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Post by inquiete on Jul 8, 2020 12:10:07 GMT
Does anybody else think that there is a mismatch between the £66m of RYIs that RateSetter say they have processed and the fact that they have only just started to process Access/Max/Plus RYIs from 13th March? This would indicate that the total RYIs are in the £100s of millions.
I think RateSetter are calculating this impressive sounding RYI processed by including the cash withdrawn manually by investors (interest and capital repayments) who have served RYIs and do not want this money to be reinvested. If an investor served an RYI of £10k back in March and have seen their outstanding balance reduce to £7k today - then the £3k manually withdrawn will be part of the £66m of RYIs that RS misleadingly say they have processed.
This would make sense of the numbers. It would not however - not for the first time - paint RateSetter in a very positive light in relation to being transparent with their long-suffering investors.
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chris1200
Member of DD Central
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Post by chris1200 on Jul 8, 2020 12:23:21 GMT
Does anybody else think that there is a mismatch between the £66m of RYIs that RateSetter say they have processed and the fact that they have only just started to process Access/Max/Plus RYIs from 13th March? This would indicate that the total RYIs are in the £100s of millions. I think RateSetter are calculating this impressive sounding RYI processed by including the cash withdrawn manually by investors (interest and capital repayments) who have served RYIs and do not want this money to be reinvested. If an investor served an RYI of £10k back in March and have seen their outstanding balance reduce to £7k today - then the £3k manually withdrawn will be part of the £66m of RYIs that RS misleadingly say they have processed. This would make sense of the numbers. It would not however - not for the first time - paint RateSetter in a very positive light in relation to being transparent with their long-suffering investors. "This would indicate that the total RYIs are in the £100s of millions." I fear you have provided the answer to your question yourself here.
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Post by freefalljunkie on Jul 8, 2020 12:56:33 GMT
Ratesetter have been guilty of bending the truth in some of their communications, just look at the '9 out of 10 investors continue to invest' bollocks they were trotting out for weeks, when in fact it probably meant 9 out of 10 were stuck in the RYI queue and the other 10% just hadn't been paying attention. However I don't see any reason to doubt the £66 million figure - apart from anything making up figures like that could get them in very hot water with the FCA.
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Post by inquiete on Jul 8, 2020 14:35:20 GMT
I stand by my theory. It would technically be accurate to call money paid out in respect of an RYI an RYI release - so I think RateSetter could support their calculations if they needed to do so.
If £65m has really been paid out in respect of the say 2000 - 3000 RYIs that have been tracked on this forum, that would indicate (based on a total of 35000 RYIs since March) that total redemption requests of more than £700m. This would be almost all of their loan book. Do we really think this is the case?
RateSetter are nothing if not masters of very carefully worded (aka misleading) communications and I think my interpretation above would not be too much of a stretch for their comms department.
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chris1200
Member of DD Central
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Post by chris1200 on Jul 8, 2020 14:46:42 GMT
If £65m has really been paid out in respect of the say 2000 - 3000 RYIs that have been tracked on this forum, that would indicate (based on a total of 35000 RYIs since March) that total redemption requests of more than £700m. This would be almost all of their loan book. Do we really think this is the case? 1) You're assuming that the average RYI £ amount processed up to now is equal to the average £ amount not yet processed. That's a big assumption. 2) I don't like this talk because it's almost certainly making things worse, but yes it really could be that high.
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Post by freefalljunkie on Jul 8, 2020 15:05:21 GMT
If £65m has really been paid out in respect of the say 2000 - 3000 RYIs that have been tracked on this forum, that would indicate (based on a total of 35000 RYIs since March) that total redemption requests of more than £700m. This would be almost all of their loan book. Do we really think this is the case? Yup, that wouldn't surprise me, which is why I think Ratesetter is finished. I do think we are a long, long way past the point where talk like this on an Internet forum will make the slightest bit of difference. That point surely came with the interest rate haircut at the beginning of May, when even the sleepiest of investors must have realised that the risk/return ratio had drastically changed.
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ceejay
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Post by ceejay on Jul 8, 2020 15:27:49 GMT
... If £65m has really been paid out in respect of the say 2000 - 3000 RYIs that have been tracked on this forum, that would indicate (based on a total of 35000 RYIs since March) that total redemption requests of more than £700m. This would be almost all of their loan book. Do we really think this is the case? ... While accepting a wide margin for error in the assumptions you've made in arriving at this number, I daresay you're not far off the mark. The thing is, if you have any amount that you care about invested in RS, why would you not put it up for RYI? You still get the same amount of interest. You have the option of changing your mind at any time. So the rational thing in almost all situations is to put it up for RYI. The only situation I can see where it doesn't make sense is if the loan is about to end anyway and you might save yourself a small fee. Or perhaps if its a tiny (to you) amount and you're curious to see how things play out. However, because it's such a one-sided decision, the fact that so much has (probably) been RYIed doesn't necessarily mean that all those investors have given up on RS. If matters were to stabilise (leaving aside how that might happen, exactly!) an unknowable proportion of lenders will just cancel their RYIs and carry on. I think its much too early to declare that RS is finished - there are plenty of twists yet to be had in this tale. But (almost all of) my investment is up for RYI anyway, for the reasons given.
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chris1200
Member of DD Central
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Post by chris1200 on Jul 8, 2020 15:29:27 GMT
If £65m has really been paid out in respect of the say 2000 - 3000 RYIs that have been tracked on this forum, that would indicate (based on a total of 35000 RYIs since March) that total redemption requests of more than £700m. This would be almost all of their loan book. Do we really think this is the case? Yup, that wouldn't surprise me, which is why I think Ratesetter is finished. I do think we are a long, long way past the point where talk like this on an Internet forum will make the slightest bit of difference. That point surely came with the interest rate haircut at the beginning of May, when even the sleepiest of investors must have realised that the risk/return ratio had drastically changed. Let me selfishly live in hope that gagging ourselves on this forum might keep things going for the few more weeks I need to get out In all seriousness, though, there is clearly still significant re-investment going on, based on the processing figures. So... there is still more damage to be done. As to how much can be done by newbies reading this forum, I don't know. But there are quite a few new accounts on here recently...
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Post by saintpeter on Jul 8, 2020 18:21:35 GMT
Yup, that wouldn't surprise me, which is why I think Ratesetter is finished. I do think we are a long, long way past the point where talk like this on an Internet forum will make the slightest bit of difference. That point surely came with the interest rate haircut at the beginning of May, when even the sleepiest of investors must have realised that the risk/return ratio had drastically changed. Let me selfishly live in hope that gagging ourselves on this forum might keep things going for the few more weeks I need to get out In all seriousness, though, there is clearly still significant re-investment going on, based on the processing figures. So... there is still more damage to be done. As to how much can be done by newbies reading this forum, I don't know. But there are quite a few new accounts on here recently... Is there a way to see how much is being re-invested every day/week/month etc? I'm sure it is in the market data figures on the website but I can't work these out.
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Post by Ace on Jul 8, 2020 18:43:21 GMT
Let me selfishly live in hope that gagging ourselves on this forum might keep things going for the few more weeks I need to get out In all seriousness, though, there is clearly still significant re-investment going on, based on the processing figures. So... there is still more damage to be done. As to how much can be done by newbies reading this forum, I don't know. But there are quite a few new accounts on here recently... Is there a way to see how much is being re-invested every day/week/month etc? I'm sure it is in the market data figures on the website but I can't work these out. The Rate Trends page has a Weekly Volume tick box. Very roughly £5m per week recently.
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Post by saintpeter on Jul 8, 2020 19:22:20 GMT
Is there a way to see how much is being re-invested every day/week/month etc? I'm sure it is in the market data figures on the website but I can't work these out. The Rate Trends page has a Weekly Volume tick box. Very roughly £5m per week recently. Whereabouts would I find this on the Ratesetter website please?
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Jul 8, 2020 19:36:51 GMT
i have to say i think RS is finished but as a p2p platform. as a lender they will get a whole lot bigger.
i think the RS team dont care what we think as they know retail is painful and they can't wait to shut us down
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Post by Ace on Jul 8, 2020 20:11:36 GMT
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star dust
Member of DD Central
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Post by star dust on Jul 9, 2020 8:48:18 GMT
The average investor does not have access to that page - another example of RS treating all investors fairly. Err... you do have to be an RS investor or even just have an RS account to see it but maybe you aren't one?
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johnt
Investing in Ratesetter, Zopa and Assetz Capital since 2013
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Post by johnt on Jul 9, 2020 9:19:46 GMT
The average investor does not have access to that page - another example of RS treating all investors fairly. Err... you do have to be an RS investor or even just have an RS account to see it but maybe you aren't one? I think RS have removed that page. I can't see it either even when I'm logged in.
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