ashe
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Post by ashe on May 4, 2020 11:39:32 GMT
You're completely ignoring my point that people in Plus/Max/5 years may not have sold out really early on because they had to make a far tougher judgement than Access users, based on the 30 days/90 days interest fee and the interest rate. You're saying that they shouldn't carry on getting the increased benefits from those increased fees, compared to people that could have sold out without penalty. So, no, giving everyone the same returns would not be fair. I get your point but I still think my proposal is the fair one. Access users have now lost far more, the key feature of their product 'Access' has gone and now they are stuck on 50% worse interest than they expected on a short term product which is now a long term one. Look we won't agree here, I get your argument, we will just have to agree to disagree. Will do - I would just say though I suspect there's a fair few people that wish their funds had been in Access rather than Max, as they would have made different withdrawal decisions at different times. It's certainly not going to be a matter of one product having a overwhelmingly better outcome for everyone.
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sd2
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Post by sd2 on May 4, 2020 11:40:39 GMT
I set to sell out on access on the 15th and the 5 year on the 27th. Because I would have loose money on the 5 year so I held back on that. Furthermore I see no reason why I should subsidise @1 pip decision to accept lower interest rates to reduce risk. I have no money in Ratesetter. I sold out all my holdings when they tried to force me to declare as a sophisticated investor. As I made it clear to them I am not 'Sophisticated' in any way and need protecting from myself and others. That makes no difference you want me to give what is rightfully mine to someone else. I don't think I will take you up on that offer.
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sd2
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Post by sd2 on May 4, 2020 11:45:05 GMT
pip "SD2 - Drop the ad hominem attacks. Jlend is perfectly entitled to do as he likes with his money without you attacking him for it. If you can't debate in a pleasant and respectful manner without resorting to insults, then don't bother." So you know some Latin big deal. No doubt it makes you feel superior...guess what? Your not.
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pip
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Post by pip on May 4, 2020 11:48:20 GMT
I have no money in Ratesetter. I sold out all my holdings when they tried to force me to declare as a sophisticated investor. As I made it clear to them I am not 'Sophisticated' in any way and need protecting from myself and others. That makes no difference you want me to give what is rightfully mine to someone else. I don't think I will take you up on that offer. Not quite sure what 'rightfully mine' means. Reality check. A LOT of borrowers businesses are currently shut or have huge decreases in turnover. Many people have or soon will lose their jobs, with very limited new opportunities. We are debating here as to whether you get 3% or 1% interest. I really hope this is the debate you are having in 6 months time rather than whether you have a 25% or 50% haircut on capital repayments. I hope everybody gets their capital and interest back but look the situation for many businesses and individuals is awful. What is 'rightfully mine' is in my opinion not the question. The question is how much can be saved from the wreckage of a pretty horrible train crash.
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Post by Ace on May 4, 2020 11:49:59 GMT
There was no choice about whether to cut rates. There is only enough cash (including expected inflows) to pay 3/4 of the expected shortfalls this month. The T&Cs mandate an interest haircut in this scenario. So, it's basically a requirement of the T&Cs. Good with me, possibly even a good sign. There should have been reasons for RS to make the decision as they have. It could have been worse. I agree that it's good that they have T&Cs that deal with the PF running low, both in terms of the ICR and the CCR. However, its been blatantly obvious for quite a while now that the behemoth that is RS has been heading towards an iceberg at full steam. RS management should have reacted to this much sooner instead of waiting until the last minute before trying to steer a different course. Their only reaction up until now has been to massage the figures to try to make the obvious current course less obvious. I'm not sure what they should have done, but then I'm not a highly paid RS executive in charge of protecting thousands of peoples cash. I do know that sticking their heads in the sand was not the right option.
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pip
Posts: 542
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Post by pip on May 4, 2020 11:57:50 GMT
pip "SD2 - Drop the ad hominem attacks. Jlend is perfectly entitled to do as he likes with his money without you attacking him for it. If you can't debate in a pleasant and respectful manner without resorting to insults, then don't bother." So you know some Latin big deal. No doubt it makes you feel superior...guess what? Your not. Relax you sound like you are stomping around looking to land the next right hook when somebody looks at you in the wrong way. I am just giving my opinion, I am a simple bloke with simple ideas. Feel free to ignore my drivel.
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aju
Member of DD Central
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Post by aju on May 4, 2020 12:04:19 GMT
C'mon guys this is not the place to have a punch up, you can do that over in chat area. Mind you just so I understand. 'Is this the 5 minute argument or the 10 minute argument ...' John Cleese circa 1970' Monty Python...
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sd2
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Post by sd2 on May 4, 2020 12:04:40 GMT
That makes no difference you want me to give what is rightfully mine to someone else. I don't think I will take you up on that offer. Not quite sure what 'rightfully mine' means. Reality check. A LOT of borrowers businesses are currently shut or have huge decreases in turnover. Many people have or soon will lose their jobs, with very limited new opportunities. We are debating here as to whether you get 3% or 1% interest. I really hope this is the debate you are having in 6 months time rather than whether you have a 25% or 50% haircut on capital repayments. I hope everybody gets their capital and interest back but look the situation for many businesses and individuals is awful. What is 'rightfully mine' is in my opinion not the question. The question is how much can be saved from the wreckage of a pretty horrible train crash. Your not sure what rightfully mine means? Seriously? Oh I know let's try in your mother tongue legitime meum The rest of your gibberish has nothing whatsoever to do with the reduction in interest rates on ratesetter. Nothing at all.
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pip
Posts: 542
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Post by pip on May 4, 2020 12:06:28 GMT
Not quite sure what 'rightfully mine' means. Reality check. A LOT of borrowers businesses are currently shut or have huge decreases in turnover. Many people have or soon will lose their jobs, with very limited new opportunities. We are debating here as to whether you get 3% or 1% interest. I really hope this is the debate you are having in 6 months time rather than whether you have a 25% or 50% haircut on capital repayments. I hope everybody gets their capital and interest back but look the situation for many businesses and individuals is awful. What is 'rightfully mine' is in my opinion not the question. The question is how much can be saved from the wreckage of a pretty horrible train crash. Your not sure what rightfully mine means? Seriously? Oh I know let's try in your mother tongue legitime meum The rest of your gibberish has nothing whatsoever to do with the reduction in interest rates on ratesetter. Nothing at all. OK let's leave this here. Hope it works out well for you.
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sd2
Member of DD Central
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Post by sd2 on May 4, 2020 12:07:07 GMT
C'mon guys this is not the place to have a punch up, you can do that over in chat area. Mind you just so I understand. 'Is this the 5 minute argument or the the 10 minute argument ...' John Cleese circa 1970' Monty Python... Come now surely it's a lifelong argument. The Waitrose of arguments!! (Price wise)
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sd2
Member of DD Central
Posts: 621
Likes: 224
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Post by sd2 on May 4, 2020 12:08:11 GMT
Your not sure what rightfully mine means? Seriously? Oh I know let's try in your mother tongue legitime meum The rest of your gibberish has nothing whatsoever to do with the reduction in interest rates on ratesetter. Nothing at all. OK let's leave this here. Hope it works out well for you. I very much doubt that.
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Post by Harland Kearney on May 4, 2020 12:08:14 GMT
Ah yes, quickly turning into the AC board level of toxic when queueing began/lender fee. Dont' worry, the whinging will stop after 30 days, thats how long it took for AC board to get any peace from paniced investors!
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aju
Member of DD Central
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Post by aju on May 4, 2020 12:11:24 GMT
Ah yes, quickly turning into the AC board level of toxic when queueing began/lender fee. Dont' worry, the whinging will stop after 30 days, thats how long it took for AC board to get any peace from paniced investors! Over on covid chat I can't keep up so I gave up both that one and the daily briefings yesterday and I bet i'm just as well informed by missing both to be fair.
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sd2
Member of DD Central
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Post by sd2 on May 4, 2020 12:13:04 GMT
Ah yes, quickly turning into the AC board level of toxic when queueing began/lender fee. Dont' worry, the whinging will stop after 30 days, thats how long it took for AC board to get any peace from paniced investors! I'm certainly not panicked. I've got an average of 6.2%.....well 3.1%. Still better than the 1% pip squeak said I was entitled to!!!
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gg
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Post by gg on May 4, 2020 12:14:23 GMT
If this move helps to safeguard people’s capital then it’s a welcome move. RYI should be limited to 25% of your invested capital before you move to the back of the queue. Some people NEED their money to pay bills or buy food. Even a limit of £2,500 per month would seem reasonable to me. gg While I have some sympathy with the plight of smaller investors compared to huge ones clogging up the queue (after all, I am one), no one should ever have invested money they need for bills and food in something like this. It's sounds horrible, but this will hopefully be a salutary lesson for such people never to do something like that again. I’m not sure many investors will have invested with an expectation that a pandemic such as this would happen. And it’s the same lesson for those with hundreds of thousands. I just think a controlled return, making some funds available to all, regardless of the date they pressed the panic button, would be a fairer system. gg
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