m2btj
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Post by m2btj on Mar 16, 2020 13:28:22 GMT
The extraordinary scenes we are witnessing will have a huge impact on every business & individual in the world. Only food retailers & their supply chains will prosper. Buckle your seat belts it's going to be a bumpy journey!
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Post by throwaway2501 on Mar 16, 2020 13:58:44 GMT
Update: I just called RateSetter and their guidance was still that Release Investments will take “about a week”. Which I think is more reassuring than an open ended “more than a week”.
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Stonk
Stonking
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Post by Stonk on Mar 16, 2020 19:16:25 GMT
Update: I just called RateSetter and their guidance was still that Release Investments will take “about a week”. Which I think is more reassuring than an open ended “more than a week”.
I would guess the RYI queue grew very quickly, and ones position in that queue will greatly affect how long it takes. Some people will be only hours away, others will be much longer. This "about a week": is it the average, the maximum, your own request, or what? It simply cannot be the same for everyone.
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Post by throwaway2501 on Mar 16, 2020 23:36:34 GMT
Update: I just called RateSetter and their guidance was still that Release Investments will take “about a week”. Which I think is more reassuring than an open ended “more than a week”.
I would guess the RYI queue grew very quickly, and ones position in that queue will greatly affect how long it takes. Some people will be only hours away, others will be much longer. This "about a week": is it the average, the maximum, your own request, or what? It simply cannot be the same for everyone.
If the rate at which people are releasing is fairly constant and is approximately equal to the rate of the combined new money being added to the platform and capital being repaid, then entirely conceivable it could be the same for everyone. The increase from ~24 hours to 1 week could be explained by (a) the fact that the rate of new loan formation wasn’t reduced immediately; and (b) there is an initial spike that creates a sustained backlog. Think of it like a queue at traffic lights: - From 7-8am, two cars arrive at the lights every minute. The lights turn green every minute and two cars go through on green. No queue. - From 8-9am, 10 cars arrive at the lights every minute. Lights turn green at the same frequency with same number of cars going through. A queue builds up so by 9am there is a large backlog of cars. - For the rest of the day, the rate of cars arriving at the lights reverts to two a minute. The length of the queue is therefore maintained but does not increase. I would guess that before last week (when people were seeing RYIs processed in less than 24 hours) was the 7-8am scenario above. As confidence was affected early last week, there was the equivalent of 8-9am where wait times increased from 24 hours to 1 week. We are now in the “rest of the day scenario” where RateSetter have managed to bring things back to an equilibrium where RYIs = Repayments + New Investments but there is still a backlog to clear.
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Stonk
Stonking
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Post by Stonk on Mar 16, 2020 23:46:04 GMT
I would guess the RYI queue grew very quickly, and ones position in that queue will greatly affect how long it takes. Some people will be only hours away, others will be much longer. This "about a week": is it the average, the maximum, your own request, or what? It simply cannot be the same for everyone.
If the rate at which people are releasing is fairly constant and is approximately equal to the rate of the combined new money being added to the platform and capital being repaid, then entirely conceivable it could be the same for everyone. The increase from ~24 hours to 1 week could be explained by (a) the fact that the rate of new loan formation wasn’t reduced immediately; and (b) there is an initial spike that creates a sustained backlog. Think of it like a queue at traffic lights: - From 7-8am, two cars arrive at the lights every minute. The lights turn green every minute and two cars go through on green. No queue. - From 8-9am, 10 cars arrive at the lights every minute. Lights turn green at the same frequency with same number of cars going through. A queue builds up so by 9am there is a large backlog of cars. - For the rest of the day, the rate of cars arriving at the lights reverts to two a minute. The length of the queue is therefore maintained but does not increase. I would guess that before last week (when people were seeing RYIs processed in less than 24 hours) was the 7-8am scenario above. As confidence was affected early last week, there was the equivalent of 8-9am where wait times increased from 24 hours to 1 week. We are now in the “rest of the day scenario” where RateSetter have managed to bring things back to an equilibrium where RYIs = Repayments + New Investments but there is still a backlog to clear.
I'm talking about people already in the queue, whereas you're talking about how long a new joiner at the back of the queue will wait. It is not clear to which scenario RS's statement applies.
There is clearly a queue at the moment, which is being processed at some rate slower than instantly. If not, then my outstanding RYI would not be outstanding. In the queue, requests nearer the front have less time to wait. That's all I meant.
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Post by throwaway2501 on Mar 16, 2020 23:47:46 GMT
If the rate at which people are releasing is fairly constant and is approximately equal to the rate of the combined new money being added to the platform and capital being repaid, then entirely conceivable it could be the same for everyone. The increase from ~24 hours to 1 week could be explained by (a) the fact that the rate of new loan formation wasn’t reduced immediately; and (b) there is an initial spike that creates a sustained backlog. Think of it like a queue at traffic lights: - From 7-8am, two cars arrive at the lights every minute. The lights turn green every minute and two cars go through on green. No queue. - From 8-9am, 10 cars arrive at the lights every minute. Lights turn green at the same frequency with same number of cars going through. A queue builds up so by 9am there is a large backlog of cars. - For the rest of the day, the rate of cars arriving at the lights reverts to two a minute. The length of the queue is therefore maintained but does not increase. I would guess that before last week (when people were seeing RYIs processed in less than 24 hours) was the 7-8am scenario above. As confidence was affected early last week, there was the equivalent of 8-9am where wait times increased from 24 hours to 1 week. We are now in the “rest of the day scenario” where RateSetter have managed to bring things back to an equilibrium where RYIs = Repayments + New Investments but there is still a backlog to clear.
I'm talking about people already in the queue, whereas you're talking about how long a new joiner at the back of the queue will wait. It is not clear to which scenario RS's statement applies.
There is clearly a queue at the moment, which is being processed at some rate slower than instantly. If not, then my outstanding RYI would not be outstanding. In the queue, requests nearer the front have less time to wait. That's all I meant.
Gotcha. So short answer is the length of the queue is roughly a week. Obviously if you are at the front of the queue, it’s no longer a week.
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Stonk
Stonking
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Post by Stonk on Mar 16, 2020 23:54:20 GMT
I'm talking about people already in the queue, whereas you're talking about how long a new joiner at the back of the queue will wait. It is not clear to which scenario RS's statement applies.
There is clearly a queue at the moment, which is being processed at some rate slower than instantly. If not, then my outstanding RYI would not be outstanding. In the queue, requests nearer the front have less time to wait. That's all I meant.
Gotcha. So short answer is the length of the queue is roughly a week. Obviously if you are at the front of the queue, it’s no longer a week.
In which case, nobody reading this should still be waiting for an RYI made earlier than 9 March.
Anyone?
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Post by throwaway2501 on Mar 17, 2020 0:11:28 GMT
Gotcha. So short answer is the length of the queue is roughly a week. Obviously if you are at the front of the queue, it’s no longer a week.
In which case, nobody reading this should still be waiting for an RYI made earlier than 9 March.
Anyone?
I myself made an RYI request on 9 March and am still waiting! But (a) that was exactly a week ago - suspect it’ll be “roughly” a week so would give it a few more days to test the theory; and (b) I haven’t seen anyone talk of RYI requests from before 9 March that haven’t yet completed. Happy to stand corrected if others have any other data points!
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Post by jaycee on Mar 17, 2020 9:56:28 GMT
Running down the balance doesn't seem to work, even when you are only in Access, either. I have set my reinvestment settings to "no, put it in the holding account not on the market", and my desired lending rate to 7.7%, but the funds are still flying back out into new lend orders as soon as capital repayments are made. I suspect this is technically within the rules as of last year, but it doesn't feel in the spirit of what was a rolling market, that my money can be repaid to my account, and then lent out again against my will.
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star dust
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Post by star dust on Mar 17, 2020 10:19:56 GMT
This is not happening to me even this morning. Are you sure you have the correct settings?
In the grey "Summary" box third row down it says Reinvestment settings Access at Your Rate <red pencil symbol> X.X% Learn more
Click on the red pencil to select your settings - you get the following Make sure you have clicked "your rate" and entered something 8.0% or less e.g X.X% and confirm.
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Post by jaycee on Mar 17, 2020 11:53:18 GMT
Yep - thanks, but I have the rate set to 7.7%, just checked on that page.
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Post by herringbone on Mar 17, 2020 12:36:31 GMT
Running down the balance doesn't seem to work, even when you are only in Access, either. I have set my reinvestment settings to "no, put it in the holding account not on the market", and my desired lending rate to 7.7%, but the funds are still flying back out into new lend orders as soon as capital repayments are made. I suspect this is technically within the rules as of last year, but it doesn't feel in the spirit of what was a rolling market, that my money can be repaid to my account, and then lent out again against my will. Are you sure these are capital repayments being reinvested into different loans, and not just the same loans ongoing? RS do seem to have a weird way of describing transactions.
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Post by throwaway2501 on Mar 17, 2020 13:48:14 GMT
Has anyone had an RYIs in the Access market come through over the last few days?
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victors
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Post by victors on Mar 17, 2020 13:57:35 GMT
Has anyone had an RYIs in the Access market come through over the last few days? No. My wife has one from 11th March and I have one from 12th March not yet come through
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Post by throwaway2501 on Mar 17, 2020 14:23:50 GMT
It’s interesting because the lending queue keeps dropping by several hundred £k and then replenishes again each day. I was wondering if the drop is because of successful RYIs or new loans being matched.
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