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PF
Mar 9, 2020 17:47:06 GMT
benaj likes this
Post by skidrow on Mar 9, 2020 17:47:06 GMT
Perhaps I should have been clearer. The money was in my holding account a couple of hours after initiating the sale.
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PF
Mar 12, 2020 9:29:51 GMT
Post by aidanw on Mar 12, 2020 9:29:51 GMT
I'm still waiting for my Access RYI requested Monday morning. I found £5,000 in my ISA holding account this morning but alas it was another default. My ordinary account had a similar size default last week.
Both of these had highish APRs (14.9 and 16.9%) so they are probably sub-prime to begin with. Nonetheless, if - and this is a big if - these defaults are representative of an increase in defaults I think the PF is going to be seriously tested in the weeks ahead.
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Stonk
Stonking
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PF
Mar 12, 2020 9:33:29 GMT
Post by Stonk on Mar 12, 2020 9:33:29 GMT
I'm still waiting for my Access RYI requested Monday morning. I found £5,000 in my ISA holding account this morning but alas it was another default. My ordinary account had a similar size default last week. Both of these had highish APRs (14.9 and 16.9%) so they are probably sub-prime to begin with. Nonetheless, if - and this is a big if - these defaults are representative of an increase in defaults I think the PF is going to be seriously tested in the weeks ahead.
How do you equate money appearing in your holding account with a loan defaulting?
Surely that's an early repayment -- the diametric opposite of a default. Anyway, RS don't tell you about individual defaults.
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Post by aidanw on Mar 12, 2020 9:58:37 GMT
Well I looked at repaid loans for the month and in the loan repayment detail it clearly says it's a default:
Has the provision fund made a repayment on behalf of the borrower? Yes Has the borrower defaulted? Yes Does Ratesetter consider that the borrower will repay in full? No
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Stonk
Stonking
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PF
Mar 12, 2020 10:48:18 GMT
Post by Stonk on Mar 12, 2020 10:48:18 GMT
Well I looked at repaid loans for the month and in the loan repayment detail it clearly says it's a default: Has the provision fund made a repayment on behalf of the borrower? Yes Has the borrower defaulted? Yes Does Ratesetter consider that the borrower will repay in full? No
Thanks - very interesting.
So it appears that the borrower defaulted and the PF immediately repaid the loan to you in full. This is not how I thought it worked at all. I thought the PF was supposed to continue making monthly payments as if the loan was still running.
If this is how it works, no wonder the PF is being depleted so fast!
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benaj
Member of DD Central
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PF
Mar 12, 2020 11:00:33 GMT
aju likes this
Post by benaj on Mar 12, 2020 11:00:33 GMT
Stop worrying about the PF, the new bonus promotion suggests RS have "cash" by performing various "magic tricks" to cover all the investment.
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aju
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PF
Mar 12, 2020 15:09:54 GMT
Post by aju on Mar 12, 2020 15:09:54 GMT
Stop worrying about the PF, the new bonus promotion suggests RS have "cash" by performing various "magic tricks" to cover all the investment. Thats's Magic! (Paul Daniels favourite catch phrase)
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