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Post by jono75 on Oct 3, 2019 8:22:30 GMT
Am I right in thinking that it is not now possible to make new offers in 5 or 1 year? Also there has been a large amount moved from >MR on the 5 year market. Has anyone lost any offers (perhaps those set at "your rate?) or have a lot of people withdrawn or edited their offers in the last 16 hours? Or are all legacy offers not shown?
- PM
I can invest in 1 year if I click on the invest button then scroll over with the arrows, I can also see the queue in the same way using the market data down the side. I've never used 5 year so don't get it listed.
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Stonk
Stonking
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Post by Stonk on Oct 3, 2019 8:24:37 GMT
So looking today it definately appears the queues will move together with the 1 or 2% premium.
Hmm, yes - the markets for the new products are in fact just a single market, artificially offset from one another by 1%.
They full market views are identical except for the 1% offsets:
So, the way to look at it is: fundamentally, the 3 new products operate from a single market of lender and borrower orders, and the lender can choose at the outset to receive a bonus interest rate in exchange for an access penalty later.
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Stonk
Stonking
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Post by Stonk on Oct 3, 2019 8:26:58 GMT
Am I right in thinking that it is not now possible to make new offers in 5 or 1 year? Also there has been a large amount moved from >MR on the 5 year market. Has anyone lost any offers (perhaps those set at "your rate?) or have a lot of people withdrawn or edited their offers in the last 16 hours? Or are all legacy offers not shown?
- PM
I can invest in 1 year if I click on the invest button then scroll over with the arrows, I can also see the queue in the same way using the market data down the side. I've never used 5 year so don't get it listed.
I'm a bit annoyed that I can no longer use the 1 Year market. I have invested in 1 Year in the past, indeed fairly recently, but I did not have any active loans or orders at the precise moment of the changeover. All traces of that market have been removed from my account.
I think that's a bit harsh.
It also begs the question of what happens if you currently have access to 1 Year (or 5 Year), and you become "inactive" in that market (e.g., repayment of your last active loan). Are you then immediately barred from using that market ever again?
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star dust
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Post by star dust on Oct 3, 2019 8:46:46 GMT
I can invest in 1 year if I click on the invest button then scroll over with the arrows, I can also see the queue in the same way using the market data down the side. I've never used 5 year so don't get it listed.
I'm a bit annoyed that I can no longer use the 1 Year market. I have invested in 1 Year in the past, indeed fairly recently, but I did not have any active loans or orders at the precise moment of the changeover. All traces of that market have been removed from my account.
I think that's a bit harsh.
It also begs the question of what happens if you currently have access to 1 Year (or 5 Year), and you become "inactive" in that market (e.g., repayment of your last active loan). Are you then immediately barred from using that market ever again?
Have just discovered the same, and if I'd known I may have taken out a small one year loan beforehand just to preserve the option. However, I very much suspect that these will really be legacy products and there will be an ever declining amount put on those markets which will eventually lead to most being in draw-down mode and/or complete cessation of the product further down the line.
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Stonk
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Post by Stonk on Oct 3, 2019 8:47:59 GMT
Right now:
Total value of borrower orders on the markets : £31.3 thousand
Total value of lender orders on the markets : £15.5 million
I wonder what that will do for rates.
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robski
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Post by robski on Oct 3, 2019 8:53:07 GMT
I'm a bit annoyed that I can no longer use the 1 Year market. I have invested in 1 Year in the past, indeed fairly recently, but I did not have any active loans or orders at the precise moment of the changeover. All traces of that market have been removed from my account.
I think that's a bit harsh.
It also begs the question of what happens if you currently have access to 1 Year (or 5 Year), and you become "inactive" in that market (e.g., repayment of your last active loan). Are you then immediately barred from using that market ever again?
Have just discovered the same, and if I'd known I may have taken out a small one year loan beforehand just to preserve the option. However, I very much suspect that these will really be legacy products and there will be an ever declining amount put on those markets which will eventually lead to most being in draw-down mode and/or complete cessation of the product further down the line. I believe so yes, i think they alluded to this before, and I also lost access to 1 year, I had assumed a bug, but then thinking back they did mention it in regards 5 year, losing access if no active investment
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robski
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Post by robski on Oct 3, 2019 8:58:24 GMT
Have just discovered the same, and if I'd known I may have taken out a small one year loan beforehand just to preserve the option. However, I very much suspect that these will really be legacy products and there will be an ever declining amount put on those markets which will eventually lead to most being in draw-down mode and/or complete cessation of the product further down the line. I believe so yes, i think they alluded to this before, and I also lost access to 1 year, I had assumed a bug, but then thinking back they did mention it in regards 5 year, losing access if no active investment I think they cleared the borrower queues before switching. There was something like £112 (not K, literally £112) when I first looked earlier at borrowers In a way its more transparent I suppose one queue, assuming they will not lend 3.2 on no fee, vs 5.1 on max, then its actually easier to see how rates may move in good times. I fully expect 5 year to only get a look in when its available at a cheaper rate than Max, in theory I would use 5 year and Max interchangeably. Fees are lower on Max when the rate is lower but the same at 6%. If it went over 6% then 5 year would be cheaper as a fixed 1.5%. I am definately standing back and watching, but I am almost certain that come April I will stop lending anything new since I am pretty certain I dont want to tie in new years ISA, so anything in everyday and no new capital will flow to RS
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trium
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Post by trium on Oct 3, 2019 9:00:10 GMT
I'm a bit annoyed that I can no longer use the 1 Year market. I have invested in 1 Year in the past, indeed fairly recently, but I did not have any active loans or orders at the precise moment of the changeover. All traces of that market have been removed from my account.
I think that's a bit harsh.
It also begs the question of what happens if you currently have access to 1 Year (or 5 Year), and you become "inactive" in that market (e.g., repayment of your last active loan). Are you then immediately barred from using that market ever again?
Have just discovered the same, and if I'd known I may have taken out a small one year loan beforehand just to preserve the option. However, I very much suspect that these will really be legacy products and there will be an ever declining amount put on those markets which will eventually lead to most being in draw-down mode and/or complete cessation of the product further down the line. I can't find it now but the removal of legacy accounts from those who don't use them was covered in a FAQ around the time these products were announced so I put £100 into 1-year to keep that option open. I agree that the writing is on the wall for the old products.
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Stonk
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Post by Stonk on Oct 3, 2019 9:01:02 GMT
Have just discovered the same, and if I'd known I may have taken out a small one year loan beforehand just to preserve the option. However, I very much suspect that these will really be legacy products and there will be an ever declining amount put on those markets which will eventually lead to most being in draw-down mode and/or complete cessation of the product further down the line. I believe so yes, i think they alluded to this before, and I also lost access to 1 year, I had assumed a bug, but then thinking back they did mention it in regards 5 year, losing access if no active investment
You are absolutely correct: RS did state it would happen. I was not expecting it to be quite so immediate, and I half-thought that since I would be keeping access to the legacy 5 Year, then I would be flagged as "legacy customer" and also retain the legacy 1 Year too. Wrong on both counts!
I had meant to leave a £10 order on the 1 Year market, just in case, but I forgot.
Anyway, the policy sends a clear sign that the 1 Year and 5 Year markets can only dwindle from here on, and will eventually be phased out.
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robski
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Post by robski on Oct 3, 2019 9:11:40 GMT
I believe so yes, i think they alluded to this before, and I also lost access to 1 year, I had assumed a bug, but then thinking back they did mention it in regards 5 year, losing access if no active investment
You are absolutely correct: RS did state it would happen. I was not expecting it to be quite so immediate, and I half-thought that since I would be keeping access to the legacy 5 Year, then I would be flagged as "legacy customer" and also retain the legacy 1 Year too. Wrong on both counts!
I had meant to leave a £10 order on the 1 Year market, just in case, but I forgot.
Anyway, the policy sends a clear sign that the 1 Year and 5 Year markets can only dwindle from here on, and will eventually be phased out.
Totally agree. They were very vague (as always with RS, lets face it we expect that deliberate language to confuse/non-commit) as to if any new business would be placed on them, my assumption is not, unless there is somehow a clear gap, such as say 3% lending monies available on 5 year.
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voss
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Post by voss on Oct 3, 2019 10:28:01 GMT
Overnight, the rates on my 12 orders in rolling have each been reduced by 0.1%.
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Post by propman on Oct 3, 2019 15:11:40 GMT
Overnight, the rates on my 12 orders in rolling have each been reduced by 0.1%. Confused, are any of these "new orders" for amounts retained at legacy rates? The MR & going rate for the rolling / access market are the same.
Thanks for the help with finding the dot necessary everyone.
Re amount on market, I make it about £16m (given the money on the 3 "new" markets is teh same money). This is not massively more than it has been recently.
Confirmation on any matches on 5 year or 1 year would be good to understand how this is working.
Many thanks
- PM
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Post by Deleted on Oct 3, 2019 16:34:37 GMT
Has anyone had any Rolling loans roll over today and be fully processed and not still showing as on the market? Thanks.
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Post by dan1 on Oct 3, 2019 17:37:44 GMT
Has anyone had any Rolling loans roll over today and be fully processed and not still showing as on the market? Thanks. Rolled over but yet to process. When attempting a withdrawal I'm told I have no money in holding (or unmatched loans) despite having interest from the roll over. Looking at the your money on loan page it tells me the roll over has a next repayment date of "01/01/0001" and no interest due. I guess this behaviour was the same before the switch today, can anyone confirm?
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star dust
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Post by star dust on Oct 3, 2019 18:00:29 GMT
Has anyone had any Rolling loans roll over today and be fully processed and not still showing as on the market? Thanks. Yes, I've had several loans roll as usual fully processed re-lent and showing in my account with next month's renewal date. However, I've also still got a large amount strewn over four separate 'contracts' at two different rates, all the same loan number, showing as matched where they have been since mid morning, but also showing in my rolling account with new contract numbers and end date "01/01/0001". They were all non-amoritising.
I had exactly the same thing happen back in July and had to contact customer services to get them un-stuck and withdrawable from my account. If these ones aren't 'resolved' by tomorrow morning I'll be contacting them again; and this time I'll make sure I get the promised (but not delivered) payment for 'lost' interest.
Edit: X-posted with dan1 whilst checking out all the loan, contract numbers and details......
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