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Post by Deleted on Sept 5, 2019 20:44:34 GMT
My concern is that there is no repayment of the new loans at all.
I wonder if there will a range of loan types as in Rolling now ie amortising (the majority), interest only and non-amortising. I think they will have to have amortising loans (ie with repayments) so that investors' lending matches the loans to borrowers, otherwise RS would have potential mismatches which would increase its own risk.
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Post by tom1 on Sept 6, 2019 7:11:21 GMT
Has anyone been able to print a copy of the FAQ's by chance. It's one of those unhelpful one where the print option only see's at best one open faq at once. I've tried using an interceptor extension to change the code to force the opening but sadly this code is way above my paygrade. www.ratesetter.com/help/new-investment-products-faqI've been lurking on this forum for a while, long time user of ratesetter too. Signed up to give you this answer :-) Assuming you can get to the javascript console on your browser (if not, let me know which browser you are using and I can give you instructions), all you need to do is type the following into the javascript console while you have the FAQ page open: $(".collapse").addClass("show") This will make all of the answers visible at once and allow you to print.
Here's why it works: Each of the answers of the FAQ is in an element in DOM class 'collapse', and when they are made visible, a new class is added to them called 'show'. The code above uses JQuery (which they happen to use on the site), to select all elements in class 'collapse' and add a class 'show' to them. The dot before class is JQuery for using the class selector as opposed to other selectors.
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djay
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Post by djay on Sept 6, 2019 7:24:36 GMT
Personally, I'm just fed up with the way Ratesetter has been treating investors over the last few months. I basically lack trust in them and have curtailed adding a significant chunk of funds, and have begun transferring other funds out in anticipation of the impending drop in available rates and further messing around as the new system is brought on line.
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reinvestor
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Post by reinvestor on Sept 6, 2019 7:51:45 GMT
Rhydian Lewis claimed in 2017 that RS will "return to profit next year".
Their financial year ends 31st March so accounts for year ended 31/03/19 need to be filed by 31/12/19.
I like a bet so would put very strong money on the fact that these accounts will not show a profit.
They are a company in a mess IMHO.
Accounts for Vehicle Stocking were finally filed this week (should have been filed 31/12/18).
They are once again, shocking.
RS keep saying that they have written down the value of Vehicle Stocking, Vehicle Credit and Adpod (now APNL Ltd) but I can only see that they have booked a "goodwill" write down.
Besides, booking a write down and actually having the cash to honour lender's physical cash from three businesses that are making millions of pounds of losses every year is a totally different thing.
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aju
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Post by aju on Sept 6, 2019 8:33:23 GMT
Has anyone been able to print a copy of the FAQ's by chance. It's one of those unhelpful one where the print option only see's at best one open faq at once. I've tried using an interceptor extension to change the code to force the opening but sadly this code is way above my paygrade. www.ratesetter.com/help/new-investment-products-faqI've been lurking on this forum for a while, long time user of ratesetter too. Signed up to give you this answer :-) Assuming you can get to the javascript console on your browser (if not, let me know which browser you are using and I can give you instructions), all you need to do is type the following into the javascript console while you have the FAQ page open: $(".collapse").addClass("show") This will make all of the answers visible at once and allow you to print.
Here's why it works: Each of the answers of the FAQ is in an element in DOM class 'collapse', and when they are made visible, a new class is added to them called 'show'. The code above uses JQuery (which they happen to use on the site), to select all elements in class 'collapse' and add a class 'show' to them. The dot before class is JQuery for using the class selector as opposed to other selectors.Great tip tom1 thanks, Just fired up Inspect on the faq link and opened up the console and copied it in and it worked have a printed copy of that doc. Thing is I wasn't expecting a solution and wanting to move on from the I just copied the whole thing into word bit by bit very odd at times but got there and was able to reduce the page size down to 4 pages. I was going to copy the pdf up to here but thought better of it when I realised there may be info in the locally created pdf that I may not wish anyone to see. THis method means I am just using chrome's pdf option - I'm assuming there may be some of my info still in it but i'll upload the resulting PDF for anyone who is a an.al like me and saving all the P2P sites terms and conditions they are invested in. Anyway this is the PDF that I created using Tom's guidance - the title below is not the original filename just an indicator of the files contents. RS 3rd Oct 2019 - New investment products_Q&A .pdfAll I now need to do is try and find a way to do this in my stylus script so I don't have to remember what I am doing although I'm guessing that each developer will change the names of the collapse class to stop people like me. Fortunately I can read the source I just don't always understand what is happening. CSS manipulation is very easy but this jquery malarkey is new to me. Edit: Sorry got the wrong google drive link apologies if anyone was confused and hopefully I didn't expose my google drive in the process.
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sl75
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Post by sl75 on Sept 6, 2019 10:11:10 GMT
As I understand it, as long as the matching rate does not routinely reach 5% above the "going rate", anyone who wants to exit cleanly as the existing loans repay (over a period of up to 5 years) can do so simply by setting the re-investment rate to 5% above the going rate, and cancelling re-investment orders as they come in. This has exactly the same effect as if you'd asked for payments to go to the holding account but with a bit more fiddling around each month.
The only reason I can think of why RS don't simply allow the repayments to be configured to go directly to the holding account is a cynical cash grab from naive users who don't realise they can do this.
I hope that at least the new product range (Access / Plus / Max) will avoid the ridiculous and time-consuming charade of "re-matching" existing money against the same borrower whilst making all loan look like they repaid in full that we currently have rolling... i.e. loans will henceforth be displayed with the full payment schedule like in the 5 year market (enabling this charade being the other reason that "Rolling" currently prevents the repayments being returned to holding a/c).
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rscal
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Post by rscal on Sept 6, 2019 10:23:51 GMT
... I hope that at least the new product range (Access / Plus / Max) will avoid the ridiculous and time-consuming charade of "re-matching" existing money against the same borrower whilst making all loan look like they repaid in full that we currently have rolling... i.e. loans will henceforth be displayed with the full payment schedule like in the 5 year market (enabling this charade being the other reason that "Rolling" currently prevents the repayments being returned to holding a/c).
If 'matching' actually does end altogether with these 'pooled'-type accounts of course. In principle they would be paying you 'up front' (interest plus capital) and not directly linking the timing in any way to when the individual payments are received (or not). Shouldn't this lead to a Company namechange perhaps though: RateChaser™ ? Or RateSlicer™? being more descriptive of where we are at?
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aju
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Post by aju on Sept 6, 2019 11:26:28 GMT
As I understand it, as long as the matching rate does not routinely reach 5% above the "going rate", anyone who wants to exit cleanly as the existing loans repay (over a period of up to 5 years) can do so simply by setting the re-investment rate to 5% above the going rate, and cancelling re-investment orders as they come in. This has exactly the same effect as if you'd asked for payments to go to the holding account but with a bit more fiddling around each month.
The only reason I can think of why RS don't simply allow the repayments to be configured to go directly to the holding account is a cynical cash grab from naive users who don't realise they can do this.
I hope that at least the new product range (Access / Plus / Max) will avoid the ridiculous and time-consuming charade of "re-matching" existing money against the same borrower whilst making all loan look like they repaid in full that we currently have rolling... i.e. loans will henceforth be displayed with the full payment schedule like in the 5 year market (enabling this charade being the other reason that "Rolling" currently prevents the repayments being returned to holding a/c).
It's sad these companies want to do this - assuming you are right of course and my money is on your view. I thought the reason for FCA rules/guidelines was to prevent this sort of thing though. Of course we have had regulators for years and look where we are in most of the regulated industries. I guess you can't win them all be nice to win at least a couple though!. It's a shame that the more savvy you become the more distrusting one has to be to protect ones own interests. I guess it's the reason I take so long to make a decisions as there are so many traps to fall into and misunderstand that by the time you have read all the available documents and understood them an offer usually has closed. I guess that's just life ... Psst don't tell Boris though!
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sl75
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Post by sl75 on Sept 6, 2019 13:51:40 GMT
If 'matching' actually does end altogether with these 'pooled'-type accounts of course. In principle they would be paying you 'up front' (interest plus capital) and not directly linking the timing in any way to when the individual payments are received (or not). Shouldn't this lead to a Company namechange perhaps though: RateChaser™ ? Or RateSlicer™? being more descriptive of where we are at? If I manage to snag a rate 5% above the "going rate" in a short-term spike in the market, RateSetter are only going to want to pay that interest for the duration of the underlying loans I'm matched to. If the investment were in a "pool" and it were to become the case that the only way to get any money out at all would be to actively withdraw it and pay the fee, then RateSetter would effectively be committing to pay the rate I snagged in a short-term spike for perpetuity (until I change my mind or the rules change again...)
Matching "offers to lend" with "borrower loan applications" remains a core part of the new T&Cs for these new products.
They could of course redesign them again at a later date... but these particular accounts do not seem to be a redesign into a "pooled"-type investment - at least not yet.
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trium
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Post by trium on Sept 8, 2019 14:44:14 GMT
After 2 years of dithering I finally decided to open an account. Now I'm back to dithering.
Definitely not up for unavoidable withdrawal charges on unavoidably entrapped returns. While it would seem logical that "new" investors cannot yet use products that are not yet launched, does anyone know for sure if an account opened, say, this week will still be able to invest in the legacy products? I'll email them.
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ashtondav
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Post by ashtondav on Sept 8, 2019 15:56:16 GMT
In the new products you can set your own rates and withdraw repayments free by cancelling orders. If you have loans in the legacy products by the cut off date you can continue to invest in them. For those of us who are sophisticated lenders not much changes. For the dumb money, they will increasingly get invested at the low RS “going rate”.
if I can no longer get 6% in 5 year or 4% in access I’m off to LW for their offer, although I’m wary of their size compared to RS. On the other hand RS has some horrid legacy dodgy loans companies on their books.
Very few p2p platforms smell of roses
FC abandoned their traditional credit checking to ramp up the loan value coming up to IPO. Legacy loans now taking almost 4 months to sell Collateral and Lendy have exploded Zopa hasn't delivered estimated rates for many investors FS has been the subject of several (many?)frauds AC bunged lenders into too few loans in some of its legacy accounts and has an impenetrable PF
and theyre just the ones ive tried. Well I did avoid Coll and Lendy TBH.
Its a new industry and many of its leading lights had no experience of p2p. My most satisfactory years were 2005 - 2010 with Zopa. Since then my faith has been tested.
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Post by p2plender on Sept 8, 2019 22:53:24 GMT
I wouldn't worry about all these changes as on current form, Ratesetter will be 'tweaking' things in another month or so. What a disastrous outfit RS has become. Once my favoured and trusted platform, now I simply don't like or trust this outfit one bit. Gawd help us when the inevitable economic fall out kicks in.. Hopefully I'll be out by then.
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alender
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Post by alender on Sept 9, 2019 8:59:42 GMT
I wouldn't worry about all these changes as on current form, Ratesetter will be 'tweaking' things in another month or so. What a disastrous outfit RS has become. Once my favoured and trusted platform, now I simply don't like or trust this outfit one bit. Gawd help us when the inevitable economic fall out kicks in.. Hopefully I'll be out by then. Have to agree, got out a time ago as the last of my loans matured. I got fed up with spending a lot of time trying to get a good/acceptable rate only to get early repayments, RS manipulating rates, falling coverage ratios in the PF and then changes to the calculation of coverage ratios in the PF to make it look better. The final straw was when the PF were buying RS loans, this reminded me of Blackadder and Co stuck on a sailing ship deciding whether or not to drink their own urine. Since then it has got worse in particular RS being able to make haircuts on investors interest and capital in order to keep RS afloat if the PF collapses. The old rules meant there was a line in the sand and we would all get a proportion of out money back from existing loans and you knew where you stood. The new rules mean RS can continue to operate (at least for a time) which gives them a chance to pay double or quits with your money while to continuing to pay the directors salary again from your money.
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cb25
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Post by cb25 on Sept 9, 2019 9:01:36 GMT
I wouldn't worry about all these changes as on current form, Ratesetter will be 'tweaking' things in another month or so. What a disastrous outfit RS has become. Once my favoured and trusted platform, now I simply don't like or trust this outfit one bit. Gawd help us when the inevitable economic fall out kicks in.. Hopefully I'll be out by then. Have to agree, got out a time ago as the last of my loans matured. Where did you put your money and why did you choose that particular destination(s)?
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rscal
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Post by rscal on Sept 9, 2019 10:14:29 GMT
I am exiting RS (since June '18) and seeing my balance dropping nicely courtesy of the ever-reliable early repayments. I just don't want to eek it out for the estimated three further years before my 5 year loans all unavoidably pay down in the normal way due to the sub £10 loan issue. It occurs to me that since my sub-£10 loans are less than the fee of 1.5% of my realisable (>£10) loans, I could make then an offer to waiver some or all of the fee and just keep the unrealisable loans as 'asets' for themselves. Now can RS under FCA rules (etc) hold loans?
If this were possible I might do this.
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