oldgrumpy
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Post by oldgrumpy on Nov 10, 2015 10:40:57 GMT
Log in to Ratesetter, your lending page. Click Monthly (under Your Portfolio) Click + by "On Loan" Click "Your repaid Money" Click the appropriate month, the click "View". All repayments for that moth will leap out at you, including the rate.
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c88dnf
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Post by c88dnf on Nov 10, 2015 10:42:36 GMT
Refreshing this old thread a bit ... Got an email today saying my Monthly contract has been repaid. It gives me id but its of no use. I want to know the interest rate this loan was but I can't. There is no info on transaction history nor in the email. How can I learn what the % was? Also why would someone paid early the Monthly loan? Someone found better deal (maybe 0.2-0.3pp better the current price) or defaulted after 2 weeks? Have you looked in the "repayments" section under "Your Portfolio". selecting information presented by contract rather than by date? That provides the interest rate for each loan and the contract documentation if you click on the "view" field to the right of each line item. As to why someone would repay early, perhaps the item for which they needed the loan (typically a car) is no longer available, or they may have just changed their mind.
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oldgrumpy
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Post by oldgrumpy on Nov 10, 2015 10:42:51 GMT
I hate moths leaping out at me
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Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Nov 10, 2015 11:09:03 GMT
This monthly investment last 4 days made me 19p. Still have no idea why. Can anybody speculate on the reason of 'early repayment'?
Rate was 3,5%, so doubt someone going for cheaper at the market rate (3,5% atm)
Default after 4 days?
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Post by closetotheedge on Nov 10, 2015 11:35:10 GMT
Early repayments coming thick and fast at present. I have had 11 in the last few days and now they are sitting in the queue at a conservative 6.3 with nearly a £1m ahead of them. Sometimes I feel like I am swimming against the tide. I know it is not the RS model but a simple 5 year fixed product with no early withdrawals or repayments would be nice.
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Post by p2plender on Nov 10, 2015 12:09:34 GMT
" a simple 5 year fixed product with no early withdrawals or repayments would be nice." might be worth a trip to the bank then. This is p2p lending.
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teddy
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Post by teddy on Nov 10, 2015 12:10:04 GMT
Two more early repayments this morning, both of them for small amounts.
I'm on permanant drawdown for the foreseable. The rates are poor atm, and I want to get my balance down to what I actually need to have in RS.
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am
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Post by am on Nov 10, 2015 13:46:36 GMT
This monthly investment last 4 days made me 19p. Still have no idea why. Can anybody speculate on the reason of 'early repayment'? Rate was 3,5%, so doubt someone going for cheaper at the market rate (3,5% atm) Default after 4 days? One month loans by us are not usually one month loans to the borrower. They're usually longer period loans recycled through the monthly marketplace every month. So this might have been, for example, a 9 month loan repaid after 6 months and 4 days. Or possibly even a 18 month loan repaid after 12 months and 4 days, having been recycled into the monthly market after the 12 month period was up.
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Post by closetotheedge on Nov 10, 2015 15:48:14 GMT
" a simple 5 year fixed product with no early withdrawals or repayments would be nice." might be worth a trip to the bank then. This is p2p lending. Well Wellesley do it and if I did not have a great distrust of them I would use it. Why do you suggest p2p lending cannot provide such a product?
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Post by closetotheedge on Nov 11, 2015 6:57:19 GMT
Another £6k of early repayments this morning. Now back in the £2m queue. Very frustrating.
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spiral
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Post by spiral on Nov 11, 2015 8:16:40 GMT
RS benefit from early repayments as they are "lump sum" deposits that otherwise wouldn't be on market. This has an effect of pushing rates down.
As some of these repayments come from defaults, perversely, RS benefit from defaults.
A couple of months ago kev made a statement (to which no one responded, Oct 13 Borrower strike thread)
"Currently (but never say never, discuss) the Provision Fund is not used for lending. "
If RS move goalpost that determine if and when the PF pays out, they could in effect achieve a very healthy portfolio within the PF.
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Post by jackpease on Nov 11, 2015 8:23:05 GMT
" a simple 5 year fixed product with no early withdrawals or repayments would be nice." might be worth a trip to the bank then. This is p2p lending. Well Wellesley do it and if I did not have a great distrust of them I would use it. Why do you suggest p2p lending cannot provide such a product? But if Ratesetter changed its model it would become Wellesley/Landbay etc? Isn't the great thing about all these different models that we can choose ratesetter or FC if we want to try to play the system (and accept when the system plays us) or choose 'invest and forget' models such as Wellesley/Landbay? Jack P
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Post by westonkevRS on Nov 11, 2015 9:49:19 GMT
If RS move goalpost that determine if and when the PF pays out, they could in effect achieve a very healthy portfolio within the PF. A healthy 6% return on funds deemed to be surplus would certainly be a better return than current arrangements (don't ask). But of course it's the whole circular risk thing going on here, and although it seems like a good idea also has so many negative connotations and risks. I don't think it'll happen until the fund has grown hugely and represents a much larger proportion of outstanding balances. Kevin. P.S. Any chance of a vote: www.altfi.com/awards/2015_peoples_choice_vote
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bigfoot12
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Post by bigfoot12 on Nov 11, 2015 9:52:42 GMT
RS benefit from early repayments as they are "lump sum" deposits that otherwise wouldn't be on market. This has an effect of pushing rates down. No. RS make money from the difference between the rate we lend and that the borrower pays, which is zero after a repayment. I would have thought in most circumstances RS would rather borrowers didn't repay early. As some of these repayments come from defaults, perversely, RS benefit from defaults. So still no, as this reduces their income, creates extra work for them, and reduces the provision fund. "Currently (but never say never, discuss) the Provision Fund is not used for lending. " If RS move goalpost that determine if and when the PF pays out, they could in effect achieve a very healthy portfolio within the PF. I don't quite understand your point. I assume if they did lend out the PF it would be for the benefit of the PF. In time it might be the case that RS could reduce payments to the PF because it has increased due to interest earned. As long as the PF remains healthy I don't mind. Edit: Crossed with Kevin
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spiral
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Post by spiral on Nov 11, 2015 10:41:48 GMT
No. RS make money from the difference between the rate we lend and that the borrower pays, which is zero after a repayment. I would have thought in most circumstances RS would rather borrowers didn't repay early. I thought all fees were front loaded so an early repayment has the effect of increasing the APR. The only fee that may be affected would be the old lenders fee which has now been passed to the borrower and is therefore likely to be collected monthly. The point I'm making is that paying out lump sums from the PF increases capital on market thus driving down rates, lower rates will lead to more borrowers. Now I don't know the source of the funds over recent weeks, but with in excess of 1m on 5yr market, rates are now sub 6%.
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