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Post by bobthebuilder on Jun 23, 2015 2:34:36 GMT
To save westonkevRS the trouble of investigating further the original question asked in this thread (why borrow requests at 6.0% were showing as unmatched when there were lender offers at rates lower than that), here's the reply I received from Customer Services:
"In regards to the Borrower orders you seen on the 3 Year Market, there was a display glitch which caused the market to appear incorrect.
We had a large commercial order that was matched but due to the glitch a duplicate order appeared as if it wasn’t matched. That was showing at 6% but whilst that was still showing as unmatched there were funds placed on the market at 6% and below that were showing as unmatched.
Just to emphasise, there was no issue in the matching process, it was an error solely on the market view and the display of the Borrower Orders. The Technical Team have looked at it and resolved the issue."
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Post by bobthebuilder on Jun 20, 2015 6:27:54 GMT
Sorry Kevin, but that definitely doesn't seem to be the case. When I checked at 20/6 07:00, the last match shown was at 6.0% at 06:46 on 20/6. The lender offers were: 6.00% £133.7k Cumulative £231.1k 5.90% £46.9k Cumulative £97.4k 5.80% £50,504.97 Cumulative £50,504.97
There's a single open borrower request for £93,403.38 at 6.0%.
The volume stats look odd too - only £36.6k matched in the past 24 hours, which doesn't include my lending offer that I've had in the market at 5.90% during that time. I'm sure something weird is going on.
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Post by bobthebuilder on May 9, 2015 2:17:57 GMT
I too am baffled as to why some of my income is placed into the holding account and some reinvested as requested. All my reinvestment settings are correct and yet, this morning, £48.38 was reinvested and £7.37 wasn't. Why? rudry2677 Just guessing, but are the £48.38 and £7.37 repayments from different markets? If the £48.38 was from, say, the 3 year market and the £7.37 from the 5 year market, they would hit the holding account at different times, and £7.37 is too small for an order as the minimum size is £10.
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Post by bobthebuilder on Apr 13, 2015 18:15:01 GMT
From the three year market a few minutes ago: 4.0% anyone?
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Post by bobthebuilder on Apr 5, 2015 3:08:28 GMT
Maybe they intended to lend it in the 3 year market and hit the wrong button?
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Post by bobthebuilder on Apr 5, 2015 2:51:48 GMT
pta1902 I presume your comments regarding liquidity exclude platforms with a secondary market, where loans can be sold to other investors, subject obviously to there being a demand for them. As far as platforms with monthly access products and no secondary market are concerned, there may be two promises and two claims, but the promise by the platform to repay after one month is very much a conditional one and lenders are made fully aware of this when they invest. There may be others, but the two platforms I know about that offer monthly access products without a secondary market are Ratesetter and Wellesley. Ratesetter say in their FAQs: “If a situation occurred where there were insufficient funds on the market to finance existing loans, the Lender would be 'locked-in' to the contract until the Borrower had repaid their loan. This situation has never occurred before, nor do we envisage it happening in the future, but we feel it is necessary to clarify the procedure should this scenario arise.” Wellesley on the other hand do have some of their own money to repay investors who request the return of their 30 day notice funds, but there is still potential for a ‘lock-in’ if Wellesley’s funds are insufficient, as their FAQs explain: “Wellesley & Co will manage an orderly repayment of your funds after 30 days provided that either: a) Wellesley Finance Plc having ( sic) sufficient own funds to buy back the loans that your funds are matched to Or; b) Wellesley & Co Limited can match your loans to other lenders’ funds. It is therefore important that you understand that return of your funds after 30 calendar days is not guaranteed and therefore the repayment of your funds could be delayed as a result. Please note that if we are unable to repay your funds we will prioritise the return of your funds before making any new loans through our platform.”
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Post by bobthebuilder on Apr 4, 2015 3:25:54 GMT
I've received my ticket after responding to the invitation which, as others have pointed out, was cunningly concealed in RS's email headed "Your monthly lending summary"
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Post by bobthebuilder on Apr 2, 2015 4:22:17 GMT
I'm reading this thread from Thailand, where the Ministry of Information has blocked access to the Daily Mail's site, so they obviously know what a pile of sh*t it is. They don't have any problems with the Daily Mirror, Express or Telegraph sites though.
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RateSetter (RS)
p2p ISA
Mar 19, 2015 1:58:04 GMT
Post by bobthebuilder on Mar 19, 2015 1:58:04 GMT
At least one commentator seems to have interpreted the wording of the Budget Red Book to mean that P2P loans will have to be held within a Stocks and Shares ISA. www.moneywise.co.uk/news/2015-03-18/budget-2015-flexible-isas-announcedReferring to the new ‘flexible’ ISAs (allowing people to take money out of an ISA, and put it back in later in the year without losing any of their tax-free entitlement) she says: “Osborne said the rules will come into effect from this autumn, at which point the range of investments eligible for inclusion within a stock and shares Isa will be expanded. This is likely to include peer-to-peer (P2P) lending, which the government has been consulting on since September 2014. The P2P industry had been hoping for a separate P2P Isa.” I do hope this interpretation is incorrect. We have already seen the extortionate charges levied by S&S ISA Manager European Pensions Management Ltd in relation to Wellesley’s so-called “ISA Bond” (including £100 + VAT for transferring out to another ISA provider, which I understand applies even to bond maturity proceeds), and it’s not a good omen for the future if only S&S ISA Managers are allowed to operate in this potential growth area. Personally I don’t think P2P lending on a platform like Ratesetter has anything in common with equity investment, and I would be very disappointed if RS were denied the opportunity to manage their own P2P ISA. I imagine the banks would be delighted though.
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Post by bobthebuilder on Mar 12, 2015 11:48:43 GMT
I'm with jackpease on this - no e-mail, a 5 figure investment (not including the ones to the right of the decimal point ), and a "select your term" button that doesn't include an 18 month term. Wondering what I did to offend them!
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Post by bobthebuilder on Mar 10, 2015 18:51:23 GMT
My phone conversations and e-mail correspondence with Customer Services at RS point to 2016/17 being the most likely start date for P2P ISAs, and they confirmed that they expect to allow transfers in from existing ISAs. However, please don't treat this as an official announcement!
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Post by bobthebuilder on Mar 10, 2015 1:00:16 GMT
Some high roller in the 1 year market seems determined to push rates down Attachments:
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Post by bobthebuilder on Feb 26, 2015 6:35:27 GMT
Whilst we are on the subject of openness... Is there any published data on the spread of investments made by investors? I.e. mean, mode and median invested per lender or can you give ranges eg there are 1000 investors in total and the top 20% of investors account for 80% of the total. Some on here are clearing investing much larger sums than others (I'm small fry!), and it would be interesting to see the split of investors. To some extent I don't think this is an unreasonable question. As a risk averse sort of chap I wanted similar information when I first signed up to RS, mainly so that I could get an idea of other investors' perception of the risks involved as measured by the average amount they were prepared to commit to the platform. RS do in fact provide the average investment amount here: members.ratesetter.com/ratesetter_info/ratesetters.aspx (currently £19,450, which I presume is a mean rather than median amount)
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Post by bobthebuilder on Feb 26, 2015 6:21:01 GMT
One question I have in looking at the date of first payment, unless I am misunderstanding what it is saying, there are a number of loans which have a first payment date some way into the future. For example roughly £11m not due to start paying till 2016 and a total of roughly £44m not due to start paying May 2015 to Feb 2016. So if I am involved in one of those loans how does it work? Do I get my monthly repayments in the meantime from the Provision Fund or do I have to wait till the first repayment date? Sorry if I am misreading the data or it is already explained elsewhere. Sounds to me as if these are one year loans where no interest or capital repayments are made until maturity.
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Wellesley & Co (W&Co) in Administration
Drinkies?
Feb 26, 2015 6:05:29 GMT
Post by bobthebuilder on Feb 26, 2015 6:05:29 GMT
I don't think having "only" a five figure investment with them makes you a makeweight - that's all I have too. I first learned of this drinks offer from a newsletter they e-mailed me on 4/12/14, and they seemed so incredulous that I expressed an interest in going that I had to confirm it twice! I see it as much as anything as an opportunity to give them some feedback, which from my point of view is generally not positive. The rate reductions are certainly one reason why I think it highly unlikely I will be rolling over my loans when the last of them matures in about a year's time, let alone adding to them, but perhaps their presentation will be so impressive that I'll immediately want to double my investment . Somehow I doubt it though.
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