benaj
Member of DD Central
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Post by benaj on Sept 11, 2020 12:41:38 GMT
I am coming to the end of my last few 1 year loans. I am wondering whether it is sensible to get a £10 loan to maintain access to the market or pointless because the 1 and 5 year markets don't have any future anyway. Anyone have any thoughts? I prefer the 1 year and 5 year loan parts. They get repaid earlier and I like to have extra access for myself.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
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Post by beagle on Sept 11, 2020 14:04:24 GMT
I am in a similar position and agree with beagle above. I am going to let the loans repay and I will lose access to the 1Y market. I also have a few 5 year loans each less than £10. Is there any way to cash these in eg by closing down the account completely? Just to tidy things up really. if you close your RS totally you can ask and they will do that
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coogaruk
Hello everyone! Anyone remember me?
Posts: 702
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Post by coogaruk on Sept 11, 2020 17:56:48 GMT
I am coming to the end of my last few 1 year loans. I am wondering whether it is sensible to get a £10 loan to maintain access to the market or pointless because the 1 and 5 year markets don't have any future anyway. Anyone have any thoughts? Pointless in my view as the P2P side will end once the Metro Bank acquisition completes. Surely £10 wouldn't be much of a risk though, given the bigger picture.
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Post by erniec on Sept 11, 2020 18:05:54 GMT
I am coming to the end of my last few 1 year loans. I am wondering whether it is sensible to get a £10 loan to maintain access to the market or pointless because the 1 and 5 year markets don't have any future anyway. Anyone have any thoughts? As someone who milked the 1 year, I’ve £20 queuing at 10% in both the ISA and non-ISA queues, just in case they survive.
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Post by ruralres66 on Sept 14, 2020 10:07:02 GMT
Checked my one year queue (as one does when bored with lockdown and watching paint dry...... - literally!).
Saw a large queue jump this morning from 334-282
Well that was a nice surprise this sunny morning!
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corto
Member of DD Central
one-syllabistic
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Post by corto on Sept 14, 2020 11:04:37 GMT
access also jumped 40 since 11/9
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Post by Deleted on Sept 14, 2020 11:56:35 GMT
I am in a similar position and agree with beagle above. I am going to let the loans repay and I will lose access to the 1Y market. I also have a few 5 year loans each less than £10. Is there any way to cash these in eg by closing down the account completely? Just to tidy things up really. if you close your RS totally you can ask and they will do that I took your advice but RS won't cash in loans less than £10. You must wait for all loans to reach maturity or RS to fold, whichever comes sooner.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Sept 14, 2020 14:51:59 GMT
if you close your RS totally you can ask and they will do that I took your advice but RS won't cash in loans less than £10. You must wait for all loans to reach maturity or RS to fold, whichever comes sooner. If you are closing your account in full and had your money back with exception to contracts sub 10 pounds that doesn't mean you must stay. Nonsense stand your ground and get your money back. Given you had all other funds and want to close the account. Maybe they misunderstood. otherwise i wouldn't accept that no chance.
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Post by Deleted on Sept 14, 2020 15:22:09 GMT
I took your advice but RS won't cash in loans less than £10. You must wait for all loans to reach maturity or RS to fold, whichever comes sooner. If you are closing your account in full and had your money back with exception to contracts sub 10 pounds that doesn't mean you must stay. Nonsense stand your ground and get your money back. Given you had all other funds and want to close the account. Maybe they misunderstood. otherwise i wouldn't accept that no chance. They say I must stay. I've had various compensation payments from them in the past but don't believe I'd win this one so won't waste my time. I'm sure they're not bothered about reputation risk with the Metro deal looming as they won't need or want investors any more.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Sept 14, 2020 15:25:35 GMT
If you are closing your account in full and had your money back with exception to contracts sub 10 pounds that doesn't mean you must stay. Nonsense stand your ground and get your money back. Given you had all other funds and want to close the account. Maybe they misunderstood. otherwise i wouldn't accept that no chance. They say I must stay. I've had various compensation payments from them in the past but don't believe I'd win this one so won't waste my time. I'm sure they're not bothered about reputation risk with the Metro deal looming as they won't need or want investors any more. compensation about the exact same issue. if you are actually shutting down and walking. escalate it. their manager and head of get stuff done.
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Post by ruralres66 on Sept 15, 2020 13:31:35 GMT
Checked my one year queue (as one does when bored with lockdown and watching paint dry...... - literally!).
Saw a large queue jump this morning from 334-282
Well that was a nice surprise this sunny morning!
217 now yipee!
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benaj
Member of DD Central
Posts: 4,830
Likes: 1,586
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Post by benaj on Sept 21, 2020 9:03:14 GMT
Someone offers lending 2.5k @ 0.6% on 1 year market, seriously??? willing to accept 0.3%+ return
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coogaruk
Hello everyone! Anyone remember me?
Posts: 702
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Post by coogaruk on Sept 21, 2020 10:01:50 GMT
Someone offers lending 2.5k @ 0.6% on 1 year market, seriously??? willing to accept 0.3%+ return Doesn't look as if I'll be diverting any of my 5yr money to reinvest there anytime soon. If ever.
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ceejay
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Post by ceejay on Oct 29, 2020 0:47:39 GMT
Well, today (technically yesterday as I'm writing this in the small hours) RS caught up with the 1Y RYI queue. Well done!
The 1Y was always my favourite market with RS, mainly because it seemed to me that in the event of something bad - but short of catastrophe - I'd only have to wait at most 12 months before getting my money out, and it looks like I was right! Over the last 7 months my 1Y money has mostly repaid naturally, so there's only a small amount left ... with today's news, and the thought that my main exposure here was still a few months from repaying (and in default, so unlikely to repay early), I've just bitten the bullet and accepted the charge of a few pounds to exit completely.
And, once gone, of course, I can't get back even if I want to.
It's a shame, I did like the 1Y market. Then again, I also liked the GS offering for fairly similar reasons, though thankfully I got out of that one in plenty of time.
So, assuming that my RYI completes fairly quickly (I'm in single digits in a queue) I'll be reduced to a small rump holding in Access, which might or might not repay naturally before its RYI hits.
So long, and thanks for all the fish!
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Post by erniec on Oct 29, 2020 13:42:42 GMT
ceejay Just put a small amount in the 1 year queue at the highest rate possible to maintain access. Attachments:
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