rscal
Posts: 910
Likes: 500
|
Post by rscal on May 13, 2019 10:58:33 GMT
As much as you don't need to RS would say diversified risk etc, I now manually chop up large amounts. List them at approx £20k intervals and they very rarely end up on the same loan. I suffered quite a lot of the issue you mention and also got the lower rates available timing when then repaid. I think the timing of the repays(from whereever) can quite often be around 6 months, and as such aligns quite well with the rate cycle they seem to have. A few months ago, most of my repayments were my lower rate ones, and I was immediately about to gain 0.5% or so relending. Now its the othre way, with often market rate being around 1% lower than the repayments. The other reason I like to chop up is that I like to keep a churn of cash. The more loans you have the more chance of a decent amount repaying that month. For now these are just reinvested, but if I needed some cash I could just wait for the loands to come in and then withdraw. I work on 2%, so I assume 2% of loans will repay in any one month, if you have 1000 £100 loans, then 20 will probably on average repay unexpectedly, and thats going to net probably around 75% of 20x£100 in cash inflow. This way no fees to extract cash from the portfolio. Its a bit of a gamble, but seems surprisingly consistent. You wouldn't want to have five year loans written with regular payments below £10 either - not a problem if all loans are kept above the £1k mark I suppose. The lengths one is required to go to mitigate the basic shortcomings of the Ratesetter offering are surely the writing on the wall for this company. One might niavely assume that they could want feedback from their long-suffering investing customers, alway trying to 'up their game' but, alas, the debacle of the Rolling Market changes introduced last year demostrate the precise opposite...
But, back on-topic, I got an early repayment in the 1 year market this morning but pleasantly knew to expect this, since it was listed in 'Portfolio' section at the weekend when I was looking for what was coming up - and it was there together with the five-year repayments.
|
|
toast
Member of DD Central
Posts: 158
Likes: 90
|
Post by toast on May 14, 2019 8:55:48 GMT
Following an early repayment, I seem unable to withdraw money (reinvestment setting was: to holding account). The expected "One-Off Withdrawal" button is missing from the Withdrawal page and instead it shows these seemingly implausible messages: Is this normal?
|
|
sl75
Posts: 2,092
Likes: 1,245
|
Post by sl75 on May 14, 2019 10:01:47 GMT
Following an early repayment, I seem unable to withdraw money (reinvestment setting was: to holding account). The expected "One-Off Withdrawal" button is missing from the Withdrawal page and instead it shows these seemingly implausible messages: Is this normal? Working fine for me, but the "systems catching up" message isn't there either, having presumably fully caught up.
Speculative possibile explainations of message (depending on what you may have done with your account recently): - you had (or have) an ISA with RateSetter which you're in the process of transferring elsewhere (and they block withdrawals to avoid a possible race condition where you attempt a one-off withdrawal just as they transfer the funds to the new ISA provider). - you withdrew funds within the last day or so, and they block further withdrawals during at least part of the processing phase of the last one (seems unlikely, as I still have the button just after doing a withdrawal, it just replaces the next page with one saying "You don't have any money available to withdraw.", and telling me how to release part of my investment). - some kind of short-term gremlin that's been fixed in the hour since your posted your comment.
|
|
toast
Member of DD Central
Posts: 158
Likes: 90
|
Post by toast on May 14, 2019 10:29:13 GMT
Speculative possibile explainations of message (depending on what you may have done with your account recently):
- you had (or have) an ISA with RateSetter which you're in the process of transferring elsewhere (and they block withdrawals to avoid a possible race condition where you attempt a one-off withdrawal just as they transfer the funds to the new ISA provider). Ah, I recently did a partial ISA transfer out, so perhaps the block wasn't lifted following the completion of this transfer last month. Time to hit up customer support. Many thanks for your thoughts.
|
|
toast
Member of DD Central
Posts: 158
Likes: 90
|
Post by toast on May 14, 2019 17:12:22 GMT
Speculative possibile explainations of message (depending on what you may have done with your account recently):
- you had (or have) an ISA with RateSetter which you're in the process of transferring elsewhere (and they block withdrawals to avoid a possible race condition where you attempt a one-off withdrawal just as they transfer the funds to the new ISA provider). Ah, I recently did a partial ISA transfer out, so perhaps the block wasn't lifted following the completion of this transfer last month. Time to hit up customer support. Many thanks for your thoughts. Customer support have now lifted the block. Pretty quick response.
|
|