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Post by james91 on May 27, 2020 11:18:25 GMT
I know this is an unpopular opinion, but I'd be quite open to a fee in order to RYI immediately, provided the fee went directly to the provision fund, rather than Ratesetter. Of course this means there will be people who aren't prepared to pay the fee and will have to wait longer, but the provision fund will be increased and therefore the risk of losing any capital for them will be decreased. I ticked this option on the survey.
It would probably need to be based on a proportion of deliveries, so that it doesn't entirely block the queue - for example 30%. The fee should be set very high to begin with (so the provision fund benefits hugely to begin with, and benefits those who need to access their money most urgently), with the fee reducing as time goes on, along with demand for paying a fee to RYI.
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bramhall17
Member of DD Central
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Post by bramhall17 on May 27, 2020 11:38:35 GMT
Seems a good idea. I would vote for that as long as the fee was not exorbitant ( say >6% -- 3% taper) and ring-fenced for the Provision Fund.
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Post by danny101 on May 27, 2020 11:42:19 GMT
I really don't know how this would work, paying to go to the top of the queue. I see that this would benefit someone who has just joined the queue and is likely to wait forever to get there capital(if at all) However those who appear to be at the front of the queue won't know what to do as they don't know how much longer they will be waiting. So if all those at the back of the queue , queue jump it would be a nightmare. They surely can't suddenly change there terms and conditions to allow this.
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starfished
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Post by starfished on May 27, 2020 11:53:54 GMT
I really don't know how this would work, paying to go to the top of the queue. I see that this would benefit someone who has just joined the queue and is likely to wait forever to get there capital(if at all) However those who appear to be at the front of the queue won't know what to do as they don't know how much longer they will be waiting. So if all those at the back of the queue , queue jump it would be a nightmare. They surely can't suddenly change there terms and conditions to allow this. Are there explicit t&cs on HOW money will be released? I could see a system where people set their discount (or not) and it is used to set the queue the next day. So the order would be size of discount then date of request. However, I can't see how it would work without people being able to see where they were on the queue...
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Post by danny101 on May 27, 2020 12:07:53 GMT
Yes that is the key factor, knowing WHERE you are in the queue, however if the queue slows down significantly it will still be impossible to predict how much longer you would be waiting. Also if everyone pays a fee to leave early we will be in exactly the same position we are in now. The only winner would be ratesetter who from then on gets 5%(?) of all RYI requests from then on.
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Post by Badly Drawn Stickman on May 27, 2020 12:32:07 GMT
Being relatively neutral to the extent I have no RYI currently.
I am certain it would prove very controversial (possibly justifiably), but may be a solution it would presumably have to work like any market and biggest discount goes first. It would presumably need a tweak to the system as well.
Probably more practical whilst seeming counter intuitive is for those near the front of the queue to reinvest all returns and indeed even add funds up to their RYI figure. That would get the queue in general moving. The RYI loans seem to start later in the day, so maybe a bit of timing would be needed.
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Post by cinereus on May 27, 2020 12:32:44 GMT
Anyone else still getting this? These are example numbers but I have a pretty large figure not showing as "pending release".
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Post by danny101 on May 27, 2020 12:40:26 GMT
When you action a FYI request it states "Any transfer request will join a transfer queue", a queue is a queue, meaning you wait your turn. They don't say " you will join a queue, however we may change this in the future and you may be able to pay us to jump the queue" If so "terms and conditions" are valueless if you can just change them whenever they want.
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Post by danny101 on May 27, 2020 12:42:47 GMT
I have the opposite £25, 000 on loan, £28, 000 pending release. Anyone's guess
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johnt
Investing in Ratesetter, Zopa and Assetz Capital since 2013
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Post by johnt on May 27, 2020 13:12:17 GMT
What might help the queue is what AC are proposing to do which is to put your money on market to other investors to have at a whatever discounted rate you're comfortable with, e.g. £10,000 worth of loans to be transferred to another investor for £9,700 (3% discount in this case which you can set yourself).
Similarly, investors could say they're prepared to purchase say £10,000 worth of loans for £9,500 (5% discount which they can set themselves). Obviously the new investor would have to deposit money or have money available in their holding account in order to do the transaction.
This way no-one in the RYI queue loses out, in fact they would benefit because they would move up the queue with each transaction.
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picnicman
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Post by picnicman on May 27, 2020 13:16:33 GMT
I have the opposite £25, 000 on loan, £28, 000 pending release. Anyone's guess danny101 - I have the same situation as you - in my case, the higher pending value is the total RYI value when placed. The lower value is what the total is still on loan, the difference being repayments since the RYI was placed, which have been withdrawn. RS do not appear to reduce the pending value for repayments. Not saying this is the same for you, but you can check and see. If not the reason, then anybody's guess. Cheers P
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picnicman
Member of DD Central
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Post by picnicman on May 27, 2020 13:21:48 GMT
Anyone else still getting this? These are example numbers but I have a pretty large figure not showing as "pending release". cinereus - I am the same as danny101 - see my post. Have not seen anything like your situation - only obvious things are that you have not placed RYIs for your entire holding or you have added monies since you placed your RYIs - I suspect given your previous standard of posts that you would have spotted this yourself!! Cannot think of anything else sorry! Cheers P
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Post by RateSetter on May 27, 2020 18:23:43 GMT
Good evening. Today we have delivered £1m, and the full update is here:
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Post by cinereus on May 28, 2020 1:05:23 GMT
Anyone else still getting this? These are example numbers but I have a pretty large figure not showing as "pending release". cinereus - I am the same as danny101 - see my post. Have not seen anything like your situation - only obvious things are that you have not placed RYIs for your entire holding or you have added monies since you placed your RYIs - I suspect given your previous standard of posts that you would have spotted this yourself!! Cannot think of anything else sorry! Cheers P 1m today is good news. Sorry I must be missing something re "standard".
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Post by Deleted on May 28, 2020 8:30:04 GMT
I suspect the 1m reflects the bank holiday Monday. Payment processing was slow on Tuesday so the extra payments slipped into Wednesday.
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