Money on market not showing (RS)

Are you sure this is not just the standard cycle for Access accounts ?

Read the Thread :Time cycle for reinvesting money in the access account. on page 2 of the RS forum. p2pindependentforum.com/thread/17024/cycle-reinvesting-money-access-account

In brief.


The confusion arose when Ratesetter changed the way it processed loans in access about 2 years ago.
Historically , in the beginning .... you lent money at your chosen rate for 30days. At the end of that period RS paid you back all your money + interest and you were free to do what you wanted with it. You could withdraw all of it, reinvest it straight away at your chosen rate, or wait - say 5 days and then lend money again at your chosen rate for another 30 days. The more experienced investor would pick and choose when to invest -wait until rates went up (supply/demand) and decided when to invest.
Basically you funded RS and they behind the scenes/in the background funded the loans. The difference between your lending rate to RS and the rate agreed with the borrower would constantly be changing, this was absorbed by RS. This only happened in the old access market.
When RS decided to change this 30day account into the access account, they couldn't reprogram their system to run as the 3yr( now closed) and the 5yrs. Standard amortising loans.
If you notice, you are able to see a repayment schedule for 5yr loans. You are not able to see this on access loans.
Access shows you the money being completely repaid and you re-lending to the same borrower/same rate /term Also if you speak to RS customer service, they will tell you the borrower will repay the loan and then you relend it back to the same borrower. Obviously this doesn't happen in the real world.

The latest 'improvement ' to the RS platform last year restricted the withdrawal of funds. Along with the levels at which you could set your own rate. They wanted/encouraged you to reinvest the capital and interest- I presume to keep rates down.

So the 'fix' to this is .. Set your reinvestment rate very high, when the system goes through the repayment process you will be left with some money in the holding account and on market at your chosen rate. Hopefully its high enough not to be matched, before you can manually go and cancel these orders to bring all your money back to the holding account. Then you can withdraw the funds.
Your accounts will look very confusing when RS has to process lot of repayments, Usually at the EOM, or after a long weekend etc. You will see money on market but you can't cancel these orders. This is RS processing the repayments of access loans and relending them (to the same borrower)
I hope this helps you understand how the access account works. Personally I preferred the original 30 day account.