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PF
Mar 5, 2020 17:30:47 GMT
Post by Undecided on Mar 5, 2020 17:30:47 GMT
There was a small panic few months ago. People were reporting slow withdrawals and rates went up for a short period 3% at the moment so our money must be safe. ;-)
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PF
Mar 5, 2020 17:33:35 GMT
Post by Undecided on Mar 5, 2020 17:33:35 GMT
The system won't even let me put an order on above 8%!
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tomp
Member of DD Central
Posts: 144
Likes: 75
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PF
Mar 5, 2020 17:35:17 GMT
Post by tomp on Mar 5, 2020 17:35:17 GMT
The system won't even let me put an order on above 8%! I think they have changed the rules since then
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PF
Mar 5, 2020 17:52:40 GMT
Post by df on Mar 5, 2020 17:52:40 GMT
Annoyingly, the last loans in to Access for me were >9%. Does anyone know, the "last in first out" principle, does that get reset each time the Access loans are renewed (i.e. monthly) or does it go back to the actual order of initial matching (like in the 5 year/1 year)? Wow, how did you manage to get 9% in Access? There were a number of occasions when the rates went way above normal. I recall 9% on Rolling (predecessor of access) last year. To get higher rates you need to constantly watch the space, either sign in to RS or read RS board on this forum. If you get one of those, beware that they often repay very early. I think it's just the way RS is dealing with temporary cash deficit (I might be wrong). I don't know if 9% miracle will ever happen again, but very recently I've been matched 5.9%, 6%, and 6.6% chunks on Max.
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PF
Mar 6, 2020 12:56:07 GMT
Post by drphil on Mar 6, 2020 12:56:07 GMT
The PF in terms of available cash is very low and will soon vanish when defaults created by Covid-19 hit home over the next few weeks/months. Cannot see RS avoiding a lock in of lenders plus a haircut. Been with RS since the beginning and made great returns however decided to cash out all of my lending last Friday. Made the request in the morning Friday, money available by the afternoon and back in my bank account this Monday. Very smooth and efficient. Going to stay pretty liquid until this all blows over or not especially as Mrs Dorset and myself are in the high risk age band. If it turns into a V shape recovery then we are well positioned to take advantage. Started to implement a withdrawal strategy myself (albeit very gradual) on Wednesday. As a first step, increased required re-investment rates significantly.
The detailed discussion of stats within this thread is fine, but all of this is before we see any (known) significant effects of the virus which surely are now inevitable?
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jane
Posts: 145
Likes: 214
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PF
Mar 6, 2020 16:01:52 GMT
Post by jane on Mar 6, 2020 16:01:52 GMT
Back in September the Ratesetter CEO stated that unless additional funding could be secured in the next 12 months then there were would be doubt over whether Ratesetter could continue as a going concern. Not seen any news about RS securing any funding yet.
So what do people think is more likely to happen: - PF starting to run dry
- RS cash running dry leading to them going under
- Neither
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PF
Mar 6, 2020 16:02:46 GMT
Post by settersam on Mar 6, 2020 16:02:46 GMT
Like a few others I haven’t been reinvesting loan repayments. On Monday evening I decided to transfer the cash balance from my ratesetter ISA to my interactive investor ISA ready for any sign of a rebound in shares.
I’ve just received an email from II to say the transfer is complete - very impressive!!
Well done to ratesetter.
edit: I can see the PF running dry, hence my decision to transfer cash.
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cb25
Posts: 3,522
Likes: 2,666
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PF
Mar 6, 2020 16:17:33 GMT
Post by cb25 on Mar 6, 2020 16:17:33 GMT
Back in September the Ratesetter CEO stated that unless additional funding could be secured in the next 12 months then there were would be doubt over whether Ratesetter could continue as a going concern. Not seen any news about RS securing any funding yet.
So what do people think is more likely to happen: - PF starting to run dry
- RS cash running dry leading to them going under
- Neither
If that was in an article, do you have a link to it?
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ashtondav
Member of DD Central
Posts: 1,805
Likes: 1,087
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PF
Mar 6, 2020 16:46:53 GMT
jlend likes this
Post by ashtondav on Mar 6, 2020 16:46:53 GMT
On the contrary, RS have been stating proximity of profitability and are well financed.
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jane
Posts: 145
Likes: 214
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PF
Mar 6, 2020 17:07:35 GMT
cb25 likes this
Post by jane on Mar 6, 2020 17:07:35 GMT
Back in September the Ratesetter CEO stated that unless additional funding could be secured in the next 12 months then there were would be doubt over whether Ratesetter could continue as a going concern. Not seen any news about RS securing any funding yet.
So what do people think is more likely to happen: - PF starting to run dry
- RS cash running dry leading to them going under
- Neither
If that was in an article, do you have a link to it? It was in the annual report / accounts - you can find it on the companies house website (Retail Money Market Ltd)
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cobi
Member of DD Central
Posts: 76
Likes: 80
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PF
Mar 8, 2020 16:39:33 GMT
Post by cobi on Mar 8, 2020 16:39:33 GMT
I can find in Accounts March 2018 CEO saying a further cash injection will be required. In the 2019 accounts it details a cash injection of £15m in December 2018 but I can't find anything saying they needed another capital raise.
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PF
Mar 8, 2020 21:03:35 GMT
cobi and cb25 like this
Post by settersam on Mar 8, 2020 21:03:35 GMT
16 Oct 2019 Group of companies' accounts made up to 31 March 2019 Page Numbers 6/7 “going concern” (8th/9th page within pdf including table of contents etc)
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ashtondav
Member of DD Central
Posts: 1,805
Likes: 1,087
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Post by ashtondav on Mar 9, 2020 8:45:19 GMT
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PF
Mar 9, 2020 16:35:18 GMT
Post by skidrow on Mar 9, 2020 16:35:18 GMT
Many thanks to r00lish67 for flagging up the rapid deterioration of the PF.
I've been giving this some serious thought over the past couple of weeks and initially decided to wait and see. However as the news of Covid-19 continues to unfold as feared and global stock markets take fright, the downside risk to both business and personal lending seems just too high. It now seems highly likely that the economy will slow and many people could find their pay packets diminished.
For me, this is not a time to be invested in unsecured personal loans. However, Ratesetter have been extremely quick in making my money available, just a couple of hours. There must be many contented investors out there and I wish them well. If my caution turns out to be excessive then I'll be delighted. Methinks that the stock market might have a few opportunities one day.
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benaj
Member of DD Central
Posts: 4,862
Likes: 1,591
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PF
Mar 9, 2020 16:53:11 GMT
Post by benaj on Mar 9, 2020 16:53:11 GMT
Many thanks to r00lish67 for flagging up the rapid deterioration of the PF. I've been giving this some serious thought over the past couple of weeks and initially decided to wait and see. However as the news of Covid-19 continues to unfold as feared and global stock markets take fright, the downside risk to both business and personal lending seems just too high. It now seems highly likely that the economy will slow and many people could find their pay packets diminished. For me, this is not a time to be invested in unsecured personal loans. However, Ratesetter have been extremely quick in making my money available, just a couple of hours. There must be many contented investors out there and I wish them well. If my caution turns out to be excessive then I'll be delighted. Methinks that the stock market might have a few opportunities one day. Be warned, the couple of hours availability is not guaranteed. See this RYI thread p2pindependentforum.com/post/372104/thread
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