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Post by lingield on Jun 6, 2020 11:29:27 GMT
If they publish the queue, then everyone will know that there are circa 30000 RYIs pending. That information will not be limited to followers of this forum. This is very likely to highlight the problem to even the sleepiest of investors, who are then more likely to adjust their settings so that RYIs trickle down towards zero. It can only have a negative impact, there is no positive upside for followers of this forum who will already have worked out that there is no liquidity.
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savernake
Member of DD Central
Posts: 174
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Post by savernake on Jun 6, 2020 12:00:13 GMT
If they publish the queue, then everyone will know that there are circa 30000 RYIs pending. That information will not be limited to followers of this forum. This is very likely to highlight the problem to even the sleepiest of investors, who are then more likely to adjust their settings so that RYIs trickle down towards zero. It can only have a negative impact, there is no positive upside for followers of this forum who will already have worked out that there is no liquidity. If more information about the queue is forthcoming, it would be useful if RS could additionally explain to people that the queue will move faster if they continue to re-invest. Just asking people to cancel or reduce RYI's isn't enough.
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chris1200
Member of DD Central
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Post by chris1200 on Jun 6, 2020 13:02:33 GMT
If they publish the queue, then everyone will know that there are circa 30000 RYIs pending. That information will not be limited to followers of this forum. This is very likely to highlight the problem to even the sleepiest of investors, who are then more likely to adjust their settings so that RYIs trickle down towards zero. It can only have a negative impact, there is no positive upside for followers of this forum who will already have worked out that there is no liquidity. If more information about the queue is forthcoming, it would be useful if RS could additionally explain to people that the queue will move faster if they continue to re-invest. Just asking people to cancel or reduce RYI's isn't enough. While this is clearly true, I'm not sure it makes much logical sense to say to people "please invest more money so that you get your withdrawal money quicker"
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Post by lingield on Jun 6, 2020 18:59:49 GMT
It should, if people behave rationally, bring RYIs to a grinding halt or at least materially slow RYIs. I don't think investors will continue to lend to fund RYIs! The only thing that could then speed up the RYI queue is for the provision fund to get to a level where people feel persuaded that their money is safe. I suspect that the lack of information in relation to the queue may have helped some investors receive their RYI.
Of course, not everyone behaves rationally. Oddly the rational thing to do if RYIs do grind to a halt is for investors to pump cash into the provision fund to get the market moving again - which is what RS might be warming investors up for?
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Post by cinereus on Jun 7, 2020 11:46:14 GMT
I seem to have missed where they said they're going to publish the queue?
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savernake
Member of DD Central
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Post by savernake on Jun 7, 2020 12:01:54 GMT
I seem to have missed where they said they're going to publish the queue? They haven't actually said they're going to publish the queue. In their latest weekly email to people currently in the queue they wrote: Following feedback from customers waiting for a release request to be processed, we are considering two suggestions.
First, customers have told us that they would like greater information about where they stand in the investment release request queue. We are considering how we can best take this forward.
Second, we are looking at whether we can speed up processing for investors that have requested a release to transfer funds from their Everyday Account to their RateSetter ISA (ISA regulations require an investment release for such transfers). This would be subject to it having a neutral effect on the speed of processing other release requests.
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Post by Badly Drawn Stickman on Jun 7, 2020 12:20:15 GMT
I seem to have missed where they said they're going to publish the queue? They haven't actually said they're going to publish the queue. In their latest weekly email to people currently in the queue they wrote: Following feedback from customers waiting for a release request to be processed, we are considering two suggestions.
First, customers have told us that they would like greater information about where they stand in the investment release request queue. We are considering how we can best take this forward.
Second, we are looking at whether we can speed up processing for investors that have requested a release to transfer funds from their Everyday Account to their RateSetter ISA (ISA regulations require an investment release for such transfers). This would be subject to it having a neutral effect on the speed of processing other release requests.
So probably something like the helpful and reassuring messages when you are in a phone queue. An audio stream that plays when you click on your release message. I will leave you to make up your own versions.....
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Post by lingield on Jun 7, 2020 14:39:10 GMT
If RS take it forward, the only thing they can do is publish the queue in some format. They may try and obfuscate the message, but it is pretty difficult to see how this could be delivered without publishing the salient information, eg. "Today we released RYI number [x]....".
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aju
Member of DD Central
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Post by aju on Jun 7, 2020 16:15:04 GMT
If RS take it forward, the only thing they can do is publish the queue in some format. They may try and obfuscate the message, but it is pretty difficult to see how this could be delivered without publishing the salient information, eg. "Today we released RYI number [x]....". I hope they do provide information on the queue but to be honest I'm not sure it would help much for members like myself and Mrs Aju since looking just at the information I can see in the forum thread detailing current returned funds then we will be waiting quite a few weeks or even months having only decided to joint the queue at the beginning of May. We are releasing quite a bit of funds as the loans start to pay down which is free so I guess one should not be too annoyed by the slowness of things. I would point out that as the forum thread detailing the returned funds we are still at the bottom of the list or if not very close to the bottom. Hows that for being late to the party!
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ashe
Posts: 53
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Post by ashe on Jun 7, 2020 23:18:19 GMT
Can RateSetter confirm please that edited requests will indeed remain in the same position, as stated on the site?
I edited a withdrawal request amount, which said "Your edited request will retain the same position in the queue" - however the date shown on the site changed to the date of the edit, as well as the number now being far higher.
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ceejay
Posts: 972
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Post by ceejay on Jun 8, 2020 9:26:55 GMT
Can RateSetter confirm please that edited requests will indeed remain in the same position, as stated on the site? I edited a withdrawal request amount, which said "Your edited request will retain the same position in the queue" - however the date shown on the site changed to the date of the edit, as well as the number now being far higher. a fair question, but you're asking it in the wrong place. Much better to make direct contact, then you'll get an answer that you can (hopefully) rely on.
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Post by ruralres66 on Jun 8, 2020 14:06:41 GMT
Can RateSetter confirm please that edited requests will indeed remain in the same position, as stated on the site? I edited a withdrawal request amount, which said "Your edited request will retain the same position in the queue" - however the date shown on the site changed to the date of the edit, as well as the number now being far higher. a fair question, but you're asking it in the wrong place. Much better to make direct contact, then you'll get an answer that you can (hopefully) rely on. Just received from private message RS rep
Hi ruralres66.
Amended requests do not affect queue position. Requests retain their original position in the queue, but a new reference number is generated and the date of the request becomes the date the amendment was made. Thank you.
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Post by RateSetter on Jun 8, 2020 17:31:22 GMT
Good evening, today we have delivered £0.6m and the full update is below:
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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 Jun 8, 2020 21:52:13 GMT
it will be interesting to see if this new lower average is correlating to the loan book at all. the next few data updates will define my position
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Post by Ace on Jun 8, 2020 23:45:07 GMT
it will be interesting to see if this new lower average is correlating to the loan book at all. the next few data updates will define my position Is it not simply a case of a step change on the 4th May when they announced the halving of interest rates due to an insufficient PF?
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