mary
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Post by mary on Mar 9, 2020 19:27:38 GMT
I believe that the system will not release contracts that are less than 1 day old, this includes contracts that “renewed”, in that an interest payment was made and an auto “resend” order was executed for the remaining Capital amount owed, as shown in your Transaction log.
I think that, for these contracts, the Release is queued for the next day.
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sapphire
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Post by sapphire on Mar 9, 2020 20:57:47 GMT
An update and to answer one of own questions. The RYI in Access was made around 09:30 today and Nil amount has been liquidated so far after 11+ hours. When I made the RYI, there was around £1m available in investor offers at 3%. Whilst all my loans had a lender rate greater than this (The average rate across all my loans is 4%), none of my loans have been matched to this. Subsequent to my RYI request, there were a number of 'Borrower offers' added (per 'View Full Market') at a rate lower than 3%, which have since been matched, but my RYI hasn't, indicating that RYI requests (even at a higher rate) receive a lower priority compared to other borrower offers (at a lower rate). (The amount of "Investor Offers" at 3% has reduced from around £1m when I made the RYI to around £25K now) The amount of my RYI request is greater than than the amount currently shown under 'Borrower offers', so I think it can be inferred that RYI's are not included in the amounts shown under 'Borrower offers'. So presumably there is another queue of RYI requests, which is effectively hidden as RS will not disclose the queue amount and one's queue position. Unlike AC's QAA product, clearly there is lack of any transparency in this regard. Presumably RS wish to avoid lenders' undertaking 'panic' withdrawals if a (transparent) RYI queue discloses a large amount? As regards the point made by mary above, 95%+ of my contracts are more than a day old, but still Nil matched so far.
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sapphire
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Post by sapphire on Mar 10, 2020 9:18:27 GMT
A further update:
My RYI request remains to be processed after 24 hours.
Two further observations: * Although my RYI request is outstanding (for my full Access balance), a few of my loans have been recycled today and relent on their 30 day anniversary and a small amount (amortisation & interest amount) released and put "on the market" at my reinvestment rate
* Whilst currently there are investor offers of £689K @3% for £689K and 'Borrower offers' of £2K @ 2.7K, my loan portfolio averaging @ 4% remains to be matched.
My understanding was that RYI requests would be processed if there was market liquidity. As my RYI hasn't been processed for 24 hours despite ostensible market liquidity (sufficient investor offers appear under 'View Full Market'), it looks like RS are delaying processing my RYI (and presumably others too?) to provide an appearance of market liquidity and deferring RYI requests until a time that suits them?
As there any RS terms which require further conditions (in addition to market liquidity) being satisfied to process a RYI?
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Post by dan1 on Mar 10, 2020 9:42:32 GMT
Regarding the queue of RYI requests, it says on the page for requesting a RYI (my bold): Does this imply there is a separate queue?
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Post by aidanw on Mar 10, 2020 10:58:20 GMT
I also requested £5,000 from "Access" yesterday morning and have had nothing released yet after 24 hours waiting.
None of the contract dates are from this week.
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sapphire
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Post by sapphire on Mar 10, 2020 11:08:28 GMT
To summarise the info from RS following my call a few minutes ago:
*There is a separate 'transfer' queue for RYI requests, distinct from the 'Borrower offers' queue displayed under Market data.
*This transfer queue is not visible to the lender or the RS agent, so she couldn't tell me my queue position or the queue size.
*'Borrower offers' queue takes precedence over the transfer queue.
*Transfer queue requests will only be matched to Investor queue offers at a rate equal to or less than the lender rate on the RYI loans - so until such investor offers are available (and all borrower offers have been matched first), RYI requests will need to wait.
*Current waiting time to process RYI requests is between 24-48 hours.
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Post by Deleted on Mar 10, 2020 11:08:36 GMT
I cashed in some Plus and 1 year on Sunday and yesterday and both were processed almost immediately.
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sapphire
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Post by sapphire on Mar 10, 2020 11:21:05 GMT
98% of the loans in my Access RYI have just been matched - after 26 hours of raising the request.
The outstanding ones relate to:
- Loans less than £10
- Loans recycled today morning on their 30 day anniversary (despite my RYI request yesterday morning). Hopefully these will be matched tomorrow.
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IFISAcava
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Post by IFISAcava on Mar 10, 2020 13:24:36 GMT
Decided in the end to release all my Access funds (half my total on Ratesetter), even though I have good rates (average 7.1%, individual loans up to 9.9%). Request went in this morning - still in the queue. It's inevitable now that there will be several weeks of economic inactivity/reduced activity in many sectors. PF which is already falling likely to take a hit. And I was already a bit overexposed to RS to take advantage of those better rates when they were available. Had them for a while, taking the cash back now. Leaving the 5 year money - for now. If next lot of PF figures poor will likely take the hit to sell out (if I still can)
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up
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Post by up on Mar 10, 2020 13:48:05 GMT
*Transfer queue requests will only be matched to Investor queue offers at a rate equal to or less than the lender rate on the RYI loans - so until such investor offers are available (and all borrower offers have been matched first), RYI requests will need to wait. In my view transfer queue is unlikely gated on investor offers of same or lower rate. This is not mentioned in investor terms and it would undermine the premise of being able to release Access/Plus/Max investments. Were Going Rate one day to increase present day innocent Going Rate investors would be locked in to long-dated loans effectively excluded from RYI. Also noted that during recent rate spikes often pick up other's RYI released loans (a larger offer matches assortment smaller loanparts each showing borrower part way through term - consistent someone else's RYI being put through as a block). With these matches being at high rates it is unlikely somebody else was exiting loans even higher.
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Stonk
Stonking
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Post by Stonk on Mar 10, 2020 14:19:02 GMT
Decided in the end to release all my Access funds (half my total on Ratesetter), even though I have good rates (average 7.1%, individual loans up to 9.9%). Request went in this morning - still in the queue. It's inevitable now that there will be several weeks of economic inactivity/reduced activity in many sectors. PF which is already falling likely to take a hit. And I was already a bit overexposed to RS to take advantage of those better rates when they were available. Had them for a while, taking the cash back now. Leaving the 5 year money - for now. If next lot of PF figures poor will likely take the hit to sell out (if I still can)
I reckon you should have hung on to a basket of loans averaging 7.1%! Even if the PF depletes further and there is an interest haircut, you'd still make a superb return with RS over the life of those loans.
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Post by aidanw on Mar 10, 2020 14:31:35 GMT
I reckon you should have hung on to a basket of loans averaging 7.1%! Even if the PF depletes further and there is an interest haircut, you'd still make a superb return with RS over the life of those loans.
A haircut isn't the worst outcome though is it?
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sapphire
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Post by sapphire on Mar 10, 2020 14:37:38 GMT
I reckon you should have hung on to a basket of loans averaging 7.1%! Even if the PF depletes further and there is an interest haircut, you'd still make a superb return with RS over the life of those loans.
Can one be certain that at worst it will only be an interest haircut and not a capital haircut too if PF is insufficient?
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IFISAcava
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Post by IFISAcava on Mar 10, 2020 15:02:08 GMT
Decided in the end to release all my Access funds (half my total on Ratesetter), even though I have good rates (average 7.1%, individual loans up to 9.9%). Request went in this morning - still in the queue. It's inevitable now that there will be several weeks of economic inactivity/reduced activity in many sectors. PF which is already falling likely to take a hit. And I was already a bit overexposed to RS to take advantage of those better rates when they were available. Had them for a while, taking the cash back now. Leaving the 5 year money - for now. If next lot of PF figures poor will likely take the hit to sell out (if I still can)
I reckon you should have hung on to a basket of loans averaging 7.1%! Even if the PF depletes further and there is an interest haircut, you'd still make a superb return with RS over the life of those loans.
I hesitated, but it's too easy to look at the interest rate and be blinded to the fact that the underlying fundamentals (and PF) are deteriorating. it's only ~2% above what is usually fairly easily obtained.
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benaj
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Post by benaj on Mar 10, 2020 20:01:44 GMT
I haven't done any RYI lately. I am in the process searching the for 'perfect' debit card and I am not in a hurry to do any RYI. This could be a whole new territory sapphire, we are into the unknown UPDATE: My test RYI for ££ is not released INSTANTLY, will post an update when it is released. www.youtube.com/watch?v=jp-CVYGEsjgMy latest RYI is under 48 hours. Reasonable I say.
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