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Post by Badly Drawn Stickman on Apr 30, 2020 16:02:01 GMT
Bearing in mind the 5yr and 1yr markets have now been closed to new investment, what happens to the holdings that are being released from these markets? Are they being re-allocated into the Access/Plus/Max market? They're not closed to new investment - they're closed to new INVESTORS. Anyone that is in these markets now can carry on investing in them, either with new money or by recycling repaid loans (which is almost certainly why the 1Y and 5Y RYIs are going more quickly) If RS were prioritising these account because there is a selling fee, then the plus and max areas of the access accounts would be queue hopping as well which they are not. At some point everybody must see that? They are being treated as separate entities which seems reasonable enough, its knowledge, treat it as such and it is useful. Argue about it for weeks and it has just been a pointless distraction. Arguably the list has started to earn its keep by illustrating the anomaly.
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chris1200
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Post by chris1200 on Apr 30, 2020 16:06:00 GMT
You don't just get to write something completely spurious and it's okay just because you put "it appears" before it. All it currently "appears", in fact, is that they have not processed enough repayments to get to you. You have absolutely zero evidence that "nothing is moving" in Access because you have absolutely no idea how much is before you in the queue. If you're making these assertions, it's for you to have evidence and not the other way around. Too many people irresponsibly write complete nonsense on this forum when they're frustrated. Perhaps if RS where more transparent? At the moment they are giving no indications other than the daily £x has been returned to investors. And we’ve all discussed a million times why they aren’t telling us how much is in the queue. I get that it’s frustrating, but there are good reasons for it which are ultimately in your interest even if they don’t satisfy your curiosity.
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chris1200
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Post by chris1200 on Apr 30, 2020 16:18:01 GMT
And we’ve all discussed a million times why they aren’t telling us how much is in the queue. I get that it’s frustrating, but there are good reasons for it which are ultimately in your interest even if they don’t satisfy your curiosity. Perhaps RS should give people realistic information instead of lying to them. For example they tell people that they will have to wait a month whereas this forum has demonstrated that it will be several months. I’ll give you that one. Rather than lying, I’d say it’s probably just that customer service people were given a phrase to use with all customers that someone forgot to update. But agree that specific instance isn’t ideal.
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Post by Deleted on Apr 30, 2020 16:22:18 GMT
The new provision fund figures are due out imminently - they could serve to improve or worsen the situation. Current position (March 2020):
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Post by Badly Drawn Stickman on Apr 30, 2020 16:26:42 GMT
And we’ve all discussed a million times why they aren’t telling us how much is in the queue. I get that it’s frustrating, but there are good reasons for it which are ultimately in your interest even if they don’t satisfy your curiosity. Perhaps RS should give people realistic information instead of lying to them. For example they tell people that they will have to wait a month whereas this forum has demonstrated that it will be several months. RS really can't know, unless we tell them how much we are planning to invest in the access market (spare me the twenty posts, saying nothing. I know its unlikely people will). That at the end of the day is the only way the queue will decrease, as well as natural returns obviously. It is in all our interests for RS to stay viable, that obviously includes making a sensible level of new loans. So everybody really already knows, it will take as long as it takes.
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Post by p2pbbb on Apr 30, 2020 16:57:07 GMT
If I look at the market, there’s £2m of investor demand for the access/plus/max market (which we know is the same market).
RS takes the bulk of the difference between the interest rate you get as an investor and what the borrower pays.
RS could — if they would — very quickly unlock some/all of this 2m if they wanted to.... sacrificing some profit margin. As rates would start to increase, liquidity would increase, and this would slowly unlock, which in turn would increase liquidity.
RS can’t sacrifice margin forever, but they could help catalyse it — which is in their long term interest.
Thoughts?
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Post by RateSetter on Apr 30, 2020 17:37:44 GMT
Good evening all. Today we have delivered £1.1m. Full update:
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mrdc
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Post by mrdc on Apr 30, 2020 17:49:38 GMT
If I look at the market, there’s £2m of investor demand for the access/plus/max market (which we know is the same market). RS takes the bulk of the difference between the interest rate you get as an investor and what the borrower pays. RS could — if they would — very quickly unlock some/all of this 2m if they wanted to.... sacrificing some profit margin. As rates would start to increase, liquidity would increase, and this would slowly unlock, which in turn would increase liquidity. RS can’t sacrifice margin forever, but they could help catalyse it — which is in their long term interest. Thoughts? There are lots of things they could do, including your idea,but they are in a better position to judge whats needed. Sitting in our armchairs, we all think we have the best ideas (including me) but we haven't got all the facts to form those ideas and no company is going to be that transparent to reveal them. As Village Idiot says " it will take as long as it takes." Number one priority, keep the platform viable whatever it takes.
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Post by BrianC on Apr 30, 2020 18:46:07 GMT
I think you’ll find I said “it appears”. ie we’re not seeing evidence of much Access activity. Maybe there are just a few high rollers ahead of me but it still “appears” nothing is moving in Access! You don't just get to write something completely spurious and it's okay just because you put "it appears" before it. All it currently "appears", in fact, is that they have not processed enough repayments to get to you. You have absolutely zero evidence that "nothing is moving" in Access because you have absolutely no idea how much is before you in the queue. If you're making these assertions, it's for you to have evidence and not the other way around. Too many people irresponsibly write complete nonsense on this forum when they're frustrated. Completely spurious!? Are you having a laugh!? I have zero evidence??? Complete nonsense??? Ohhh please. Do you work for RateSetter? On 22/04 RateSetter processed withdrawal number 373563 in Access from March 12th. Today, 30/04, 8 days (6 working) later, my withdrawal, number 373676 has still not been processed. On 21/04 ‘vv’ requested a withdrawal in Access with number 398857. So...., unless you’re saying these numbers aren’t sequential. In 6 working days less than 113 withdrawals have been processed in Access. Considering many of these numbers are for other markets it’s probably around 80 Access requests between 373563 and 373676. Now that’s a guess or assumption I accept but I’m pretty sure everyone else will agree I’m probably correct to within a very close margin when I say 80. But worst case it’s 113! Now, after me and up to vv’s withdrawal 398857 there’s 25,181 other requests!! Many of these will be other markets so let’s say there’s between 10,000 and 20,000 Access withdrawals after me. The true amount is very likely in that range and very possibly even higher. So... Around 80 requests in 8 days with tens of thousands to go! But you’re right maybe just the high rollers are ahead of me and everything will be ok once they’re out of they way. I’d say you’re dreaming though and everyone else can see what I’m seeing and that is that Access withdrawals have pretty much ground to a halt!! I’m hopeful mine will come any day, maybe tomorrow but that won’t change what I’m saying and it won’t change the fact that many investors will need to wait many months if not years for their money! Times are unprecedented but I just don’t think RateSetter are being honest about timeframes or fair in the order they release requests.
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chris1200
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Post by chris1200 on Apr 30, 2020 19:14:30 GMT
You don't just get to write something completely spurious and it's okay just because you put "it appears" before it. All it currently "appears", in fact, is that they have not processed enough repayments to get to you. You have absolutely zero evidence that "nothing is moving" in Access because you have absolutely no idea how much is before you in the queue. If you're making these assertions, it's for you to have evidence and not the other way around. Too many people irresponsibly write complete nonsense on this forum when they're frustrated. Completely spurious!? Are you having a laugh!? I have zero evidence??? Complete nonsense??? Ohhh please. Do you work for RateSetter? On 22/04 RateSetter processed withdrawal number 373563 in Access from March 12th. Today, 30/04, 8 days (6 working) later, my withdrawal, number 373676 has still not been processed. On 21/04 ‘vv’ requested a withdrawal in Access with number 398857. So...., unless you’re saying these numbers aren’t sequential. In 6 working days less than 113 withdrawals have been processed in Access. Considering many of these numbers are for other markets it’s probably around 80 Access requests between 373563 and 373676. Now that’s a guess or assumption I accept but I’m pretty sure everyone else will agree I’m probably correct to within a very close margin when I say 80. But worst case it’s 113! Now, after me and up to vv’s withdrawal 398857 there’s 25,181 other requests!! Many of these will be other markets so let’s say there’s between 10,000 and 20,000 Access withdrawals after me. The true amount is very likely in that range and very possibly even higher. So... Around 80 requests in 8 days with tens of thousands to go! But you’re right maybe just the high rollers are ahead of me and everything will be ok once they’re out of they way. I’d say you’re dreaming though and everyone else can see what I’m seeing and that is that Access withdrawals have pretty much ground to a halt!! I’m hopeful mine will come any day, maybe tomorrow but that won’t change what I’m saying and it won’t change the fact that many investors will need to wait many months if not years for their money! Times are unprecedented but I just don’t think RateSetter are being honest about timeframes or fair in the order they release requests. You don't provide a single shred of evidence that RS haven't been paying out on Access accounts. You also completely mischaracterise what I'm explaining to you. At no point have I said "everything will be okay" once a few high-rollers are out of the way. I've tried to explain to you the pretty basic point that there is no way for you to know how quickly or slowly RateSetter are moving with the Access queue based on the queue number. You could have 100 people each requesting an average of £1,000 - so the queue looks like it's moving quickly; but then 100 people each requesting an average of £10,000, which would make it look like the queue was moving at 1/10 of the speed, even if payouts stayed completely consistent. So, without knowing how much money is ahead of you in the queue, you simply cannot make the assertion you're making. For all you know, RateSetter might have actually sped up with Access payouts. If you want to tell us how you can know how much money (yes, money - not arbitrary queue order codes which tell you very little) is ahead of you, please do say. Otherwise I give up on this apparently futile attempt to explain the flawed logic in your assertion. And no of course I don't work for RateSetter for god's sake - talk about seeing conspiracy everywhere.
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arby
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Post by arby on Apr 30, 2020 19:40:29 GMT
Do we even know RS are being truthful in their statements of how much money they're returning each day?
No, I'm not serious with the above, I'm just saying that we have so little information and no way of verifying what little we do have, but at least the list of forum members getting their payouts provides us some insight, but there does seem to be a bit too much extrapolation going on from that.
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chris1200
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Post by chris1200 on Apr 30, 2020 19:46:54 GMT
Oh lord don’t add fuel to the conspiracy fire!
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Post by gar on Apr 30, 2020 19:47:36 GMT
You don't just get to write something completely spurious and it's okay just because you put "it appears" before it. All it currently "appears", in fact, is that they have not processed enough repayments to get to you. You have absolutely zero evidence that "nothing is moving" in Access because you have absolutely no idea how much is before you in the queue. If you're making these assertions, it's for you to have evidence and not the other way around. Too many people irresponsibly write complete nonsense on this forum when they're frustrated. Completely spurious!? Are you having a laugh!? I have zero evidence??? Ohhh please. Do you work for RateSetter? On 22/04 RateSetter processed withdrawal number 373563 in Access from March 12th. Today, 30/04, 8 days (6 working) later, my withdrawal, number 373676 has still not been processed. On 21/04 ‘vv’ requested a withdrawal in Access with number 398857. So...., unless you’re saying these numbers aren’t sequential. In 6 working days less than 113 withdrawals have been processed. Considering many of these numbers are for other markets it’s probably around 80 Access requests between 373563 and 373676. Now that’s a guess or assumption I accept but I’m pretty sure everyone else will agree I’m probably correct to within a very close margin when I say 80. But worst case it’s 113! Now, after me and up to vv’s withdrawal 398857 there’s 25,181 other requests!! Many of these will be other markets so let’s say there’s between 10,000 and 20,000 Access withdrawals after me. The true amount is very likely in that range and very possibly even higher. So... Around 80 requests in 8 days with tens of thousands to go! But you’re right maybe just the high rollers are ahead of me and everything will be ok once they’re out of they way. I’d say you’re dreaming though and everyone else can see what I’m seeing and that is that Access withdrawals have pretty much ground to a halt!! I’m hopeful mine will come any day, maybe tomorrow but that won’t change what I’m saying and it won’t change the fact that many investors will need to wait many months if not years for their money! -------------------------------------------------------------------------------------------------------------------------------------- Gar Initially RS appeared to be clearing 1 day per week and on that basis i did a back of the fag packet calculation that it would take six weeks for them to get to my date of the 16th March withdrawal date. Unfortunately and for whatever reason they have obviously slowed right down As at the 21st of April I was told that they were processing withdrawals for the 12th March, yesterday 29/04/2020 in reply to an email query they confirmed again that they were still processing March the 12th. On the face of it they have gone from processing one day per week and are now heading towards two weeks per day. In my email I asked for a time table to inidicate when I could expect my funds, their reply is as follows "Due to releases being dependent on market liquidity it difficult to predict how much we will be able to release on any given day so a timescale cannot be guaranteed for when your release will be processed".Brian C and chris1200 both make valid points, this is a frustrating time for all of us. The only way we are going to get to the bottom of this is for RS to come clean and at the least give a ball park figure as to when money will become available. I appreciate they cant guarantee a defiinate date but they could be giving a date based on the current liquidity trend looking forward.
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Post by oppsididitagain on Apr 30, 2020 19:54:37 GMT
your best bet is - the loan you are matched too defaults, and RS pay it back out of the PF
Thats why I left my 1yr and 5yrs with RS hoping the PF would kick in :-)
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chris1200
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Post by chris1200 on Apr 30, 2020 20:00:40 GMT
Gar Initially RS appeared to be clearing 1 day per week and on that basis i did a back of the fag packet calculation that it would take six weeks for them to get to my date of the 16th March withdrawal date. Unfortunately and for whatever reason they have obviously slowed right down As at the 21st of April I was told that they were processing withdrawals for the 12th March, yesterday 29/04/2020 in reply to an email query they confirmed again that they were still processing March the 12th. On the face of it they have gone from processing one day per week and are now heading towards two weeks per day. In my email I asked for a time table to inidicate when I could expect my funds, their reply is as follows "Due to releases being dependent on market liquidity it difficult to predict how much we will be able to release on any given day so a timescale cannot be guaranteed for when your release will be processed".Brian C and chris1200 both make valid points, this is a frustrating time for all of us. The only way we are going to get to the bottom of this is for RS to come clean and at the least give a ball park figure as to when money will become available. I appreciate they cant guarantee a defiinate date but they could be giving a date based on current liquidity looking forward. I don’t wish to cause offence, but trying to calculate RS’s speed of providing funds by looking per day of RYI request is even worse than only paying attention to queue number code. I would explain why this is but I’ve already done that about 20 times on this forum and if I do it again I might jump out of my window.
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