spiral
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Post by spiral on Aug 26, 2015 13:22:37 GMT
What about doing a bit of homework?? I don't have a problem with this. But leave the canvas blank for everyone. What I don't like is the way that everything that is presented to make the "process simple" all leads to lower rates getting suggested. My suggestion was tongue in cheek because RS would never provide this information because it would lead to the uninformed having information that would likely end up in them lending at higher rates. Lets see, Lend now at 6.1% or match on average in 5 days at 6.5%. I suggest that most would take the latter but currently they only get the 6.1% suggestion so are very unlikely to place an offer at 6.5 as for all they know, RS may not have lent at that rate in years.
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jonbvn
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Post by jonbvn on Aug 26, 2015 13:45:56 GMT
I see it akin to the stock-market, taking money from the impatient (& naive??) & giving it to the patient.
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ashtondav
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Post by ashtondav on Aug 26, 2015 17:30:33 GMT
Got no problem with it. I think it will be helpful for newbies who do not want to understand the queuing and bidding elements of RS. I would bet that the majority of RS investors have nothing in common with sophisticated posters here. They want to place their money quickly at rates that cane the BS ISAs.
Job done!
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Investor
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Post by Investor on Aug 26, 2015 17:40:00 GMT
Likewise I don't have a great problem with this although would ask westonkevRS what the qualification criteria might be to become a Ratesetter Expert. Do we have to sit a test? If so is it Multiple Choice or Long Answer and do we get a certificate or Purple Expert T-Shirt on successful completion?
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jonah
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Post by jonah on Aug 26, 2015 18:19:21 GMT
Likewise I don't have a great problem with this although would ask westonkevRS what the qualification criteria might be to become a Ratesetter Expert. Do we have to sit a test? If so is it Multiple Choice or Long Answer and do we get a certificate or Purple Expert T-Shirt on successful completion? Pictures of appropriate tshirts please...
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ikorodu
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Post by ikorodu on Aug 26, 2015 18:32:29 GMT
Are the t shirts free? Do I need to send a stamped self addressed envelope?
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Post by westonkevRS on Aug 26, 2015 20:42:56 GMT
Comrades, I didn't know this was changing, so I can't provide any great insight on the thought process (RateSetter now has approaching 120 employees, and I focus on Risk appetite/Strategy/Policy/Data/Credit Rating and therefore no longer get sight of all " customer journey" changes). Gone are the days when I knew everything that was going on! However the display change is aimed at making the process simpler, clearer with less choice to hopefully provide a more straight forward experience for new lenders. The markets can appear daunting for new lenders, who might just opt for a lower return elsewhere from platforms that give a more limited offering. RateSetter has never made a secret that it wants to be a low risk, boring, simple proposition for everyone.We could of course quibble about the rates being offered and the fact an experienced patient lender could achieve an optimally higher rate. This is very true. But is is offering the latest market price, which seems a reasonable place to start rather than guessing at a more optimal higher option, If we suggested a higher option it might not be lent at, and then we'd be in trouble and the customer would complain!. If the lenders takes the recommended rate, they will get matched. Of course a side effect is that this could drive rates lower. But RateSetter has been accused of trying to manipulate lower rate many times before and it has never transpired in reality, despite my best efforts! RateSetter (and our borrowers) would clearer benefit from lower rates as we would write more loans of probable better quality. But this isn't the primary point of the display change, let's say a happy possible side effect. I can't provide advice on rates, but with industry trends expected over the next 12 months the current rates may seem like a dream. The end of the month will always see rates come down for other factors, and September is going to be interesting for lots of reasons I can't discuss. Only time will tell, but I don't think this display change will be a big driver. But to quell the usual manipulate accusers (you know who you are....) I don't think this change was primarily done to perform this. It was to make the journey as simply as possible. As lenders become more experienced, the same options to set your own rate and scrutinise the markets and historic loan performance remain. These options all remain. The day this changes, will no doubt be the day we all stop being RateSetter lenders (and probably employees as well!). @ westonkevRSlink.ratesetter.com/8Ls46js www.linkedin.com/profile/view?id=19236219.
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Post by p2plender on Aug 26, 2015 21:40:24 GMT
"and September is going to be interesting for lots of reasons I can't discuss"
reasons to be cheerful or fearful??
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Post by westonkevRS on Aug 27, 2015 5:16:38 GMT
"and September is going to be interesting for lots of reasons I can't discuss"reasons to be cheerful or fearful?? There are always lots of initiatives going on to find new borrowers and lenders (small and large, as long as they lend equally). This has always been the battle that influences the market dynamics on both sides. Only time will tell if it pushes rates higher or lower, or makes no difference. I don't know this outcome. @ westonkevRS
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Post by brokenbiscuits on Aug 27, 2015 16:50:23 GMT
The new display doesn't concern me. It's a few extra clicks. What does concern me is the constant big changes. Matched rate and cash back recently and now another big change in September.
I would say find where ratesetter wants to be. Get there soonish and then stop tinkering. It's hard to commit for 5 years when the next big change is happening every month.
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Post by p2plender on Aug 27, 2015 21:04:52 GMT
I don't mind tinkering so long as it stays a safe place to lend. In fact I don't mind low to mid 6s in the 5 year so long as it remains a safe place to lend. I used to bemoan these rates but I kind of understand what RS are up against. Meanwhile over in Ozland... 11.3% in the 5 yr market, nice!
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gnasher
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Post by gnasher on Aug 28, 2015 8:44:14 GMT
Hmmmm .... a lot of 6.4's have been matched in the last 20 min, yet the display is saying 5 Year Income The rate to lend right now is: 6.1%
Sorry RS, but this is not fair on the new lenders you are trying to make this easier for. It needs to be more dynamic and agree with the current matching rate.
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adrianc
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Post by adrianc on Aug 28, 2015 9:15:28 GMT
Hmmmm .... a lot of 6.4's have been matched in the last 20 min, yet the display is saying 5 Year Income The rate to lend right now is: 6.1% Sorry RS, but this is not fair on the new lenders you are trying to make this easier for. It needs to be more dynamic and agree with the current matching rate. Excuse my ignorance, how do you know they have been matched? Might they not have been withdrawn and re-allocated elsewhere? I'm assuming you're looking at the amount of money available to borrow at 6.4% and it's gone down. I have only ever seen generic information about number of matches in the last 24 hours. Is there an area of Ratesetter that I haven't discovered yet where you can see what has been matched at what rate? <looks at what's in the queue...> 5.9% - £13.6k of borrowers waiting. 6.0% - £0 6.1% - £19.7k of borrowers waiting. 6.2% - £0 6.3% - £1k of money available. 6.4% - £13.8k 6.5%+ - £530k So, yes, there's clearly been a lot of matching around 6.3%/6.4% - but, equally, 6.1% IS the "right rate" to highlight for "matching now", because that's the highest rate with unmet borrower demand.
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c88dnf
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Post by c88dnf on Aug 28, 2015 11:42:29 GMT
OK - here's a case study in how the new screen is misleading lenders. I was matched at 6.2% this morning. The new screen was saying the rate to invest at was 6.1. As I write, the "rate to invest" is 5.9%, but the "last matched rate" is at 6.3% with such small amounts on offer that a little patience will probably yield 6.5%.
Sorry, but I'm simply not buying the "improvement" sell any more than I'm investing at the "best rate". Ratesetter is demanding more of my time now than 3 months ago due to the YR/MR change. Th catch for RS is that if I have to invest time, I'm more inclined to spend that time checking out other platforms which offer a better return.
Go back to being boring RS!
EDIT: while typing the above, a deal on 5-year was done at 6.4% ("last matched rate"). The "best rate" is still showing 5.9%....
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gnasher
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Post by gnasher on Aug 28, 2015 11:51:17 GMT
Hmmmm .... a lot of 6.4's have been matched in the last 20 min, yet the display is saying 5 Year Income The rate to lend right now is: 6.1% Excuse my ignorance, how do you know they have been matched? Might they not have been withdrawn and re-allocated elsewhere? Because when I sat down with my morning coffee my money at 6.4 was £35k from the front of the queue, 20 min later it was £930 from the front. That indicated to me that there must have been some matching at 6.4 in that time. It then went back a bit as new money came in but 3 hours later it has been matched at 6.4, and my 6.5 money is now only 40K or so from the front, so I think there must have been some 6.5 matching too. and it still says " The rate to lend right now is: 6.1%" - perhaps this is just set once per day? Not that I mind getting .3% more than other people, that suits me fine. But I do think RS are trying to oversimplify something that was perfectly OK as it was. Just like the old "pre purple horror" website was perfectly OK as well.
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