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Post by bracknellboy on Oct 8, 2015 18:15:19 GMT
agent69: sounds like you had the complete same bafflement as me when this came up. I had to prod and poke the RS system to find out what people were talking about. Sounds like you may do your lending the same way I do: once in my account click on the rate/market box on the LHS and do it from there. In which case nothing has changed. however if you go through the 'Lend Money' option on the LHS then you end up down route A.....
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agent69
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Post by agent69 on Oct 8, 2015 18:31:44 GMT
agent69: sounds like you had the complete same bafflement as me when this came up. I had to prod and poke the RS system to find out what people were talking about. Sounds like you may do your lending the same way I do: once in my account click on the rate/market box on the LHS and do it from there. In which case nothing has changed. however if you go through the 'Lend Money' option on the LHS then you end up down route A..... I see all. Always preferred the big brash "last matched" box to the squinty little "lend money" box. 6.6% (and probably 6.7%) here we come. Time for some more cash back?
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Post by westonkevRS on Oct 8, 2015 19:18:02 GMT
I'm struggling to understand all these moans about market rate, because I don't think my display has ever changed (possibly me not paying attention). I put 5 x £100 bids into the 5 year market yesterday at various rates. 6.5% has gone and the 6.6% is at £43k in the queue (with about £200k of borrower cash looking for a home). If I look at the current display it says the last match was 6.4% at 18:21 and if I try to invest I just get the screen that says "set your rate". Where does this market rate thing come from? Market Rate is used for auto re-investment of repayments (look under Instruction - Reinvestment). I think most forum members prefer to have the repayments paid into their holding account so that they can then choose their rate of lending - as arguably they can wait and get a better return. Although this obviously has a danger if the rates fall.
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jonah
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Post by jonah on Oct 8, 2015 19:42:18 GMT
agent69: sounds like you had the complete same bafflement as me when this came up. I had to prod and poke the RS system to find out what people were talking about. Sounds like you may do your lending the same way I do: once in my account click on the rate/market box on the LHS and do it from there. In which case nothing has changed. however if you go through the 'Lend Money' option on the LHS then you end up down route A..... I see all. Always preferred the big brash "last matched" box to the squinty little "lend money" box. 6.6% (and probably 6.7%) here we come. Time for some more cash back? Please don't suggest ideas like that! On the progress, I reckon around 127k of 6.6% went today. My minor contribution is almost at the front so hopefully will be gone tomorrow.
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arbster
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Post by arbster on Oct 9, 2015 8:33:55 GMT
Well, the 3-year market's screwed for a few days. From matching at 5.9% yesterday there's now £600k ahead of my reinvestment at the same rate, including £277k that some muppets are offering at 4.8%. Might cancel and withdraw as it'll not get matched for a week, I imagine.
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oldgrumpy
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Post by oldgrumpy on Oct 9, 2015 11:31:18 GMT
Well, the 3-year market's screwed for a few days. From matching at 5.9% yesterday there's now £600k ahead of my reinvestment at the same rate, including £277k that some muppets are offering at 4.8%. Might cancel and withdraw as it'll not get matched for a week, I imagine. That's down below £170K now.
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Post by GSV3MIaC on Oct 9, 2015 17:53:04 GMT
I'm struggling to understand all these moans about market rate, because I don't think my display has ever changed (possibly me not paying attention). I put 5 x £100 bids into the 5 year market yesterday at various rates. 6.5% has gone and the 6.6% is at £43k in the queue (with about £200k of borrower cash looking for a home). If I look at the current display it says the last match was 6.4% at 18:21 and if I try to invest I just get the screen that says "set your rate". Where does this market rate thing come from? Market Rate is used for auto re-investment of repayments (look under Instruction - Reinvestment). I think most forum members prefer to have the repayments paid into their holding account so that they can then choose their rate of lending - as arguably they can wait and get a better return. Although this obviously has a danger if the rates fall. This forum member puts it in 5 year at 7%, until there is enough stuck there (occasionally pigs fly off with it!) to be worth deciding which market to put it in .. I'm still waiting for the 'offer it at 6.5% in 5 year and 5.6% in 3 year and 4% in monthly, and take whichever matches first' option. Or I suppose I could write a script/bot/whatever .. 8>.
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oldgrumpy
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Post by oldgrumpy on Oct 12, 2015 7:59:02 GMT
I'm just happy that "Your rate" got me 6.5% yesterday, while those who trust Market Rate were awarded 5.6% by the "computer says...." system now in operation. A two minute session on most days (in the evening) keeps me around 0.5%+ above MR these days. ... and despite all the lender offers yesterday evening being 6.0% upwards, this morning RS have deemed Market Rate should be 5.2%. Matching at 6.1% was still being made at 07:18 this morning, so how the blood and stomach pills (as Aunty Ivy would say) has that been calculated .... based on what? The undercutters are down to 5% already. I'll wait till Wednesday for 6.5% I think. Attachments:
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Post by contangoandcash on Oct 12, 2015 8:53:05 GMT
Today's market depth / rate is rancid. £166k offering at 5.2% (today's MR apparently).. Don't really need to say more, certainly not before the watershed anyway. It's a mockery of a market.
Extend the rate setting period to a weekly moving average, and use the whole 24 hour period.. then you won't end up with these people getting a whole 100 basis point lower than anything remotely sensible. It really can't do RS' reputation as a market place any good when you can get 100+ BP swings on a daily basis.
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oldgrumpy
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Post by oldgrumpy on Oct 12, 2015 9:08:47 GMT
Oh gosh! Magically (but predictably) here come the "statutory" borrower "offers" 0.2% BELOW the lowest undercutter of RS's so called market rate.
4.8% Where are all those borrowers who so recently were offering 6.5%, 6.4%, .... 6.0% 5.9% etc?
Not today, thank you.
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Post by contangoandcash on Oct 12, 2015 9:17:01 GMT
Oh gosh! Magically (but predictably) here come the "statutory" borrower "offers" 0.2% BELOW the lowest undercutter of RS's so called market rate. 4.8% Where are all those borrowers who so recently were offering 6.5%, 6.4%, .... 6.0% 5.9% etc? Not today, thank you. If I was borrowing, I would do the same... easy to pick up some there. Though I'd maybe not wait around too long, 5.2% is such a steal.
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Investor
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Post by Investor on Oct 12, 2015 9:29:45 GMT
Can someone help me. I am new to P2P lending and do not understand some of the acronyms. I am assuming MR stands for made-up rate, is this correct?
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oldgrumpy
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Post by oldgrumpy on Oct 12, 2015 9:41:39 GMT
Investor MR is "Market Rate" on Ratesetter. (Sometimes recently it seems more like made-up rate!!!) It says something about weighted average of all rates transacted the previous day between 6am and 10pm. Today MR is 5.2% on 5year. I can't remember any transactions last Friday below 6% (there may have been a few) most were well over 6%, and by about 5pm ish I matched at 6.6% just before sudden incoming funds dropped the rate to a bit over 6%. Right through the weekend and up until 07:18 this morning, matching continued at 6.1% or thereabouts. Where RS get 5.2% from that is a very big mystery .... Mmmmm! Lending is in progress with those 5.2% funds. When they are used up (by midday? *) there is just over £4k available, then 6% will start to be used, which is reasonable (but not great). Is that any way to treat lenders who trust RS to select a fair Market Rate for them each day? Edit: I've just had a thought...(it is still early and it is Monday) ..... if 5.2% is the average, and I observed so much lending going on at 6%+ (fact) there must have been one helluva lot of lending going on at well under 5% to fetch the average down to 5.2%!!! Did anyone see it?
Another Edit: * It happened at about 12:13
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ilmoro
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Post by ilmoro on Oct 12, 2015 10:12:11 GMT
My calendar seems to wrong. Is it April Fools Day, Investor? Clearly RS think so!
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teddy
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Post by teddy on Oct 12, 2015 11:06:02 GMT
Just logged in to RS to reinvest today's returns. The 1, 3 and 5 yr market rates are an absolute joke. I don't know how RS management can think the company has any credibility when it continually behaves like this.
Every Monday morning now. . .it's like clockwork.
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