to grind, P2P has never experienced rising interest rates so past performance is utterly useless, nobody knows what happens next. As interest rates are now rising I am focused on getting as much information as possible so I can balance risk against rate of return (which RS tried to stop by removing the ability to set rates). With RS hell bent on making changes to reduce their rolling market risk exposure by passing it all onto lenders and just lying through their teeth about why makes me very worried about what else they are lying about.
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