agent69
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Post by agent69 on May 5, 2016 18:09:55 GMT
Saw it too - was 200k on lender side at 60.0% for a few mins - about 30k appeared borrower side and some got 'matched' ......... I had literally just yanked my money out of the rolling queue to grab 4.6% and then it popped up - what?!? May 'twas a fat fingered oops from RS data entry ? Dunno if any matches were for real or undone at 'waiting to be formed' stage ? I tried lending at 60.0% and it gave me an error ("invalid rate" or something). So there's a mechanism in place to stop silly high bids, but not one for silly low rates. Interesting
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Post by newlender on May 5, 2016 18:17:11 GMT
'and using provision fund money to fund the very loans that you are supposed to be insuring against is certainly pushing the boundaries'.
They don't do that any more AFAIK.
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Post by rarrar on May 5, 2016 19:21:33 GMT
........snip.... However the "circuit breaker" is a good idea, and one already in place with the largest equity exchanges. Albeit I wouldn't want a "breaker", more like a cap on the maximum shift upwards or downwards between each days Market Rate. Probably 10% movement cap seems reasonable. I will propose this, although please accept no promise of approvial or timescales. Kevin. It is the "Lend it now" rate which is the major problem IMHO. This needs the circuit breaker I suspect many newcomers start their lending at the weekend when matching is at a minimum, so there is far more likelyhood that a exceptionally/ridiculous low lending offer will drop the "lend it now" rate long enough for several newbies to be caught out and add their money. I know there are apparently several "are you sure" warnings but it all too easy as a newbie to get overwelmed and press the yes button without thinking carefully.
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Post by yorkshireman on May 5, 2016 19:59:44 GMT
That's good, but what can we/you do about the even more volatile and fictitious 'lend it now' rate(s)? My approach is, if you don’t like it, vote with your feet and take your money out of RS. I’m not prepared to play this sort of game when you can get better rates plus a secondary market elsewhere.
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Post by GSV3MIaC on May 5, 2016 20:18:23 GMT
That's good, but what can we/you do about the even more volatile and fictitious 'lend it now' rate(s)? My approach is, if you don’t like it, vote with your feet and take your money out of RS. /still mod hat off .. Oh you can be sure that I am; However as I said upthread someplace, I'd really like to improve the universe for granny et al, not just solve my own problem ( I don't have a problem, apart from how fast I can place money in SS/MT/AC etc). I'd also like RS to appreciate what it is that is causing me (and I suspect others) to exit, before they start sending me FC style 'why are you leaving us' emails. So my reasons .. 1) BY removing 'my rate' as a floor, and making it only fixed, they have increased the effort I need to put in to ensure I don't get a rate I'm unhappy with (I'm happy with 'my rate' UNLESS MR turns out to be higher). 2) By waving 'lend it now' rate in people's faces, they are potentially, and I suspect actually, suckering Granny (et al) into lending at rates they themselves would regard as unreasonable. 3) The rather too volatile MR has a similar but lesser effect for 'passive savers' (if you were in 3 year from a couple of months back, reinvesting returns into 3 year at 'MR', you would have been well burned in the last few weeks).
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jimc99
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Post by jimc99 on May 5, 2016 22:03:38 GMT
Yes, get rid of the "lend it now" option and require everyone to choose the rate they want to lend at. Easy.......!
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alender
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Post by alender on May 6, 2016 0:35:23 GMT
That's good, but what can we/you do about the even more volatile and fictitious 'lend it now' rate(s)? My approach is, if you don’t like it, vote with your feet and take your money out of RS. I’m not prepared to play this sort of game when you can get better rates plus a secondary market elsewhere. I am like you on the way out to other P2Ps which pays higher rates and less games with the rates, however there is a lot I like about RS and if they can change the policy of reducing rates I will be on the way back. Unfortunately they seem determined to do as much as they can to bring down rates; the circuit breaker will stop some of the highs and lows but does nothing to deal with the overall issue.
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jonah
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Post by jonah on May 6, 2016 4:44:43 GMT
Today MR is 3, 3.9, 5, 5,9. Not saying that is perfect but it certainly seems to be more sensible than at any time since mid April.
Numbers aside, the number of people 'running down' their RS loan book in this thread has been a bit of an eye opener for me. Feels like something to explore in a different thread.
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Post by GSV3MIaC on May 6, 2016 7:08:56 GMT
Today MR is 3, 3.9, 5, 5,9. Not saying that is perfect but it certainly seems to be more sensible than at any time since mid April. Numbers aside, the number of people 'running down' their RS loan book in this thread has been a bit of an eye opener for me. Feels like something to explore in a different thread. I'm sure we are a very small, going on 'negligible', fraction of the RS total so don't get unduly concerned. We (on the forum) tend to be the early adopters, and maybe the 'canaries' too. 8>. I like RS, I still have about 1/3rd of my P2P money parked there, but I'm unlikely to add to it right now. Even with 5 year, it can be (and often is) repaid early, which can leave it looking for a new home, and if the volatile rate means there isn't a tolerable one at RS then you have to move on. This is a bigger issue for ISA, where extracting the cash and taking it to SS or MT or AC or wherever, is not going to be so straightforward, I suspect.
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star dust
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Post by star dust on May 6, 2016 8:05:35 GMT
Today MR is 3, 3.9, 5, 5,9. Not saying that is perfect but it certainly seems to be more sensible than at any time since mid April. Numbers aside, the number of people 'running down' their RS loan book in this thread has been a bit of an eye opener for me. Feels like something to explore in a different thread. I've been in withdrawral mode since late last year, and my loan book has fallen a rather surprising 25% (from early and other repayments) since the beginning of January. They no longer meet my risk / reward ratio at the moment, and with the advent of ISAs I can only see that getting worse. I still think they have a good product that will appeal to many (which can only be right for their long term future) though; and I've been in this mode before, and returned to them when rates picked up, and I would happily do so again, with either a change in outlook and/or increases in rates.
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oldgrumpy
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Post by oldgrumpy on May 6, 2016 9:43:11 GMT
Today MR is 3, 3.9, 5, 5,9. Not saying that is perfect but it certainly seems to be more sensible than at any time since mid April. Numbers aside, the number of people 'running down' their RS loan book in this thread has been a bit of an eye opener for me. Feels like something to explore in a different thread. (5yr) So soon after you post this a couple of minor "me firsts" offer 5.8, then 5.7 then 5.6 .... OK. Then some oddity offers 5.3% for £5K plus (thus lowering "lend right now" to that rate) and then RS find the borrowers to "offer" 5.1% so that todays MR of 5.9% is now accompanied by "lend right now" at 5.1%. Where were those five (£83K) borrowers an hour ago when the lowest rate on offer by lenders was 5.9% MR? EDIT: Right - that's the last I'll say on this subject (phew!) as it's all been said before (but I'll be watching). I set my own rates - I advise everybody to do the same. It only takes a minute or so each time. Going boating tomorrow -
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oik
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Post by oik on May 6, 2016 11:28:25 GMT
It wasn't even a question, just a crazy comment. How am I supposed to respond? As you say it wasn't a question and certainly not to you. So had it occurred to you that there was no requirement for you to respond, especially if you could only do so with abuse? What sort of outfit is it whose employees are permitted to abuse its customers on the internet, regardless of whether the customers are right or wrong? I'd guess the reason why so many conspiracy theories abound is the complete lack of transparency in the way the company operates. Some would say it's more than just a lack transparency: when Ratesetter refers to "Borrower Offers" when it seems that borrowers haven't directly made those offers then it gives the impression of a deliberate intention to mislead. If people believe they're being misled they're come up with their own theories. With more transparancy and fewer wheezes the conspiracy theories you complain of would disappear
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Post by Ton ⓉⓞⓃ on May 6, 2016 11:57:21 GMT
oik I see no abuse, this has been a reasonably good tempered thread so far please keep it that way! If anyone sees a post they're not happy with just report it.
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alender
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Post by alender on May 6, 2016 12:04:46 GMT
EDIT: Right - that's the last I'll say on this subject (phew!) as it's all been said before (but I'll be watching). I set my own rates - I advise everybody to do the same. It only takes a minute or so each time. Going boating tomorrow - Pity, it is you observations and posts that have brought the behaviour by RS into the spotlight on this forum and the low £10 offers on Monday proved it was not just a theory but fact. It is only people spotting things like this and telling the rest of us about keeps us informed on the way RS operates. If these things are not kept in the limelight is amazing how many (probably new) people are unaware of what is happening.
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oik
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Post by oik on May 6, 2016 12:13:47 GMT
Ton!!! I was referring to a comment aimed at me just spotted here p2pindependentforum.com/thread/3709/market-rates?page=25Whether the comment could be termed "abusive" or just intended to insult is a question of definition but others seemed to regard it as offensive. Either way, I've never known any employee of reputable company speak to customers in those terms so a little surprised.
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