beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Jun 27, 2020 18:32:54 GMT
Given all of the news lately, I thought it would be interesting to see what people's actual position was.
I for one am staying, maybe I am making a mistake but I have decided that my risk and strategy can sustain this position.
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Post by df on Jun 27, 2020 19:45:05 GMT
Given all of the news lately, I thought it would be interesting to see what people's actual position was. I for one am staying, maybe I am making a mistake but I have decided that my risk and strategy can sustain this position. From what I've understood, Metro is not interested in buying RS loan book. If this is correct, I don't think we will have all these options. If this take over happens, the most likely scenario I can envisage is wind down with significant losses. I hope I'm wrong.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Jun 27, 2020 20:09:28 GMT
if Metro do not buy the loan book, then a wind down indeed, however you could still move to another, cash out or hope indeed
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Post by df on Jun 27, 2020 21:04:19 GMT
if Metro do not buy the loan book, then a wind down indeed, however you could still move to another, cash out or hope indeed In the event of wind down there will be no SM - so taking your cash out will be a very slow process. I'm not participating in RYI, but from feedback I can see, even in current condition people are stuck in the queue for months.
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bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
Posts: 129
Likes: 53
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Post by bt on Jun 27, 2020 22:24:51 GMT
Given all of the news lately, I thought it would be interesting to see what people's actual position was. I for one am staying, maybe I am making a mistake but I have decided that my risk and strategy can sustain this position. From what I've understood, Metro is not interested in buying RS loan book. If this is correct, I don't think we will have all these options. If this take over happens, the most likely scenario I can envisage is wind down with significant losses. I hope I'm wrong. The terms and conditions say 20. Wind-down of the RateSetter business
20.1. Should RateSetter find itself, or choose to declare itself, unable to keep operating the platform in a sustainable
and profitable manner, it may trigger an orderly wind-down of the business in accordance with its wind-down
planI'm not sure being bought would be a valid trigger for a wind down, unless that takeover made them unsustainable, in which case I would argue that that was a deliberate act which is surely unethical?
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ceejay
Posts: 971 
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Post by ceejay on Jun 28, 2020 7:52:50 GMT
From what I've understood, Metro is not interested in buying RS loan book. If this is correct, I don't think we will have all these options. If this take over happens, the most likely scenario I can envisage is wind down with significant losses. I hope I'm wrong. The terms and conditions say 20. Wind-down of the RateSetter business
20.1. Should RateSetter find itself, or choose to declare itself, unable to keep operating the platform in a sustainable
and profitable manner, it may trigger an orderly wind-down of the business in accordance with its wind-down
planI'm not sure being bought would be a valid trigger for a wind down, unless that takeover made them unsustainable, in which case I would argue that that was a deliberate act which is surely unethical? Not sure what you think ethics have to do with anything! Besides, that term as written gives them carte-blanche to wind up whenever they want, and to be fair it couldn't really be any other way. If that were to happen then we just have to sit back and see how much comes back over the next 5 years...
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aju
Member of DD Central
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Post by aju on Jun 28, 2020 13:39:44 GMT
I voted to wait and see even though I am also waiting and seeing my sales not fulfilling either ... that said am also winding down with relending off and removing funds every few days which is slower. (Zopa is releasing much faster despite the cost of releasing funds being over 4%, not including Zopa release fees, so thankfully been in Zopa for a looooong time so not that bad for us capital wise).
There will come a time though I guess when RS loans are not going to be able to be sold as there is no one to sell to so we will all only be able to wind down slowly. I wonder how sustainable it will be to maintain staff to chase the defaults that a large number of people might think are worth hold out on.
Just a thought though, hopefully I am wrong.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Jun 28, 2020 13:46:58 GMT
unless external funding moves in to create liquidity you are right
The downfall was they are the only p2p to remain pure and not take external funds properly.
also to be fair what staff would want to work under that pressure? might be hard to keep people (although not right now).
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Post by shanghaiscouse on Jun 28, 2020 21:24:27 GMT
I've been through all this with Funding Circle. If RS is sold to Metro then we will be left holding the baby as Metro don't want to buy our loans. It will be a zombie loan book and you'll be getting repaid over the life of the underlying loans, and nothing wrong with that as it is what you signed up for. There will be capital losses as the PF will be insufficient. Same story as FC where, aftere 4 years, I have basically ended up with zero return. No capital loss, but zero return as all interest earned (and already spent by me! )has been wiped out by bad debt.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Jun 28, 2020 22:32:14 GMT
i have to say i suspect you are right.
i feel like as much as i love RS. i think it will be the end for retail.
there is no suggestion of any good reason to keep it open
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Post by stevepn on Jun 29, 2020 7:29:30 GMT
I am already walking, I have now only got £46 left to go from £36,000. Over the last year Ratesetter's website has got more complicated and getting higher rates was more difficult which I believe was a deliberate move from Ratesetter themselves. I got my money out early April. I doubt very much I will be going back to Ratesetter any time soon.
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Post by gar on Jun 29, 2020 7:53:20 GMT
I am already walking, I have now only got £46 left to go from £36,000. Over the last year Ratesetter's website has got more complicated and getting higher rates was more difficult which I believe was a deliberate move from Ratesetter themselves. I got my money out early April. I doubt very much I will be going back to Ratesetter any time soon. Ditto. By the time i get my savings they will probably be used for OAP care costs rather than the new car I was planning in February. When i put my money in RS i purposefully avoided the 5 year loan due to my age. Im sure I'm not the only elderly person in this position My original investment was 35.5K,
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Post by p2plender on Jun 29, 2020 8:02:56 GMT
I am already walking, I have now only got £46 left to go from £36,000. Over the last year Ratesetter's website has got more complicated and getting higher rates was more difficult which I believe was a deliberate move from Ratesetter themselves. I got my money out early April. I doubt very much I will be going back to Ratesetter any time soon. Spot on! Ratesetter's constant tinkering now back to bite them... max, access, plus, 5yr but really.......... Ratesetter is just one account, always was. Probably somewhere between 1yr ,5yr and never.. Well done Ratesetter, you Royally cocked things up big style. Potential IPO to fire sale!
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Post by scepticalinvestor on Jun 29, 2020 8:45:18 GMT
I am already walking, I have now only got £46 left to go from £36,000. Over the last year Ratesetter's website has got more complicated and getting higher rates was more difficult which I believe was a deliberate move from Ratesetter themselves. I got my money out early April. I doubt very much I will be going back to Ratesetter any time soon. Spot on! Ratesetter's constant tinkering now back to bite them... max, access, plus, 5yr but really.......... Ratesetter is just one account, always was. Probably somewhere between 1yr ,5yr and never.. Well done Ratesetter, you Royally cocked things up big style. Potential IPO to fire sale! Indeed. Unfortunately for Rhydian, the eventual reckoning was hastened by covid, leaving him floundering for a suitor, any suitor.
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Post by stevepn on Jun 29, 2020 8:53:19 GMT
I am already walking, I have now only got £46 left to go from £36,000. Over the last year Ratesetter's website has got more complicated and getting higher rates was more difficult which I believe was a deliberate move from Ratesetter themselves. I got my money out early April. I doubt very much I will be going back to Ratesetter any time soon. Ditto. By the time i get my savings they will probably be used for OAP care costs rather than the new car I was planning in February. When i put my money in RS i purposefully avoided the 5 year loan due to my age. Im sure I'm not the only elderly person in this position My original investment was 35.5K, I'm in the same situation as you, I avoided the 5 years because of my age but was happy with the 3 year then that suddenly stopped, so everything went into access and in reality that is a joke.
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