|
Post by kevin1841 on Feb 3, 2020 11:43:42 GMT
I have no idea how, but I've ended up here, which appears to be a really useful place to be: members.ratesetter.com/your_lending/money_on_loan/by_product_on_loan.aspx?pid=1So my first question is, how did I get there (I've been though all the menus but can't see the route), and can I view the same thing for Plus, Max, 1yr, & 5yr? My second question is, I've set my loan rate to 4% for Access. The idea being that the money should sit there unmatched so that I can cancel the order and re-invest in the produce offering the best rates at the time. This strategy seems to be working for the other products, but today Access orders went through at 3% and 3.3%? Am I missing something?
|
|
robski
Member of DD Central
Posts: 772
Likes: 462
|
Post by robski on Feb 3, 2020 11:51:27 GMT
Cant see your details (obviously)
Are the ones you mention simple loans rolling over, so loans written at those rates originally? These types of loan create a new one each month as the loan makes monthly repayments
Oh and to navigate there, I think you want to go to your portfolio, select a type (access/plus/max etc) then on the next screen us ethe dropdown and select your money on loan
Is that the same screen?
|
|
|
Post by kevin1841 on Feb 3, 2020 12:02:56 GMT
Thanks robski, I feel like an idiot now! Yes, it's the same screen, and of course it works for all the other products...
And you're right about the loans too. I thought they were new loans but on closer inspection they are existing loans rolling over.
I just hope I can get through the rest of the week in a sensible manner!
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 702
Likes: 463
|
Post by coogaruk on Feb 3, 2020 12:41:43 GMT
My second question is, I've set my loan rate to 4% for Access. The idea being that the money should sit there unmatched so that I can cancel the order and re-invest in the produce offering the best rates at the time. Given the recent spikes I suggest you may have set that way too low. (mine was previously set at 3.9% for same reason but last week I managed 5.4% for a new order on Access and note some others appear to have achieved up to 5.8%)
|
|
robski
Member of DD Central
Posts: 772
Likes: 462
|
Post by robski on Feb 3, 2020 13:37:57 GMT
Thanks robski, I feel like an idiot now! Yes, it's the same screen, and of course it works for all the other products... And you're right about the loans too. I thought they were new loans but on closer inspection they are existing loans rolling over. I just hope I can get through the rest of the week in a sensible manner! ha no worries, glad to help No need to feel like an idiot when navigating RS screen flow, infact I think it was designed by idiots, so it may say more about me than you, maybe it takes an idiot to understand what the idiots have coded
|
|
nyneil
Member of DD Central
Posts: 348
Likes: 435
|
Post by nyneil on Feb 3, 2020 19:28:57 GMT
I have my Access reinvestment rate set at 4.8 and when i had a cash balance, last week, set the rate at 4.9%. I now see the money has been invested at 3.4%?? Has anyone else had this happen?
|
|
aju
Member of DD Central
Posts: 3,480
Likes: 917
|
Post by aju on Feb 4, 2020 0:37:44 GMT
I have my Access reinvestment rate set at 4.8 and when i had a cash balance, last week, set the rate at 4.9%. I now see the money has been invested at 3.4%?? Has anyone else had this happen? As robski pointed out above, the loans you are seeing that are lending at lower than your relend setting are not actually finished loans but loans that are lent at 3.4% a while ago and they just recycle each month at the original lend rate. Other money that is returned as part of the lending returns will be the ones that are relent at your set rates. The odd thing about RS is that Access and 1Y (not everyone sees the 1Y) seem to have monthly loans that are recycled for as long as the lending period lasts. You can check the lending period by looking at individual loans details.
|
|
|
Post by Deleted on Feb 4, 2020 9:27:58 GMT
I don't have any 1Y loans that repay monthly - they all repay in full at the end of the term. It could just be my loan book though.
|
|
ceejay
Posts: 970
Likes: 1,149
|
Post by ceejay on Feb 4, 2020 10:15:01 GMT
I don't have any 1Y loans that repay monthly - they all repay in full at the end of the term. It could just be my loan book though. They are all like that. Not sure what aju was referring to - perhaps 5y?
|
|
aju
Member of DD Central
Posts: 3,480
Likes: 917
|
Post by aju on Feb 4, 2020 10:44:37 GMT
I don't have any 1Y loans that repay monthly - they all repay in full at the end of the term. It could just be my loan book though. They are all like that. Not sure what aju was referring to - perhaps 5y? Yeah I may have got that one wrong but the thing to note is that Access is a monthly thing for loans that could be running for some time. You can look in each loans details. What is happening is that the loans are not monthly as such they are just recycled at the same rates. I have an Access one that is doing this at 6.4% (I was very lucky early on) and the way RS presents some of these makes it very difficult to see funds coming in that are recycled at the original rate and new relend rates. (I have my 5Y loans relending into the 1Y most of the time so that makes it doubly confusing. I can't find them at the moment as I only keep my loans spreadsheet relative to the initial loan and its length I have to be particularly careful if I am moving from the 1Y where all my relend catcher is and my Access returning money so that I don't inadvertently take money from the "holding" that is assigned to my 6.4% and re-route to the lower rates manually when I login. Last thing I want to do is route returned money to the Access or the 1Y, my primary targets at present, since I only come in and check on buildup dates that I monitor. Sometime there will be money in the holding that is in transit and I have to be careful its not recycled loan money on better rates. The only way I can tell recycled access money sitting in holding is to check where it came from in the transactions and checked against my list by loan number not by contract number since access loans all get a new contract number every time they are recycled for the next month. Sorry if this is confusing but sadly RS makes it very confusing by the way it presents its data to us at present. I have seen this happening in either the 1Y or the 5Y and others have noted it elsewhere but I cannot find it amongst my loans at present. Ignore what I am saying if you are not moving returned money around from product to product to get best rates possible but if you are be aware that not all money showing in holding as available is truly available without the consequence of routing it to a different lesser rate in error. This is also complicated by the confusion in closed loans info as well. Since these 1 month loans are closed and re-created. .....I'm just getting deeper and deeper trying to explain this without the time to go and gather all the relevant info I have in my loanbook and still not documenting this in my notes - Mrs Aju wants to go shopping yet again!.
|
|
|
Post by Deleted on Feb 4, 2020 11:19:03 GMT
I don't think you can accidentally reassign loans that are relent automatically, as the money to be relent will appear in the "Amount on market" but won't show as unmatched (ie it matches as soon as it's repaid, although may take some hours to be fully processed and create the new entry for the now slightly smaller old loan).
For example, an Access loan has an amount outstanding of £200. Say £10 is due to be repaid, consisting of £9 capital and £1 interest: - The full £200 shows as repaid - A further £1 will be credited as interest - A lend order will be generated for £191 (200 - 9 capital repaid) - this order cannot be cancelled and matches straight away at the original rate, so no risk of losing that rate. - The remaining £10 (9 + 1 interest) goes to holding where it will be combined with any other repayments and relent according to your settings - this can be extracted before a new order is created and, of course, the relend rate can be set high to stop it being relent at all.
Apologies if you already knew that!
|
|
robski
Member of DD Central
Posts: 772
Likes: 462
|
Post by robski on Feb 4, 2020 11:24:33 GMT
I don't think you can accidentally reassign loans that are relent automatically, as the money to be relent will appear ion the "Amount on market" but won't show as unmatched (ie it matches as soon as it's repaid, although may take some hours to be fully processed and create the new entry for the now slightly smaller old loan). For example, an Access loan has an amount outstanding of £200. Say £10 is due to be repaid, consisting of £9 capital and £1 interest: - The full £200 shows as repaid - A further £1 will be credited as interest - A lend order will be generated for £191 (200 - 9 capital repaid) - this order cannot be cancelled and matches straight away at the original rate, so no risk of losing that rate. - The remaining £10 (9 + 1 interest) goes to holding where it will be combined with any other repayments and relent according to your settings - this can be extracted before a new order is created and, of course, the relend rate can be set high to stop it being relent at all. Apologies if you already knew that! Agree this is how it works. You cant really see the matching "reloan" either, it shows in your summaries but not in the details until the loan is fully setup. I find this takes longer than normal loans so maybe some sort of background batching or something to keep the normal processes more snappy. The amounts that are being scooped up and setup for new lending I cant work out if you can or cannot cancel them. Sometimes i seem to manage, others not. Eventually you can cancel anything, but those auto relending ones seem wierd. Again it could be something batch orientated so maybe you can trigger a rate change/cancellation etc but its not actually actioned as its locked or something (would make sense if your batch processing to lock records until the batch is processed so you can do a rollback if it goes very wrong, always good practice in a batch processing world)
|
|
aju
Member of DD Central
Posts: 3,480
Likes: 917
|
Post by aju on Feb 4, 2020 11:38:32 GMT
Are we sure these are locked, I definitely see money in holding for less than a day I'll grant you and perhaps they have fixed this recently but I definitely have done this wrongly in the past I just can't remember where/when it was I just made a mental note to avoid this next time. I only ever am relending from 5Y into the 1Y and am hitting access when the rates are good. I'm happy to accept what you say but have you actually tried it and failed, I know I made this in error quite a while ago and just put it down to my stupidity and cwap software. I'm happy to be mistaken but I'll just keep making sure I don't try to do this in case its not trapped correctly unless the rates might be in my favour of course. (Looking at the holes in screens that have been half changed on RS I'll err on the safe side I think!) Also I personally would always assume any batch processes could be held up by connected late finishing connected processes but hey I could be wrong. Perhaps I just caught the sweep in mid flow and managed to re-route it before it was trapped who knows.
|
|
robski
Member of DD Central
Posts: 772
Likes: 462
|
Post by robski on Feb 4, 2020 12:07:05 GMT
Are we sure these are locked, I definitely see money in holding for less than a day I'll grant you and perhaps they have fixed this recently but I definitely have done this wrongly in the past I just can't remember where/when it was I just made a mental note to avoid this next time. I only ever am relending from 5Y into the 1Y and am hitting access when the rates are good. I'm happy to accept what you say but have you actually tried it and failed, I know I made this in error quite a while ago and just put it down to my stupidity and cwap software. I'm happy to be mistaken but I'll just keep making sure I don't try to do this in case its not trapped correctly unless the rates might be in my favour of course. (Looking at the holes in screens that have been half changed on RS I'll err on the safe side I think!) Also I personally would always assume any batch processes could be held up by connected late finishing connected processes but hey I could be wrong. Perhaps I just caught the sweep in mid flow and managed to re-route it before it was trapped who knows. Well I would never say never with RS, but you would cause them a problem if you managed to IIRC early on you could see the money in holding, but when you tried to send it, relend it manually, etc it wouldn't actually do anything
|
|
nyneil
Member of DD Central
Posts: 348
Likes: 435
|
Post by nyneil on Feb 4, 2020 14:24:05 GMT
I have my Access reinvestment rate set at 4.8 and when i had a cash balance, last week, set the rate at 4.9%. I now see the money has been invested at 3.4%?? Has anyone else had this happen? As robski pointed out above, the loans you are seeing that are lending at lower than your relend setting are not actually finished loans but loans that are lent at 3.4% a while ago and they just recycle each month at the original lend rate. Other money that is returned as part of the lending returns will be the ones that are relent at your set rates. The odd thing about RS is that Access and 1Y (not everyone sees the 1Y) seem to have monthly loans that are recycled for as long as the lending period lasts. You can check the lending period by looking at individual loans details. Thanks aju. At the same time as I posed the question here, I also emailed RS. Their reply confirms what has been discussed here. Quote: For example; If you invest £1000 and this is matched to borrower for 10 months and they have a monthly repayment of £100 this amount will be reinvested at the rate you choose and the remaining amount of the loan (£900) will be fixed at the original rate going back to the same borrower.
|
|