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Post by bernythedolt on Oct 29, 2019 18:06:03 GMT
The fun didn't last. Four orders all repaid early today after one week. Curses...mine too.
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Post by erniec on Oct 29, 2019 20:00:29 GMT
I must be lucky. I have a very large amount at 5.4% in the 1 yr still running from end August.
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ashtondav
Member of DD Central
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Post by ashtondav on Oct 30, 2019 7:45:08 GMT
Just for fun I put 50 quid in the max market at “going rate” a couple of days ago.
It still hasn’t gone!
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benaj
Member of DD Central
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Post by benaj on Oct 30, 2019 7:49:00 GMT
Just for fun I put 50 quid in the max market at “going rate” a couple of days ago. It still hasn’t gone! It's time to learn the new game. My last "going rate" matched took after 96 hours.
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macq
Member of DD Central
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Post by macq on Oct 30, 2019 8:17:55 GMT
Just for fun I put 50 quid in the max market at “going rate” a couple of days ago. It still hasn’t gone! It's time to learn the new game. My last "going rate" matched took after 96 hours. and there's others playing their own game offering down to at least 0.3% below GR
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Post by Ace on Oct 30, 2019 8:24:37 GMT
Rates are just too low. It's time to deliver Rexit.
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Post by Badly Drawn Stickman on Oct 30, 2019 8:29:47 GMT
It's time to learn the new game. My last "going rate" matched took after 96 hours. and there's others playing their own game offering down to at least 0.3% below GR I have not been paying much attention, but the game is clearly not Cricket. Seems to be a form of snooker where only red balls are on the table, occasionally a yellow appears on the one year market but not everybody has a cue at that time.
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macq
Member of DD Central
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Post by macq on Oct 30, 2019 8:57:07 GMT
it feels like RS are hampered by their name or how the product is perceived from the older model and that if they set fixed rates they will look like other platforms.If they needed to change the product for margins & profit why not set the 3 rates weekly/monthly ( only Two would be better access & max) and call it market rate,going rate or whatever sounds good this month. Then remove the choice of setting below the set rate for borrower & lender in the new products and at the most allow a premium so keeping true to the name.They could then keep the One year & Five year as the old style market forces product or even set a new time frame not used by the other 3 products maybe say 18 months & 3 years
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r00lish67
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Post by r00lish67 on Oct 30, 2019 9:29:19 GMT
Rates are just too low. It's time to deliver Rexit. Rexit means Rexit. To be honest, in this very very low rate environment ( 1 year FSCS savings have now fallen to 1.75%) I could see myself in time accepting "Max" at 5% except I really just find this mandatory 90-day interest release fee offputting. Is there another P2P product with a mandatory exit fee? If not, there's a reason - leaves a bad taste. Therefore, I propose a managed No-Deal i.e. I get to run off my 7% contracts in peace
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Post by propman on Oct 30, 2019 10:21:59 GMT
Rates are just too low. It's time to deliver Rexit. Rexit means Rexit. To be honest, in this very very low rate environment ( 1 year FSCS savings have now fallen to 1.75%) I could see myself in time accepting "Max" at 5% except I really just find this mandatory 90-day interest release fee offputting. Is there another P2P product with a mandatory exit fee? If not, there's a reason - leaves a bad taste. Therefore, I propose a managed No-Deal i.e. I get to run off my 7% contracts in peace I'm sure you (and most posters) know, but for any confused newbies, you can run them off in all but the most extraordinary conditions. just set relending to the highest rate allowed and when you want to withdraw (or make serious offers) go in and first cancel the offers created at that rate (ie what we have all been doing on the rollinv market since the previous changes).
I remember Zopa saying when it was still a market that they had a huge amount was left building up in holding accounts (at the time a mo ths lending worth!). Apparently many of the uninitiated made an offer which became a loan but was not looked at. Presumably they thought that a 3 year loan would stay lent for 3 years so didn't appreciate that the loan was repaid during its term. There were even a few questions on the forum complaining that their return was less than the AER quoted through a single loan during its term. I imagine RS are trying to address this by forcing the reinvestment if no active measures are taken. They wouldn't want passive undemanding money unlent, the rate might recover!
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r00lish67
Member of DD Central
Posts: 2,691
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Post by r00lish67 on Oct 30, 2019 10:59:03 GMT
Rexit means Rexit. To be honest, in this very very low rate environment ( 1 year FSCS savings have now fallen to 1.75%) I could see myself in time accepting "Max" at 5% except I really just find this mandatory 90-day interest release fee offputting. Is there another P2P product with a mandatory exit fee? If not, there's a reason - leaves a bad taste. Therefore, I propose a managed No-Deal i.e. I get to run off my 7% contracts in peace I'm sure you (and most posters) know, but for any confused newbies, you can run them off in all but the most extraordinary conditions. just set relending to the highest rate allowed and when you want to withdraw (or make serious offers) go in and first cancel the offers created at that rate (ie what we have all been doing on the rollinv market since the previous changes).
I remember Zopa saying when it was still a market that they had a huge amount was left building up in holding accounts (at the time a mo ths lending worth!). Apparently many of the uninitiated made an offer which became a loan but was not looked at. Presumably they thought that a 3 year loan would stay lent for 3 years so didn't appreciate that the loan was repaid during its term. There were even a few questions on the forum complaining that their return was less than the AER quoted through a single loan during its term. I imagine RS are trying to address this by forcing the reinvestment if no active measures are taken. They wouldn't want passive undemanding money unlent, the rate might recover!
Call me a confused newbie then! I didn't realise that could be done, I was labouring under the illusion that the money would be automatically reinvested at whatever rate you had achieved initially a bit like it is for rolling/access except for cap/interest too. If that's not the case then it seems a bit more appealing..
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ceejay
Posts: 971
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Post by ceejay on Oct 30, 2019 11:26:06 GMT
I must be lucky. I have a very large amount at 5.4% in the 1 yr still running from end August. Likewise. I've had a few loans placed in the 1Yr market since the last change, all at what I consider to be acceptable rates, and no repayments yet. I guess I'll stick around as long as this continues to be the case, though who knows how long that will be?
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macq
Member of DD Central
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Post by macq on Oct 30, 2019 11:34:53 GMT
Rates are just too low. It's time to deliver Rexit. Rexit means Rexit. To be honest, in this very very low rate environment ( 1 year FSCS savings have now fallen to 1.75%) I could see myself in time accepting "Max" at 5% except I really just find this mandatory 90-day interest release fee offputting. Is there another P2P product with a mandatory exit fee? If not, there's a reason - leaves a bad taste. Therefore, I propose a managed No-Deal i.e. I get to run off my 7% contracts in peace Would agree about the fee being off putting with the new products as effectively they have created a fixed rate product but with no fixed term to exit fee free.You could just imagine the press if a bank/BS launched the same idea i.e. pay to get your savings back(yes you maybe able to set your repayments high & then withdraw but its a faff).If RS can only survive by charging a fee it should be built into the spread between lender & borrower.The new product penalise's people by charging them more the longer their money is invested and the money grows and which in a sense is a penalty for loyalty in staying long term
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robski
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Post by robski on Oct 30, 2019 13:36:00 GMT
Rexit means Rexit. To be honest, in this very very low rate environment ( 1 year FSCS savings have now fallen to 1.75%) I could see myself in time accepting "Max" at 5% except I really just find this mandatory 90-day interest release fee offputting. Is there another P2P product with a mandatory exit fee? If not, there's a reason - leaves a bad taste. Therefore, I propose a managed No-Deal i.e. I get to run off my 7% contracts in peace Would agree about the fee being off putting with the new products as effectively they have created a fixed rate product but with no fixed term to exit fee free.You could just imagine the press if a bank/BS launched the same idea i.e. pay to get your savings back(yes you maybe able to set your repayments high & then withdraw but its a faff).If RS can only survive by charging a fee it should be built into the spread between lender & borrower.The new product penalise's people by charging them more the longer their money is invested and the money grows and which in a sense is a penalty for loyalty in staying long term Personally I dont see the minor difference in needing to set a rate for reinvestment that wont as having any real difference between MAX and 5 year. I fact MAX for most would have a lower sell out fee than 5 year for most, and the liquidity is just the same. Both allow fee free as long as you wait for loans to pay back (from whatever source)
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aju
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Post by aju on Oct 30, 2019 15:24:11 GMT
So I put £21.43 onto the new Access at MR(3%) yesterday and it came through today approx 26 hours later. Not sure though that I want to put money into things at this lower rate but I was curious.
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