r00lish67
Member of DD Central
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Post by r00lish67 on Sept 6, 2018 8:13:04 GMT
Can anyone confirm if they have been banned by cancelling reinvestment capital today?
I did a RYI this morning and also cancelled reinvested capital that was placed back on the market, so cannot tell. There was no notification of a ban when I cancelled my reinvestment capital.
You can just check by doing a 'pretend' investment in Rolling, when it should tell you your ban date (if applicable).
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Post by fiatlender on Sept 6, 2018 8:17:03 GMT
Can anyone confirm if they have been banned by cancelling reinvestment capital today?
I did a RYI this morning and also cancelled reinvested capital that was placed back on the market, so cannot tell. There was no notification of a ban when I cancelled my reinvestment capital.
You can just check by doing a 'pretend' investment in Rolling, when it should tell you your ban date (if applicable). I did a RYI before cancelling the reinvested capital, so I was already banned, thus I cannot tell.
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r00lish67
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Post by r00lish67 on Sept 6, 2018 8:21:25 GMT
Can anyone confirm if they have been banned by cancelling reinvestment capital today?
I did a RYI this morning and also cancelled reinvested capital that was placed back on the market, so cannot tell. There was no notification of a ban when I cancelled my reinvestment capital.
You can just check by doing a 'pretend' investment in Rolling, when it should tell you your ban date (if applicable). Ok, yeah, I need to engage my brain this A.M. I can't check as I have no capital repayments available to cancel/withdraw this morning, but I'd be interested too.
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Post by befuddled on Sept 6, 2018 10:16:25 GMT
To withdraw your money, I think you would have to use the return your investment function and suffer the 14 day ban. My first thought was you would have to lower the rate using the "change" option, then the day after it was matched use RYI to return to Holding. However, rscal notes an alternative I wasn't aware of, and it will be interesting to see how that option functions in the world of "Rolling reinvestment restriction revisited" which seems to introduce another version of virtually pointless complication for the sake of a claimed minimal gain (remember the 93% assertion?). This is correct - I have just done it - after routing around RS website for 30 minutes trying to find how to cancel pending loans, it is not exactly intuitive.... (So to cancel automatically generated pending Rolling orders - you can use "One Off Withdrawal to my Bank") It would be hard to use RS (efficiently) without all the help from this forum.....Thanks Everyone
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TheDriver
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Slightly bonkers
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Post by TheDriver on Sept 6, 2018 11:35:13 GMT
My first thought was you would have to lower the rate using the "change" option, then the day after it was matched use RYI to return to Holding. However, rscal notes an alternative I wasn't aware of, and it will be interesting to see how that option functions in the world of "Rolling reinvestment restriction revisited" which seems to introduce another version of virtually pointless complication for the sake of a claimed minimal gain (remember the 93% assertion?). This is correct - I have just done it - after routing around RS website for 30 minutes trying to find how to cancel pending loans, it is not exactly intuitive.... (So to cancel automatically generated pending Rolling orders - you can use "One Off Withdrawal to my Bank") It would be hard to use RS (efficiently) without all the help from this forum.....Thanks Everyone . . . and can you now place another order on Rolling? which I think is fiatlender's query. I haven't got any repayments due until Monday to try it! TiA
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Post by befuddled on Sept 6, 2018 14:48:45 GMT
ah, sorry can't test that as pulled as much £ out as I could. RS's behaviour does not fill me with confidence. All this tampering with the Rolling market has made me nervous. Why are they doing it ? My thoughts are they had an internal "issue" which brought around the June changes.
Those changes were clearly a disaster, were meant to decrease their borrowing rates, but resulted on the whole in increased borrowing costs for RS - so whatever the original issue was - the situation is possibly now worse.
And they are still tinkering....
Makes me think that they don't have a long term strategy and are making it up as they go along.....
(Nothing above is based on fact, just one uninformed individual's gut feeling)
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spiral
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Post by spiral on Sept 7, 2018 7:06:33 GMT
RS made the change because they had to. The only thing I don't understand is why it took them so long.
In essence, their old model returned everyone's money despite RS not having it.
e.g 1 million loan made on 9th of Aug. On the 9th of Sep, a small proportion of this would be returned by the borrower as capital and interest, lets say £50k but RS returned the full 1 million to peoples accounts. In reality, had everyone tried to withdraw their repayments, only the first 50K could have succeeded. They had created an illusion of full repayment that had never existed.
Keeping you matched to term just makes this whole process more visible as you now have to sell the loan with the caveat that a buyer must exist.
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Post by fiatlender on Sept 7, 2018 8:44:04 GMT
RS made the change because they had to. The only thing I don't understand is why it took them so long.
In essence, their old model returned everyone's money despite RS not having it.
e.g 1 million loan made on 9th of Aug. On the 9th of Sep, a small proportion of this would be returned by the borrower as capital and interest, lets say £50k but RS returned the full 1 million to peoples accounts. In reality, had everyone tried to withdraw their repayments, only the first 50K could have succeeded. They had created an illusion of full repayment that had never existed.
Keeping you matched to term just makes this whole process more visible as you now have to sell the loan with the caveat that a buyer must exist.
Thanks for this. I've been using Ratesetter for nearly 8 years, yet never figured the obvious staring me right in the face, that the money being returned each month was not actually the borrower.
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lara
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Post by lara on Sept 7, 2018 8:58:12 GMT
RS made the change because they had to. The only thing I don't understand is why it took them so long.
In essence, their old model returned everyone's money despite RS not having it.
e.g 1 million loan made on 9th of Aug. On the 9th of Sep, a small proportion of this would be returned by the borrower as capital and interest, lets say £50k but RS returned the full 1 million to peoples accounts. In reality, had everyone tried to withdraw their repayments, only the first 50K could have succeeded. They had created an illusion of full repayment that had never existed.
Keeping you matched to term just makes this whole process more visible as you now have to sell the loan with the caveat that a buyer must exist.
It's nice to see some legitimate justification for the decision but a couple of questions now spring to mind. 1-Why on earth did they design the old model the way they did if it was so obviously flawed? And 2- Why on earth would they not be honest with the fact that they had made a bad decision in the beginning? I know I would have respected the honest approach a great deal more than the nonsense I feel that they spun about the 93% preferring the new model etc.etc.
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ceejay
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Post by ceejay on Sept 7, 2018 9:14:13 GMT
... 2- Why on earth would they not be honest with the fact that they had made a bad decision in the beginning? I know I would have respected the honest approach a great deal more than the nonsense I feel that they spun about the 93% preferring the new model etc.etc. Well, you say that you would have respected the honest approach, and I don't disbelieve you. However, the overwhelming weight of evidence is that people, in general, really don't like having difficult truths told to them - they'd much rather have a soothing lie. Why else do politicians behave the way they do? Not because they are especially mendacious, but because they know they will be severely punished for telling the truth.
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lara
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Post by lara on Sept 7, 2018 9:32:25 GMT
... 2- Why on earth would they not be honest with the fact that they had made a bad decision in the beginning? I know I would have respected the honest approach a great deal more than the nonsense I feel that they spun about the 93% preferring the new model etc.etc. Well, you say that you would have respected the honest approach, and I don't disbelieve you. However, the overwhelming weight of evidence is that people, in general, really don't like having difficult truths told to them - they'd much rather have a soothing lie. Why else do politicians behave the way they do? Not because they are especially mendacious, but because they know they will be severely punished for telling the truth. And that is a good point. So, ok if RS thought they were going with the soothing lie, they should at least have made the story plausible! I found it more than a little insulting to be asked to believe what they told us initially.
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gareot
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Post by gareot on Sept 12, 2018 5:34:46 GMT
I've tried several times on different days to change my rolling rate from market rate to my own rate but the next time I log in it's reverted back to market rate. I don't know if it's because the money was invested before September 5th or not.
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Post by Please turn me over on Sept 12, 2018 6:35:02 GMT
I've tried several times on different days to change my rolling rate from market rate to my own rate but the next time I log in it's reverted back to market rate. I don't know if it's because the money was invested before September 5th or not. After specifying your own rate are you clicking the blue box that says "Update all changes"?
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gareot
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Post by gareot on Sept 12, 2018 16:39:11 GMT
I've tried several times on different days to change my rolling rate from market rate to my own rate but the next time I log in it's reverted back to market rate. I don't know if it's because the money was invested before September 5th or not. After specifying your own rate are you clicking the blue box that says "Update all changes"? Yep, I've just tried again. set my own rate & pressed " Update all changes ", my new rate was showing so I logged out & back in & market rate was showing again. I think I'll withdraw my funds just before they're up & try again 14 days later too see if that does the trick.
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TheDriver
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Slightly bonkers
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Post by TheDriver on Sept 13, 2018 3:42:14 GMT
My only suggestion is that if you are setting a "blocking" rate, it is too high and not being accepted (ie. over10%, I believe) The notification of this is fairly insignificant, doesn't look like a warning and could easily be missed, but the consequence is the displayed and expected change is not effected. HtH
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