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Post by westonkevRS on Jul 27, 2014 16:58:36 GMT
Lenders, It was always an irrational annoyance to me as a lender that if I wanted to take instant advantage of a spike, I'd have to pay £1.50. Irrational because when lending amounts above, for example, £1,000 this is a negligible percentage. Especially when the lender rates you see are what you get, gross=net, no fees, no bad debt losses. So although we are not making a big song and dance about it, there is now no debit card fee for deposits of £1,000+. So you can now take advantage of the spikes as they happen with no cost, for example right now at 6.4% on the 5 year market.  Every lender, every penny! Kevin |
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jonbvn
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Post by jonbvn on Jul 28, 2014 5:56:21 GMT
Fair enough. However what concerns me is that there have been no repayments this Monday morning.
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Post by p2plender on Jul 28, 2014 6:02:04 GMT
ditto
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oldgrumpy
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Post by oldgrumpy on Jul 28, 2014 6:39:52 GMT
all done now
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Post by westonkevRS on Jul 28, 2014 6:46:10 GMT
Mine has been paid (before I'd even woken up!).
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jonbvn
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Post by jonbvn on Jul 28, 2014 7:10:20 GMT
Some of us wake up early  |
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c88dnf
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Post by c88dnf on Jul 28, 2014 9:31:43 GMT
So although we are not making a big song and dance about it, there is now no debit card fee for deposits of £1,000+. So you can now take advantage of the spikes as they happen with no cost, for example right now at 6.4% on the 5 year market. Excellent. Thank you. Feel free to make as big a song & dance as you like about this and consistently outselling Zopa for the past few months!
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oldgrumpy
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Post by oldgrumpy on Jul 28, 2014 9:41:41 GMT
I gave instructions to relend payments at 6.3%. RS decided to place my order at 6.4% sometime after 10 o'clock this morning and put me back at nearly £500K in the queue.
NOT IMPRESSED, Kevin.
I have now changed it manually to 6.3% and the queue is a reasonable £72K (78 lenders - I can't believe most of those weren't already listed at 6.2/6.3 when about £165 suddenly appeared in my account - probably a disgruntled borrower cooled off from last week).
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c88dnf
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Post by c88dnf on Jul 28, 2014 11:25:44 GMT
I gave instructions to relend payments at 6.3%. RS decided to place my order at 6.4% sometime after 10 o'clock this morning and put me back at nearly £500K in the queue. I suspect you haven't read the FAQs on RS carefully enough Oldgrumpy. When you set your reinvestment rate, you give an instruction to lend at no less than that rate. If the "market rate" for the day is higher than your instruction, RS gives you the higher rate to ensure you get the best rate on offer. In any case, why the concern at being £500k into the queue: that's less than 2 days' worth of lending on average for RS 5-year!
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oldgrumpy
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Post by oldgrumpy on Jul 28, 2014 11:44:10 GMT
that's less than 2 days' worth of lending on average for RS 5-year!
Not so much help when most of it is at 6.1-6.3%, and people (like me) keep topping that up. Matches are nibbling at 6.4% funds late in each day at present ... just nibbling, so I may have arrived at the front by this coming Friday... I'll take 6.3% today, ta!
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Investor
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Post by Investor on Jul 28, 2014 18:12:06 GMT
I gave instructions to relend payments at 6.3%. RS decided to place my order at 6.4% sometime after 10 o'clock this morning and put me back at nearly £500K in the queue. I suspect you haven't read the FAQs on RS carefully enough Oldgrumpy. When you set your reinvestment rate, you give an instruction to lend at no less than that rate. If the "market rate" for the day is higher than your instruction, RS gives you the higher rate to ensure you get the best rate on offer. In any case, why the concern at being £500k into the queue: that's less than 2 days' worth of lending on average for RS 5-year! Better step in here before oldgrumpy changes his name to veryoldgrumpy, or more correctly oldverygrumpy. Accepting your first comment regarding RS starting rates as per their FAQs, your second comment is either mistaken or shows a lack of understanding of RS queuing. This is not like English queuing where everyone stands at the back and waits their turn, this queuing system involves barging in, elbows and the occasional fisticuffs. Your comment that implies that grumps will only have to wait two days for a match is statistically incorrect. If that were the case some of the 50% and 99% offers in the queue will also be filled by the end of the week. Admittedly we are now at 6.4 and all my 6.4's are now matched so hopefully oldgrumpy may have been lucky on this occasion but would not want anyone reading your post to get the wrong impression of RS' queuing system.
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c88dnf
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Post by c88dnf on Jul 31, 2014 11:37:10 GMT
I suspect you haven't read the FAQs on RS carefully enough Oldgrumpy. When you set your reinvestment rate, you give an instruction to lend at no less than that rate. If the "market rate" for the day is higher than your instruction, RS gives you the higher rate to ensure you get the best rate on offer. In any case, why the concern at being £500k into the queue: that's less than 2 days' worth of lending on average for RS 5-year! Better step in here before oldgrumpy changes his name to veryoldgrumpy, or more correctly oldverygrumpy. Accepting your first comment regarding RS starting rates as per their FAQs, your second comment is either mistaken or shows a lack of understanding of RS queuing. This is not like English queuing where everyone stands at the back and waits their turn, this queuing system involves barging in, elbows and the occasional fisticuffs. Your comment that implies that grumps will only have to wait two days for a match is statistically incorrect. If that were the case some of the 50% and 99% offers in the queue will also be filled by the end of the week. Admittedly we are now at 6.4 and all my 6.4's are now matched so hopefully oldgrumpy may have been lucky on this occasion but would not want anyone reading your post to get the wrong impression of RS' queuing system. I understand the queuing mechanism for RS very well, thank you. My point, which is time proven over the past year for me, was that looking at a given day's queue length against average uptake over the previous 30 days does give a good feel for how long one might have to wait to get a "bite". It can not be 100% accurate for all the reasons you suggest and a few more besides, notably big inflows of cash from interest on the 1st of each month (tomorrow....) but, on average, it has worked for me, maximising my return.
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Post by chielamangus on Jul 31, 2014 14:35:51 GMT
I understand the queuing mechanism for RS very well, thank you. My point, which is time proven over the past year for me, was that looking at a given day's queue length against average uptake over the previous 30 days does give a good feel for how long one might have to wait to get a "bite". It can not be 100% accurate for all the reasons you suggest and a few more besides, notably big inflows of cash from interest on the 1st of each month (tomorrow....) but, on average, it has worked for me, maximising my return. Well, to be accurate, it has given a return satisfactory to you. Your returns could only have been maximised if you knew something about the timing of rate changes and what all those other pesky lenders were going to do and how your queue position was going to be affected. I'm with Oldgrumpy on finding it annoying that I cannot specify a rate which RS will keep to. Why not two options - a fixed reinvestment rate and a minimum rate? Actually, sorry for barging in here - I only came on to the Ratesetter thread to ask a question (see new thread which I'll do in a minute) and I am easily provoked into comment!
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c88dnf
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Post by c88dnf on Aug 1, 2014 0:18:34 GMT
I'm with Oldgrumpy on finding it annoying that I cannot specify a rate which RS will keep to. Why not two options - a fixed reinvestment rate and a minimum rate? Actually, sorry for barging in here - I only came on to the Ratesetter thread to ask a question (see new thread which I'll do in a minute) and I am easily provoked into comment! Fair point on the options. Useful bit of barging IMHO!
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Post by jackpease on Sept 14, 2014 16:58:32 GMT
I sort of assumed using a debit card to deposit £1000 would be instant - isn't that the point of a debit card? So why does it take a day to appear - by which time any interest spike will have disappeared?
Jack P
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