Frequently Asked Questions (Attempted Answers) build mode
May 17, 2020 20:07:16 GMT
spiral, star dust, and 3 more like this
Post by Badly Drawn Stickman on May 17, 2020 20:07:16 GMT
The plan is to gather all the answers to the frequently/constantly asked questions, i will try and collate, but need links to any existing material and contributions.
Post them below and I will try and sort it out.
First up has to be why are my repayments being reinvested.
Courtesy of star dust we have this version. Click here for full version
In the access accounts – access, plus and max – your initial funds are matched to loans at your chosen rate, lets say 7.2% (my access average). However, if you look at the detail of what you have matched to you will find the underlying loan/s have a term from 1-61 months, and a repayment date in around a months’ time for amortising loans, let’s keep it simple and assume they are all amortising. Come the repayment date in around a month if the loan term is more than 1 month you will receive the months interest, and a small amount of amortised capital repayment. The remaining capital payment will go straight back on the market at the rate you lent at, and although you may see it as 'on the market' on screen you won’t be able to cancel it, and you won’t see the rate it is at. When there are more than £10 worth of amortised capital repayments accumulated in your account, they will go on the market at your rate i.e. 8% in your case, and you will be able to cancel those and get your money out if you so wish. When you look at your transaction history you will see three entries per loan – interest payment (amortised) capital repayment and relent capital of the underlying loan. Look at your details again and there will be slightly smaller amount loaned (initial capital less months amortised capital) at a term of one month less than beforehand.
All access loans maintain their loan number throughout their underlying term, but their contract numbers change every month so you might be led to believe they are new loans. They are not and neither will the initial rate you lent at have changed.
Ratesetters own version
Every month you receive a new contract when matched to an amortising loan.
A ‘New’ contract is the first month of this agreement and all subsequent months are within the ‘Existing’ contracts.
Notes
As pointed out, this section on the market at your rate i.e. 8% in your case is out of context. An explanation on how to set your reinvestment .....
In the My Account area
Your Portfolio
Click on the account you want to set, for example Access
In the reinvestment settings row you will see an Edit box
You will see two main options Going Rate and Your Rate select the Your Rate option
Use the + button to set as high as possible (you can just type it in)
Press the Confirm button. Then when you go back to the account it will show the new setting, which in this instance should be 8% currently.
The 1 Year and 5 Year you can simply set to move directly to the Holding Account
Currently trending second is. RYI or Release Your Investment
To see the current position of the RYI queue Click here
Just in case there is anybody left who does not know how to do a RYI this is the method
Select Withdraw
Release your investment, this will display a menu of your holdings
It is possible to set up multiple RYI on each offering (with certain obvious limitations)
Make your selection and you will get a quote, this will show any fees applicable.
Click proceed to quote and then Confirm
Go to a charity shop and buy all the books, could be a while.(Other book vendors available)
IFISA transfers out
I suspect at some point this will become a relevant topic.
I am light on details regarding transfers out, so have asked a few questions. Will update if anything worthwhile is given
Post them below and I will try and sort it out.
First up has to be why are my repayments being reinvested.
Courtesy of star dust we have this version. Click here for full version
In the access accounts – access, plus and max – your initial funds are matched to loans at your chosen rate, lets say 7.2% (my access average). However, if you look at the detail of what you have matched to you will find the underlying loan/s have a term from 1-61 months, and a repayment date in around a months’ time for amortising loans, let’s keep it simple and assume they are all amortising. Come the repayment date in around a month if the loan term is more than 1 month you will receive the months interest, and a small amount of amortised capital repayment. The remaining capital payment will go straight back on the market at the rate you lent at, and although you may see it as 'on the market' on screen you won’t be able to cancel it, and you won’t see the rate it is at. When there are more than £10 worth of amortised capital repayments accumulated in your account, they will go on the market at your rate i.e. 8% in your case, and you will be able to cancel those and get your money out if you so wish. When you look at your transaction history you will see three entries per loan – interest payment (amortised) capital repayment and relent capital of the underlying loan. Look at your details again and there will be slightly smaller amount loaned (initial capital less months amortised capital) at a term of one month less than beforehand.
All access loans maintain their loan number throughout their underlying term, but their contract numbers change every month so you might be led to believe they are new loans. They are not and neither will the initial rate you lent at have changed.
Ratesetters own version
Every month you receive a new contract when matched to an amortising loan.
A ‘New’ contract is the first month of this agreement and all subsequent months are within the ‘Existing’ contracts.
Notes
As pointed out, this section on the market at your rate i.e. 8% in your case is out of context. An explanation on how to set your reinvestment .....
In the My Account area
Your Portfolio
Click on the account you want to set, for example Access
In the reinvestment settings row you will see an Edit box
You will see two main options Going Rate and Your Rate select the Your Rate option
Use the + button to set as high as possible (you can just type it in)
Press the Confirm button. Then when you go back to the account it will show the new setting, which in this instance should be 8% currently.
The 1 Year and 5 Year you can simply set to move directly to the Holding Account
Currently trending second is. RYI or Release Your Investment
To see the current position of the RYI queue Click here
Just in case there is anybody left who does not know how to do a RYI this is the method
Select Withdraw
Release your investment, this will display a menu of your holdings
It is possible to set up multiple RYI on each offering (with certain obvious limitations)
Make your selection and you will get a quote, this will show any fees applicable.
Click proceed to quote and then Confirm
Go to a charity shop and buy all the books, could be a while.(Other book vendors available)
IFISA transfers out
I suspect at some point this will become a relevant topic.
I am light on details regarding transfers out, so have asked a few questions. Will update if anything worthwhile is given
