chris1200
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Post by chris1200 on Sept 14, 2020 19:21:24 GMT
Yup, a comment I'm asking you to substantiate - and you're struggling to. Opinions are great; show me some actual evidence that RS was only doing obligated lending (i.e. zero new customer lending) - which was what you claimed - and then your opinion will be 'valid'. We'll see if the queues keep moving nicely for 1 Year and A/P/M. If RS is just doing the same obligated lending it's been doing for a while, we should be moving pretty slowly... obviously the queues will move. See the lending pages and splits. Anyone's opinion is valid as it is exactly that - an opinion. new lending is nominal and it is clear to see. Okay, let's try to find some agreement here. My point is that the queues weren't moving, right? Like, really barely at all. We all seemed to agree this was basically because new lending seemed to increase quite significantly compared to the massive drop when all this mess started. But then, quite recently, new lending seems to have decreased and the RYI queue is moving very strongly again. My guess (and it's only a guess) is because RS was already pre-emptively decreasing new lending ahead of this announcement. That pattern will now continue and, potentially, speed up even more. I don't know what you mean by 'new lending is nominal'. As I stated above, it doesn't take much to make a major difference to the RYI queue. What else do you propose is behind the recent dramatic speed-up in RYI processing for A/P/M and 1 Year all of a sudden? Edit: It's also worth noting, of course, that lending 'obligations' will almost certainly gradually decrease over time such that more and more of the re-investment funds go to RYI processing. These obligated lending isn't just going to stay static in terms of amount.
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chris1200
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Post by chris1200 on Sept 14, 2020 19:15:08 GMT
You can get an idea of where the new lending has been over the last 3 months from the AC website. So not a great deal of new personal loans via the RS website and other channels. 4% Consumer (this is the unsecured personal lending that Metro are now now picking up and growing again) 1% Asset (winding down) 67% Property (winding down) 27% Other (winding down Giffgaff, family finance etc) Is 'AC' a typo for 'RS', or am I missing something? Also, where on the website is this info? Would be interested to see a more detailed breakdown given that things appear to have varied quite a bit over the last three months. Although, I suppose this doesn't tell us how much of each lending category was 'obligated' lending in any case...
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chris1200
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Post by chris1200 on Sept 14, 2020 19:08:19 GMT
No, their CS people tried to placate us by mentioning that they 'had obligations' re lending. They certainly never said that all they were doing was obligated lending, which is pretty different. And obviously not 'everyone' gets a loan. That's not what I said? All that matters is that some people can get them to show that you're talking nonsense. Several users on here have posted lending volume graphs showing that new lending significantly picked up in the last couple of months. I highly doubt RS suddenly had a load of new obligated lending. Rather, they likely increased new lending - which brought A/P/M and 1 Year RYIs to a virtual halt - and this has now reversed, such that RYIs are making good progress again. Regardless, it's pretty indisputable that this is the best result possible for those in the [A/P/M and 1 Year] queue. I don't understand why you're trying to pick a fight over that. im not picking a fight, I am making a comment on a public forum. My opinion is as valid as your one and the evidence I have is worth no less than that of yours, I interpret in the way I do. No need to be rude. Yup, a comment I'm asking you to substantiate - and you're struggling to. Opinions are great; show me some actual evidence that RS was only doing obligated lending (i.e. zero new customer lending) - which was what you claimed - and then your opinion will be 'valid'. We'll see if the queues keep moving nicely for 1 Year and A/P/M. If RS is just doing the same obligated lending it's been doing for a while, we should be moving pretty slowly...
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chris1200
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Post by chris1200 on Sept 14, 2020 19:02:16 GMT
Where is your evidence that RS was only doing obligated lending already? Sounds like nonsense to me given that you could apply for a loan on the website. This announcement = significantly reduced lending + continuing re-investment and RYIs. That's the ideal result for those in the queue [for A/P/M and 1 Year]. Is it nonsense given that is what almost all their comms say. as well as their new lending being very small by comparison given the tightened credit criteria. just because you can apply for a loan doesn't mean everyone gets one... No, their CS people tried to placate us by mentioning that they 'had obligations' re lending. They certainly never said that all they were doing was obligated lending, which is pretty different. And obviously not 'everyone' gets a loan. That's not what I said? All that matters is that some people can get them to show that you're talking nonsense. Several users on here have posted lending volume graphs showing that new lending significantly picked up in the last couple of months. I highly doubt RS suddenly had a load of new obligated lending. Rather, they likely increased new lending - which brought A/P/M and 1 Year RYIs to a virtual halt - and this has now reversed, such that RYIs are making good progress again. Even an extra £1m per week going to RYIs rather than being lent out would make a massive difference to queue progress. Regardless, it's pretty indisputable that this is the best result possible for those in the [A/P/M and 1 Year] queue. I don't understand why you're trying to pick a fight over that.
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chris1200
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Post by chris1200 on Sept 14, 2020 18:35:03 GMT
This looks like very good news for those in the RYI queue Edit: That is, particularly for 1 Year and A/P/M, which should now speed along much more quickly (as, it seems, was already beginning to happen). The naysayers predicting the disabling of re-investment and RYIs were fortunately wrong! Why do you think the 1 Year and APM queue will progress much faster now? Because new lending will be reduced. This seems to have already been happening in the last week - likely RS knew that completion was about to happen in advance of the announcement.
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chris1200
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Post by chris1200 on Sept 14, 2020 18:33:49 GMT
This looks like very good news for those in the RYI queue Edit: That is, particularly for 1 Year and A/P/M, which should now speed along much more quickly (as, it seems, was already beginning to happen). The naysayers predicting the disabling of re-investment and RYIs were fortunately wrong! well the lending is the same to be honest... what will metro be lending the ratesetter was- it was already so reduced that the lending was only obligated Where is your evidence that RS was only doing obligated lending already? Sounds like nonsense to me given that you could apply for a loan on the website. This announcement = significantly reduced lending + continuing re-investment and RYIs. That's the ideal result for those in the queue [for A/P/M and 1 Year].
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chris1200
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Post by chris1200 on Sept 14, 2020 18:19:29 GMT
Given the announcement today - I would guess that the chances of the 5 Year queue being shortly eliminated have just diminished quite significantly! There will presumably be a lot of RYI requests going in right now... What announcement was that? See here and here
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chris1200
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Post by chris1200 on Sept 14, 2020 18:11:15 GMT
This looks like very good news for those in the RYI queue apart from the 5 year RYI queue it seems I was right they are just going to abandon 5 year, cancel the que etc on Oct 14th, then its just repays and interest as they come in Indeed - I almost wrote this, but thought it was too obvious Having said that, I still wouldn't be surprised if those in the queue before this announcement will still get out of 5 Year in time. Those entering the queue tonight... a different story.
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chris1200
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Post by chris1200 on Sept 14, 2020 18:08:58 GMT
I don't think we will have to imagine for long. I expect the 5 year queue to clear within the next two weeks What will happen when the 5 year queue is cleared? Given the announcement today - I would guess that the chances of the 5 Year queue being shortly eliminated have just diminished quite significantly! There will presumably be a lot of RYI requests going in right now...
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chris1200
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Post by chris1200 on Sept 14, 2020 18:03:46 GMT
This looks like very good news for those in the RYI queue
Edit: That is, particularly for 1 Year and A/P/M, which should now speed along much more quickly (as, it seems, was already beginning to happen). The naysayers predicting the disabling of re-investment and RYIs were fortunately wrong!
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chris1200
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Post by chris1200 on Sept 11, 2020 10:11:54 GMT
11/09 position = #133
Thank you, as ever!
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chris1200
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Post by chris1200 on Sept 11, 2020 10:02:07 GMT
Once the Metro takeover is complete, all new lending will be funded by them. Doesn't that mean all capital repayments which are currently being re-lent out in A/P/M will become available for the RYI queue instead? So the queue should start to move more quickly right? For the life of me I can't remember which threads this was in now - but I and others had quite a detailed discussion about the options in this regard, and I provided some answers I received from RS too. In short, the question is whether RS will allow re-investment to continue after completion of the acquisition, with no new (p2p-funded) lending. If they do - as you suggest - this should provide plenty of funds for RYIs. Their 'wind down' plan suggests this is possible; but RS said they may not follow this 'wind down' plan and may instead 'run off' the loanbook, which would involve all repayments being diverted to holding accounts. Edit: Found the posts - see here and the posts below it for discussion on this; and also here for links to the relevant T&C on 'wind down'. I've since pressed RS further on the 'run off' scenario and under what terms they would carry this out and it clearly touched a nerve : " At the moment, we continue to manage the loanbook in the same way but if any changes are made we will notify our investors. Any changes are reviewed by our legal team and the FCA where required. We're happy to answer any other questions you may have but will not continue to discuss hypothetical scenarios. As you may be aware, the Metro takeover is still awaiting FCA approval and therefore, we are not yet in a position to discuss and confirm what changes could be made to the management of the loanbook in the future."
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chris1200
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Post by chris1200 on Sept 7, 2020 13:44:03 GMT
I asked abrown this previously, and the response (and subsequent conjecture by myself) is here. (Edit: Actually, it seems you probably saw this already as you quote-replied to my post ) I wouldn't be surprised if having loans with lower rates than the standard going rate might slow things down; although I'm not sure if that explains everything here. thx Chris I am acutely aware my brain is not as retentive as when i was younger without you keep repeating yourself so apologies for that. You do like to be centre of the action I understand that but I don't have an urgent need for a second wife thanks. Err... I was just trying to be helpful Honestly, this forum...
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chris1200
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Post by chris1200 on Sept 7, 2020 12:27:26 GMT
RS quote in there RYI email confirmations that "matched loans will be sold on a last in first out basis regardless of rate". This confirms that rates do not dictate RYI sales, i.e lower rate loans do not take longer(according to RS) or am I missing something. Hmmm... interesting. It seems to confirm order of sales, but not necessarily that loan rates won't play a role (e.g., if you have a 2.8% Access loan, then you need to wait until an investor offers funds @ 2.8% to achieve an RYI sale - which will likely take longer than 3%+). But, I agree, it does suggest that RS won't process your easily sellable loans first, while you wait for the harder ones... But rates could also be a complete red herring! The mystery of the queue never ends!
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chris1200
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Post by chris1200 on Sept 7, 2020 12:11:42 GMT
ID 374737 partially released today (£193K of out £198K). I presume the balance of circa £5K are loans that are too small or close to repayment. (The delta between £198K and the £239K I have in the table have been paid out in the interim through repayments). That's wonderfully encouraging for A/P/M queue people - a really sizeable RYI request processed in short order. Looks like the return of decent progress on this market continues - thanks for keeping us updated p2pbbb!
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