scc
Member of DD Central
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Post by scc on Jun 14, 2019 9:28:54 GMT
My guess is that it's an infrastructure problem. Possibly trying a new cloud services/IP/etc supplier, someone has cheaped out in sourcing or underestimated demand. That it seems have happened around ISA season is probably not a coincidence (especially when coupled with the lower rates on offer).
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paule
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Post by paule on Jun 14, 2019 11:00:22 GMT
Well its midday the day after I asked for the transfer (3 days after the ryi request) and still nowt in my account.
Also 30% of my loans weren't able to sold when I asked and are now in a queue (all rolling market).
After the bitter taste Zopa left this is genuinely annoying.
Obviously I'm out of P2P now, who would have thought such an obvious and good idea could go so wrong?!
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Post by propman on Jun 14, 2019 11:41:21 GMT
If the issue is the sale of loan parts, then there is a concerted effort to delay transactions to encourage more low offers. This could just be the same process as they juggle putting lending on the market with these sales. Either this has manual elements or the algorythm may have been optimised for different conditions when there was surplus ISA cash around.
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benaj
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Post by benaj on Jun 14, 2019 11:41:55 GMT
Well its midday the day after I asked for the transfer (3 days after the ryi request) and still nowt in my account. Also 30% of my loans weren't able to sold when I asked and are now in a queue (all rolling market). After the bitter taste Zopa left this is genuinely annoying. Obviously I'm out of P2P now, who would have thought such an obvious and good idea could go so wrong?! The only thing you can't sold on RS is loan parts < £10. Sometimes it takes a few try to get a sale request. Try get a small quote like £10 first, then update the exact amount you want.
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Post by befuddled on Jun 14, 2019 14:44:33 GMT
...so what happens to <£10 loans - I suppose you are stuck with them till they finally mature
I am not a particularly sophisticated P2P'er, and apart from setting rates used pretty much default "behaviour".
I tried selling out one account (RYI) to test the water, and find in about £4k there are £90 worth of <£10 loans.
OK, not the end of the world, but annoying, and would be more so if wanting to move an entire ISA....
How does one prevent these small loans forming...?
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Stonk
Stonking
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Post by Stonk on Jun 14, 2019 14:59:06 GMT
...so what happens to <£10 loans - I suppose you are stuck with them till they finally mature I am not a particularly sophisticated P2P'er, and apart from setting rates used pretty much default "behaviour". I tried selling out one account (RYI) to test the water, and find in about £4k there are £90 worth of <£10 loans. OK, not the end of the world, but annoying, and would be more so if wanting to move an entire ISA.... How does one prevent these small loans forming...?
Small loan parts form as the borrower repays, over time gradually reducing the outstanding principal. It's unavoidable. Once formed, I don't think there is anything you can do about them. You have to wait until they are fully repaid.
The only thing you can really do to minimise this effect is to place orders significantly larger than £10. If you start off with a £10 loan part in a 5 year loan, then it will spend almost its entire life being unsellable. If you start off with a £1000 loan part, it will remain sellable right until the very end. This is not an infallible technique, though, because a large order will often be split into multiple loan parts (beyond your control). Also, extra payments by the borrower can unexpectedly turn large loan parts into small loan parts.
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Post by megadriveguy on Jun 15, 2019 4:09:56 GMT
My 6K request from Wednesday night hasn't gone through yet, since it didn't go through Friday i wasn't expecting it till Monday now
It was showing as pending when i checked the release investment page Thursday and Friday
But now I've just looked again and my pending withdrawal request has now disappeared
Its unacceptable for the ratesetter site to behave like this, i now don't know if the request to release funds has even registered properly in the system
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reinvestor
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Post by reinvestor on Jun 15, 2019 4:14:56 GMT
Something isn’t right at RS. They need to make a statement to reassure lenders. Accounts for VS should have been filed by 31st December last year and are now almost six months late.
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benaj
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Post by benaj on Jun 15, 2019 4:37:29 GMT
My Thursday (13/06) RYI request has just been released today.
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benaj
Member of DD Central
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Post by benaj on Jun 15, 2019 4:42:21 GMT
My 6K request from Wednesday night hasn't gone through yet, since it didn't go through Friday i wasn't expecting it till Monday now It was showing as pending when i checked the release investment page Thursday and Friday But now I've just looked again and my pending withdrawal request has now disappeared Its unacceptable for the ratesetter site to behave like this, i now don't know if the request to release funds has even registered properly in the system I spoke to RS customer service on Thursday morning about that, they acknowledged the my RYI request on 11th was registered and the fund was released before 4pm Thursday. Money in the bank Friday (14/06)
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Post by Undecided on Jun 15, 2019 8:19:45 GMT
I requested funds on Wednesday and they were released on Friday, so they took 2 days.
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jcb208
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Post by jcb208 on Jun 15, 2019 8:35:01 GMT
I requested to release funds to move from rolling to 5 year but I might as well not bothered as it looks like they will not be available for some time yet,not even showing as processing .Maybe ratesetter should have an option to cancel these transactions
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Post by steevjo on Jun 15, 2019 10:43:35 GMT
... But now I've just looked again and my pending withdrawal request has now disappeared ... I’ve noticed the same behaviour - it seems to be the next stage in the process - the withdrawal is no longer pending but it hasn’t actually been actioned yet. It’s daft but I think it is good news the pending withdrawal has gone. Took a day after my pending withdrawal disappeared for money to appear in holding account. if the site was quicker maybe you’d never notice - the pending withdrawal would disappear and money would start appearing in your holding account - but everything is so slow you get these inconsistencies and there’s just no way to see the real situation. it is truly hopeless and I’m amazed RateSetter haven’t said anything about what is going on.
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corto
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one-syllabistic
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Post by corto on Jun 15, 2019 11:24:41 GMT
Rolling is at 4.2%. Should that not imply a shortage of funds?
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Stonk
Stonking
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Post by Stonk on Jun 15, 2019 12:44:00 GMT
Rolling is at 4.2%. Should that not imply a shortage of funds?
4.5% now (albeit with a £170K wall that will impede further rises for a while). This is a historically decent rate for Rolling.
The total amount on offer by lenders (£600K) is dramatically down compared to a few weeks ago, and is now back to the sort of level it usually is when we're not in new ISA money season. Same goes for 5 Year: much reduced lender offerings and now edging into the 6.0% wall.
Perhaps normal rates are coming back. Cross fingers! I'll get interested again at 6.5%.
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