rscal
Posts: 903
Likes: 493
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Post by rscal on Dec 22, 2018 20:53:37 GMT
I've been doing this solidly since June and am now 50% off my peak. It's gone into AC and LC (w/ promotions!) - so from non-transparent personal/business loans to named asset-based borrowers - quite a refreshing culture leap there. I use the 'sweep' facility set to weekly to withdraw from Ratesetter whatever I haven't already moved in the week and it feels 'good' as though my account is now under my control. Frankly I was fed up trying to keep on top of the near-constant early payments (which have now become a 'good' thing as it drains even quicker) and the feeble system for reinvestment of even scheduled amounts (with 5 year payments dribbling in through the day)
AC has the QAA which is 'instant' to all intents and purposes and pays (a penalty-free) 4.1% so any short term funds coming out from RS can go in there. This move away from Ratesetter has given me confidence to be bolder.
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trevor
Member of DD Central
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Post by trevor on Dec 22, 2018 21:36:16 GMT
Due to withdrawing from L, FS and MT I've increased both RS and AC MLIA. Whilst I'm earning more in AC I diversify as no 1 priority.
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rscal
Posts: 903
Likes: 493
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Post by rscal on Feb 2, 2019 11:13:38 GMT
My exiting continues to go more or less smoothly, but the 1 year is also paying back early (as usual) to add to the expected 'cashflow'. I got two one-year repayments late Friday and was surprised (but should not have been) they were two different rates to the same loan number reference and only six months old. As regards the withdrawal, my Sunday weekend auto withdrawals at least clear those out as early as I could had the funds been present first thing on Friday. And checking what's still up and coming this month I have a further 3 'contracts' all at different rates with the same borrower due for repayment Friday fortnight. Now I'm hoping - for once - for early repayment 'cos 1 year loans almost never go to 365 days and often pay back about three days early - and that would suit me by avoiding cash drag over the weekend. (We will see)
More generally, I was surprised to realise that RS 1 year loans are frequently lent to the same (early repayment) individuals since that merely ups the proportion of our money which will get repaid prematurely on average.
An addendum: As I am in the habit of placing 'split' amounts into the lending queue to allow the flexibility of removing part of an effective order - something RS doesn't provide as a feature - whilst keeping some at the same point, these different contracts could be exlplained thusly. It still seems something of a mystery why I have lending at different rates however - unless there was one large borrow order being filled in stages and therefore overlapping on the rates.
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