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Post by cassiopeia on Mar 31, 2020 13:10:02 GMT
Whilst I've been waiting for a bulk amount to be withdrawn from a request I submitted about 2 weeks ago, i've been checking every day to redirect anything in my holding account to my bank account, so it isn't reinvested by Ratesetter, but this is less than 0.1%/day of the amount lent. Is this all we can do? I assumed all the amount would be recycled every month but this doesn't seem the case. At this rate it would take many years before I can extract anything significant.
Is there a particular time during every day when the money is released so I can grab it before being reinvested?
Is there a way of stopping the reinvestment so at least I don't need to check and do this every day.
I also hope doing this doesn't invalidate my bulk sum withdrawal request.
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Post by cautious on Mar 31, 2020 14:56:57 GMT
I expect you already do this but regarding auto re-investment (access) I set my lend rate automatically high so that it sits at the back of the queue. When I log in I just cancel the lend order.... funds go to holding account and then withdraw to bank account as usual.
That's all I have to offer i'm afraid.
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Post by oppsididitagain on Mar 31, 2020 15:09:27 GMT
I do the same, I set my re-investment rate at 6% then log on and cancel the orders
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alanh
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Post by alanh on Mar 31, 2020 15:23:35 GMT
Whilst I've been waiting for a bulk amount to be withdrawn from a request I submitted about 2 weeks ago, i've been checking every day to redirect anything in my holding account to my bank account, so it isn't reinvested by Ratesetter, but this is less than 0.1%/day of the amount lent. Is this all we can do? I assumed all the amount would be recycled every month but this doesn't seem the case. At this rate it would take many years before I can extract anything significant. Is there a particular time during every day when the money is released so I can grab it before being reinvested? Is there a way of stopping the reinvestment so at least I don't need to check and do this every day. I also hope doing this doesn't invalidate my bulk sum withdrawal request. What you are getting each day is just the capital and interest repayments received on that day for all the loans you hold - a small amount as you say. Your bulk amount is sitting in a queue which RS are working through and providing daily updates - see the "current processing times for investment releases" thread. They are working through this queue at around £1 million per day. If you know the day you submitted your bulk withdrawal then you can monitor this thread to see how close you are getting to the front of the queue, it might take a couple more weeks for you to receive it.
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Post by cassiopeia on Mar 31, 2020 17:40:20 GMT
I expect you already do this but regarding auto re-investment (access) I set my lend rate automatically high so that it sits at the back of the queue. When I log in I just cancel the lend order.... funds go to holding account and then withdraw to bank account as usual. That's all I have to offer i'm afraid. Do you mean the tab marked 'Invest' on the left? Then it states 'account holding balance' how much do you want to invest? this should be set to a high figure say 6% of the account value, and it will ignore investing any lower figures resting in the holding account? The 'auto invest' feature seems to be a means of taking regular payments from my bank account for investment in ratesetter which is the last thing I need!
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Post by cassiopeia on Mar 31, 2020 22:01:33 GMT
Phew!
I eventually found it, I didn't realise they still allowed you to set a rate
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Post by cassiopeia on Apr 1, 2020 8:03:15 GMT
I've just contacted Rate-setter. I requested release of funds on the 17th March. They tell me there is a 8-12 week waiting list minimum for that date!
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mdave
New Member
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Post by mdave on Apr 1, 2020 8:40:02 GMT
I do the same, I set my re-investment rate at 6% then log on and cancel the orders I tried doing this, but it didn't work for me. I set my reinvestment rate to 9% for Max a couple of days ago and yesterday it reinvested all returned funds at 5.4%, which seems higher than the going rate, but less that what I specified. Any idea why this happened or how to stop reinvesting?
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alanh
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Post by alanh on Apr 1, 2020 8:51:05 GMT
I do the same, I set my re-investment rate at 6% then log on and cancel the orders I tried doing this, but it didn't work for me. I set my reinvestment rate to 9% for Max a couple of days ago and yesterday it reinvested all returned funds at 5.4%, which seems higher than the going rate, but less that what I specified. Any idea why this happened or how to stop reinvesting? Those were not returned funds, they were just the rolling of your existing loans to the next month. For example, if you had say a 26 month to expiry loan in your max account you would see it apparently redeem and then re-invest every month for the next 26 months. It's confusing but its how their system works. Any true repayments of interest or capital will not be reinvested (unless the rate hits your 9% target).
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one21
Member of DD Central
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Post by one21 on Apr 1, 2020 9:21:49 GMT
I've just contacted Rate-setter. I requested release of funds on the 17th March. They tell me there is a 8-12 week waiting list minimum for that date! Ditto I just hope defaults won't skyrocket as forecast. Only a few k's and similar in zopa as decided to reduce all p2p exposure including Assetz after the Lendy debacle.
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mdave
New Member
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Post by mdave on Apr 1, 2020 9:32:50 GMT
I tried doing this, but it didn't work for me. I set my reinvestment rate to 9% for Max a couple of days ago and yesterday it reinvested all returned funds at 5.4%, which seems higher than the going rate, but less that what I specified. Any idea why this happened or how to stop reinvesting? Those were not returned funds, they were just the rolling of your existing loans to the next month. For example, if you had say a 26 month to expiry loan in your max account you would see it apparently redeem and then re-invest every month for the next 26 months. It's confusing but its how their system works. Any true repayments of interest or capital will not be reinvested (unless the rate hits your 9% target). It says I have 100 GBP "Amount on Market", of which I managed to cancel 15 GBP and withdraw. I this really just funds already lent out months ago?
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Post by Deleted on Apr 1, 2020 9:37:00 GMT
I've just contacted Rate-setter. I requested release of funds on the 17th March. They tell me there is a 8-12 week waiting list minimum for that date! I guess that could indicate how much is in the RYI queue - 5 days at say 0.9m each day gives £4.5m per week so 12 weeks equates to £54 million. Note this is a very rough estimate!
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alanh
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Post by alanh on Apr 1, 2020 9:37:19 GMT
Those were not returned funds, they were just the rolling of your existing loans to the next month. For example, if you had say a 26 month to expiry loan in your max account you would see it apparently redeem and then re-invest every month for the next 26 months. It's confusing but its how their system works. Any true repayments of interest or capital will not be reinvested (unless the rate hits your 9% target). It says I have 100 GBP "Amount on Market", of which I managed to cancel 15 GBP and withdraw. I this really just funds already lent out months ago? Yes so the £15 you cancelled are the interest/capital repayments and the £85 you can't cancel is the stuff that is in the process of being rolled over into next month (its the 26 month loan in the example above). Later on you will find that this £85 on market has disappeared as it will have been re-allocated to the original loan. Ratesetter can't you do something about how the system displays this monthly rolling of loans? It causes great confusion amongst lenders and gives the mistaken impression that they are somehow being forcibly reinvested into loans.
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Post by Deleted on Apr 1, 2020 9:59:02 GMT
Ratesetter can't you do something about how the system displays this monthly rolling of loans? It causes great confusion amongst lenders and gives the mistaken impression that they are somehow being forcibly reinvested into loans. It must also be a massive burden on its systems notionally repaying in full and then relending, rather than just reducing the loan amount. I think it stems from how Rolling loans used to work.
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Post by ruralres66 on Apr 1, 2020 11:15:13 GMT
I've just contacted Rate-setter. I requested release of funds on the 17th March. They tell me there is a 8-12 week waiting list minimum for that date! Why did they refuse to give this indication when I asked.......
I also think the time might be wildly different for different products.
I did may RYI in the 16th from the 1 year ( I take it, mainly property loans?). Will this make a material difference or not?
As they no longer inform by email. Why not?
I really think they should be more discretely helpful to us so we could forward plan....... If that is the time frame they are working on- TELL US please!
It would stop us agonising and anxiously checking over and over again each day .........
Or is this something too much to ask....?
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