markr
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Post by markr on Jun 13, 2016 21:03:33 GMT
Ratesetter has been playing with the wording of their early payment emails recently (don't mention the "Laurence" incident  ). I've had a repayment email today that says that one of my contracts "has been fully repaid by the borrower." Does this mean RS are changing their policy on hiding from the lenders whether repayments are really made by borrowers or are actually provision fund payments for defaults? After all, RS wouldn't tell me that my contract had been "fully repaid by the borrower" when it had really been paid from the provision fund. Would they? |
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Post by westonkevRS on Jun 14, 2016 5:57:13 GMT
I've asked the Comms team to confirm. Although I know that our philosophy is to not segment communication to lenders about the reason for repayments. Therefore I expect this was a innocent attempt at grammatical improvement, with an unfortunate "white lie".
Kevin.
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arbster
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Post by arbster on Jun 14, 2016 6:05:58 GMT
Therefore I expect this was a innocent attempt at grammatical improvement, with an unfortunate " white lie". So, without knowing the details, your immediate assumption is that it was a default, covered by the Provision Fund? Interesting... 
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markr
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Post by markr on Jun 14, 2016 17:35:53 GMT
It wasn't serious, really just a tongue-in-cheek dig, because my only niggle with RS really is that they won't tell us this information. I can sort of understand the reasons, but as a Statto I want to know and it irks me that I can't!
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Post by westonkevRS on Jun 14, 2016 18:38:22 GMT
My assumption " immediate assumption is that it was a default" wasn't necessarily correct, I don't know if markr notification was a normal redemption or default. Statistically it was probably a normal redemption. But I knew that RateSetter only has one message, so when it said " repaid by the borrower" I guessed that this would be the new text for both types of repayment, and this has proved correct. Whether it is correct for the message to say " borrower" when it could be a default is a moot point, one currently being debated. Personally I think it should just say it's been repaid, keep it neutral. Kevin |
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jlend
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Post by jlend on Jun 15, 2016 7:56:57 GMT
It wasn't serious, really just a tongue-in-cheek dig, because my only niggle with RS really is that they won't tell us this information. I can sort of understand the reasons, but as a Statto I want to know and it irks me that I can't! Yep I agree. I wish there was more transparency. Clearly my head works differently than the RateSetter comms team. I'd want make use of the fact that the provision fund had stepped in to show how powerful it was in the email rather than keep it neutral. I can see they are trying to keep things simple though and there are merits in that. Can't keep everyone happy all the time.
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hendragon
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Post by hendragon on Jun 15, 2016 9:14:51 GMT
keeping an eye on the provision fund will give you an indication of what has happened. It does seem to have dropped recently suggesting that RS have cleared out some defaults.
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Post by investormuk on Jun 21, 2016 14:13:20 GMT
Over 30% of my loans on Ratesetter are paid off early  |
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Post by closetotheedge on Jul 21, 2016 12:34:14 GMT
I got 16 of these this morning. Never seen that many before.
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DeafEater
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Post by DeafEater on Jul 21, 2016 13:03:27 GMT
I got 16 of these this morning. Never seen that many before. Yes I received a load today as well (from the 5 year market). As always there's no way to tell whether the borrower genuinely repaid early or whether they defaulted and the provision fund paid out. Either way, if I leave the proceeds with RS, it's looking like I'll have to accept sub 6% for any reinvestments at the moment. I blame Boris Johnson - and no I don't need a reason.
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). I've had a repayment email today that says that one of my contracts "has been fully repaid by the borrower."
