ashtondav
Member of DD Central
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Post by ashtondav on Mar 12, 2020 13:42:10 GMT
IMHO, RYI speed varies and within 5 working days is not too bad at all. The longest RYI time I experienced was 2 weeks to receive funds sometimes last year. It's still much better than the 1.25% club The 1.25% thread must be the most boring in history. OK it's slow. We. Get. It!
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Post by Undecided on Mar 12, 2020 14:20:10 GMT
What's the 1.25% club?
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coogaruk
Hello everyone! Anyone remember me?
Posts: 703
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Post by coogaruk on Mar 12, 2020 15:50:55 GMT
The 1.25% 'Transfer Payment' FC charges to those selling loan parts on the SM, introduced last October.
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Post by cinereus on Mar 12, 2020 17:18:05 GMT
Any risk of a run due to covid-related recesion?
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Post by Deleted on Mar 12, 2020 18:53:29 GMT
Think that's what's happening now.
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Post by popeye on Mar 12, 2020 20:15:55 GMT
Assetz Capital have suspended withdrawals on their access accounts due to market conditions. A number of platforms are going to be put to the test in the coming weeks.
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benaj
Member of DD Central
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Post by benaj on Mar 12, 2020 20:43:35 GMT
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Stonk
Stonking
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Post by Stonk on Mar 12, 2020 20:44:03 GMT
Personal loans are on hold: We are temporarily not accepting new loan applications due to high levels of demand. I think RateSetter should manage communications a lot better. I think it's a default sorry screen. Although the lending queue has now run dry. System has been a little slow all morning so maybe they are upgrading?
It is still showing that message to borrowers. What they mean is "high levels of demand compared to what can be met by available lender money". Sounds like a sensible action to take, communicated wrongly. The reverse often happens (used to happen?): plenty of lender orders but no borrower orders to match with ... in which case lenders have to sit and wait. The tables turned.
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Post by throwaway2501 on Mar 12, 2020 20:48:48 GMT
I requested an investment release from Access on Monday afternoon and am still waiting (over 3 days later). I didn’t actually make the release request because I’m concerned about PF etc but because I’m buying a house and need the money for the deposit! I have about another 4 weeks until I need to start paying the money to my solicitor. I am now getting SUPER worried that the release request won’t have been completed by then. Like not sleeping kind of level of worried Do you guys think that it’ll be fine and I’m overreacting? Or is there a very real chance that there won’t be enough liquidity for my request to be done in time? It sounds like if I had done this a few days earlier it’d be fine... just very worried given nothing has happened in last few days.
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Stonk
Stonking
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Post by Stonk on Mar 12, 2020 20:55:33 GMT
I requested an investment release from Access on Monday afternoon and am still waiting (over 3 days later). I didn’t actually make the release request because I’m concerned about PF etc but because I’m buying a house and need the money for the deposit! I have about another 4 weeks until I need to start paying the money to my solicitor. I am now getting SUPER worried that the release request won’t have been completed by then. Like not sleeping kind of level of worried Do you guys think that it’ll be fine and I’m overreacting? Or is there a very real chance that there won’t be enough liquidity for my request to be done in time? It sounds like if I had done this a few days earlier it’d be fine... just very worried given nothing has happened in last few days.
I doubt whether anyone here can answer with anything close to the level of certainty you need to hear.
If I were you, I would be candid with the solicitor as early as possible (i.e., tomorrow), that there is a possibility that monies may not be available as planned. Give everyone involved time to come up with a contingency plan.
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Post by aidanw on Mar 12, 2020 21:03:55 GMT
I am still waiting for a RYI from Monday too but I did get a later one released. I don't think I would be too worried - market conditions are clearly not normal right now and a few days delay is to be expected.
Ratesetter are in a difficult position. If they gate withdrawals it will lead to panic. They are sticking to the rehearsed line that withdrawals are subject to whatever relending queue exists at the time and no timescale can be guaranteed.
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Stonk
Stonking
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Post by Stonk on Mar 12, 2020 21:27:32 GMT
RS could shut off withdrawals, combined with some good open communication. "We are pausing new borrowing and withdrawals because current abnormal conditions have dramatically reduced liquidity. Existing withdrawals will be met, but it could take a while, and we really don't know how long even if you keep asking us. Everything else continues as normal. Not sure what the future holds, to be honest, a bit like you don't know whether your pension will be up or down 10% tomorrow." I think that might need paraphrasing. I'm not a PR wonk.
The honesty would cause less panic than the situation as it stands right now, which is that people discover it anyway because:
(A) borrowers are unable to apply for loans "because of high demand" (I think you mean "low supply"); and
(B) lenders seeking to withdraw find that it is taking much longer than normal but nobody will tell them how long.
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benaj
Member of DD Central
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Post by benaj on Mar 12, 2020 21:32:58 GMT
I am still waiting for a RYI from Monday too but I did get a later one released. I don't think I would be too worried - market conditions are clearly not normal right now and a few days delay is to be expected. Ratesetter are in a difficult position. If they gate withdrawals it will lead to panic. They are sticking to the rehearsed line that withdrawals are subject to whatever relending queue exists at the time and no timescale can be guaranteed. What loans are you holding? I had an RYI (9th March) from the Plus market, paid a fee, released within 48 hours p2pindependentforum.com/post/372334
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Post by aidanw on Mar 12, 2020 21:45:42 GMT
5 Loans in Access @ 3.1% totalling £5,500
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Post by throwaway2501 on Mar 12, 2020 21:49:43 GMT
Ok sounds like 4 weeks would be pretty extreme to wait (although obviously possible) and I’m encouraged that some people are seeing some RYIs coming through. To be honest, I don’t care that it takes longer than 24 hours - it’s just the not knowing whether it could be a really protracted length of time that I find scary.
Please do keep sharing any info on how long your requests are taking.
Bloody virus.
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