littleoldlady
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Post by littleoldlady on Aug 28, 2020 8:11:41 GMT
Sometimes an amortising payment goes back on the market and needs cancelling and other times it goes straight into holding. It looks like there's a lower limit, maybe £10, in order to go back on the market. Is that right?
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Post by valueinvestor123 on Aug 28, 2020 8:46:07 GMT
This week so far we have delivered £1.7m of release requests? Who exactly are they releasing this money to? As my position in the queue has barely moved this week then its not being released to A/P/M investors. Can I just check: in order to avoid exit fees from Max, can you cancel being in the queue or once you are in it, you need to still pay it even if you cancel? (Today I got £100 squids, woohooo!)
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aju
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Post by aju on Aug 28, 2020 8:50:26 GMT
This week so far we have delivered £1.7m of release requests? Who exactly are they releasing this money to? As my position in the queue has barely moved this week then its not being released to A/P/M investors. Can I just check: in order to avoid exit fees from Max, can you cancel being in the queue or once you are in it, you need to still pay it even if you cancel? (Today I got £100 squids, woohooo!) If its returned as a function of the selling then fees apply if its just returned money as part of day to day cycles then no fees its yours for free!
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Post by diversifier on Aug 28, 2020 8:54:52 GMT
Yesterday’s RS performance figures (covering to end-July) show that they have started to increase lending: from about £20-21M per month to £26M in July. “Normal pre-Covid” was £50M per month. [among other things, I’m tracking change in “Total Lent” each month]
That would certainly explain why the APM RYI queue suddenly stalled around July 24th. It’s £5M which “should” have gone to RYI that they lent out instead. About £1.1m on the weekly RYI figures. Caveat as always: never entirely believe one data point. We need to confirm with next months figures, by which time we will be two months out of date.
If this is real, Rhydian has broken his 50/50 lending/RYI split non-contractual-statement. The timing is fairly aligned with the announcement of Metro acquisition on Aug 3rd a couple of weeks later. RS must have committed a certain level of ongoing lending as a pre-condition of the Metro deal. Looking back on their statements, in classic style they have used language “economically”. They’ve publically mentioned their lending “commitments”, and we’ve assumed that was commitments to loan distributors (which it still might be), but quite possibly it could be a deliberately vague reference to commitment to *Metro*. If so, there will be a specific fixed monthly lending value which they aren’t telling us - the £26m would cover a partial month during a policy change, we’ll find out in next months figures. Depending on your perspective, this is either bad (RS demonstrate that investor interests are being mangled and de-prioritised) or good (the reducing weekly RYI figures are due more to increasing lending than reducing reinvestment; the former can be reversed ad hoc, the latter won’t be).
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Aug 28, 2020 9:08:58 GMT
RS say that £32m in the queue has been cancelled (and IMO this accounts for much of the movement from position 100+). And yet nobody on here can think of a reason to cancel. Strange. If you are 5 year and 1.5% capital fee for a early sellout suddenly adds up. I for one would be paying over 10k. so why would i not cancel and let the 5 year move organically.
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aju
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Post by aju on Aug 28, 2020 9:13:40 GMT
Yesterday’s RS performance figures (covering to end-July) show that they have started to increase lending: from about £20-21M per month to £26M in July. “Normal pre-Covid” was £50M per month. [among other things, I’m tracking change in “Total Lent” each month] That would certainly explain why the APM RYI queue suddenly stalled around July 24th. It’s £5M which “should” have gone to RYI that they lent out instead. About £1.1m on the weekly RYI figures. Caveat as always: never entirely believe one data point. We need to confirm with next months figures, by which time we will be two months out of date. If this is real, Rhydian has broken his 50/50 lending/RYI split non-contractual-statement. The timing is fairly aligned with the announcement of Metro acquisition on Aug 3rd a couple of weeks later. RS must have committed a certain level of ongoing lending as a pre-condition of the Metro deal. Looking back on their statements, in classic style they have used language “economically”. They’ve publically mentioned their lending “commitments”, and we’ve assumed that was commitments to loan distributors (which it still might be), but quite possibly it could be a deliberately vague reference to commitment to *Metro*. If so, there will be a specific fixed monthly lending value which they aren’t telling us - the £26m would cover a partial month during a policy change, we’ll find out in next months figures. Depending on your perspective, this is either bad (RS demonstrate that investor interests are being mangled and de-prioritised) or good (the reducing weekly RYI figures are due more to increasing lending than reducing reinvestment; the former can be reversed ad hoc, the latter won’t be). I have not been able to find the RL 50/50 statement, i'm sure i've seen it but the only things i have managed to find lately are ones that don't actually seem to refer to RYI/Lending 50/50 splits!. Does anyone have an external link to the actual statement?.
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chris1200
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Post by chris1200 on Aug 28, 2020 9:29:38 GMT
This week so far we have delivered £1.7m of release requests? Who exactly are they releasing this money to? As my position in the queue has barely moved this week then its not being released to A/P/M investors. You know the answer to this question, surely...? 5 Year RYIs. We all must have been over this about a gazillion times . New lending is (almost?) entirely coming from A/P/M and has increased markedly (see diversifier's post above, and many others I've made in the last few weeks) = eating up all the re-investment money that was going to RYI processing previously. Whereas 5 Year has no new lending = all re-investment money is going to RYI processing.
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bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
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Post by bt on Aug 28, 2020 9:37:36 GMT
Sometimes an amortising payment goes back on the market and needs cancelling and other times it goes straight into holding. It looks like there's a lower limit, maybe £10, in order to go back on the market. Is that right? I believe it all goes back to holding, then when processing has finished if it is greater than £10 it then goes on the market.
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aju
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Post by aju on Aug 28, 2020 9:55:52 GMT
You know the answer to this question, surely...? 5 Year RYIs. We all must have been over this about a gazillion times . New lending is (almost?) entirely coming from A/P/M and has increased markedly (see diversifier 's post above, and many others I've made in the last few weeks) = eating up all the re-investment money that was going to RYI processing previously. Whereas 5 Year has no new lending = all re-investment money is going to RYI processing. In other words their statement "We are very sorry it is taking longer than usual to process requests." is baloney. Sadly they (RS) have mistakenly worked on the long since debunked theory of "Say it enough times with enough conviction and people will believe anything ...". That said looking at the current state of affairs it seems most people are not listening to anything much anyway! In this particular case though it has the opposite effect as I personally assumed they didn't give a stuff quite some time ago after about the 3rd time it appeared without modification or even a sense of we (RS) really care anyway. I guess to be fair there is such a small community on here that does care about loss of funds or more particularly lack of return of funds that it really doesn't matter that much to RS anyway. We are a very small minority.
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Post by valueinvestor123 on Aug 28, 2020 10:20:09 GMT
Can I just check: in order to avoid exit fees from Max, can you cancel being in the queue or once you are in it, you need to still pay it even if you cancel? (Today I got £100 squids, woohooo!) If its returned as a function of the selling then fees apply if its just returned money as part of day to day cycles then no fees its yours for free! Ah ok, so since the queue is enormous anyway and selling is not really possible in current conditions, it makes no difference whether to stay in the queue or not? I guess people are staying in queue because they hope conditions may improve and at least they will be in front of it?
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aju
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Post by aju on Aug 28, 2020 10:29:51 GMT
If its returned as a function of the selling then fees apply if its just returned money as part of day to day cycles then no fees its yours for free! Ah ok, so since the queue is enormous anyway and selling is not really possible in current conditions, it makes no difference whether to stay in the queue or not? I guess people are staying in queue because they hope conditions may improve and at least they will be in front of it? Well, in the APM queues it's not probably going to reach us very quickly at 13000 plus but when we were in the 5Y @ 1000+ it did flush out one day so quickly a couple of weeks ago that I missed it even happening. It was fast but in our case 5k-10k was probably so small to many lenders anyway. Most of the time just keep an eye on it, a lazy one at that, when it gets nearer the front you could make a more informed decision perhaps. with your new knowledge of how to manage your re-investment settings you will be in the system daily I expect anyway so you'll not miss it by much and can make the decisions nearer the front.
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littleoldlady
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Post by littleoldlady on Aug 28, 2020 10:49:12 GMT
Ah ok, so since the queue is enormous anyway and selling is not really possible in current conditions, it makes no difference whether to stay in the queue or not? I guess people are staying in queue because they hope conditions may improve and at least they will be in front of it? No, if you are not at the front it makes no difference either way and it takes a small effort to leave it and it continues to show RS up so why bother?
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adrian77
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Post by adrian77 on Aug 28, 2020 11:17:54 GMT
exactly what I suspected - they must think we are all idiots. Clearly in order to benefit their cash flow they have basically frozen the A/P.M queue which is understandable so why not be honest!
I don't know if I am correct but it looks to me as if there is a lot more money now on the investment market at lower rates e.g. today £0.47m at 3.0% and £3.1m at 3.2% to me this is a good sign and as long as the queue keeps going and our contracts are allowed to expire naturally I am basically happy althouth second best to be sure
I have taken a copy of last month's loanbook comments etc - will be really interesting to see the the update hopefully within the next week or so we can work our roughly what is actually going on here
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slippery
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Post by slippery on Aug 28, 2020 12:54:51 GMT
RS say that £32m in the queue has been cancelled (and IMO this accounts for much of the movement from position 100+). And yet nobody on here can think of a reason to cancel. Strange. If you are 5 year and 1.5% capital fee for a early sellout suddenly adds up. I for one would be paying over 10k. so why would i not cancel and let the 5 year move organically. You would have to weigh up whether there is a risk that there might be a further interest rate cut to shore up the provision fund - if it was cut to zero then a missed chance to get out early might be regretted. I guess a judgement on the security of the balance of your capital too, if the loans still have years to run. Other threads have discussed the possible negative impact on lenders' positions once the Metro deal is completed.
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aju
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Post by aju on Aug 28, 2020 13:25:35 GMT
RS say that £32m in the queue has been cancelled (and IMO this accounts for much of the movement from position 100+). And yet nobody on here can think of a reason to cancel. Strange. If you are 5 year and 1.5% capital fee for a early sellout suddenly adds up. I for one would be paying over 10k. so why would i not cancel and let the 5 year move organically. I guess you don't need to be singing "If I were a rich man ..." then You don't seem to be on our lists are you by chance in the Access queue and holding us all up then
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