littleoldlady
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Post by littleoldlady on Oct 25, 2020 17:26:31 GMT
Hi. I have 20k invested in a single loan in an access account. I am 4000 and something in the queue. The loan states it is a 12 month interest only loan due to expire mid November. The borrower's initial loan amount was 100k and has an outstanding balance of 100k. As suggested by others here, I have custom set the rate of interest to 8%. Is there any chance at all of seeing my money next month? There's always a chance. At least if it does repay your cash will not be immediately used to buy duff loans from those at the front of the queue so you should be able to withdraw it.
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Post by steve2206 on Oct 25, 2020 18:21:57 GMT
Thanks. I'll let you know how I get on
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aju
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Post by aju on Oct 25, 2020 20:05:53 GMT
Hi. I have 20k invested in a single loan in an access account. I am 4000 and something in the queue. The loan states it is a 12 month interest only loan due to expire mid November. The borrower's initial loan amount was 100k and has an outstanding balance of 100k. As suggested by others here, I have custom set the rate of interest to 8%. Is there any chance at all of seeing my money next month? Hi Steve, Welcome to the forum. I agree with the others but to make absolutely sure - well almost!. Depending when you set your re lend to 8% i'd definitely go back and update it. I tend to do this every so often by just going in and setting it to 7.9% save it then change it back. This will move you to the back of the queue for 8%. Mind you its probably an outside change it will lend at 8%.
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Post by angel19 on Oct 25, 2020 20:37:25 GMT
I think the last 8% lend was pre dinosaurs, so you’ll probably be OK!
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littleoldlady
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Post by littleoldlady on Nov 12, 2020 10:11:42 GMT
I set my Access rate to 8% in July. Since then when I have seen money on the market I have cancelled it and every now and then withdrawn the funds. So I thought all was well. But I have just noticed that "Money on loan" is separated into New and Existing and it says:
"A ‘New’ contract is the first month of this agreement and all subsequent months are within the ‘Existing’ contracts."
Now about 18% of the portfolio is in the "New" section. These loans have all been matched at 3%. How can this be?
I tried to find the acquisition of these new loans in the transactions but got even more confused. There is no match on the contract number (which does change each month) nor on the amount.
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bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
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Post by bt on Nov 12, 2020 11:14:07 GMT
I set my Access rate to 8% in July. Since then when I have seen money on the market I have cancelled it and every now and then withdrawn the funds. So I thought all was well. But I have just noticed that "Money on loan" is separated into New and Existing and it says: "A ‘New’ contract is the first month of this agreement and all subsequent months are within the ‘Existing’ contracts." Now about 18% of the portfolio is in the "New" section. These loans have all been matched at 3%. How can this be? I tried to find the acquisition of these new loans in the transactions but got even more confused. There is no match on the contract number (which does change each month) nor on the amount. I think the labelling is wrong. It seems to me like the 'existing' is the amortising loans and the 'new' is the non-amortising. The 'first month' bit is nonsense.
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liso
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Post by liso on Nov 12, 2020 11:29:55 GMT
Agreed.
All my 'new' loans are non-amortising, and all pre-date my RYI request/setting my reinvestment rate to 8%.
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littleoldlady
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Post by littleoldlady on Nov 12, 2020 11:58:09 GMT
Good spot. Also confirmed by the "Next repayment date" which is the end in all cases on my list. Yet another bug which RS cannot be bothered to fix.
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star dust
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Post by star dust on Nov 12, 2020 12:14:28 GMT
Good spot. Also confirmed by the "Next repayment date" which is the end in all cases on my list. Yet another bug which RS cannot be bothered to fix. I don't think this is a 'bug' at all. The splitting of the loans into 'existing' and 'new' was only done relatively recently, in the summer some time, I believe the reason was to make it clearer to lenders that there can be a mixture of bullet (new), amortising and interest only (existing) loans held by the access accounts, and that the amortising and interest only loans are the ones that 'roll' each month. I don't think the labelling of 'existing' and 'new' helped at all however, and may well have created further confusion.
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littleoldlady
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Post by littleoldlady on Nov 12, 2020 12:32:46 GMT
IMO it's a bug if it's supposed to be in English. However I agree that it is a useful feature, once you figure out what it is supposed to be.
Incidentally I suspect that "New" would include any new loans , whether amortising or not, as well as all non-amortising loans however old.
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Post by steve2206 on Nov 24, 2020 17:24:53 GMT
Thanks. I'll let you know how I get on Just to say I received the money today and transferred it straight out. Only taken 8 months!! I'm purchasing a property and the deposit is needed next week. PERFECT timing. So happy
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Post by oppsididitagain on Feb 16, 2021 19:53:39 GMT
I had one of my 5Yr monthly pay dates today, so I was checking RS markets to see if I could re-invest and noticed there is over 25mil sitting in the access queue and just short of 19mil in the 5yr !!
Thats over 43Mil just sitting there - Amazing considering RS is effectively closed for new business.
It just shows you the 'loose change' people forget about !
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beagle
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Post by beagle on Feb 16, 2021 20:01:26 GMT
I had one of my 5Yr monthly pay dates today, so I was checking RS markets to so if I could re-invest and noticed there is over 25mil sitting in the access queue and just short of 19mil in the 5yr !! Thats over 43Mil just sitting there - Amazing considering RS is effectively closed for new business. It just shows you the 'loose change' people forget about ! i suspect people are pondering their options. it could also be linked to ISA transfers given we are encroaching upon the year end
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Post by oppsididitagain on Feb 17, 2021 11:05:46 GMT
I had one of my 5Yr monthly pay dates today, so I was checking RS markets to so if I could re-invest and noticed there is over 25mil sitting in the access queue and just short of 19mil in the 5yr !! Thats over 43Mil just sitting there - Amazing considering RS is effectively closed for new business. It just shows you the 'loose change' people forget about ! i suspect people are pondering their options. it could also be linked to ISA transfers given we are encroaching upon the year end But this is to Invest in RS, so I dont see how this would affect the ISA market, also you cant Invest in RS, not in Access - or have I got that wrong ? I thought RS will return all monies back 1st week of April for outstanding 5yr loans and then its closed for good ?? Taking away the natural cycle of life, people in hospital, not with us anymore, dont have access to their RS account etc this seems an awful lot of cash.. This is 'dead' money, the lowest rate is 0.6%. you can get that in a FSCS backed savings account. Oh well, I thought I would post it. Amazing how us human work or not in this case :-)
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Post by Badly Drawn Stickman on Feb 17, 2021 11:24:08 GMT
i suspect people are pondering their options. it could also be linked to ISA transfers given we are encroaching upon the year end But this is to Invest in RS, so I dont see how this would affect the ISA market, also you cant Invest in RS, not in Access - or have I got that wrong ? I thought RS will return all monies back 1st week of April for outstanding 5yr loans and then its closed for good ?? Taking away the natural cycle of life, people in hospital, not with us anymore, dont have access to their RS account etc this seems an awful lot of cash.. This is 'dead' money, the lowest rate is 0.6%. you can get that in a FSCS backed savings account. Oh well, I thought I would post it. Amazing how us human work or not in this case :-) I had assumed (always dangerous, I know) that the accounts themselves would remain 'active' for a period of time to allow transferring of ISA funds in a planned manner. I have had considerable problems with my own transfers from them but may be just really unlucky. I must admit I withdraw all funds as available, and would only transfer in once the request was active, so do find that amount sitting doing nothing mildly puzzling. Ignorance or indifference?
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