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Post by mrclondon on Nov 22, 2013 18:54:11 GMT
One year market has run out of funds - and borrower requests are stacked up at 99% and 98.9%.
Just matched my small holding a/c balance at 99% - almost certainly will be pulled by RS as a mistake !
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Post by westonkevRS on Nov 22, 2013 22:06:59 GMT
Hi MrClondon,
Your certainly on the ball. Did you "fill your boots", even I dived in to lend at around 4%
Seriously though we have had exceptional demand this week on the 1 year money, not least because we've been top of the tables and the giffgaff loans are priced from the 1 year money. This is of course a great thing, but can put pressure on the markets and cause volatility. But as you've seen the markets are robust, lending money has come in quickly to take advantage and now we've stabalised around 3.5%. So a successful stress test!
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Post by uncletone on Nov 22, 2013 22:54:19 GMT
Hi MrClondon, Your certainly on the ball. Did you "fill your boots", even I dived in to lend at around 4% Seriously though we have had exceptional demand this week on the 1 year money, not least because we've been top of the tables and the giffgaff loans are priced from the 1 year money. This is of course a great thing, but can put pressure on the markets and cause volatility. But as you've seen the markets are robust, lending money has come in quickly to take advantage and now we've stabalised around 3.5%. So a successful stress test! Couldn't manage the necessary quickly enough.  I'll get you next time... 
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Post by westonkevRS on Nov 22, 2013 23:05:37 GMT
I know that some loans were matched at 99%, and I'm sure we'll take a look at these on Monday. Remember that borrowers can cancel the loan within the first 2 week cooling off period, not paying any fees. They'll only be liable for the few days interest... Even after the two weeks customers can redeem their loans avoiding future interest charged, although the fees are fully repayable (but this won't be included in the 99% interest, so not big numbers).
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duck
Member of DD Central
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Post by duck on Nov 23, 2013 5:46:21 GMT
Am I alone in not being able to sign in to RS?
Tried to get in at @6pm for my daily 'reinvestment' session and the site hangs at the sign on screen. Same this morning ......
Wondered if the subject of this thread and my inability to enter were connected.
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pikestaff
Member of DD Central
Posts: 2,136
Likes: 1,484
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Post by pikestaff on Nov 23, 2013 7:43:09 GMT
I've got in OK, 7:42
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Post by westonkevRS on Nov 23, 2013 7:43:23 GMT
Duck,
I'm not aware of login problem, as a normal user I was in several times last night and this morning. In fact it looks like our lenders are taking advantage of the good rates, over £99k has been deposited overnight. Most at "normal" competitve rates but a few, £10k, sitting at 10%. The cheeky monkeys....
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duck
Member of DD Central
Posts: 2,577
Likes: 5,693
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Post by duck on Nov 23, 2013 7:58:28 GMT
Thanks for the responses, I will run some different cleaners and see if that will let me back in!
Edit - apologies if I have diverted this thread.
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duck
Member of DD Central
Posts: 2,577
Likes: 5,693
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Post by duck on Nov 23, 2013 9:13:04 GMT
I note the rate has returned to a sensible rate although the FOO is not that high.
(logon issue due to Microsoft security update!)
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Post by westonkevRS on Nov 23, 2013 20:26:05 GMT
Excitment over. The loans that caused the depletion are customer cancelled/redeemed and to be refinanced. All loans are subject to a 14 day cooling off period, which also happens to be part of the future crowdfunding regulatory requirements.
We aim to be rewarding, but boring. We took it as a huge compliment when Mr. Lewis called us the Rory Bremner of P2P Lending. Basically we had huge borrower demand (giffgaff only being a small part of this) on the 1-yr money; and our lovely lenders couldn't keep the pace. This was a first for RateSetter to my knowledge and you can be sure we'll be working hard to make sure it doesn't happen again. Or you can all just lend more!
Kevin. P2P Lender and RateSetter CRO
P.S. anyone with some serious money sitting at 10%+ in 1yr money is wasting their time.
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