adrianc
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Post by adrianc on Sept 19, 2015 15:48:45 GMT
when the actual attainable rate is at least 6.4-6.6%. <raises eyebrow> That's an ambitious statement... I had a 6.4 go overnight, but I've got some 6.5 sitting waiting - it's moved backward, if anything since being placed first thing yesterday morning, and certainly since this morning.
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agent69
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Post by agent69 on Sept 19, 2015 15:56:35 GMT
when the actual attainable rate is at least 6.4-6.6%. <raises eyebrow> That's an ambitious statement... I had a 6.4 go overnight, but I've got some 6.5 sitting waiting - it's moved backward, if anything since being placed first thing yesterday morning, and certainly since this morning. I've had my re-invest rate set at 6.5% for a few weeks, and no problems with getting money lent out within a few days.
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Post by westonkevRS on Sept 19, 2015 17:23:55 GMT
I suspect (hope?), purely on the basis of westonkevRS's absence from this thread recently, that it might be under active discussion at RateSetter. It's not under discussion. Although I wasn't party to the change, I've stated here very clearly why I'm comfortable with the new display. Hardly ripping anyone off, when you can choose the more personal rate via the "expert" button or by clicking on the last matched market buttons. It's still very easy to set your own rate. And I think people are disrespectful to the average lenders intelligence to presume they haven't read about all the choices before parting with their money. People don't need the nanny state. It's gives a recommended rate, and they click two further buttons before the contract is made. Additionally this doesn't impact the majority of money lent that is via the Market Rate process. I know others clearly are getting very hot under the collar, but it doesn't merit such a response. Besides, I don't think many newbie lenders are losing, and even if a handful are getting a slightly sub-optimal return because they didn't investigate the site enough, then it's a better deal for the borrower. I don't hear many voices here sticking up for them, and it takes two parties to a contract. westonkevRS
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registerme
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Post by registerme on Sept 19, 2015 17:55:19 GMT
Thank you. That's clear and unambiguous.
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jo
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Post by jo on Sept 19, 2015 17:57:34 GMT
I'm not that aerated about it but I think it's a pointless and stupid change fwiw. In my experience, with a few exceptions, you don't get a company to change tack complaining in a small sandpit like p2pindependentforum. Twitter/Facebook on the other hand....now that's a different matter. It's uncontrollable, and therefore potentially bad public relations. They tend to take notice, unless the complaint is completely mental.......and even then sometimes they fold.
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jlend
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Post by jlend on Sept 19, 2015 18:14:36 GMT
Just for information i posted on the ratesetter blog a question about whether ratetter where going to comment on the change. I kept the question very bland rather than try to make a personal judgement on the change.
"I see there has been a change to the lender screen with a new lend it now rate and a link for expert lenders. Will ratesetter be posting a blog about this?"
They politely replied no.
"Hi JLend, thanks for your comments. The change to the lender screen is minor, but if you’d like to speak to one of our customer service team about it, you can call them on 020 3142 6226 or email contactus@ratesetter.com"
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Post by contangoandcash on Sept 20, 2015 10:09:08 GMT
I suspect (hope?), purely on the basis of westonkevRS's absence from this thread recently, that it might be under active discussion at RateSetter. It's not under discussion. Although I wasn't party to the change, I've stated here very clearly why I'm comfortable with the new display. Hardly ripping anyone off, when you can choose the more personal rate via the "expert" button or by clicking on the last matched market buttons. It's still very easy to set your own rate. And I think people are disrespectful to the average lenders intelligence to presume they haven't read about all the choices before parting with their money. People don't need the nanny state. It's gives a recommended rate, and they click two further buttons before the contract is made. Additionally this doesn't impact the majority of money lent that is via the Market Rate process. I know others clearly are getting very hot under the collar, but it doesn't merit such a response. Besides, I don't think many newbie lenders are losing, and even if a handful are getting a slightly sub-optimal return because they didn't investigate the site enough, then it's a better deal for the borrower. I don't hear many voices here sticking up for them, and it takes two parties to a contract. westonkevRSIf I was looking to lend on the 5 year market and I clicked the lend right now option, but there was a better rate available to lend right now on the 3 year, would I be redirected to the better rate (best execution) or would I get sold a worse rate? How can you justify someone clicking on lend it now at 2.2% for the monthly when I saw it on offer? Which is nowhere near the average rate... sure, a better deal for the borrower, but why should anyone be championing a borrower that's requesting a rate that would take advantage of a very poor decision by the lender.. this isn't responsible Kev, you aren't looking after your customers on this and that borrower asking for a low ball rate should not be getting rewarded.
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Post by GSV3MIaC on Sept 20, 2015 15:27:07 GMT
I guess Ratesetter are 'caveat emptor' just like Tesco, where they'll cheerfully sell me 4-packs of kitkats at 'two for £1', while offering me an 8-pack on the shelf above for £1.85. RS are, after all, just operating a marketplace where buyers and sellers are equally able to rip each other off .. although I agree the 'lend it now' rate button encourages dumb behaviour, so perhaps we should only recommend RS to people with an IQ in 3 digits. 8>.
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adrianc
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Post by adrianc on Sept 21, 2015 7:08:44 GMT
<raises eyebrow> That's an ambitious statement... I had a 6.4 go overnight, but I've got some 6.5 sitting waiting - it's moved backward, if anything since being placed first thing yesterday morning, and certainly since this morning. I've had my re-invest rate set at 6.5% for a few weeks, and no problems with getting money lent out within a few days. And two days later, that 6.5 is still there - now with twice as much money in front of it in the queue... Even the back of the 6.3 queue has more in front of it than that 6.5 did.
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spiral
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Post by spiral on Sept 21, 2015 11:01:56 GMT
RS are, after all, just operating a marketplace where buyers and sellers are equally able to rip each other off .. If I were a borrower and placed an order at 0.1%, this would get offered as the "lend now" rate. If a lender either by design or mistake accepts that, they are stuck with that rate. If however I was a borrower and inadvertently accepted a 100% rate, I have a cooling off period to cancel and this has and does occur from time to time. It seems that all members of RS are created equal, just some more equal than others!
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markr
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Post by markr on Sept 21, 2015 15:17:36 GMT
When an uninformed, newbie lender comes along and the new display says, "the rate to lend right now is 5.7%", and the uninformed, newbie lender thinks, "Ooh, that's nice, I'll have some of that", types in their amount and clicks the yes please button, their money is lent right now at 5.7%. How is this ripping anyone off? How is "I'm going to do this" "Go on then" "OK I've done it" a rip off? "I'm going to do this" "Go on then" "Ha ha I've done something else" is a rip off - and to my mind that includes saying "the rate to lend right now is 6.5%" "Go on then" "Ahh, well actually, no, that's the rate to join a queue that might lend at 6.5% some time in the future".
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Post by westonkevRS on Sept 21, 2015 19:37:22 GMT
RS are, after all, just operating a marketplace where buyers and sellers are equally able to rip each other off .. If however I was a borrower and inadvertently accepted a 100% rate, I have a cooling off period to cancel and this has and does occur from time to time. But to be fair this is regulation, all users of credit have a cooling off period. This difference in class of customer is created by the government, not RateSetter.
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spiral
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Post by spiral on Sept 22, 2015 7:16:09 GMT
But to be fair this is regulation, all users of credit have a cooling off period. This difference in class of customer is created by the government, not RateSetter. I know kev, I just love winding you up
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pikestaff
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Post by pikestaff on Sept 22, 2015 8:34:15 GMT
I've had my re-invest rate set at 6.5% for a few weeks, and no problems with getting money lent out within a few days. And two days later, that 6.5 is still there - now with twice as much money in front of it in the queue... Even the back of the 6.3 queue has more in front of it than that 6.5 did. Two days is nothing to worry about. Even allowing for early repayments the breakeven is at least 10 days per 0.1%. Having said that, I've just chickened out and lowered my rate to 6.4% - which probably guarantees that 6.5 will be taken some time this week!
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adrianc
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Post by adrianc on Sept 22, 2015 9:16:45 GMT
Oh, sure. The original context has got lost in the quoting, but geoffrey stated... "when the actual attainable rate is at least 6.4-6.6%." ...which I suggested was ambitious. A quick look back shows it's a month since I last got anything over 6.5, with the exception of a single cheeky £10 6.6 marker a couple of weeks ago - gawd knows how long that'd been sat waiting! Even that late Aug 6.7 was a one-off, with my last 6.7 being back in June, before the cashback-of-doom.
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