agent69
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Post by agent69 on Jul 22, 2017 13:24:52 GMT
Also true of the QAA on AC? All of the accounts on AC are no longer 'black boxes' If this is the case can you explain how the £55m held between the QAA and 30 day account is invested?
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alender
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Post by alender on Jul 22, 2017 13:52:16 GMT
I wish Ratesetter would give me the chance to buy some of the loans investors are cashing out....I would be quite happy to buy out your 5% plus loan terms. Why would they, part of the reason for doing this is so RS can pay low rates to new investors to replace the higher rates paid to established investors and pocket the difference. IMO RS is showing hubris in the way in treats it’s investors especially in the area of the way it manipulates rates to as low as possible. They believe they can always find new investors and so do not look after established customers, things will change when there is less benevolent financial environments for P2P. In normal times RS will charge to cash in your investment even if you are getting well above the current rate, also RS will charge you even more if you are below the current rate. But if like me you have held out for good rates (losing interest while waiting for a match) you are very likely to get early repayments with no compensation for losing the higher rate. The fact that RS have not yet got FCA authorisation when other P2P companies have tells me they are not as safe as they or the fans of RS like to make out.
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Post by chris on Jul 22, 2017 13:56:28 GMT
All of the accounts on AC are no longer 'black boxes' If this is the case can you explain how the £55m held between the QAA and 30 day account is invested? On your dashboard under each account on the little hamburger menu you'll see an option "Your loan holdings". That shows how your QAA / 30DAA / etc. funds are invested.
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Post by GSV3MIaC on Jul 22, 2017 15:25:39 GMT
If this is the case can you explain how the £55m held between the QAA and 30 day account is invested? On your dashboard under each account on the little hamburger menu you'll see an option "Your loan holdings". That shows how your QAA / 30DAA / etc. funds are invested. Yep a useful recent/new (aka 'belated') feature .. much appreciated.
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Post by closetotheedge on Jul 22, 2017 15:48:05 GMT
I wish Ratesetter would give me the chance to buy some of the loans investors are cashing out....I would be quite happy to buy out your 5% plus loan terms. Why would they, part of the reason for doing this is so RS can pay low rates to new investors to replace the higher rates paid to established investors and pocket the difference. IMO RS is showing hubris in the way in treats it’s investors especially in the area of the way it manipulates rates to as low as possible. They believe they can they can always find new investors and so do not look after established customers, things will change when there is less benevolent financial environments for P2P. In normal times RS will charge to cash in your investment even if you are getting well above the current rate, also RS will charge you even more if you are below the current rate. But if like me you have held out for good rates (losing interest while waiting for a match) you are very likely to get early repayments with no compensation for losing the higher rate. The fact that RS have not yet got FCA authorisation when other P2P companies have tells me they are not as safe as they or the fans of RS like to make out. Do you really believe any of this? Have you seen how cheaply average Joe in the street can borrow money. RS is competing to get quality borrowers and quality borrowers can get loans at really low rates. The RS model is so simple I fail to understand how anyone can be unhappy with it. If you like the rate on offer then lend, if you do not then go elsewhere. It is simple and moving money in and out is so quick then what is there to moan about. As for early redemptions, this is part of the RS model and surely anyone can understand that the higher paying loans are the most likely to repay early in an environment of decreasing interest rates. If you had borrowed at say 12% and then a few months later found you could refinance this at 8% I suspect you would expect to be allowed to do so. As for the FCA approval I suspect the hold up is due to the provision fund model. Zopa had to ditch theirs to gain approval. With RS it is not so easy as the provision fund has always been the selling feature of their model so it cannot be ditched without changing RS entirely. Personally, I am reducing a little of my RS holding into AC as repayments are made but I am very happy to keep 6 figures in the 5 year market which is paying me 6.5%. What I really miss are the good old days of conspiracy theories on this forum with westonkev's exasperation a daily amusement.
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Post by stevepn on Jul 22, 2017 17:35:47 GMT
Why would they, part of the reason for doing this is so RS can pay low rates to new investors to replace the higher rates paid to established investors and pocket the difference. IMO RS is showing hubris in the way in treats it’s investors especially in the area of the way it manipulates rates to as low as possible. They believe they can they can always find new investors and so do not look after established customers, things will change when there is less benevolent financial environments for P2P. In normal times RS will charge to cash in your investment even if you are getting well above the current rate, also RS will charge you even more if you are below the current rate. But if like me you have held out for good rates (losing interest while waiting for a match) you are very likely to get early repayments with no compensation for losing the higher rate. The fact that RS have not yet got FCA authorisation when other P2P companies have tells me they are not as safe as they or the fans of RS like to make out. Do you really believe any of this? Have you seen how cheaply average Joe in the street can borrow money. RS is competing to get quality borrowers and quality borrowers can get loans at really low rates. The RS model is so simple I fail to understand how anyone can be unhappy with it. If you like the rate on offer then lend, if you do not then go elsewhere. It is simple and moving money in and out is so quick then what is there to moan about. As for early redemptions, this is part of the RS model and surely anyone can understand that the higher paying loans are the most likely to repay early in an environment of decreasing interest rates. If you had borrowed at say 12% and then a few months later found you could refinance this at 8% I suspect you would expect to be allowed to do so. As for the FCA approval I suspect the hold up is due to the provision fund model. Zopa had to ditch theirs to gain approval. With RS it is not so easy as the provision fund has always been the selling feature of their model so it cannot be ditched without changing RS entirely. Personally, I am reducing a little of my RS holding into AC as repayments are made but I am very happy to keep 6 figures in the 5 year market which is paying me 6.5%. What I really miss are the good old days of conspiracy theories on this forum with westonkev's exasperation a daily amusement. It's a pity Ratesetter can't find these quality borrowers.
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agent69
Member of DD Central
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Post by agent69 on Jul 22, 2017 18:18:18 GMT
If this is the case can you explain how the £55m held between the QAA and 30 day account is invested? On your dashboard under each account on the little hamburger menu you'll see an option "Your loan holdings". That shows how your QAA / 30DAA / etc. funds are invested. A useful function that I wasn't previously aware of (although it doesn't help a lot in identifying what the £55m is invested in)
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Post by chris on Jul 22, 2017 19:02:08 GMT
On your dashboard under each account on the little hamburger menu you'll see an option "Your loan holdings". That shows how your QAA / 30DAA / etc. funds are invested. A useful function that I wasn't previously aware of (although it doesn't help a lot in identifying what the £55m is invested in) How so? In normal market conditions all investors in the access accounts have broadly the same holdings, so you can multiply out your holdings in each loan proportionately to your holdings in the access accounts vs the total invested. That'll more or less give you the total held in each loan. That said I would have thought your own holdings in each loan would have been more important to you that the access accounts as a whole.
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Post by sduckwor on Jul 24, 2017 7:47:45 GMT
All very worrying.
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ashtondav
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Post by ashtondav on Jul 24, 2017 8:25:53 GMT
Still no reply to my email wanting to sell out and close down....
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hendragon
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Post by hendragon on Jul 24, 2017 8:41:44 GMT
I sold my holdings at the last free exit offer and kept my partner's account going. Have now decided to sell her account out as well. IIRC RS took time to reply to the e-mails last time. I would have thought (very sensibly) they want to estimate demand for selling out before they finalise it. My experience was that it worked well the last time.
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Post by newlender on Jul 24, 2017 8:42:10 GMT
ashtondav, I make that 6 days if I'm reading your previous post correctly. Surely that's wrong. I wonder how many investors sent a similar email........
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Post by failedtheturingtest on Jul 24, 2017 9:08:52 GMT
I received the announcement from them on the 18th and replied the same day saying I wanted to sell. I received an acknowledgement from them at the end of the day on Friday the 21st, saying: "Thank you for getting in touch following our email on 18 July. I will be in touch again within 30 working days of your email to give you more information or process your sell out request." I guess they will have a lot of emails to sort through!
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angrysaveruk
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Back and to the left..
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Post by angrysaveruk on Jul 24, 2017 10:12:02 GMT
This could be the most interesting event in P2Ps history and how it plays out is going to be very interesting - thankfully from the side lines! Personally I think that offering this sellout is a big gamble for RateSetter unless they have someone with alot of capital underwriting the buyout. I suspect a large number of people have taken them up on the offer.
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Post by BrianC on Jul 24, 2017 10:52:59 GMT
I think RS will be fine. There's still plenty of lending demand at the current low rates and a lot of the people selling out will hold loans at much higher rates than currently on offer. RS can increase current lending rates whilst still taking a cut of the return on these sellout loans to entice more lenders in. I have £36000 lent at around 6%. Im undecided so far if I'll sell or not. I don't think RS would struggle selling on my loans at 6% tho!
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