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Post by Ace on Dec 17, 2020 12:06:33 GMT
In the past hour the number of lender requests in the A/P/M queue dropped by 162, and the total cash in the queue dropped by £1.6m. Giving an average lend request processed of about £10k.
8 hours at this rate could result in a roughly £13m of RYIs today.
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Post by greenstar on Dec 17, 2020 13:45:43 GMT
In the past hour the number of lender requests in the A/P/M queue dropped by 162, and the total cash in the queue dropped by £1.6m. Giving an average lend request processed of about £10k. 8 hours at this rate could result in a roughly £13m of RYIs today. If so, it looks like the technical update is up and working a day or two earlier than expected....
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Post by Ace on Dec 17, 2020 15:38:19 GMT
Processing rate seems to have slowed considerably now. Perhaps they've had a long lunch.
Some fool is offering to lend at 0.4% on the one year (so 0.2% after rate cut). How can that possibly make sense? My current account pays me 3 times that on balance up to £20k with FSCS protection. And there were many more offers between that and 2.9% on the A/P/M that have now been processed. With so many RS fans about it should be fairly easy for those that want to exit to do so much earlier than looked possible a couple of days ago.
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sl75
Posts: 2,092
Likes: 1,245
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Post by sl75 on Dec 17, 2020 21:08:02 GMT
It strikes me that "undertake technical work on the loan settlement process" could be a perfectly valid description of all the work needed to reconcile £120M+ of loans as fully repaid on the system, and ensuring the money is in the correct account to allow it to get back to the original investors, etc...
... and with roughly half of that having ended up straight back on the A/P/M market, we'll almost certainly find it did "help speed up delivery of release requests"!
On one hand, with around £70M of money queued ahead of mine (of which over £66M is at 4.0%), I'm the furthest back in the queue I've ever been, but on the other hand, RateSetter may now be under pressure to try to clear the A/P/M queue which may well be longer than that, so I'll sit tight for now.
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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 17, 2020 21:45:17 GMT
It strikes me that "undertake technical work on the loan settlement process" could be a perfectly valid description of all the work needed to reconcile £120M+ of loans as fully repaid on the system, and ensuring the money is in the correct account to allow it to get back to the original investors, etc...
... and with roughly half of that having ended up straight back on the A/P/M market, we'll almost certainly find it did "help speed up delivery of release requests"!
On one hand, with around £70M of money queued ahead of mine (of which over £66M is at 4.0%), I'm the furthest back in the queue I've ever been, but on the other hand, RateSetter may now be under pressure to try to clear the A/P/M queue which may well be longer than that, so I'll sit tight for now.
im quite sure with the volume of cash and they still have things to sell - you will be A OK
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Post by RateSetter on Dec 18, 2020 9:15:22 GMT
Good morning all. We are now updating the investment release delivery figures in the morning as daily processing of requests will continue running in the evenings. This week so far we have delivered £3.5m and the next update will be on Monday morning. The full update is available on our website as usual and is copied below for ease of reference:
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star dust
Member of DD Central
Posts: 2,998
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Post by star dust on Dec 18, 2020 10:02:59 GMT
In the past hour the number of lender requests in the A/P/M queue dropped by 162, and the total cash in the queue dropped by £1.6m. Giving an average lend request processed of about £10k. 8 hours at this rate could result in a roughly £13m of RYIs today. Not sure if it gets overheated occasionally or needs a break, these P2P hamsters don't seem very robust sometimes, but it seemed to be chuntering along all evening and is doing so again this morning. I'm hoping I'll be riding out on the crest of the £66m wave in the not too distant future, as I expect a number of us will be. With a fair wind, an RS exit by the New Year maybe?
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lakshmi
New Member
Om
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Post by lakshmi on Dec 18, 2020 11:03:04 GMT
hi everyone,
What date are Ratesetter on for processing release requests? I recently had a large sum returned to me from a release request dated March 18th and March 20th.
I have about 3000.00 left in a plus account (which is still a classified as access) but the release date is March 25th. There are currently 2,300 requests in front.
If anyone can explain that would be awesome.
Lakshmi
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Post by Ace on Dec 18, 2020 11:19:36 GMT
hi everyone,
What date are Ratesetter on for processing release requests? I recently had a large sum returned to me from a release request dated March 18th and March 20th.
I have about 3000.00 left in a plus account (which is still a classified as access) but the release date is March 25th. There are currently 2,300 requests in front.
If anyone can explain that would be awesome.
Lakshmi
They're currently processing RYIs in A/P/M from March 20th, but with £65M to dish out your request from March 25th shouldn't be long now.
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cb
New Member
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Likes: 1
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Post by cb on Dec 20, 2020 11:39:50 GMT
My queue position has plummeted this weekend - almost 1000 each day, I think. Great work RS!
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Post by greenstar on Dec 20, 2020 14:38:24 GMT
My queue position has plummeted this weekend - almost 1000 each day, I think. Great work RS! Yup, I also moved 1000 places overnight - hopefully the fast pace of clearing the backlog will continue....
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Post by RateSetter on Dec 21, 2020 9:00:55 GMT
Good morning everyone. On Friday and over the weekend we delivered £14.1m and the full update is below:
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Post by carol167 on Dec 21, 2020 9:50:33 GMT
Well, I've just jumped from position 3492 on Friday in Max to 582 today (Monday).
Xmas is coming.... at least in this respect.
:-)
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Post by webbski9 on Dec 21, 2020 9:57:54 GMT
Its gone ballistic since the Shawbrook Bank purchase of the property loan portfolio.Have jumped from position 2486 to.... all repaid :-))))))) At least Christmas is now a tiny bit better ,if only in a Monetary sense
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r00lish67
Member of DD Central
Posts: 2,692
Likes: 4,048
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Post by r00lish67 on Dec 21, 2020 10:32:05 GMT
I have to say, I was over-bearish with how well RS have done in returning investors money. They've done really well.
I still don't even quite understand how to be honest, as their PF was losing money hand over fist even before COVID. I can only assume their property management has been excellent and their unsecured loans have held up by virtue of being supported by Government schemes and by not being as subprime as Lending Works' portfolio.
Anyway, well done them, to return as much as they have done to investors is amazing.
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