benaj
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Post by benaj on Jun 27, 2019 9:48:02 GMT
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Stonk
Stonking
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Post by Stonk on Jun 27, 2019 21:21:34 GMT
The new Withdraw screen offers 2 options ... but didn't there used to be 3?
I never used it, but I think the other one was for setting up regular withdrawals from the Holding Account to your bank.
EDIT: I found it ... the regular withdrawal feature has been combined with the standard withdrawal page. Crikey - a UI change that makes sense!
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Post by oppsididitagain on Jun 27, 2019 23:15:33 GMT
NO
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sl75
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Post by sl75 on Jun 28, 2019 7:26:00 GMT
The new Withdraw screen offers 2 options ... but didn't there used to be 3?
I never used it, but I think the other one was for setting up regular withdrawals from the Holding Account to your bank.
EDIT: I found it ... the regular withdrawal feature has been combined with the standard withdrawal page. Crikey - a UI change that makes sense!
I thought there used to be another option - I forget what it was called - to release a specified amount of money naturally from repayments (rather than using the sell-out or turning off re-investment completely).
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djay
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Post by djay on Jun 28, 2019 7:41:10 GMT
The site is now just really annoying to navigate if you are a "RS expert" and it is a clear attempt to hide the options for individuals to set rates to the detriment of individual lenders. It also is hard work and time consuming to use the site. I suspect its part of a wider plan to reduce options to set rates, to reduce rates overall and to reduce information available to investors.
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ashtondav
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Post by ashtondav on Jun 28, 2019 7:52:32 GMT
Well, although it is called “Ratesetter” there is no mention of who, exactly, sets the rate!
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aju
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Post by aju on Jun 28, 2019 15:37:13 GMT
Well, although it is called “Ratesetter” there is no mention of who, exactly, sets the rate! I set my rates, although I don't always get as good as I could sometimes. That said, time is also money as well!
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robski
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Post by robski on Jul 1, 2019 8:07:36 GMT
Its horrible, really bad
If you have multiple unmatched offers it sends you in to a horrible loop when trying to change them
Probably the worst change to process I have ever seen, and having worked 6 years in fin services on project management I saw some daft ones. I honestly believe its a really obvious ploy to try to trick new investors If its not then it will revert because the flow is utterly idiotic, if it stays the same its a cynical ploy by Ratesetter, cannot be any other reason
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aju
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Post by aju on Jul 1, 2019 9:14:20 GMT
Its horrible, really bad If you have multiple unmatched offers it sends you in to a horrible loop when trying to change them Probably the worst change to process I have ever seen, and having worked 6 years in fin services on project management I saw some daft ones. I honestly believe its a really obvious ploy to try to trick new investors If its not then it will revert because the flow is utterly idiotic, if it stays the same its a cynical ploy by Ratesetter, cannot be any other reason I'm not sure I get that as I usually relend at high amounts and then as we get to the sun/mon bubble I change them all at an opportune time by just cancelling them all at once. Well thats what I did yesterday - I think!. As an ex old school developer/system designer for internal websites, I did all the agile management training, bought into the whole process and then spent the next 5 years fighting management wanting to cut corners as all they ever saw was a way to shorten things - bu**er the consequences which usually take about 12 months to start to bite for skipped docs/designs/testing etc. Just looking at the current approaches in both Zopa and more recently RS it seems to me that the designs started off very good but the changes on the fly - you can see changes in one screen that affect links that have not been changed yet - that the daily standups are probably boiling down to firefighting previous days changes whilst the next set of changes are just fighting their way through. But ... what do I know as I've not been in this arena for over 10 years now and I may not be being fair to these web wizards but what I do see is the old WYSIWG syndrome - that is what I see on the front seems an annoyance but if the underbelly is being subjected to the same bad approaches then one needs to keep greater tabs on ones own investments. In Zopa's case I've said it before on here that last year we both (Mrs AJU and myself) made more profit in Goodwill payments for under the hood issues than we did in overall interest for the period. Zopa has benefitted from my keeping tabs too in that they have fixed a lot of stuff that recently the errors under the hood are less but ... it's only a matter of time before the next issue rises to the top!. RS does remind me of back in the late 80's when wordstar was the bees knees - I think it was wordstar there's been a lot friday nights since then - anyway I got promoted to higher level of incompetence to an HQ office in the smoke (London). My first day was spent shadowing a so called high level expert who had just discovered he could write documents with lots of colour on the new office printer. Thing is he spent hours using all the colours under the sun just because he could and it does feel like the RS colouring design has overshadowed what was quite a well thought out flow - it's getting worse now they are tweaking other areas, sorry using agile techniques on it, but I guess someone has got to do it as management want it done so they can move on to next big thing!. Oops I've just been in annoying rant mode but hopefully it makes sense to those that know the agile arena.
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Post by propman on Jul 1, 2019 11:36:24 GMT
Is it just me, or have they now stopped access to the detailed performance of the provision fund? I am being directed to the page accessed for "Lending Performance" when I select the "Provision Fund" option under "Market Data".
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johni
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Post by johni on Jul 3, 2019 9:24:57 GMT
There is clear manipulation of the rates going on 5.9% on 5 years had less than 1 million an was the market rate suddenly it's 5.2% this was supposed to be averaged to give investors a better rate. All that is happening is ratesetter/fixer is creaming off extra profit at investors expense.
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robski
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Post by robski on Jul 3, 2019 10:09:17 GMT
Not sure I agree Market rate is 5.4% for 5 year, its ever so slowly going back up
As they moved to a longer term average the rate moves far less frequently, which is obvious if you check the charts.
The problem now is everyone, or a lot, are undercutting the rate, which tends to drag it downwards. Which I believe is exactly the bahaviour RS are trying to promote.
Simple fact remains is supply vs demand that has most effect on rates, played out perfectly during June and suspect you will see the same in July
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Post by propman on Jul 3, 2019 10:27:38 GMT
There is clear manipulation of the rates going on 5.9% on 5 years had less than 1 million an was the market rate suddenly it's 5.2% this was supposed to be averaged to give investors a better rate. All that is happening is ratesetter/fixer is creaming off extra profit at investors expense. Market rate for 5 year market has remained at 5.4% since 26/6. What is changing is the "Lend it now" rate which is usually the rate that RS are offering loans for matching and is intended to draw in money as cheaply as possible.
What has changed is the amount of loans being made. Last week was the lowest so far this year after a succession of high lending weeks, while this week has started even weaker. So There is ow insufficient lending from the 5 year market to utlise the passive money lent predominantly at Market rate. In addition, the beginning of week money took longer than usual to process. This meant that the MR money was not there earlier and so could not be lent and presumably the increase in the borrowers rate asked due partially to the higher rate demanded by active lenders has reduced the amount lent. There is now >£1.2m offerred at 5.4% and so those wishing to lend quickly have been lending at <5.4%. We need lending to pick up again or rates will remain permanently low.
I suspect that the amount withdrawn from rolling has caused much of the difference. Looking at the loans I matched in rolling when the rate peaked, many 5 year loans have been sold into the rolloing market. I suspect that RS has been subsidising the rate for borrowers by taking part of the funds fom rolling for each loan. When this was withdrawn, their was a lack of rolling funds (new money being mainly used to repay the lenders withdrawing) and so this could not be continued. As a result rates increased and demand dropped. Hopefully with >£4m on rolling, RS can resume some subsidy (presumably at a more cautious rate now they have experienced a liquidity run), dropping rates by more than the average of the 5 year market funds used. Hopefully that will create sufficient demand to absorb more than the money lent at or below MR.
It will have cost RS alot to meet the interest shortfall on the higher rates paid in rolling to meet their repayments. I am surprised that they didn't draw on 5 year money to take on some of these initially 5 year loans as that would have been at a lower rate than paid. I suspect that may require a reworking of their matching algorithm as the high rates were out of hours and I suspect that this may only currently be possible via a manual override. The mismatch between longer term loans and lending on rolling where RS try and provide liquidity has always been risky. I am sure that they can improve in this area. Initially the annual market was introduced to reduce the liquidity used on loans initially wholly funded in the rolling market. Now that rolling is a much larger pool (having absorbed loans previously funded from the 3 years and 5 year loans as well as the non-amortising annual loans), this is now a major risk to their business model that I believe is significantly underplayed in their strategic report.
- PM
PS reply crossed with Robski
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robski
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Post by robski on Jul 3, 2019 11:28:33 GMT
One of the other things RS need to balance is the fee free rolling withdrawls. If rolling goes above 5 year then people will move it there. Active investors I mean
Once 5 year goes above their rate they had on rolling then can trigger a sale and move it to 5 year, hence moving the problem from product to product.
My suspicion is the automated lending is always sent a certain direction. Possibly with an override available, but I suspect its not actively monitored. So I mean things like the phone loans. Its the manually reviewed and accepted loans such as large property loans I suspect the look at the markets and decide where to place them. I wont always be simply the lowest rate or everything would got to rolling. If they snap up a lot of rolling liquidity, push the rolling rate too high they run the risk that further lending will push it even higher.
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Post by yorkman on Jul 3, 2019 11:31:40 GMT
What was a pretty straightforward, intuitive UI has been changed to a long-winded obscure one. To be honest there are many other homes for my savings that make it easier to invest and I'm not partial to having things made more difficult so unless they improve soon I'll be moving out.
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