jimc99
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Post by jimc99 on Oct 24, 2016 5:36:29 GMT
Out of interest I tried to sell out my £13,800 invested in the old 3 year market. The amount I could get was only £31.
Condition 1 of the terms for selling out says there must be sufficient orders in the system of people wanting to invest in this market. Obviously since there is no longer a 3 year market there won't be any.
Was it the intention of RS to lock in all investors with money in the 3 year market?
Hopefully this is not the case but could other investors test a sell out and see what happens. And could RS please tell me what their intentions were/are.
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jonah
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Post by jonah on Oct 24, 2016 7:21:48 GMT
I'm being offer £33 if I try to withdraw all of it. That said, my total in 3 year isn't huge (I'm mainly in 5 year)
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happy
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Post by happy on Oct 24, 2016 7:56:56 GMT
Just by coincidence and also out of interest I looked at the cost of 3 and 5 year sell-out yesterday and I was offered only £33 to sell of my £30k plus 3 year investment! I was going to post this today.
It would appear that if it is Rule #1 that is stopping the sale as seems likely then unless RS is prepared to change the rules and let existing 3 year loans migrate to the Rolling (as the only other shorter amortized loan term available) we are all locked in to term.
Whilst I am not anticipating selling out of my 3 year loans I do hope this is an unexpected consequence of closing the 3 year market and RS will review accordingly.
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am
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Post by am on Oct 24, 2016 8:41:42 GMT
Just by coincidence and also out of interest I looked at the cost of 3 and 5 year sell-out yesterday and I was offered only £33 to sell of my £30k plus 3 year investment! I was going to post this today. It would appear that if it is Rule #1 that is stopping the sale as seems likely then unless RS is prepared to change the rules and let existing 3 year loans migrate to the Rolling (as the only other shorter amortized loan term available) we are all locked in to term. Whilst I am not anticipating selling out of my 3 year loans I do hope this is an unexpected consequence of closing the 3 year market and RS will review accordingly. There is 1 year market between 3 year and rolling. Are the £31 and £33 accrued interest? If so, this would seem to have uncovered a bug, unless the accrued interest returned is deducted from the interest paid at the end of the loan period. Edit: Goes and gets a quote from RS. Offers to let me withdraw the lot for a 3.6% charge. When I go to review sellout details it fails on the alleged grounds that the amount is too small.
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happy
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Post by happy on Oct 24, 2016 9:08:27 GMT
Yes there is a 1 year market but it is not an income product. I.e full repayment of interest and capital on maturity whereas the 3 year is monthly interest and capital repayment loan so not easily interchangable I suspect.
I was given quote for a returm of £33 capital plus 15p accrued interest. Just checked again and same result
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Post by GSV3MIaC on Oct 24, 2016 13:13:40 GMT
I suspect this is 'WHOOPS' .. however someone needs to ask RS customer service the question, since westonkevRS seems to be absent .. |
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jimc99
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Post by jimc99 on Oct 24, 2016 16:58:09 GMT
I suspect this is 'WHOOPS' .. however someone needs to ask RS customer service the question, since westonkevRS seems to be absent .. Just emailed them. Will post reply here.
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Post by ruralres66 on Oct 24, 2016 20:51:23 GMT
Yes there is a 1 year market but it is not an income product. I.e full repayment of interest and capital on maturity whereas the 3 year is monthly interest and capital repayment loan so not easily interchangable I suspect. I was given quote for a return of £33 capital plus 15p accrued interest. Just checked again and same result My "considerable" 3 year pot,...... Sellout estimate; Capital returned £32.72 Outstanding Interest £0.04 Exit Value £32.76 Fees (£0.08) Total £32.68
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Post by Deleted on Oct 24, 2016 21:15:58 GMT
Same problem here. Try to sellout all my 3-year, only £33 available
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jimc99
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Post by jimc99 on Oct 27, 2016 23:40:15 GMT
I suspect this is 'WHOOPS' .. however someone needs to ask RS customer service the question, since westonkevRS seems to be absent .. Just emailed them. Will post reply here. The reply from RS briefly said that 3 year loans sold out by lenders are purchased by RS. I see the function is now working on the platform. The fee for selling out my holding is just over 4%. The average return of my holding is 5.7% with about 16 months remaining.
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jonah
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Post by jonah on Oct 28, 2016 4:36:15 GMT
Agreed it's improved. I can now get a little over 80% of the total for around 4.5% fee. As I had a couple of early repayments overnight my total seems to be coming back anyway.
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Post by GSV3MIaC on Oct 30, 2016 11:20:52 GMT
Was definitely a 'WHOOPS' then .. half-cocked implementation of removing the market.
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