littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Dec 10, 2020 8:28:15 GMT
i doubt it was a 'lie'. They were delayed with loan repayments which will likely have impacted this and the tech guys probably logged off. it could be 50 million or 100k. I am quite sure they could not care less if you took your money off the platform or reinvested. metro is now the investor. if i was you, i would take all my money and then be happy and walk. to keep reinvest and then play risk with the money is simply not worth it. It absolutely is a lie.
Having had money on the market almost all year, and only a handful of matches, it is 100% clear that RateSetter never had any intent to "deliver as many requests as possible every day". Instead they deliver only as many as they determine won't push the rates too high based on criteria that we don't know in detail as they keep them private.
This disadvantages both sides of the market - those who needed money quickly a few months ago are still waiting (when they could have been matched in a fair market), and those with money to invest at the right return for the risk are being denied the opportunity to do so.
As you say, I'll be taking my money off the platform rather than lowering my offered rate to the level RateSetter seem to be trying to dictate... but only after I've shown willing by keeping it on offer at a reasonable rate (actually a record low rate for me - my previous average in Max was 6%, and I've now got some offers on the marketplace lower than 5%)
For those stuck in the RYI queue, be aware that the speed that it is being processed is being limited by factors that are entirely RateSetter's decision, and not by any external factors that prevent them from delivering any more requests each day.
Just had another big chunk from today's repayments, which combined with the last few means over 25% of my RateSetter total is "on market". It'll sit on the market for a few days, but if it's then clear RateSetter still have no intention of allowing the market to operate, I'll find another home for it (no urgently pressing need right now, or it would have been withdrawn from the platform already).
[for me personally, it's only relatively mild frustration at being unable to invest at rates I barely find marginally acceptable, but was maintaining in order to allow one or two more of those who wished to exit to do so... the accumulated level of several months of mild frustration finally spilled over into a comment]
I don't follow this. which market are you in, and how are you going to withdraw your funds?
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Post by vidusi on Dec 10, 2020 9:12:01 GMT
Is the beagle Ratesetters representative? Always seems to be putting the company line.
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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 Dec 10, 2020 9:41:17 GMT
Is the beagle Ratesetters representative? Always seems to be putting the company line. which line would that be....
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Post by vidusi on Dec 10, 2020 10:13:07 GMT
Is the beagle Ratesetters representative? Always seems to be putting the company line. which line would that be.... Well you do give the impression that you have a love affair with them and continue to give the impression that in your view they can do no wrong.
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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 Dec 10, 2020 10:36:40 GMT
which line would that be.... Well you do give the impression that you have a love affair with them and continue to give the impression that in your view they can do no wrong. they do plenty wrong, all the time. however, being rational is also important.
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tjtl
Posts: 232
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Post by tjtl on Dec 10, 2020 15:34:33 GMT
Is the beagle Ratesetters representative? Always seems to be putting the company line. I always get bothered when someone with only two posts to their name comes on and attacks a fellow poster (who has a consistent track record of posting) - not sure what the motivation is. We can all have disagreements about RS, and some of us are more sympathetic to RS than others- that is great- without differences of opinion the board would become utterly worthless. But there is a difference between expressing disagreement and those that insinuate a poster is somehow an agent for one of the platforms.
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Post by RateSetter on Dec 10, 2020 16:50:19 GMT
Good afternoon. Today we have delivered £1.7m and the full update is below:
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aju
Member of DD Central
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Post by aju on Dec 10, 2020 18:06:55 GMT
Is the beagle Ratesetters representative? Always seems to be putting the company line. I always get bothered when someone with only two posts to their name comes on and attacks a fellow poster (who has a consistent track record of posting) - not sure what the motivation is. We can all have disagreements about RS, and some of us are more sympathetic to RS than others- that is great- without differences of opinion the board would become utterly worthless. But there is a difference between expressing disagreement and those that insinuate a poster is somehow an agent for one of the platforms. I agree, I did consider having a comment earlier but got distracted. To be honest I don't distrust RS or Zopa, which I have been with much longer than the 2+ years with RS. I'm pretty much trying to withdraw from P2P for the present situation we find ourselves in but not for any of the reasons discussed recently above. Mrs Aju has spoken and sadly she's the one really in charge - she has shopping she needs to get done!. Not really relying on it but the RYI numbers are gaining pace.
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Post by vidusi on Dec 10, 2020 18:51:22 GMT
I always get bothered when someone with only two posts to their name comes on and attacks a fellow poster (who has a consistent track record of posting) - not sure what the motivation is. We can all have disagreements about RS, and some of us are more sympathetic to RS than others- that is great- without differences of opinion the board would become utterly worthless. But there is a difference between expressing disagreement and those that insinuate a poster is somehow an agent for one of the platforms. I agree, I did consider having a comment earlier but got distracted. To be honest I don't distrust RS or Zopa, which I have been with much longer than the 2+ years with RS. I'm pretty much trying to withdraw from P2P for the present situation we find ourselves in but not for any of the reasons discussed recently above. Mrs Aju has spoken and sadly she's the one really in charge - she has shopping she needs to get done!. Not really relying on it but the RYI numbers are gaining pace. Why do you think the RYI numbers are gaining pace? I hope it continues as I have a long wait.
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Post by oppsididitagain on Dec 10, 2020 19:47:55 GMT
Why do you think the RYI numbers are gaining pace? I hope it continues as I have a long wait.
Lots of reasons, we are over the initial 'panic' they obviously prioritise 1yr/5yr and they are upto date now so most of the Money is being directed at the access acc's. I also think one of the reasons is there is less money needed to return to investors. The outstanding loan amounts have got smaller over time, as Loans have slowly been paid back over the last 8 months, along with defaults being paid from the PF.
FYI I requested a full return of all funds in my Access on March 26, which was 40K. I now only have 19K outstanding in my access. im 3610 in the queue down from over 8K. 2 months ago. I've had 15K returned in the 1yr and I didnt requested any of that (so free withdrawals) - I think that was to do with the refinancing of 1 year loans. Paying back outstanding and re lending at lower rates. I still have 5K in the 5yr which I will leave to do it own thing.
If they continue to return approx 1mil a day, then I think the numbers in access will fall even faster.
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Post by vidusi on Dec 10, 2020 20:25:38 GMT
Why do you think the RYI numbers are gaining pace? I hope it continues as I have a long wait.
Lots of reasons, we are over the initial 'panic' they obviously prioritise 1yr/5yr and they are upto date now so most of the Money is being directed at the access acc's. I also think one of the reasons is there is less money needed to return to investors. The outstanding loan amounts have got smaller over time, as Loans have slowly been paid back over the last 8 months, along with defaults being paid from the PF. FYI I requested a full return of all funds in my Access on March 26, which was 40K. I now only have 19K outstanding in my access. im 3610 in the queue down from over 8K. 2 months ago. I've had 15K returned in the 1yr and I didnt requested any of that (so free withdrawals) - I think that was to do with the refinancing of 1 year loans. Paying back outstanding and re lending at lower rates. I still have 5K in the 5yr which I will leave to do it own thing. If they continue to return approx 1mil a day, then I think the numbers in access will fall even faster. Thank you for your response. Its appreciated. Sounds logical.
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sl75
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Post by sl75 on Dec 10, 2020 20:49:25 GMT
I don't follow this. which market are you in, and how are you going to withdraw your funds? The uninvested funds are in the queue to attempt to be invested in Max. They can be withdrawn at any moment, because they're unmatched funds. Unlike many of the commenters here, I'm trying to stay invested (and unable to do so at anything close to the rates I could easily get pre-Covid). RateSetter's approach seems to be keeping both groups unhappy.
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Post by p2plender on Dec 10, 2020 21:52:37 GMT
1.7m yet the access queue moves 15 places.......
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Dec 10, 2020 21:52:58 GMT
I don't follow this. which market are you in, and how are you going to withdraw your funds? The uninvested funds are in the queue to attempt to be invested in Max. They can be withdrawn at any moment, because they're unmatched funds. Unlike many of the commenters here, I'm trying to stay invested (and unable to do so at anything close to the rates I could easily get pre-Covid). RateSetter's approach seems to be keeping both groups unhappy.
I see. But ISTM that the fact that the RYIQ is moving quickly means that there is lots of money being lent at 3% to buy the loans at the front of the queue, so I think you are being optimistic in trying to lend at 5% or more, and you are getting no interest at all in the meantime. I fear that one of the two groups you mention is very small, in fact you might be the only one in it . But whatever you do take no advice from me.
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sl75
Posts: 2,092
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Post by sl75 on Dec 10, 2020 22:26:05 GMT
I see. But ISTM that the fact that the RYIQ is moving quickly means that there is lots of money being lent at 3% to buy the loans at the front of the queue, so I think you are being optimistic in trying to lend at 5% or more, and you are getting no interest at all in the meantime. I fear that one of the two groups you mention is very small, in fact you might be the only one in it . But whatever you do take no advice from me. You seem to have forgotten that the "headline" rates are halved until further notice. The offer that has a 5.0% rate selected is really seeking to match a return of 2.5% in the short term, which barely seems worth the risk (it would be just high enough to keep existing funds on the platform through inertia, but that's as far as I'll go for that...)
I'd disagree somewhat with the suggestion that it's moving "quickly", but that is of course a relative term - they're still stuck processing requests that were initiated more than 8 months ago, and processing less than 1 days' worth per day on average - not exactly "quickly" in my book.
Credit due that they've processed a few big chunks lately, but I'm hardly alone in the "waiting for an acceptable rate" group - there's millions of pounds worth of other people's money already waiting on the market (and probably many millions more in external accounts that could or would be transferred in if there were any sign of movement at rates the investors each find acceptable). In effect RateSetter seem to be operating a de-facto rate cap for new matches whilst continuing to pretend that the rate is in any way linked to market demand.
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