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Post by erniec on May 9, 2020 14:31:31 GMT
If a loan you have RYIed in the 1 year market is repaid by the borrower, either early or at maturity, does the lender still bear the 0.3% fee?
I ask in case it is necessary to remove such a RYI from the request queue before the maturity date.
Any thoughts appreciated.
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chris1200
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Post by chris1200 on May 9, 2020 14:55:53 GMT
If it's a repayment, there shouldn't be any early-access fee even if you currently have an RYI request outstanding (and I certainly wasn't charged when this happened with my 5-year RYI)
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star dust
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Post by star dust on May 9, 2020 15:05:09 GMT
Agree with chris1200. Likewise, I can't vouch for 1 Year, however, my 5 Year RYI was less than requested but my entire loan book by the time it executed due to repayments, I was only charged on the capital that was actually released. The only thing you may want to consider is that if a repayment has been made greater or equal to your request and you have any loans left they will be RYI'd when it gets round to you. I was planning to leave a nominal amount in the 5 Year to keep the option open but realised that wouldn't happen unless I cancelled my RYI and requested a smaller one, which I decided wasn't worth it. |
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Post by danny101 on May 9, 2020 16:35:41 GMT
Hi, I exited the 5 year market but I have £500 ish still in as you can't sell loans which have an outstanding balance of less than £10, which may happen in your case, depending on your outstanding loan amounts of course.
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Post by danny101 on May 9, 2020 16:44:50 GMT
Hi, I just cashed out of the 5 year market and as a few of my loan outstanding balances were below £10, they couldn't be cashed so I have £500ish left in there which I, m happy with. This maybe the same for you...depending of course.
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Post by erniec on May 9, 2020 17:00:06 GMT
Thanks, Danny. Fortunately, I don’t have that issue as my 1 year is all a single loan.
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Post by Deleted on May 9, 2020 19:18:18 GMT
Thanks, Danny. Fortunately, I don’t have that issue as my 1 year is all a single loan. If it's just one loan, I would certainly consider cancelling the RYI around a month before maturity to save the fee in case it reaches the front of the queue in that month.
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Post by erniec on May 9, 2020 19:22:44 GMT
Thanks, Danny. Fortunately, I don’t have that issue as my 1 year is all a single loan. If it's just one loan, I would certainly consider cancelling the RYI around a month before maturity to save the fee in case it reaches the front of the queue in that month. Thanks, @inv11. I’ll keep an eye on @star dust ‘s thread and cancel the request as necessary. The loan is due to mature 1 September.
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