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Post by p2plender on Oct 4, 2014 20:40:49 GMT
Just going through likely repayments the other day and I have stumbled on a loan which started in Oct 2013. Bizzarely the loan ends Apr 2015 with 3 consecutive monthly payments representing about 90% Of the loan. Not sure what's going on. It's 19 repayments yet in the 5 year market. Good news is that it's a 5.4% loan.
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duck
Member of DD Central
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Post by duck on Oct 5, 2014 4:11:01 GMT
Not that unusual IMHO, I download repayment details for every loan that I have cash in, I regularly see a larger payment coming in and when I check the repayments due they have been reset at a higher level for the remainder of the loan period which in term is suitably shorter. Effectively a reschedule.
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Post by chielamangus on Oct 5, 2014 10:38:24 GMT
All Ratesetter loan terms are quite arbitrary - what you think you've got is rarely what RS give you. All very misleading, in my view. The chickens will come home to roost one day but for the moment they can do what they like. They can even suddenly produce the most bizarre and difficult to read website (colour scheme, font size, and enough white space to hang your washing on) and tell us it's an improvement and what we asked for!
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c88dnf
Member of DD Central
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Post by c88dnf on Oct 5, 2014 14:31:33 GMT
All Ratesetter loan terms are quite arbitrary - what you think you've got is rarely what RS give you. All very misleading, in my view. The chickens will come home to roost one day but for the moment they can do what they like. They can even suddenly produce the most bizarre and difficult to read website (colour scheme, font size, and enough white space to hang your washing on) and tell us it's an improvement and what we asked for! By terms, you mean period of the loans, rather than Ts & Cs? If so, the word "all" is simply not true. Checking a random selection of my several hundred 5 year loans, I have some which are 4 year terms (just as with Zopa), but none that are odd numbers different from 60. What chickens do you have waiting to roost by the way, or is that simply hyberbole?
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Post by westonkevRS on Oct 5, 2014 15:30:54 GMT
Not that unusual IMHO, I download repayment details for every loan that I have cash in, I regularly see a larger payment coming in and when I check the repayments due they have been reset at a higher level for the remainder of the loan period which in term is suitably shorter. Effectively a reschedule. I haven't seen the loan is question, however all loans allow borrowers to fully redeem or make an over payment anytime and without fees. This allows a customer to choose between lowering the monthly payment or the term. This mighty seem to favour the borrower (like being able to cancel within the cooling off period) but is standard loan flexibility now in the market place. Our borrowers like this a lot, and so often use the functionality. It isn't a rearrangement in the collections sense, although this also happens. I'm afraid all quite normal, no conspiracy or chickens!
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Post by p2plender on Oct 5, 2014 17:08:30 GMT
No problem with the flexibility kev, just perplexed but thanks for clearing up.
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duck
Member of DD Central
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Post by duck on Oct 5, 2014 17:11:43 GMT
..... Effectively a reschedule. ...... I'm afraid all quite normal, no conspiracy or chickens! That was what I was trying to say, actually I quite like it at present since the lower rate 5 year loans are paying faster allowing a re-invest at a higher rate 
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Post by chielamangus on Oct 5, 2014 19:18:26 GMT
All Ratesetter loan terms are quite arbitrary - what you think you've got is rarely what RS give you. All very misleading, in my view. The chickens will come home to roost one day but for the moment they can do what they like. They can even suddenly produce the most bizarre and difficult to read website (colour scheme, font size, and enough white space to hang your washing on) and tell us it's an improvement and what we asked for! By terms, you mean period of the loans, rather than Ts & Cs? If so, the word "all" is simply not true. Checking a random selection of my several hundred 5 year loans, I have some which are 4 year terms (just as with Zopa), but none that are odd numbers different from 60. What chickens do you have waiting to roost by the way, or is that simply hyberbole? Regulars will know I have a problem with the "monthly" market. Two RS people have contacted me about it and promised to look into it - 14 day and 43 day terms are not even within what they expect - but time passes and no one ever contacts me with an explanation. So, yes, I am quite grumpy about it. Note we are not talking abut early repayment here but term lengths which differ significantly from the loan description at the outset. The rest of you may find this tolerable/acceptable. I don't.
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Post by westonkevRS on Oct 5, 2014 19:47:41 GMT
chielamangus, I understand Customer Services have asked you to contact them so they can explain in detail especially in respect to your settings, and you haven't called back (you're location has made it difficult to call you). And any questions with the monthly market durations were answered here: p2pindependentforum.com/thread/1134/demand-side-monthly-access?page=4 |
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Post by chielamangus on Oct 6, 2014 16:56:45 GMT
chielamangus, I understand Customer Services have asked you to contact them so they can explain in detail especially in respect to your settings, and you haven't called back (you're location has made it difficult to call you). And any questions with the monthly market durations were answered here: p2pindependentforum.com/thread/1134/demand-side-monthly-access?page=4 You understood wrongly. No one has contacted me or asked me to contact them. As for your comment on Sept 26 on the thread quoted, I had never seen this. It was a couple of weeks after the original comment and would have been posted when I was holiday. You originally wrote to me " However, it is true that the standard contract as stated on the web page is 31 days. There are some freak occurrences where depending on the month and position of weekends or bank holidays this could extend to 35 days. However you mentioned 40 days; and this is not my expectation." And your last comment was that the problem was just for a small number of loans last month. Well, as you lnow, I have had the problem from April to August - contracts for 11-14 days at the same time as contracts over 40 days. I will concede that since August 23rd all the "monthly" terms have been within a couple of days of the month's term. I suppose my whingeing posts of the 17th and 18th of that month might have had something to do with it. I do not expect anyone these days to admit that they, their system or their publicity material were wrong. Refreshing honesty just does not exist. It is always somebody else's fault - in this case, apparently, mine, insinuated in the above highlighted phrase about my settings. Are you going to tell me I requested loan lengths of anything from 11-43 days? I'll not respond to any more on this subject. It is clearly a waste of time.
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Post by wibble on Oct 7, 2014 11:28:32 GMT
chielamangus, I understand Customer Services have asked you to contact them so they can explain in detail especially in respect to your settings, and you haven't called back (you're location has made it difficult to call you). And any questions with the monthly market durations were answered here: p2pindependentforum.com/thread/1134/demand-side-monthly-access?page=4 ... ... I do not expect anyone these days to admit that they, their system or their publicity material were wrong. Refreshing honesty just does not exist. It is always somebody else's fault - in this case, apparently, mine, insinuated in the above highlighted phrase about my settings. Are you going to tell me I requested loan lengths of anything from 11-43 days? I'll not respond to any more on this subject. It is clearly a waste of time. I think you're being a wee bit unfair there, maybe? >> I do not expect anyone these days to admit that they, their system or their publicity material were wrong. Refreshing honesty just does not exist. Westonkev both acknowledged an issue and apologised with the following statement: >> There was an issue with a very small segment of loans when we were pre-setting the DD date, on a small number of occasions this resulted in contracts longer than the maximum. This issue has been corrected, I'm unsure if this was known or came to light thanks to chielamangus. Either way, thank you and apologies. AND it looks to be fixed! Surely you (and I) got the desired result? I'm happy, anyway.
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