jlend
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Post by jlend on Feb 28, 2017 13:56:49 GMT
Yes, someone is now getting 5-point-something for my middle aged book which averaged 6.4%. So, who gets the extra spread? I would hope they split it between extra profit and additional provision fund contributions while the fund is below their stated target range. It would be a good message to give lenders
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Post by mukiwa on Mar 6, 2017 19:16:05 GMT
It's taken one week from the initial phone call to complete the fee free sell out. I had over 400k over all the markets which is now sitting in my holding account, apart from one 5 year contract (£7.50) which is running its course. I'm happy to keep the lot in the rolling market when it get's better or to pull the lot as and when I choose. I hope!
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Post by WestonKevTMP on Mar 7, 2017 6:41:52 GMT
It's taken one week from the initial phone call to complete the fee free sell out. I had over 400k over all the markets which is now sitting in my holding account, apart from one 5 year contract (£7.50) which is running its course. I'm happy to keep the lot in the rolling market when it get's better or to pull the lot as and when I choose. I hope! Wow. Although I'm disappointed you've withdrawn your money, as RateSetter have to date always delivered. It does have to be said that the platform's liquidity is very strong. Despite making this generous offer and many forumites taking advantage (oh you disloyal, fickle, impudent bunch! #EveryPenny), you have to admire the platform's resilience. Future failure of smaller platforms will not be a direct result of bad debt, although it could be a catalyst. It all be liquidity risk of not having the funds to make loans and hence a lack of revenue. This process has proven the strength of RateSetter's liquidity and should be very reassuring to its lender customers left. Kevin.
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r00lish67
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Post by r00lish67 on Mar 7, 2017 8:53:28 GMT
It's taken one week from the initial phone call to complete the fee free sell out. I had over 400k over all the markets which is now sitting in my holding account, apart from one 5 year contract (£7.50) which is running its course. I'm happy to keep the lot in the rolling market when it get's better or to pull the lot as and when I choose. I hope! Oh, so you're why it took so long for my tuppence ha'penny to be liquidated! Seriously though, although all smooth in the end, I was a bit frustrated that RS told me mine would be liquidated last Wednesday, which didn't happen, and then went on radio silence after I got in touch before it eventually happened yesterday. I wouldn't have minded waiting that long, was just expecting a different timeslot, and then was not advised that it was delayed. In the scheme of things, given the one-off nature of it, I'll graciously forgive them
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angrysaveruk
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Back and to the left..
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Post by angrysaveruk on Mar 7, 2017 12:19:38 GMT
It's taken one week from the initial phone call to complete the fee free sell out. I had over 400k over all the markets which is now sitting in my holding account, apart from one 5 year contract (£7.50) which is running its course. I'm happy to keep the lot in the rolling market when it get's better or to pull the lot as and when I choose. I hope! And I thought I had alot of money with them! - although I guess it is relative to your overall wealth. At one point I had about 20% of my personal liquid wealth with rate setter, which was way too much tbh
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gt94sss2
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Post by gt94sss2 on Mar 7, 2017 13:03:54 GMT
Despite making this generous offer and many forumites taking advantage (oh you disloyal, fickle, impudent bunch! #EveryPenny), you have to admire the platform's resilience. While I may agree with your general point, I think it's a bit rich to describe RS's offer as generous - they had no choice but to offer an early sellout option due to changing the T&C - given FCA regulations/UK consumer law.
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angrysaveruk
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Back and to the left..
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Post by angrysaveruk on Mar 7, 2017 13:18:20 GMT
Despite making this generous offer and many forumites taking advantage (oh you disloyal, fickle, impudent bunch! #EveryPenny), you have to admire the platform's resilience. While I may agree with your general point, I think it's a bit rich to describe RS's offer as generous - they had no choice but to offer an early sellout option due to changing the T&C - given FCA regulations/UK consumer law. I am also pretty sure they had to do it for legal reasons also. To be honest the fact they did this made me a bit nervous and made me head to the exit.
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Post by nutfield on Mar 7, 2017 14:06:46 GMT
But last year there was criticism that with the original t&c's that if there was a short term increase in defaults due to external conditions (eg 2008/9), there was the possibility of an end to RS when the long-term situation did not warrant it. Surely RS are in a cleft stick here. They are damned if they DO, and damned if they DON'T. My own feeling is that the change gives RS a little bit more flexibility and resilience to deal with external shocks to the system.
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elliotn
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Post by elliotn on Mar 7, 2017 14:14:52 GMT
Plenty of opportunities here charles for relocating platform funds.
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Post by charles on Mar 7, 2017 15:09:35 GMT
Plenty of opportunities here charles for relocating platform funds. Thank you for the heads-up elliotn , but regrettably, I'm all out of wares to sell at the moment. Property Crowd just closed the Liverpool Waterfront bond to new investment (£844k fully funded), which would have been nice given its 12% yield. We have another deal coming up, but we're DD-ing everything at the moment, and I will only be able to finalise details on Friday at the earliest.
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alender
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Post by alender on Mar 7, 2017 15:59:17 GMT
Despite making this generous offer and many forumites taking advantage (oh you disloyal, fickle, impudent bunch! #EveryPenny), you have to admire the platform's resilience. While I may agree with your general point, I think it's a bit rich to describe RS's offer as generous - they had no choice but to offer an early sellout option due to changing the T&C - given FCA regulations/UK consumer law. I agree, RS are not being generous as they have refinanced the loans at a lower rate so RS made money out of this, be good if we all could be this generous. Although the platform's resilience may have increased because of this change the lenders positions have not. With the PF getting weaker and weaker RS now have less incentive to fund the PF and be as careful with the loans they give out as failure of the PF will not bring down the platform. If this happens the directors can still continue to take their salaries at least for a time until a complete collapse, then the money eventually returned to lenders will be less due to the cost keeping RS going for longer than it would have been under the old rules.
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Post by pepperpot on Mar 7, 2017 17:17:39 GMT
My own feeling is that the change gives RS a little bit more flexibility and resilience to deal with external shocks to the system. Yes, I agree... but at my expense. RS now wouldn't kill themselves to pay me back.
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Post by nutfield on Mar 7, 2017 17:28:59 GMT
My own feeling is that the change gives RS a little bit more flexibility and resilience to deal with external shocks to the system. Yes, I agree... but at my expense. RS now wouldn't kill themselves to pay me back. Bad news.....they never would!! But seriously, they may be around a bit longer under the new t&c's to collect my repayments.
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oik
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Post by oik on Mar 8, 2017 12:14:32 GMT
Despite making this generous offer and many forumites taking advantage (oh you disloyal, fickle, impudent bunch! #EveryPenny), you have to admire the platform's resilience.... This process has proven the strength of RateSetter's liquidity and should be very reassuring to its lender customers left. Call me all of those but I tend to think they're quite useful qualities to have when investing. Even a touch of paranoia is better that than complacency. Had they introduced the new terms, that now permit appropriation of money from investors to keep the company afloat, when the provision fund was relatively strong then there may have been less suspicion. To introduce it now at a point when the pf coverage appears to be falling by the day despite other, some might say questionable, recent changes in the way it's calculated could look a bit desperate. In reality, I don't think they had much choice but to allow free exits, to do otherwise would have launched an expensive and very public flood of official complaints. I wish them well but will pull the last money I have in rolling unless they can do something positive to improve the risk/return equation.
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teddy
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Post by teddy on Mar 8, 2017 13:49:15 GMT
Given that £7.5m of the money that RS currently quote as being in the PF is future payments and doesn't actually exist, the PF coverage is actually 1/3 less than the meagre 113% currently quoted, and as such the current level of the PF wouldn't seem to be enough to cover expected bad debt.
I'll tell you this. I'm glad I got out.
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