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Post by misotu on Jun 14, 2018 8:18:36 GMT
fiatlender and TheDriver It's very good of you to test and report back. This sounds like exactly the sort of headache I was expecting.
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Post by misotu on Jun 13, 2018 20:40:15 GMT
I saw this anomalous message AFTER confirming my RYI, and rang RS. I spoke to someone after about 15 minutes, who said the RYI notification screen is out of date, and loans would be cancelled newest first. I'll find out tomorrow! The newest loans are cancelled first and not the highest rate loans. A test can be done on the RYI page (without submitting), using your most recent matched loan figure to confirm this.
It is a little complicated to explain, but if anyone wishes to know how, let me know and I will attempt an explaination with screenshots tommorrow.
This would be very good news for anyone withdrawing capital and interest as the repayments come in.
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Post by misotu on Jun 13, 2018 20:38:25 GMT
Question for you good folks.
If you sellout a loan in rolling on a normal RS account and are banned from investing for 14 days, does this same ban apply on your ISA account as well?
Good question, not sure though as don't have an RS IFISA so can't test it for you. Hard to test without consequences! Common sense would say: two accounts, different rules, treated separately. So my instincts say that what happens in one should not affect the other. But you are right to ask the question. This is, after all, the organisation that is trying to force relending of capital at undisclosed rates, with no option to turn it off. Common sense seems to have flown out of the window lately.
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Post by misotu on Jun 13, 2018 16:10:15 GMT
TheDriver: Yes, exactly. And the headache is also the sheer complexity of trying to sell the unwanted reinvestment without touching my other investments. There have been conflicting messages about this from RS and it wouldn't surprise me to find myself saddled with sub-2% loans which I can't ditch unless I sell my entire Rolling investment. I opened this year's IFISA with RS, fully-funded from day 1, but the terms just two months later have been altered radically, and not in my favour. If they want those loans to roll over automatically, that's fine, but I can't believe that forced reinvestment of repaid capital is enforceable. We shall see. No-one knows what will happen to rates, nor how the money supply will go, given these changes. I invested in a model I understood. The position is very different now.
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Post by misotu on Jun 13, 2018 9:14:15 GMT
I have started drawing down my repayments from RS and have contacted them to ask them to turn off all reinvestment in my rolling account. Effectively, I'm volunteering for the 14-day punishment, but I want it applied until further notice. I don't want to wake up one morning and find that my money has been lent out at some appalling rate, and I don't need the headache of trying to get those funds back. I'm happy for my present loans to continue rolling over at around 3%, but forced reinvestment at an unknown low rate is really not my bag.
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Post by misotu on Jun 9, 2018 8:30:39 GMT
New post on the Ratesetter noticeboard about the rolling changes.
Better late than never, I suppose. I found out about all of this on this board - and only came here when I found (as I thought) a system problem which had spontaneously turned on reinvestment and would not allow me to turn it back off. I'm sure I wasn't alone in making a strong complaint to RS about the way this has been handled and, in particular, the lack of communication. I mentioned my astonishment that the "notices" section of my account summary page made no mention of this change at all. Neither Mr Misotu nor I have received a single email on the subject, which I cannot believe is compliant with FCA requirements. Mind you, since the notices seem to consist entirely of RS puff pieces lately I doubt I would notice an important announcement anyway - my eye automatically glides over that section when checking my account. My complaint has been acknowledged and I note that RS are "hoping" to be able to get back to me in five days, which suggests a fairly substantial spike in customer contact lately.
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Post by misotu on Jun 8, 2018 17:03:54 GMT
I am seeing rather odd behaviour in our accounts. Some of my partner's ISA account funds were reinvested automatically at 3.1% in the early hours of this morning - he has six contracts dated 8 June which seem to have stayed matched at their existing rate. But he also had a couple of chunks of capital put back into the queue at the "market rate" of 2.7%. I don't understand why these funds have been handled differently. In his everyday account, all the capital was put into the queue at 2.7%, with the interest placed in holding. Is there something I've missed about this "simpler" new system? Hi misotu , Was there a difference in Reinvestment settings eg ISA set to reinvest, Everyday set to Holding? No, both set to holding. Just me being dim - I'm glad I asked now.
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Post by misotu on Jun 8, 2018 17:00:55 GMT
The original loans at 3.1% are matched against the same borrower as before, hence no change in the % rate. The "chunks of capital" paid back are parts of the original loans and put back into the market at market rate, as you say. And you can go back in and change the rate of the loans in the queue if you wish, or cancel them so the money is returned to your holding account Sorry, my poor wording - sentences in the wrong order! What I meant (but didn't say) was that l didn't understand why the ISA loans are rolling over, while none of the loans in everyday have done so. But I had also misunderstood the basic premise - I didn't realise that existing loans would simply continue - I thought all of our loans from before the new system would get rematched at "market rate" initially and then just rollover every 30 days until the term of the loan or me selling them. Don't know why I assumed that, except that my portfolio was indicating that the full value of my existing loans would be paid into the holding account, with interest due, as normal. I thought it was the ISA account that was behaving incorrectly! Doh. Having read your comments, I think the new loans in everyday must have been early repayments. There were a couple recently. Which would explain why they appeared to be handled differently. Yes, I have already changed the rate in the queue, although I have no clue whether 3% is at all likely now.
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Post by misotu on Jun 8, 2018 9:02:11 GMT
I am seeing rather odd behaviour in our accounts. Some of my partner's ISA account funds were reinvested automatically at 3.1% in the early hours of this morning - he has six contracts dated 8 June which seem to have stayed matched at their existing rate. But he also had a couple of chunks of capital put back into the queue at the "market rate" of 2.7%. I don't understand why these funds have been handled differently.
In his everyday account, all the capital was put into the queue at 2.7%, with the interest placed in holding.
Is there something I've missed about this "simpler" new system?
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Post by misotu on Apr 6, 2018 20:31:39 GMT
Going well for RateSetter today, still showing 17/18 on the ISA application. Yup, I saw that but signed anyway since the date will be legal. Have written to RS asking for a correct agreement to sign.
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Post by misotu on Apr 6, 2018 18:49:18 GMT
Yes, 3.2%. Congratulations, I suppose.
It doesn't alter the fact that the tax year changeover was a shambles. I opened my IFISA this morning - finally! But the declaration I had to sign was for the tax year 2017-18. When my husband opened his some time later, this had been corrected to 2018-19.
They've had a while to prepare for this. Not like the new tax year was sprung on us all, out of the blue, is it? I yearn for competence, but I guess "roughly right" is ok with most. Let's hope their reporting to the tax man is more accurate than their web site, eh?
Edited to add: You *do* understand that RS is neither a bank nor a building society, no FSCS cover and your capital is at risk? Just checking.
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Post by misotu on Apr 6, 2018 1:12:39 GMT
And this year's ISA is *still* not open, but I can still open an IFISA for last year, despite the deadline for that having expired. Exasperating. Giving up, need sleep
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Post by misotu on Apr 6, 2018 0:33:04 GMT
... apparently I can still open a 2017-18 IFISA with RS. Is this legal?
I was hoping to get in early and avoid the rush. RS has been running pretty slowly at times recently, won't be great later today I suspect. Ho hum.
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Post by misotu on Apr 3, 2018 12:33:19 GMT
Lots of ISA activity plus several days of repayments right at the end and beginning of the month. The servers are overwhelmed
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Post by misotu on Mar 23, 2018 7:49:09 GMT
Well, Zopa have now (as of yesterday) bought back all the loans they made in error.
The funds were lent out for about five weeks, on average. They allowed us to keep all the repayments we had received, so in Mr Misotu's case they said:
In total, we bought back £358.84 of loans for £377.14, allowing you to keep the £18.30 of repayments you have already received as goodwill. The process is now complete.
So I think that we are well-covered on the interest front, but it doesn't value our time, trouble and inconvenience terribly highly :rolleyes: Why am I not surprised?
Still, at least it is sorted now.
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