|
|
Post by carol167 on Apr 17, 2020 9:50:53 GMT
Just curious, trying to guage sentiment on here.
|
|
|
|
Post by oppsididitagain on Apr 17, 2020 10:09:51 GMT
Ive withdrawn all my Access funds, partly to fund my 20K ISA limit.( Due to the way RS do the 1st in 1st out withdrawal of loans it was too complicated to work out when to withdraw the 20K.) So I just did all of it and will revisit RS in a few months, with the view to put some money back in
I've left all my 1yr and All my 5 yr.. Im getting over 6% on these loans so happy to leave them, maybe they will repay early ?
|
|
|
|
Post by stuart543 on Apr 17, 2020 10:48:03 GMT
I have/am cashing out all funds in RS (except a token presence in 1 and 5 year mkts to leave the way open for future re-investing) and other P2P (except FC which has suspended selling). The reasons are:
1) To fund 19/20 & 20/21 S&S ISA's
2) Platform risk on RS
3) Recent changes to RS and low rates
4) General P2P risk in current environment
|
|
|
|
Post by gricehead on Apr 17, 2020 11:36:06 GMT
There's no option for letting existing loans run but not reinvesting anything.
|
|
star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
|
Post by star dust on Apr 17, 2020 11:51:04 GMT
There's no option for letting existing loans run but not reinvesting anything. I think that's the "Cashing out interest and capital repayments" option 
|
|
robski
Member of DD Central
Posts: 772 
Likes: 462
|
Post by robski on Apr 17, 2020 12:36:07 GMT
Just drawing down cash as it comes in
Interestingly I seem to have quite a few loans paying off and only a couple are tagged as PF payments
eg working at home who normally have high travel costs and have to buy expensive lunches etc, these sorts of people probably making extra payments right now
|
|
|
|
Post by carol167 on Apr 17, 2020 13:00:11 GMT
I think that's the "Cashing out interest and capital repayments" option Ratesetter don't offer that option. Pretend I said "Withdrawing" instead of "Cashing out" on that option then, perhaps that will help.
|
|
benaj
Member of DD Central
Posts: 4,884
Likes: 1,603
|
Post by benaj on Apr 17, 2020 13:19:06 GMT
I still add more regularly (direct debit and debit card) and cash out whatever available.
|
|
|
|
Post by diversifier on Apr 17, 2020 14:05:07 GMT
Withdrawing Access, leaving 5yr to run and withdraw.
If only RS still offered the original products, with terms and rate setting. I have a ton of cash looking for a home, which I would be happy to put into 5-yr or similar products with them. But they don’t, so I can’t.
Average outstanding term for my 5-yr is 10 months, which pays 6.4%
Average outstanding term for my Access is 33 months, which pays 3.0%
If sellers aren’t keen on lending at 3.0%, and RS just continue to flatly refuse to increase the rate by even 0.1% to match the increased risk of the worlds largest event since 1700, I really don’t know what RS are expecting us to do. They have this massive lever in front of them which they could pull to match supply and demand, and won’t move a finger. The most enormous irony about this situation, is that the whole point of P2P was to take the bank’s hand off the lever and let Adam Smith’s invisible hand do the work. They even named their company after it. For reasons nobody can work out, they put their hands back on the lever, and then just froze motionless in the headlights.
|
|
|
|
Post by freefalljunkie on Apr 17, 2020 14:51:09 GMT
Just drawing down cash as it comes in Interestingly I seem to have quite a few loans paying off and only a couple are tagged as PF payments eg working at home who normally have high travel costs and have to buy expensive lunches etc, these sorts of people probably making extra payments right now
Could someone tell me how you tell if a repayment comes from the provision fund? Does it show up as something different in your transactions list? Thanks!
|
|
sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
Likes: 916
|
Post by sussexlender on Apr 17, 2020 16:10:34 GMT
Hi freefalljunkie. Try this:-
Select which account to look at i.e. Access. Go to money on loan tab / select your repaid money / select 3 months to give you a chance of a repayment or go back further until you find one.
Click on loans repaid / when the details pop up click on VIEW.
Detail of that loan will be shown. Click the Your loan details.
Click on Your borrower details. Scroll down and the question "Has the PF made a repayment" will be shown Yes or No.
Simples (not). Best wishes, SXLR
|
|
|
|
Post by freefalljunkie on Apr 17, 2020 16:59:18 GMT
Hi freefalljunkie. Try this:- Select which account to look at i.e. Access. Go to money on loan tab / select your repaid money / select 3 months to give you a chance of a repayment or go back further until you find one. Click on loans repaid / when the details pop up click on VIEW.Detail of that loan will be shown. Click the Your loan details. Click on Your borrower details. Scroll down and the question "Has the PF made a repayment" will be shown Yes or No. Simples (not). Best wishes, SXLR Thanks, I'll give that a go.
|
|
ceejay
Posts: 971
Likes: 1,149
|
Post by ceejay on Apr 17, 2020 20:58:32 GMT
Pretend I said "Withdrawing" instead of "Cashing out" on that option then, perhaps that will help.
They still don't have that option as all interest and capital repayments are automatically reinvested. To force money into your holding account for withdrawal you have to set an high interest rate and actively check your account so that you can cancel market orders. In the 1Y and 5Y markets - not available to new investors but which are still active for current investors - you can. I think you'll find that quite a few of us around here are using those markets, so this is very much a valid option.
|
|
|
|
Post by df on Apr 17, 2020 21:01:10 GMT
Pretend I said "Withdrawing" instead of "Cashing out" on that option then, perhaps that will help.
They still don't have that option as all interest and capital repayments are automatically reinvested. To force money into your holding account for withdrawal you have to set an high interest rate and actively check your account so that you can cancel market orders. May be not the most straight forward option, but still a good option. It can be beneficial to login frequently anyway, sometimes there're some early repayments that need checking
|
|
|
|
Post by Deleted on Apr 17, 2020 21:06:28 GMT
They still don't have that option as all interest and capital repayments are automatically reinvested. To force money into your holding account for withdrawal you have to set an high interest rate and actively check your account so that you can cancel market orders. May be not the most straight forward option, but still a good option. It can be beneficial to login frequently anyway, sometimes there're some early repayments that need checking Yes, RateSetter stopped the notifications of early repayments a few months ago - one of many annoying changes.
|
|
