Stonk
Stonking
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Post by Stonk on Mar 17, 2020 14:49:06 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.
Does anyone know whether RS are actually making any new loans now? If you go to their website as a borrower, you cannot initiaite a new application. Any ideas about their other sales channels?
If not, then I guess recycled and new lender money is being used to fulfil RYIs, with little else going on.
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jane
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Post by jane on Mar 17, 2020 15:18:40 GMT
RS have said they are stopping making new loans to help clear the RYI backlog.
Have had begging email from RS asking me to invest money that's in my holding account so I guess they are getting desperate for funds.
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Post by throwaway2501 on Mar 17, 2020 15:24:58 GMT
RS have said they are stopping making new loans to help clear the RYI backlog.
Have had begging email from RS asking me to invest money that's in my holding account so I guess they are getting desperate for funds. Interesting! Are you able to copy and paste that message? Was it something they sent today?
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jane
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Post by jane on Mar 17, 2020 15:37:59 GMT
RS have said they are stopping making new loans to help clear the RYI backlog.
Have had begging email from RS asking me to invest money that's in my holding account so I guess they are getting desperate for funds. Interesting! Are you able to copy and paste that message? Was it something they sent today? It was posted onto this forum by a RS rep on March 13 (p2pindependentforum.com/thread/16894/current-processing-times-investment-releases)
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Post by picanto on Mar 17, 2020 15:41:18 GMT
I've put in a request to withdraw my funds from the Access market but not received an E-mail to confirm this. Is this normal as I'm not sure how to check if my request has been accepted?
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Post by jaycee on Mar 17, 2020 15:41:22 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. I suspect your explanation is correct, but they show up as added to my "balance" and then the lend order is deducted from my balance, so to my mind if I have stopped lending and requested RYI, anything which comes to my balance as a repayment should stay there!
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benaj
Member of DD Central
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Post by benaj on Mar 17, 2020 15:51:45 GMT
RS have said they are stopping making new loans to help clear the RYI backlog.
Have had begging email from RS asking me to invest money that's in my holding account so I guess they are getting desperate for funds. Believe or not, current lending volume since 16th March is 3.2 Mil. Just no online personal loans application atm due to high levels of demand . members.ratesetter.com/ratesetter_info/rate_trends.aspx
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Post by RateSetter on Mar 17, 2020 17:19:14 GMT
Good afternoon everyone. This afternoon we posted a RateSetter Notice update on processing investment releases, which is copied below for your reference. We will continue to keep you updated.
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Post by blueboy on Mar 17, 2020 17:50:25 GMT
So basically a liquidity problem. The high demand that RS mentioned previously isn’t for loans, it’s for withdrawals. Just a bit of clever wording. I don’t understand why there would be a run on RS withdrawals though. Panic and herd mentality
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Stonk
Stonking
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Post by Stonk on Mar 17, 2020 18:27:17 GMT
Good afternoon everyone. This afternoon we posted a RateSetter Notice update on processing investment releases, which is copied below for your reference. We will continue to keep you updated.
It is useful to have some numbers, £0.5M and £1.2M paid out in RYIs. There is movement -- good. But the glaring omission that would make these numbers truly useful is: how many £s-worth of requests are in the RYI queue?
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IFISAcava
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Post by IFISAcava on Mar 17, 2020 18:34:10 GMT
So basically a liquidity problem. The high demand that RS mentioned previously isn’t for loans, it’s for withdrawals. Just a bit of clever wording. I don’t understand why there would be a run on RS withdrawals though. Panic and herd mentalityOr a rational fear that the biggest recession since WWII might just affect consumer loan repayments, added to a rapidly depleting PF?
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ceejay
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Post by ceejay on Mar 17, 2020 18:44:41 GMT
So basically a liquidity problem. The high demand that RS mentioned previously isn’t for loans, it’s for withdrawals. Just a bit of clever wording. I don’t understand why there would be a run on RS withdrawals though. Panic and herd mentality Well, there's a run everywhere else, so why not here? GS has declared a Liquidity Event - roughly the equivalent of closing the land borders. AC has declared "exceptional circumstances" and there is a large queue for the exit there too. Some of this is rational: a reasonable perception of increased risk, plus wanting a bigger cash buffer to cover loss of earnings, plus a bit of wanting cash to hunt opportunities in S&S. But most of it is in the same category of filling your shopping trolley with bog rolls.
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IFISAcava
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Post by IFISAcava on Mar 17, 2020 18:51:30 GMT
So basically a liquidity problem. The high demand that RS mentioned previously isn’t for loans, it’s for withdrawals. Just a bit of clever wording. I don’t understand why there would be a run on RS withdrawals though. Panic and herd mentality Well, there's a run everywhere else, so why not here? GS has declared a Liquidity Event - roughly the equivalent of closing the land borders. AC has declared "exceptional circumstances" and there is a large queue for the exit there too. Some of this is rational: a reasonable perception of increased risk, plus wanting a bigger cash buffer to cover loss of earnings, plus a bit of wanting cash to hunt opportunities in S&S. But most of it is in the same category of filling your shopping trolley with bog rolls. And some of it is because you can add pubs and retail to cruise ships and airlines.
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Post by ruralres66 on Mar 17, 2020 19:03:01 GMT
Or I feel that the Government quantitative easing helicopter money/loan and payment holidays announced today may steal P2P thunder? Especially as the actual rates plus fees paid by borrowers on RS for example is quite high........
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Stonk
Stonking
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Post by Stonk on Mar 17, 2020 19:10:06 GMT
I don’t understand why there would be a run on RS withdrawals though. Panic and herd mentality
I'm glad you think that way. My RYI needs you.
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