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Post by erniec on Dec 12, 2019 20:20:46 GMT
.... to get the new rates down? It would appear from the current market that we lenders are unwilling to go as low as RateSetter want:
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aju
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Post by aju on Dec 13, 2019 0:13:48 GMT
.... to get the new rates down? It would appear from the current market that we lenders are unwilling to go as low as RateSetter want: Perhaps their engine is wrong in that many people would be on GR from the start rates and they forgot to change the engine to use GR rather they converted the GR to a rate value and its now stuck at that - probably not that but I'm not really that bothered as trying to move most stuff over to the 1Y at present. Also they stopped the emails so it may even be that people are not aware they are stuck in higher rates and need to move them down. I'm probably misunderstanding the GR and rates setting and holding at them as I don;t think I've lent a penny at fixed rate settings since we started in ratesetter a year and 2 months ago.
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sl75
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Post by sl75 on Dec 13, 2019 14:31:12 GMT
The new markets forbid lenders from specifying that they want repayments to go directly to the holding account - you're obliged to specify a rate at which you'd be prepared to lend, and manually cancel any unmatched instructions.
Whilst frustrating, I can actually see this as a fairly smart move by RateSetter - it gives them valuable intelligence on what rates lenders who are routinely withdrawing repayments WOULD be prepared to accept, and also provides a more resilient buffer in case money at GR starts to run out.
For the older markets (1Y / 5Y), the opportunity to specify that repayments go to the holding account means that, for lenders who selected that option, they have no information about whether you might be prepared to re-invest that money if only the rates were a little higher... but also means that repayments for many lenders didn't appear on the market at all, even though some of those lenders might have been prepared to re-lend the money if they happened to spot a higher rate available.
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Post by Ace on Dec 13, 2019 16:07:13 GMT
The new markets forbid lenders from specifying that they want repayments to go directly to the holding account - you're obliged to specify a rate at which you'd be prepared to lend, and manually cancel any unmatched instructions.
Whilst frustrating, I can actually see this as a fairly smart move by RateSetter - it gives them valuable intelligence on what rates lenders who are routinely withdrawing repayments WOULD be prepared to accept, and also provides a more resilient buffer in case money at GR starts to run out.
For the older markets (1Y / 5Y), the opportunity to specify that repayments go to the holding account means that, for lenders who selected that option, they have no information about whether you might be prepared to re-invest that money if only the rates were a little higher... but also means that repayments for many lenders didn't appear on the market at all, even though some of those lenders might have been prepared to re-lend the money if they happened to spot a higher rate available.
I totally agree that they could use it for the purpose you started, but I suspect that their intention is more of a hope that the returned cash will be unwittingly relent at low GR rates.
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sl75
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Post by sl75 on Dec 14, 2019 19:46:21 GMT
I totally agree that they could use it for the purpose you started, but I suspect that their intention is more of a hope that the returned cash will be unwittingly relent at low GR rates. Well, I see that right now there's now funds being matched up to GR +0.4%, and maybe some near the start of the queue at GR +0.5%, so the reserve of funds at rates above GR is being tapped and if there was an attempt to have all returned cash "unwittingly" relent at GR, it has failed.
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Post by supernumerary on Dec 15, 2019 9:24:58 GMT
The new markets forbid lenders from specifying that they want repayments to go directly to the holding account - you're obliged to specify a rate at which you'd be prepared to lend, and manually cancel any unmatched instructions. ...strangely that is the way that I have always done it, by specifying the rate I want to lend. If I wanted to withdraw the money, I specified a rate so high it wouldn't be lent and then cancelled it, to withdraw the money. What I find annoying, is the loss of where my lending money is in the queue... For me that was the final nail in the coffin and sadly , I have been withdrawing ever since...
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aju
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Post by aju on Dec 15, 2019 10:37:14 GMT
The new markets forbid lenders from specifying that they want repayments to go directly to the holding account - you're obliged to specify a rate at which you'd be prepared to lend, and manually cancel any unmatched instructions. ...strangely that is the way that I have always done it, by specifying the rate I want to lend. If I wanted to withdraw the money, I specified a rate so high it wouldn't be lent and then cancelled it, to withdraw the money. What I find annoying, is the loss of where my lending money is in the queue... For me that was the final nail in the coffin and sadly , I have been withdrawing ever since... I'm not sure it will suit you but you can still see the position in the queue in the new system its just not as clear but you can work it out if you want to. I've tried to explain the approach here and worked example if you are interested, hopefully its not too hard to follow. I agree though it is a right PITA compared to the old method.
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sl75
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Post by sl75 on Dec 15, 2019 17:29:21 GMT
The new markets forbid lenders from specifying that they want repayments to go directly to the holding account - you're obliged to specify a rate at which you'd be prepared to lend, and manually cancel any unmatched instructions. ...strangely that is the way that I have always done it, by specifying the rate I want to lend. If I wanted to withdraw the money, I specified a rate so high it wouldn't be lent and then cancelled it, to withdraw the money. What I'd normally do too... but the new design practically forces that behaviour, and the specific rate "so high it wouldn't be lent" will vary from lender to lender - some really want out so perhaps have a "protest vote" by selecting the highest rate possible (or in some cases even higher than currently possible, having set up the re-investment order under an older system), but most seem to select a rate that could plausibly be matched in some circumstances. I see that this evening GR + 0.6% has been completely wiped out, and GR +0.7% almost gone. That's probably higher than many investors would have predicted when setting up those orders.
Top tip, by the way, in case there are people who haven't realised it, unlike most P2P platforms, you don't need to cancel the order(s) before requesting a withdrawal - the one-off withdrawal function does that for you if you request an amount high enough to require it.
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aju
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Post by aju on Dec 15, 2019 18:27:05 GMT
...strangely that is the way that I have always done it, by specifying the rate I want to lend. If I wanted to withdraw the money, I specified a rate so high it wouldn't be lent and then cancelled it, to withdraw the money. What I'd normally do too... but the new design practically forces that behaviour, and the specific rate "so high it wouldn't be lent" will vary from lender to lender - some really want out so perhaps have a "protest vote" by selecting the highest rate possible (or in some cases even higher than currently possible, having set up the re-investment order under an older system), but most seem to select a rate that could plausibly be matched in some circumstances. I see that this evening GR + 0.6% has been completely wiped out, and GR +0.7% almost gone. That's probably higher than many investors would have predicted when setting up those orders.
Top tip, by the way, in case there are people who haven't realised it, unlike most P2P platforms, you don't need to cancel the order(s) before requesting a withdrawal - the one-off withdrawal function does that for you if you request an amount high enough to require it.
Those rates, Gr+0.6/0/7 were they in 5Y or 1Y? - I'm not watching either closely at present as our lend went out last Fri in the 1Y and the next lump sums won't arrive until 19th which i'll probably put on at punt rate and join it up with 23/12 well Mrs Aju will . Both my personal E/D and ISA doesn't give up anything until 27/12. I keep a daily eye as part of Email routine reads, before I check the papers etc etc.... Actually Mrs Aju has advised that we are shopping (again) tomorrow apparently it's christmas and she needs the turkey. This retirement malarkey is not all its cracked up to be after all.
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sl75
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Post by sl75 on Dec 15, 2019 21:30:35 GMT
Those rates, Gr+0.6/0/7 were they in 5Y or 1Y? 5Y and 1Y have MR not GR....
GR +0.8% now available for the taking - that's 3.8% in Access thru 4.8% in Max.
Not enough to get my money yet (I'm on 5.x%), but closer than I'd been expecting this weekend.
No idea what's happening on 1Y, but 5Y still has a wall of money at 4.8%.
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aju
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Post by aju on Dec 15, 2019 23:35:48 GMT
Those rates, Gr+0.6/0/7 were they in 5Y or 1Y? 5Y and 1Y have MR not GR....
GR +0.8% now available for the taking - that's 3.8% in Access thru 4.8% in Max.
Not enough to get my money yet (I'm on 5.x%), but closer than I'd been expecting this weekend.
No idea what's happening on 1Y, but 5Y still has a wall of money at 4.8%.
Oops so it is sadly i've never used either MR or GR in the last 12 months we have been lending on 5Y mostly but since the recent changes we have switched to 1Y. We do have some 6.0% ers in access but to be fair they were started when they were rolling so that does not count.
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coogaruk
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Post by coogaruk on Dec 16, 2019 12:45:38 GMT
No idea what's happening on 1Y, but 5Y still has a wall of money at 4.8%.
1Y is at around the 5% mark at the moment.
p.s. thanks for the heads-up on Access. I'd more or less given up on that one too but it's now at around my minimum lending rate so I've cancelled a 1Y order to try my luck there and bring a bit of balance back to my portfolio.
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schism
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Post by schism on Dec 18, 2019 20:18:25 GMT
No idea what's happening on 1Y, but 5Y still has a wall of money at 4.8%.
1Y is at around the 5% mark at the moment.
p.s. thanks for the heads-up on Access. I'd more or less given up on that one too but it's now at around my minimum lending rate so I've cancelled a 1Y order to try my luck there and bring a bit of balance back to my portfolio.
1Y last night had a sprinkling of money at all the % up to around 5.8% (amounts like £63 per 0.1%), today when I have a block come out early go to check and there is close to half a million at 5.5% or less.
Also, when you set your MR% from 5.4%, then 5.5%, then 5.6% the amount queued in front of you doesnt jump to match the amount shown as queued at the individual percentages. Just feels like they are making it up as they go along and hope nobody kicks up.
(1st post of a long time lurker by the way - been reading the forums for a long time now and picked up a lot from you all, many thanks).
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Post by propman on Dec 21, 2019 12:17:48 GMT
On 19th I matched in Max up to 6.5% (although a 5.5% order was untouched). On 18th had a few matches 6-6.3% but all for only just over a month.
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aju
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Post by aju on Dec 21, 2019 14:51:18 GMT
1Y is at around the 5% mark at the moment.
p.s. thanks for the heads-up on Access. I'd more or less given up on that one too but it's now at around my minimum lending rate so I've cancelled a 1Y order to try my luck there and bring a bit of balance back to my portfolio.
1Y last night had a sprinkling of money at all the % up to around 5.8% (amounts like £63 per 0.1%), today when I have a block come out early go to check and there is close to half a million at 5.5% or less.
Also, when you set your MR% from 5.4%, then 5.5%, then 5.6% the amount queued in front of you doesn't jump to match the amount shown as queued at the individual percentages. Just feels like they are making it up as they go along and hope nobody kicks up.
(1st post of a long time lurker by the way - been reading the forums for a long time now and picked up a lot from you all, many thanks). I'm sure it's not the same thing but I've noticed that until the percentage you set actually reaches to the lowest Lender offer it does not change. Also I've noticed for access it seems to show the rate above the one you set rather than in the 1Y and 5Y. Not checked the Plus and Max as they are too hard to get decent rates. You are definitely 4 right about the system being very flakey and they are changing things on the fly most of the time. I was promised yesterday, after pushing real hard for nearly 2 months, that the TrustPilot graphic at the bottom of all member pages will be fixed to show 4.5* as displayed on TP rather than the 5* one that been wrong. Thing is it was promised for the next build release early in the new year but I noticed it appear this morning. The left hand does not know what the right hand is doing I feel. Mind you it was an upheld complaint and I did suggest I would be monitoring it happens before I take the case to the regulators.
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