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Post by rl on Jul 22, 2020 9:28:22 GMT
I’m not sure if this is the right thread to put this, but I’ve been wondering how to maintain access to my 5-year market should I wish to for the future (at the moment I have RYI’d my full amounts in both my Everyday and ISA 5-year markets). Aju, I know this has also been a concern of yours in the past? I called RS about it this morning. FWIW, they told me that the automatic closing of your 5-year account after you return all investments to your holding account is something of a technical glitch at their end. It was supposed to stop new people investing in 5-year when they introduced the new A/P/M products on 3rd Oct 2019, but was never intended to kick existing 5-year investors out! They told me that, should I wish to regain access to the 5-year market after my RYI, I can call them and they can arrange this – although it may take a few weeks as they’d need to raise it with the technical team. I’m not entirely sure I trust them (or indeed my own understanding!), but thought I’d share in case this is useful info for anybody – though it may be worth double checking with them yourself if you intend to go down this route..
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aju
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Post by aju on Jul 22, 2020 10:17:08 GMT
I’m not sure if this is the right thread to put this, but I’ve been wondering how to maintain access to my 5-year market should I wish to for the future (at the moment I have RYI’d my full amounts in both my Everyday and ISA 5-year markets). Aju, I know this has also been a concern of yours in the past? I called RS about it this morning. FWIW, they told me that the automatic closing of your 5-year account after you return all investments to your holding account is something of a technical glitch at their end. It was supposed to stop new people investing in 5-year when they introduced the new A/P/M products on 3rd Oct 2019, but was never intended to kick existing 5-year investors out! They told me that, should I wish to regain access to the 5-year market after my RYI, I can call them and they can arrange this – although it may take a few weeks as they’d need to raise it with the technical team. I’m not entirely sure I trust them (or indeed my own understanding!), but thought I’d share in case this is useful info for anybody – though it may be worth double checking with them yourself if you intend to go down this route.. That's an interesting one i'll bear it in mind. I'm not wholly convinced I've solved the 1Y as the £10 I spread across ours will in fact not reduce down as most if not all 1Y is interest and payments paid at the end of the period. Whilst I accept that RS has this issue i'm surprised they have not announced it in emails. did you get it in writing that was the case. I'm actually considering making more £10 pounders into our 1 year but putting up the largest rates I can select. Whilst its not guaranteed I won't get this lent out just having a "on market" request also maintain the settings. The thing is if RS actually reinstates it surely the next time one stops the lending for whatever reason its going to move it back out again. I think I'll send them an eMail to ask why I no longer have access to some of these in mu Invest side (I wasn't that bothered about losing those accesses as its taxed anyway for me.
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Post by rl on Jul 22, 2020 10:48:47 GMT
That’s an interesting thought about having it ‘on market’ but not lent – I hadn’t thought of that. However, I’d presume that offer would just be cancelled and returned to your holding account when your RYI completes?
I didn’t get it in writing, but have a record of the time of the phone call and have always thought they could go back to their recordings if there’s ever a dispute – but that may be wishful thinking!
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Post by herringbone on Jul 22, 2020 11:23:38 GMT
I’m not sure if this is the right thread to put this, but I’ve been wondering how to maintain access to my 5-year market should I wish to for the future (at the moment I have RYI’d my full amounts in both my Everyday and ISA 5-year markets). Aju, I know this has also been a concern of yours in the past? I called RS about it this morning. FWIW, they told me that the automatic closing of your 5-year account after you return all investments to your holding account is something of a technical glitch at their end. It was supposed to stop new people investing in 5-year when they introduced the new A/P/M products on 3rd Oct 2019, but was never intended to kick existing 5-year investors out! They told me that, should I wish to regain access to the 5-year market after my RYI, I can call them and they can arrange this – although it may take a few weeks as they’d need to raise it with the technical team. I’m not entirely sure I trust them (or indeed my own understanding!), but thought I’d share in case this is useful info for anybody – though it may be worth double checking with them yourself if you intend to go down this route.. I'd be surprised if RS didn't reopen the 1yr and 5yr markets when things settle down. While we all know that Access didn't mean instant access, that's what it was meant to be in normal market conditions: "Dear hands-off investor, put your money here for a higher return than a savings a/c." Now that we have abnormal conditions, we see that money in Access can be tied up for up to 5 yrs.
I think they'll have to reopen at least the 1yr market to everyone, and probably offer different products as well, to attract both the hands-off investors, and the more sophisticated ones.
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aju
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Post by aju on Jul 22, 2020 11:32:54 GMT
I’m not sure if this is the right thread to put this, but I’ve been wondering how to maintain access to my 5-year market should I wish to for the future (at the moment I have RYI’d my full amounts in both my Everyday and ISA 5-year markets). Aju, I know this has also been a concern of yours in the past? I called RS about it this morning. FWIW, they told me that the automatic closing of your 5-year account after you return all investments to your holding account is something of a technical glitch at their end. It was supposed to stop new people investing in 5-year when they introduced the new A/P/M products on 3rd Oct 2019, but was never intended to kick existing 5-year investors out! They told me that, should I wish to regain access to the 5-year market after my RYI, I can call them and they can arrange this – although it may take a few weeks as they’d need to raise it with the technical team. I’m not entirely sure I trust them (or indeed my own understanding!), but thought I’d share in case this is useful info for anybody – though it may be worth double checking with them yourself if you intend to go down this route.. I'd be surprised if RS didn't reopen the 1yr and 5yr markets when things settle down. While we all know that Access didn't mean instant access, that's what it was meant to be in normal market conditions: "Dear hands-off investor, put your money here for a higher return than a savings a/c." Now that we have abnormal conditions, we see that money in Access can be tied up for up to 5 yrs.
I think they'll have to reopen at least the 1yr market to everyone, and probably offer different products as well, to attract both the hands-off investors, and the more sophisticated ones.
Interesting slant herringbone, I fear though the fact that they withdrew the product from those who did not use it or worse in my case I tried to use it then backed out and it was removed - as discussed above if the person who passed that on knew what they were talking about. I find it interesting that if one did use it and then it was withdrawn after they finished their lending perhaps surely it should have still been available for the past information it would have held. Perhaps others have lent on one of thte old products but then stopped and closed and it was withdrawn what happens to previous data that was held.
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Post by herringbone on Jul 22, 2020 12:05:59 GMT
I'd be surprised if RS didn't reopen the 1yr and 5yr markets when things settle down. While we all know that Access didn't mean instant access, that's what it was meant to be in normal market conditions: "Dear hands-off investor, put your money here for a higher return than a savings a/c." Now that we have abnormal conditions, we see that money in Access can be tied up for up to 5 yrs.
I think they'll have to reopen at least the 1yr market to everyone, and probably offer different products as well, to attract both the hands-off investors, and the more sophisticated ones.
Interesting slant herringbone , I fear though the fact that they withdrew the product from those who did not use it or worse in my case I tried to use it then backed out and it was removed - as discussed above if the person who passed that on knew what they were talking about. I find it interesting that if one did use it and then it was withdrawn after they finished their lending perhaps surely it should have still been available for the past information it would have held. Perhaps others have lent on one of thte old products but then stopped and closed and it was withdrawn what happens to previous data that was held. My thought is that RS wanted to encourage the hands-off investor, and adopted a policy of trying to discourage ratesetting. After Covid, when people know there's a genuine possibility of liquidity problems, it's hard to see people investing in the Access/Plus/Max model, with no alternative available.
I admit, I may be influenced by my own view that post Covid, I would want most if not all of my RS investments available within 12 months, short of the company itself going under.
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aju
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Post by aju on Jul 22, 2020 13:07:03 GMT
That’s an interesting thought about having it ‘on market’ but not lent – I hadn’t thought of that. However, I’d presume that offer would just be cancelled and returned to your holding account when your RYI completes? I didn’t get it in writing, but have a record of the time of the phone call and have always thought they could go back to their recordings if there’s ever a dispute – but that may be wishful thinking! Not if my personal experience is anything to go by after all it would be in RS's best interest to make sure you can be both selling the past/present and lending into the future. Seems to have worked for both of us anyway as I have helped Mrs Aju lend the similar £10 whilst selling and it took a while to move (days) but it did eventually.
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aju
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Post by aju on Jul 22, 2020 13:22:06 GMT
Interesting slant herringbone , I fear though the fact that they withdrew the product from those who did not use it or worse in my case I tried to use it then backed out and it was removed - as discussed above if the person who passed that on knew what they were talking about. I find it interesting that if one did use it and then it was withdrawn after they finished their lending perhaps surely it should have still been available for the past information it would have held. Perhaps others have lent on one of thte old products but then stopped and closed and it was withdrawn what happens to previous data that was held. My thought is that RS wanted to encourage the hands-off investor, and adopted a policy of trying to discourage ratesetting. After Covid, when people know there's a genuine possibility of liquidity problems, it's hard to see people investing in the Access/Plus/Max model, with no alternative available.
I admit, I may be influenced by my own view that post Covid, I would want most if not all of my RS investments available within 12 months, short of the company itself going under. All of the P2P systems will probably have a similar issue in that the rush to the exit was quite sudden, the fact that RS never promised instant accent - well not from anything I read about the new products stated that and that we should have all been capable of knowing this was the case having read and signed that understood the deals - meant that a pandemic toilet roll rush was going to create a wall. I'm not sure RS will have predicted such a situation but they certainly will have planned for it. Thing is I personally though I read the statements I didn't have to read too much having been in P2P since almost the start with Zopa and more recently (3 years nearly) with RS I didn't have to read the 4 statements to know that if there was an issue and I may not get my money returned quickly. I ticked the box knowing this stuff but frankly knowing that there was only really cover for Bank accounts and for NS&I meant that P2P if vulnerable was less safe. My lending in both products worked on those risks and lent accordingly. And most importantly lent knowing I had no urgent need of the money. I agree with your 12 month rule more recently especially in RS but I did not realise as quickly as I might have that the 3 new products were essentially a 5 year product but even when I did I felt comfortable still. The real reason I decided to remove our funds from Zopa was one of seeing the long term increase in defaults not really picking up quickly enough after making sales in early 2019 so we bailed on Zopa very early as my decision was to run them til the end of fin year and decide to sell then. The fact that the end of the fin year came very close to the pandemic means we bailed on Zopa much earlier thatn we did on RS. To be honest RS was more like zopa in the early days so gave me more fun chasing the rates I wanted rather than what RS wanted me to have. One lives and learns all the time in this investment malarkey and thankfully I never lost site of the fact that P2P is an "Investment" not a "Savings" account.
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Post by herringbone on Jul 22, 2020 13:34:10 GMT
My thought is that RS wanted to encourage the hands-off investor, and adopted a policy of trying to discourage ratesetting. After Covid, when people know there's a genuine possibility of liquidity problems, it's hard to see people investing in the Access/Plus/Max model, with no alternative available.
I admit, I may be influenced by my own view that post Covid, I would want most if not all of my RS investments available within 12 months, short of the company itself going under. All of the P2P systems will probably have a similar issue in that the rush to the exit was quite sudden, the fact that RS never promised instant accent - well not from anything I read about the new products stated that and that we should have all been capable of knowing this was the case having read and signed that understood the deals - meant that a pandemic toilet roll rush was going to create a wall. I'm not sure RS will have predicted such a situation but they certainly will have planned for it. Thing is I personally though I read the statements I didn't have to read too much having been in P2P since almost the start with Zopa and more recently (3 years nearly) with RS I didn't have to read the 4 statements to know that if there was an issue and I may not get my money returned quickly. I ticked the box knowing this stuff but frankly knowing that there was only really cover for Bank accounts and for NS&I meant that P2P if vulnerable was less safe. My lending in both products worked on those risks and lent accordingly. And most importantly lent knowing I had no urgent need of the money. I agree with your 12 month rule more recnetly especially in RS but I did not realise as quickly as I might have that the 3 new products were essentially a 5 year product but even when I did I felt comfortable still. The real reason I decided to remove our funds from Zopa was one of seeing the long term increase in defaults not really picking up quickly enough after making sales in early 2019 so we bailed on Zopa very early as my decision was to run them til the end of fin year and decide to sell then. The fact that the end of the fin year came very close to the pandemic means we bailed on Zopa much earlier thatn we did on RS. To be honest RS was more like zopa in the early days so gave me more fun chasing the rates I wanted rather than what RS wanted me to have. One lives and learns all the time in this investment malarkey and thankfully I never lost site of the fact that P2P is an "Investment" not a "Savings" account. Although I'm a very recent entrant into p2p, your last sentence pretty much sums up my attitude
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slippery
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Post by slippery on Jul 22, 2020 15:58:44 GMT
" Whilst I accept that RS has this issue i'm surprised they have not announced it in emails"   Like all those e-mails they sent to explain the constant tinkering with the website? And the early repayment e-mails etc they stopped sending? Thanks for the chuckle aju  |
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aju
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Post by aju on Jul 22, 2020 17:50:28 GMT
" Whilst I accept that RS has this issue i'm surprised they have not announced it in emails" Like all those e-mails they sent to explain the constant tinkering with the website? And the early repayment e-mails etc they stopped sending? Thanks for the chuckle aju touche' (couldn't find the correct e!) Yeah I remember the lack of those emails so fondly ...  I've sent off an eMail to see what their official stance might be in writing, I won't hold my breath though, it's a bloody s/w fault if the OP was told correctly. Their testing schedules must be written by 4 year olds who are off school if you ask me. Probably ones who play those awful games my brethren used to play when they were little kids - to be honest I think my 38 year old son still plays some of them but I definitely wouldn't want him testing any of my software I used to work on for a large comms company ... 
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aju
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Post by aju on Jul 23, 2020 17:50:16 GMT
I’m not sure if this is the right thread to put this, but I’ve been wondering how to maintain access to my 5-year market should I wish to for the future (at the moment I have RYI’d my full amounts in both my Everyday and ISA 5-year markets). Aju, I know this has also been a concern of yours in the past? I called RS about it this morning. FWIW, they told me that the automatic closing of your 5-year account after you return all investments to your holding account is something of a technical glitch at their end. It was supposed to stop new people investing in 5-year when they introduced the new A/P/M products on 3rd Oct 2019, but was never intended to kick existing 5-year investors out! They told me that, should I wish to regain access to the 5-year market after my RYI, I can call them and they can arrange this – although it may take a few weeks as they’d need to raise it with the technical team. I’m not entirely sure I trust them (or indeed my own understanding!), but thought I’d share in case this is useful info for anybody – though it may be worth double checking with them yourself if you intend to go down this route.. This is the response I got from RS today regarding the retaining of 1Y and 5Y products once they are all sold out. Not sure that's wholly correct but that's after framing the question in a way that I get a definitive answer regarding loans no longer being lent. I'm pretty certain that if I have money still on the market for either of these products that one will be retained. At least they used to be in the early days of them having been removed for new users but we'll see at some point I guess. I have set up some token "on market" maximum interest items for the ones I want to retain. I did stress in my question that I was offloading for the moment and would probably not want to come back at a later date if these products were no longer available to me but I guess they either did not see that bit or more likely don't really want users having the old products longer than necessary or worse even care I may not be rsed later on.
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robski
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Post by robski on Jul 23, 2020 19:08:32 GMT
I’m not sure if this is the right thread to put this, but I’ve been wondering how to maintain access to my 5-year market should I wish to for the future (at the moment I have RYI’d my full amounts in both my Everyday and ISA 5-year markets). Aju, I know this has also been a concern of yours in the past? I called RS about it this morning. FWIW, they told me that the automatic closing of your 5-year account after you return all investments to your holding account is something of a technical glitch at their end. It was supposed to stop new people investing in 5-year when they introduced the new A/P/M products on 3rd Oct 2019, but was never intended to kick existing 5-year investors out! They told me that, should I wish to regain access to the 5-year market after my RYI, I can call them and they can arrange this – although it may take a few weeks as they’d need to raise it with the technical team. I’m not entirely sure I trust them (or indeed my own understanding!), but thought I’d share in case this is useful info for anybody – though it may be worth double checking with them yourself if you intend to go down this route.. This is the response I got from RS today regarding the retaining of 1Y and 5Y products once they are all sold out. Not sure that's wholly correct but that's after framing the question in a way that I get a definitive answer regarding loans no longer being lent. I'm pretty certain that if I have money still on the market for either of these products that one will be retained. At least they used to be in the early days of them having been removed for new users but we'll see at some point I guess. I have set up some token "on market" maximum interest items for the ones I want to retain. I did stress in my question that I was offloading for the moment and would probably not want to come back at a later date if these products were no longer available to me but I guess they either did not see that bit or more likely don't really want users having the old products longer than necessary or worse even care I may not be rsed later on. To be fair I am far from convinced anyone will be in those markets in a few years time There seems to be no new lending from what I can tell so I wonder if the moved all the feeds to now feed loans into the new markets. They clearly were allowing some new lending into 5 year until around 6 months ago
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Post by gricehead on Jul 23, 2020 19:33:19 GMT
This is the response I got from RS today regarding the retaining of 1Y and 5Y products once they are all sold out. Not sure that's wholly correct but that's after framing the question in a way that I get a definitive answer regarding loans no longer being lent. I'm pretty certain that if I have money still on the market for either of these products that one will be retained. At least they used to be in the early days of them having been removed for new users but we'll see at some point I guess. I have set up some token "on market" maximum interest items for the ones I want to retain. I did stress in my question that I was offloading for the moment and would probably not want to come back at a later date if these products were no longer available to me but I guess they either did not see that bit or more likely don't really want users having the old products longer than necessary or worse even care I may not be rsed later on. To be fair I am far from convinced anyone will be in those markets in a few years time There seems to be no new lending from what I can tell so I wonder if the moved all the feeds to now feed loans into the new markets. They clearly were allowing some new lending into 5 year until around 6 months ago I got a match in the 1 year market (for a full 12 months) on 16th July.
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aju
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Post by aju on Jul 23, 2020 22:09:57 GMT
To be fair I am far from convinced anyone will be in those markets in a few years time There seems to be no new lending from what I can tell so I wonder if the moved all the feeds to now feed loans into the new markets. They clearly were allowing some new lending into 5 year until around 6 months ago I got a match in the 1 year market (for a full 12 months) on 16th July. Yeah me too around the 13th too. I was being stupid in thinking I could lend £10 and it will reduce down in a month and stay for a while, forgetting of course that's not the way the 1Y works. I have since set up £10 loans in "on the market" at the highest rate with fingers crossed it won't lend at least until my sales go through then I can leave it there for some time down the road when things have improved if they have at all of course.
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Like all those e-mails they sent to explain the constant tinkering with the website? And the early repayment e-mails etc they stopped sending? Thanks for the chuckle 
