jlend
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Post by jlend on Apr 30, 2020 16:48:40 GMT
The quarterly update text for Jan to March is also due anytime now.
Usually short and it will primarily be for the pre virus period. But they may say a few words. I doubt as much as the lending works quarterly summary which seemed well thought out to me.
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jcb208
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Post by jcb208 on May 1, 2020 7:57:32 GMT
Still no Data which is unusual as it's the 1'st of the month maybe they forgot
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r00lish67
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Post by r00lish67 on May 1, 2020 8:27:17 GMT
Still no Data which is unusual as it's the 1'st of the month maybe they forgot Well, they do say they update in the last week of the month, so I suppose technically we are still within the last week that started in April, despite it now being May
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johnt
Investing in Ratesetter, Zopa and Assetz Capital since 2013
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Post by johnt on May 1, 2020 8:29:53 GMT
Still no Data which is unusual as it's the 1'st of the month maybe they forgot Slightly concerning. I rang them and they said they're aware. It should be updated today if not Monday.
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Post by Ace on May 1, 2020 9:28:15 GMT
Perhaps they are finally taking their heads out of the sand and deciding on how to handle the inevitable depletion of the PF. Its a bit like countries deciding on when to introduce lockdowns. Potentially taking tough decisions earlier could lead to a reduction in the overall impact.
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r00lish67
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Post by r00lish67 on May 1, 2020 9:50:19 GMT
Perhaps they are finally taking their heads out of the sand and deciding on how to handle the inevitable depletion of the PF. Its a bit like countries deciding on when to introduce lockdowns. Potentially taking though decisions earlier could lead to a reduction in the overall impact. I guess the thing is that they've already said what they'd do in theory at least if the PF is forecast to run out of money (i.e. all sorts of unwelcome reductions), so publishing the exact state of the PF right now might not be welcome news for anyone. Not to say they won't. I can't really conceive of how the stats as-is, including full projections of defaults etc, could credibly produce a picture where the net position doesn't imply the PF will go below zero. Especially given it wasn't actually hugely strong beforehand to be honest. We saw the LW net PF position go below zero before they eventually took action though. I think the best hope is that RS's overwhelming desire to be number 1 in P2P leads them to pump up the PF with more capital (or at least commit to in future). I think there's a genuine prospect of that, as the alternative of stabilisation periods etc will make it a very very difficult road back to normality. It's promising that they've shown such a focus on keeping investors happy so far.
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jcb208
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Post by jcb208 on May 1, 2020 10:26:03 GMT
The reason so many invested with ratesetter was the large cash provisional fund including me. If they could some how get this back up to around 20 million many investors would think again and maybe cancel their RYI
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Post by freefalljunkie on May 1, 2020 11:26:42 GMT
Yup the provision fund cover and 'access' to money invested has always been a key part of Ratesetter's marketing. If it becomes widely known in the media that investing in Ratesetter's Access product yields only 3% while risking major capital loss and with no ability to withdraw for months, then Ratesetter are well and truly screwed as a business. I can see the Martin Lewis article now. Presumably the people at the top are smart enough to realise that a good outcome for investors from the current situation aligns with their own business interests, which is perhaps grounds for some optimism. Whether the number of loan defaults, lack of liquidity and investor sentiment makes such an outcome possible is a very open question. Not publishing the monthly PF figures in a timely manner is hardly going to improve investor confidence.
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jlend
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Post by jlend on May 1, 2020 11:34:50 GMT
From RS.
"The provision fund statistics/ Quarterly update will be updated and will show on the RateSetter website by Tuesday evening next week."
So let's come back to the forum on Wednesday morning to comment. See you then.
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jcb208
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Post by jcb208 on May 1, 2020 12:23:29 GMT
A wild guess, Maybe a new product without a provisional fund is on the way when it is depleted.Same way Zopa went
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Post by Deleted on May 1, 2020 12:46:27 GMT
A wild guess, Maybe a new product without a provisional fund is on the way when it is depleted.Same way Zopa went Possibly, but they'd need a whole new system to allow for diversification. At the moment, diversification would be achieved through the PF.
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jane
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Post by jane on May 1, 2020 16:52:06 GMT
Things must be really bad if they need 4 days to fiddle the figures to make them look less bad
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robski
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Post by robski on May 1, 2020 19:55:29 GMT
A wild guess, Maybe a new product without a provisional fund is on the way when it is depleted.Same way Zopa went Possibly, but they'd need a whole new system to allow for diversification. At the moment, diversification would be achieved through the PF. Depending on size of loan book you can do it yourself, but it takes a little time and is a lot more hands on
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wapping35
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Post by wapping35 on May 4, 2020 7:55:40 GMT
Coverage ratio falls to 74% from 113% and 50% interest rate hair cut for 8 months.. So if RS had not implemented the cut to the PF ratio target range which was 150-125% (average 137.5%) no interest rate hair cut would have been needed. But they justified that since they said they had better forecasting model.... Clearly they did not, recessions happen that is why you need a big buffer... Been drawing down for 4 years now anyway due to concerns on the PF, so no real surprise and will be out of RS totally in May 2021. Already 97.5% of my capital repaid and to be fair over the 5 years even with this hair cut I have averaged 6%.. What annoys me and I raised this with RS years ago was these cuts to the PF target meant a future hair cut like this far more likely. I don't regret investing in RS but nor do I regret drawing down since May 2016 and exiting within a year... ============================ ========================= Edit: I see the 74% is based on " The downside case forecast is that in 2020: UK unemployment rises to 5.4%; real earnings fall 0.8%; and house prices fall 8%.".. Given the unemployment rate at the height of the FC was 8.5% I see a 5.4% rate as quite an optimistic number.
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Post by gany on May 4, 2020 9:12:59 GMT
Well I’ve clicked the withdraw button now, I lost money with the boiler room op that was Lendy and can’t afford to lose any more . hopefully will get my £10000 in June / July looking at current payout times .
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