aju
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Post by aju on Aug 6, 2020 14:19:51 GMT
I can't read the small print from here and even though I accept RS has been compared with savings products with some clever marketing in the past, that doesn't mean it is savings. Savings in this context is an interesting term, and the statement "earn it on your savings" does not technically mean it's not an investment or in fact a saving product. Whilst I know its not savings I did use my spare savings, the ones I don't have a critical need of, in say the next 5 years, can be used in the investment product that is Ratesetter. The thing is I do feel it's a bit rich them using this term in this way - I think someone else went into the psychology of advertising speil etc - but in fact they are not exactly saying that Ratesetter is a savings product. You may have to read it a couple of times to see it and also frame it in a "What do they mean really" sort of way. I guess I'm just fortunately suspicious of what anyone tells me, english language was never a good subject for me growing up - streetwise was more my forte (that misspent youth and all that) and a considerable amount of mistakes along the way helps. A lecturer I met when my company sent me to learn more, the guy who built the speech computer tech for Steven Hawking in the mid to late 80's in fact. He said that questions were the lifeblood of progress and his favourite saying he repeated often was "Don't rest on your laurels, you have none!" so as a result I ask way too many questions for my own good but it has seen me well over the years and was a good thing I had the good fortune to cross paths with this person. (He's mentioned in the SH wiki I think).
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Aug 6, 2020 18:27:13 GMT
As RS goes into zombie mode, then there won't be much left to talk about on these boards any more! I watched the other platform sections die off one by one, Even Funding Circle's section is pretty dormant now. So that's the end of P2P. Last one out of the building turn out the light! you are right. the threads are all the same looping chats and the other p2p chats are pretty silent. I think I might make an exit from this soon as I do not see much more than distressed investors writing as if they could negotiate Brexit and solve covid in their sleep but panicked about any thing that happens next.
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Post by gar on Aug 7, 2020 7:38:48 GMT
So, the wannabe Warren Buffets and number crunchers on this site insist that the products offered by RS are investments.
Perhaps you ought to examine the relationship between the two words to understand my disagreement.
Saving and investing often are used interchangeably, but there is a difference.
Saving is setting aside money you don’t spend now for emergencies or for a future purchase. It’s money you want to be able to access quickly, with little or no risk, and with the least amount of taxes. Financial institutions offer a number of different savings options.
Investing is buying assets such as stocks, bonds, mutual funds or real estate with the expectation that your investment will make money for you. Investments usually are selected to achieve long-term goals. Generally speaking, investments can be categorized as income investments or growth investments.
Sorry peeps it is what it is, a glorified savings account gone bad.
If I had wanted to invest I would have signed up with T D Waterhouse or my banks share dealing department and studied the FT periodically. Worth noting the word ACCESS in bold on the savings sentence, where have I seen that before?
We are where we are at the present time and RS (so far) have not put a foot wrong dealing with people requests to get their money back, and I have had nothing but courtesy whenever I have rang them, so good O to them
But please everyone refer to it as saving rather than investing
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Aug 7, 2020 7:47:11 GMT
why are you still arguing this?
People can have an opinion and your one is that is savings. End of story
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iRobot
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Post by iRobot on Aug 7, 2020 8:04:30 GMT
<snip> If I had wanted to invest I would have signed up with T D Waterhouse or my banks share dealing department and studied the FT periodically. Worth noting the word ACCESS in bold on the savings sentence, where have I seen that before? <snip> When I sign up to providers offering investment products I see warnings like " Capital at risk. No FSCS protection. Past performance is not an indicator of future results." -- now where have I seen that before? Just saying ...
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Aug 7, 2020 8:30:07 GMT
If Ratesetter are not allowing new investment should they be making new loans? Their wind down plan would suggest not. You need to realise They are not winding down. They have obligations (Gifgaf, property that may be in tranches)
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Aug 7, 2020 8:31:22 GMT
Ratesetter offer an ISA. What does ISA stand for? Individual SAVINGS Account. It is not a cash ISA it is an innovative finance ISA. What is a stocks and shares ISA then? a saving account?
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Aug 7, 2020 9:08:26 GMT
You need to realise They are not winding down. They have obligations (Gifgaf, property that may be in tranches) If Metro are not taking on the current loan book then what are the options other than to wind it down? Wont Metro want rid of the current loan book? No they want to lend just not with retail. funding circle have not wound down, thin cats either they just operate institutionally therefore running two loan books albeit one drops.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Aug 7, 2020 9:10:00 GMT
It is not a cash ISA it is an innovative finance ISA. What is a stocks and shares ISA then? a saving account? Fair comment. Only put it in because of the comments relating to savings/investment. don't let it wind you up. it's a government tax free wrapper and all of these instruments are tagged ISA.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Aug 7, 2020 9:11:50 GMT
You need to realise They are not winding down. They have obligations (Gifgaf, property that may be in tranches) If Metro are not taking on the current loan book then what are the options other than to wind it down? Wont Metro want rid of the current loan book? i think you need to check out winding down the loan book vs wind down/administration
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Aug 7, 2020 9:17:20 GMT
They let it expire and mature. loans repay, we take our money or not if there are losses. we log off and we log out of the forum
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Aug 7, 2020 9:23:32 GMT
oh and those savers in the group get upset they lost savings and the investors get angry about investments going wrong all of us before we leave mutter the letters FSCS
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aju
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Post by aju on Aug 7, 2020 9:24:15 GMT
They let it expire and mature. loans repay, we take our money or not if there are losses. we log off and we log out of the forum Yes that's what I thought until it occurred to me that Access does not work that way. So assuming there are people still actually in Access and not trying to bail out and not setting re-lend to 8% or the highest possible and withdrawing. I guess its down to how many loans are actually left. Of course Rs could stop Access auto re-lending perhaps but I can;t see them doing that until last day. So lets assume there are some people have not noticed that RS is no more - eventually, I guess that the only way anyone will know to take their money is if RS tells them. Just a thought or two. I'll be long gone, hopefully by then ... Perhaps we should all send a complaint to RS let it stew for 8 weeks and then push it at the FCA and make them feel the pain of disgruntled Savers/Investors... Could be fun and give us all something to do for 10 mins
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Post by gar on Aug 7, 2020 9:24:44 GMT
why are you still arguing this? People can have an opinion and your one is that is savings. End of story Because, beagle, the number crunchers and Warren Buffets on this forum are blaming people who choose the Access product for not reading or understanding the T&C's. When infact they themselves are getting the basic definition between the words Investments and savings wrong. Due to extreme nature of current event RS should have held their hands up and made one que from the three products and dealt with them on the basis of when you requested your money. A product I thought was sold as nearly instant access turns out to be a loan for 5 years And as for:- why are you still arguing this? this is a discussion forum where these kind of things are aired. the whole point is that most of the people in the Access product signed into it because it clearly said Access in a reasonable time. The pandemic has obviously put paid to the reasonable time aspect of the statement. iRobot, I read and completely accept the warning you have highlighted.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Aug 7, 2020 9:25:57 GMT
why are you still arguing this? People can have an opinion and your one is that is savings. End of story Because, beagle, the number crunchers and Warren Buffets on this forum are blaming people who choose the Access for not reading or understanding the T&C's. When infact they are getting the basic definition between Investments and saving wrong. Due to extreme nature of current event RS should have held their hands up and made one que from the three products and dealt with them on the basis of when yo requested you money. And as for:- why are you still arguing this? this is a discussion forum where these kind of things are aired. the whole point is that most of the people in the Access product signed into it because it clearly said Access in a reasonable time. The pandemic has obviously put paid to the reasonable time aspect of the statement. iRobot, I read and completely accept the warning you have highlighted. gar nothing will change, maybe get a coffee and relax.
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