robski
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Post by robski on Sept 20, 2019 7:20:25 GMT
As far as I can tell 1 or both of two things have happened recently 1) RS have a lot more cash to lend coming in, all the queues are going up and up in lend amounts, and this is forcing down rates 2) Lending has dropped
Rates are falling and 6% looks a distant target now. Even at lower rates my cash drag is at a couple of weeks and increasing.
I am hovering over the withdrawl right now. Although with the (dark ages) delay to withdrawls then its pointless to request today, pretty much
Its funny how quickly a company can put you off. I have gone from a real fan to being pretty seriously annoyed with ratesetter in just 3 months or so.
Typing this has convinced me to withdraw, when i think of the changes to hiding information, making it harder to do what I want, I realise I am being played.
No more Ratesetter, your starting to smell a lot to me now.
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r00lish67
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Post by r00lish67 on Sept 20, 2019 7:36:41 GMT
RS has delivered 6%pa far more consistently and reliably than my other “near” black box accounts, and I am delighted with that result over the last few years. FC, for example, initially estimated 7% - now nearer 4%. Zopa+ estimated 6%+ - my wife has achieved 2.6%. As for (non black box) FS - freaking disaster, probably worse than collateral punters will end up with. Should I be unable to achieve c6%pa I will move on, probably to LW. Until then they can d1ck about with the interface, website, colour scheme and product range as much as they want. Yours sincerely 6% Ditto this except they also need to keep their PF reasonably stable for my cash.
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jlend
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Post by jlend on Sept 20, 2019 7:37:17 GMT
As far as I can tell 1 or both of two things have happened recently 1) RS have a lot more cash to lend coming in, all the queues are going up and up in lend amounts, and this is forcing down rates 2) Lending has dropped Rates are falling and 6% looks a distant target now. Even at lower rates my cash drag is at a couple of weeks and increasing. I am hovering over the withdrawl right now. Although with the (dark ages) delay to withdrawls then its pointless to request today, pretty much Its funny how quickly a company can put you off. I have gone from a real fan to being pretty seriously annoyed with ratesetter in just 3 months or so. Typing this has convinced me to withdraw, when i think of the changes to hiding information, making it harder to do what I want, I realise I am being played. No more Ratesetter, your starting to smell a lot to me now. You can see the lending volume by week on line Logon. Select Market Data, then Rate Trends Select Weekly Volume. Change the time period as appropriate. Volumes do fluctuate. They were low last week of August and first week of September which is one of the reasons why there has been a build up of lender funds and hence lower rates recently. With plenty of lender money on the rolling market there isn't much point RS matching lender money at 6% on the 5 year market. If more lenders leave, there is the potential at least for lender rates to rise, so let's hope a few lenders do leave. The caveat is there is no point RS matching at lender rates where they would make a loss or couldn't sufficiently fund the PF.
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Post by carol167 on Sept 20, 2019 7:44:09 GMT
<vent> I'm getting sooooooooo hacked off with all the constant little website interface changes. It's driving me nuts. </vent>
I sit 1k at 6.0% and I like to check how far that is in the Q every morning.
Can I now ? no. Can I find where it's moved to ? no Do I assume that feature has been removed ? probably. Arghhh.
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r00lish67
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Post by r00lish67 on Sept 20, 2019 7:46:27 GMT
As far as I can tell 1 or both of two things have happened recently 1) RS have a lot more cash to lend coming in, all the queues are going up and up in lend amounts, and this is forcing down rates 2) Lending has dropped Rates are falling and 6% looks a distant target now. Even at lower rates my cash drag is at a couple of weeks and increasing. I am hovering over the withdrawl right now. Although with the (dark ages) delay to withdrawls then its pointless to request today, pretty much Its funny how quickly a company can put you off. I have gone from a real fan to being pretty seriously annoyed with ratesetter in just 3 months or so. Typing this has convinced me to withdraw, when i think of the changes to hiding information, making it harder to do what I want, I realise I am being played. No more Ratesetter, your starting to smell a lot to me now. Dark ages delay - 1 business day - Bit harsh?
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jlend
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Post by jlend on Sept 20, 2019 8:00:13 GMT
<vent> I'm getting sooooooooo hacked off with all the constant little website interface changes. It's driving me nuts. </vent>
I sit 1k at 6.0% and I like to check how far that is in the Q every morning.
Can I now ? no. Can I find where it's moved to ? no Do I assume that feature has been removed ? probably. Arghhh.
The best you can do now that I have found is look at the Market Data page and see how much is in the queue at each x.x percentage band, together with a cumulative total. You can't see exactly how much money is in front of you any more for each individual offer. I think this might be a bigger problem with the new accounts when there is a combined queue across the Access, Plus and Max. Be interesting to see how that works and what visibility we have. The 1 and 5 year products have a limited shelf life now given they won't be available to new lenders and I assume most borrowing will be pushed through the new products.
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Post by propman on Sept 20, 2019 9:56:10 GMT
The disadvantage to RS is that they will lose the lenders prepared to offer unlent money on higher rate offers. These allowed them to keep lending when the "easy money" runs out. I know this is going to be less of an issue as they will be able to access all lender offers for any loan, but there have been a number of times when they were low on all markets despite higher lending rates. In addition I suspect many of the people lost have significant resources that have been lent extensively when rates have drifted up and thereby limited the peaks to short periods as they piled in. I strongly suspect that the "MR" money offerred at 5% will be insufficient for their current level of borrowing. Lender funds on 5 year reduced when the rates hit 5.2% several months ago. The lack of the buffer is likely to make the correction very painful to them if they find they have insufficient funds.
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robski
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Post by robski on Sept 20, 2019 9:56:54 GMT
As far as I can tell 1 or both of two things have happened recently 1) RS have a lot more cash to lend coming in, all the queues are going up and up in lend amounts, and this is forcing down rates 2) Lending has dropped Rates are falling and 6% looks a distant target now. Even at lower rates my cash drag is at a couple of weeks and increasing. I am hovering over the withdrawl right now. Although with the (dark ages) delay to withdrawls then its pointless to request today, pretty much Its funny how quickly a company can put you off. I have gone from a real fan to being pretty seriously annoyed with ratesetter in just 3 months or so. Typing this has convinced me to withdraw, when i think of the changes to hiding information, making it harder to do what I want, I realise I am being played. No more Ratesetter, your starting to smell a lot to me now. Dark ages delay - 1 business day - Bit harsh? No I don't think harsh at all. There is basically two approaches in regards sending money now, BACs and faster payments (others do exist but these cater for the vast majority of tranactions). Plenty of places still use BACs and here you expect a delay, its inherently a once a day batch process. If using faster however there is (virtually) no banking delay. It doesn't make sense to use faster systems but with a delay in sending, unless your trying to cause a delay, or just incompetent. Why for example does the transaction not happen today, why not something like 10pm tonight, all are sent, they should clear within 2 hours. What precisely needs to happen that requires the money to sit there for potentially almost 2 days in the week and for 3 days over a weekend. The chances are completely nothing. Chances are there is just a system process that collects all the money to be sent, then waits on someone to do something manual and then it gets sent. That was my comment on dark ages because if they are using faster payments they are already signed up to sending it for immediate clearance, but stuck in a mind set of prior to this being available as far as business process is concerned. if its because they want to check large amounts then they should do them as exceptions, its what the rest of us do in business, you cant check in detail every transaction so it makes no sense to group them all together just in case there is a large one that requires some more checks. Just a personal view. Its no biggie particularly for me, its just a shame they seem to be focussed on worsening investors lot, when they could be improving things (such as withdrawl speed, deposit speed (which also sucks unless you pay by card)) etc
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robski
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Post by robski on Sept 20, 2019 10:12:42 GMT
The disadvantage to RS is that they will lose the lenders prepared to offer unlent money on higher rate offers. These allowed them to keep lending when the "easy money" runs out. I know this is going to be less of an issue as they will be able to access all lender offers for any loan, but there have been a number of times when they were low on all markets despite higher lending rates. In addition I suspect many of the people lost have significant resources that have been lent extensively when rates have drifted up and thereby limited the peaks to short periods as they piled in. I strongly suspect that the "MR" money offerred at 5% will be insufficient for their current level of borrowing. Lender funds on 5 year reduced when the rates hit 5.2% several months ago. The lack of the buffer is likely to make the correction very painful to them if they find they have insufficient funds. Yep they have to strike a delicate balance. A fairly minor shortfall in lender funds and rate can spike massively. As we see with people with 8% etc in rolling. There will always be some kind of balancing taking place. We all choose a different level of risk vs reward, and if the rates available start to exceed your own personal level of balance funds permitting your likely to start sending more if you see the opportunity. The difference I feel now is that its becoming increasingly difficult to see the things you want in order to do that (well for me personally anyway), there is as ever a lack of transparency on how it will function in future, and as such doing what you would have done before may not be so appealing.
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benaj
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Post by benaj on Sept 20, 2019 11:27:55 GMT
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reinvestor
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Post by reinvestor on Sept 20, 2019 12:56:44 GMT
As far as I can tell 1 or both of two things have happened recently 1) RS have a lot more cash to lend coming in, all the queues are going up and up in lend amounts, and this is forcing down rates 2) Lending has dropped Rates are falling and 6% looks a distant target now. Even at lower rates my cash drag is at a couple of weeks and increasing. I am hovering over the withdrawl right now. Although with the (dark ages) delay to withdrawls then its pointless to request today, pretty much Its funny how quickly a company can put you off. I have gone from a real fan to being pretty seriously annoyed with ratesetter in just 3 months or so. Typing this has convinced me to withdraw, when i think of the changes to hiding information, making it harder to do what I want, I realise I am being played. No more Ratesetter, your starting to smell a lot to me now. Dark ages delay - 1 business day - Bit harsh? I'm not one to defend Ratesetter but I think they take one day as business banking same day transfers cost a hell of a lot more per transaction than next day transfers.
For our minnow of a finance company it is 90% cheaper to do a next day transfer than a same day transfer!!
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reinvestor
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Post by reinvestor on Sept 20, 2019 12:58:31 GMT
As far as I can tell 1 or both of two things have happened recently 1) RS have a lot more cash to lend coming in, all the queues are going up and up in lend amounts, and this is forcing down rates 2) Lending has dropped Rates are falling and 6% looks a distant target now. Even at lower rates my cash drag is at a couple of weeks and increasing. I am hovering over the withdrawl right now. Although with the (dark ages) delay to withdrawls then its pointless to request today, pretty much Its funny how quickly a company can put you off. I have gone from a real fan to being pretty seriously annoyed with ratesetter in just 3 months or so. Typing this has convinced me to withdraw, when i think of the changes to hiding information, making it harder to do what I want, I realise I am being played. No more Ratesetter, your starting to smell a lot to me now. Dark ages delay - 1 business day - Bit harsh? Edit: Double posted by accident!!
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Post by Deleted on Sept 20, 2019 16:36:58 GMT
I'm not one to defend Ratesetter but I think they take one day as business banking same day transfers cost a hell of a lot more per transaction than next day transfers.
For our minnow of a finance company it is 90% cheaper to do a next day transfer than a same day transfer!!
My impression is that they use same day transfers but don't initiate them until the next day. When you go into the withdrawal section, it will say something like "you have a withdrawal pending" which disappears once they've initiated the payment. If so, it's the worst of both worlds - high cost for them and a day lost for us. I could be wrong though.
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Post by Deleted on Sept 20, 2019 19:11:43 GMT
If I can't see where each individual chunk of my investments are in the order book then I'm out. And that's the last of my P2P accounts.
RateSetter and others seem intent on forcing rates on people and going for short-term (30, 60, 90 day notice withdrawals) that are supposedly safe and with no fees. That will end up biting both P2P and lenders. There could easily be a run but with no reserves or willing buyers the P2P system will unravel.
So, I'm glad that RateSetter has forced me out.
Cheerio!
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aju
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Post by aju on Sept 21, 2019 10:22:08 GMT
Just noticed that edit order screen changes are instantaneous theres is no secondary overview to ensure you meant the change the "Edit Order" should really be a save changes button or at least a make changes IMHO of course!.
I meant the changes I made but sadly without warning was expecting the overview commit screen rather than the changes to be committed from there.
One of the things I do not like with the new screens is that is was easier on the old one - the separate screen - with the details in as I could have the screen on the left with an auto update extension to keep it updating every 2 minutes of so. Any changes would be obvious without actually focusing with it on the left of my screen. My screen is big enough to be monitoring a number of sites and keep my main work in the middle of the screen.
My issue with all this new fangled - locked down single screen approach - is we have gone back some 10 years or so for us luddites still using real PC tools for serious work. Lets face it most of us on these forums are really serious about not losing any money we can prevent if at all. I do use a tablet/phone when we are on the road but only for stupid simple things and never for banking and the like - they may be secure but my assumption is outside of my home they are way more vulnerable to theft so the last thing I want is any of my investment and banking stuff anywhere near them.
Having been in Computer work areas ever since learning 8080 code at college in the mid 70's and later making a good living in software design inside one of the largest telecoms companies in the world it's much easier for me to keep control of what I understand and can use. Having been someone who had to develop for 4 different browsers in the late 90's and early 2000's and make them jump through hoops too it was always a challenge to ensure each one performed the same so I get the normalisation aspects of today designers.
All that said I am still kicking and screaming as loud as I can and one of the things I have learnt since retiring, very early for most people so I appreciate my good fortune, is that one can and frequently does vote with my feet. I'm not there yet with RS but they are definitely making the decision seem easier to consider I feel. Of course things on the borrower side may be much better but for me us lenders all P2P sites eventually seem to bollox themselves, I can still make the Zopa and RS sites workable on Chrome and Windows to a degree for me.
Oops I've ranted a bit again but boy it is getting very annoying, change after change without any info on how the new screens work or flow.
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