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Post by jackpease on Feb 17, 2016 18:15:35 GMT
But if you removed fees from the longer market it wouldn't be a longer market??? Jack P Most other P2P platforms have more established secondary markets, where a loan of any length can be sold at a premium or at the original rate. If exit fee's remain as they are Rate Setter will start to lose lenders to other sites that offer more flexibility. I'm not sure Ratesetter (or indeed Zopa/Landbay/Wellesley etc) as loan aggregators can be compared to the likes of FC/Rebs/FK etc where you buy and sell individual loans. Presumably if you commit to longer years in return for extra returns you have to expect higher penalties? For sure any platform that doesn't have some mechanism for generating income for itself will go pop once the markets wobble and new money stops flowing in. No income means our lending is not in safe hands! Jack P
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pikestaff
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Post by pikestaff on Feb 19, 2016 13:52:02 GMT
No fees, but is money being taken in some other way? I just asked RS to quote me for selling out of all my monthly loans, see screenshot below. Any ideas as to why "capital returned" is nearly £200 less than the amount on loan?
I did not proceed.
[Image removed 11/12/20 to save space]
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oldgrumpy
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Post by oldgrumpy on Feb 19, 2016 14:14:13 GMT
It will be worth questioning. Maybe someone's in the middle of paying back, or has done and the £200 is about to land in your "on the market" box. I checked my sell out for all markets and the figures were correct. (It's the first time I've even looked at what it would cost to sell out ... almost 3% overall on the 5%).
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spiral
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Post by spiral on Feb 19, 2016 17:15:58 GMT
No fees, but is money being taken in some other way? I just asked RS to quote me for selling out of all my monthly loans, see screenshot below. Any ideas as to why "capital returned" is nearly £200 less than the amount on loan? I did not proceed. The obvious answer I can come up with is that you are being penalised for selling out a lower rate loan to a higher rate lender (but why that then isn't a fee, I've no idea)
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pikestaff
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Post by pikestaff on Feb 19, 2016 19:03:34 GMT
No fees, but is money being taken in some other way? I just asked RS to quote me for selling out of all my monthly loans, see screenshot below. Any ideas as to why "capital returned" is nearly £200 less than the amount on loan? I did not proceed. The obvious answer I can come up with is that you are being penalised for selling out a lower rate loan to a higher rate lender (but why that then isn't a fee, I've no idea) It doesn't seem like enough for that. I'm not in a hurry so I will see whether it persists. It was still there last time I looked, but perhaps an overnight run will change things.
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sl75
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Post by sl75 on Feb 20, 2016 15:32:00 GMT
No fees, but is money being taken in some other way? I just asked RS to quote me for selling out of all my monthly loans, see screenshot below. Any ideas as to why "capital returned" is nearly £200 less than the amount on loan? I did not proceed. You can't use sell out for contracts that individually have less than £10 remaining.
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spiral
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Post by spiral on Feb 20, 2016 15:39:33 GMT
You can't use sell out for contracts that individually have less than £10 remaining. But all monthly contracts will be for the same amount as lent and you can't lend under a tenner either. Or am I just missing the obvious here.
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sl75
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Post by sl75 on Feb 20, 2016 15:49:11 GMT
You can't use sell out for contracts that individually have less than £10 remaining. But all monthly contracts will be for the same amount as lent and you can't lend under a tenner either. Or am I just missing the obvious here. You'll lend less than a tenner if the lender before you in the queue left less than a tenner of a borrower's requirement, or if a previous borrower's requirement used all but less-than-a-tenner of the money you had on offer. In addition if the borrower makes an additional payment, this could reduce an existing contract to less than a tenner.
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spiral
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Post by spiral on Feb 20, 2016 16:03:58 GMT
So if that is the cause, the sellout should explain that £200 cannot be cashed in and would remain on market for the remaining term. TBH, the sellout should explain the discrepancy whatever the issue.
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pikestaff
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Post by pikestaff on Feb 20, 2016 16:04:58 GMT
No fees, but is money being taken in some other way? I just asked RS to quote me for selling out of all my monthly loans, see screenshot below. Any ideas as to why "capital returned" is nearly £200 less than the amount on loan? I did not proceed. You can't use sell out for contracts that individually have less than £10 remaining. Nice idea but all of my contracts are over £10. The difference has disappeared today, but so (for the time being) has the opportunity. I was going to sell all and reinvest the same day at a higher rate.
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jonah
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Post by jonah on Feb 20, 2016 16:15:16 GMT
If you sell out do you get accrued interest?
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oldgrumpy
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Post by oldgrumpy on Feb 20, 2016 16:19:42 GMT
If you sell out do you get accrued interest? Yes. Here's a screen shot of what I will get if I sell out my four figure investment. Attachments:
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am
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Post by am on Feb 20, 2016 16:56:43 GMT
The obvious answer I can come up with is that you are being penalised for selling out a lower rate loan to a higher rate lender (but why that then isn't a fee, I've no idea) It doesn't seem like enough for that. I'm not in a hurry so I will see whether it persists. It was still there last time I looked, but perhaps an overnight run will change things. I've just taken a quote, and it's offering all my money back. (My average rate is 0.6% above the last matched rate.) I would however share the above suspicion that you were being charged an assignment fee.
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locutus
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Post by locutus on Feb 20, 2016 17:51:36 GMT
No fees, but is money being taken in some other way? I just asked RS to quote me for selling out of all my monthly loans, see screenshot below. Any ideas as to why "capital returned" is nearly £200 less than the amount on loan? I did not proceed. Were you trying to withdraw more money than was available in the market to replace your contracts? Try again when there is more money available to see if you get the same result.
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pikestaff
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Post by pikestaff on Feb 20, 2016 23:52:57 GMT
Were you trying to withdraw more money than was available in the market to replace your contracts? Try again when there is more money available to see if you get the same result. No, there was loads of money. As I said in my last post above, the anomaly was gone today but so was the opportunity. If the opportunity recurs (likely to be Thur/Fri next week) I will try again.
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