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Post by pmc on Aug 17, 2020 11:10:39 GMT
Hi everyone,
I couldn't see a specific thread on this so thought it'd be ok to start a new one.
I have resigned myself to the fact that my money will not be released until the end of various loans I am party to. I'm fine with that, I knew this was a risk when invested I just want to make sure that when the money from the loan comes in that Ratesetter do not reinvest the money in a new loan, so was just after a bit of advice to make sure I am doing the right thing.
I have set my reinvestment setting to 9% (which is the currently the highest it will go to) and I check in on the account daily to see if there is any money on the market that I can cancel and withdraw. Is there anything else I should be doing? The reason I ask is that I have been looking at the section titled "your money on loan" - this lists all the various loans you are engaged with. One piece of info is when the next repayment is due on the loan. I had been tracking these dates and noticed that money tended to come back to me and was placed on the market for reinvestment on the days the loans were due to make payments. This seemed to be corresponding regularly and so I had assumed this is how it worked, that the loan made a monthly repayment and that total was placed on the market at the rate I had set for reinvestment, I could cancel the reinvestment request and withdraw if I got to it before it was matched. The last few repayment dates I haven't seen anything come back at all. Also in my transaction history I can see that money being lent out again, so a bit confused.
Should I expect to see money coming back each repayment date (is there a difference if the loan is amortising or not?)? Also am I doing everything I should to make sure the money does not get reinvested when it comes back in.
Thanks
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robski
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Post by robski on Aug 17, 2020 14:18:07 GMT
Are you talking about the APM markets, 1 year or 5 year
If its APM, then each month each loan will create a new loan once the repayment comes in, your not supposed to be able to stop this, and you can't Reinvestment settings are for new loans, ones rolling over maintain the rate they had when you originally had the loan written
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aju
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Post by aju on Aug 17, 2020 18:01:53 GMT
9.0% is not possible for new lending settings just tried - the max possible is 8% on all 5 products. I have some myself on older 1Y and 5Y products set at 10%, recent ones but before they made a blanket setting to be 8% I think it was when they changed the interface a few weeks back it became 8%.
That's for new settings not existing settings.
At one time it was set as a max of 5% above the current going rates before the new APM products came in though, that's certainly what it looked like at the time.
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robski
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Post by robski on Aug 17, 2020 18:25:48 GMT
9.0% is not possible for new lending settings just tried - the max possible is 8% on all 5 products. I have some myself on older 1Y and 5Y products set at 10%, recent ones but before they made a blanket setting to be 8% I think it was when they changed the interface a few weeks back it became 8%. That's for new settings not existing settings. At one time it was set as a max of 5% above the current going rates before the new APM products came in though, that's certainly what it looked like at the time. Mine is at 10%, it depends when you set it as to what your max rate is. Although I am talking max Its possible the OP is talking max as well since thats set at 4%, so 4+5% = 9%
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Post by df on Aug 17, 2020 19:33:52 GMT
9.0% is not possible for new lending settings just tried - the max possible is 8% on all 5 products. I have some myself on older 1Y and 5Y products set at 10%, recent ones but before they made a blanket setting to be 8% I think it was when they changed the interface a few weeks back it became 8%. That's for new settings not existing settings. At one time it was set as a max of 5% above the current going rates before the new APM products came in though, that's certainly what it looked like at the time. Mine is at 10%, it depends when you set it as to what your max rate is. Although I am talking max Its possible the OP is talking max as well since thats set at 4%, so 4+5% = 9% I've reset mine to a maximum just now. I'm not in Plus or 1y, but for Access it is 8%, for Max it is 9% and for 5y is 10%.
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Post by df on Aug 17, 2020 20:06:40 GMT
Hi everyone, I couldn't see a specific thread on this so thought it'd be ok to start a new one. I have resigned myself to the fact that my money will not be released until the end of various loans I am party to. I'm fine with that, I knew this was a risk when invested I just want to make sure that when the money from the loan comes in that Ratesetter do not reinvest the money in a new loan, so was just after a bit of advice to make sure I am doing the right thing. I have set my reinvestment setting to 9% (which is the currently the highest it will go to) and I check in on the account daily to see if there is any money on the market that I can cancel and withdraw. Is there anything else I should be doing? The reason I ask is that I have been looking at the section titled "your money on loan" - this lists all the various loans you are engaged with. One piece of info is when the next repayment is due on the loan. I had been tracking these dates and noticed that money tended to come back to me and was placed on the market for reinvestment on the days the loans were due to make payments. This seemed to be corresponding regularly and so I had assumed this is how it worked, that the loan made a monthly repayment and that total was placed on the market at the rate I had set for reinvestment, I could cancel the reinvestment request and withdraw if I got to it before it was matched. The last few repayment dates I haven't seen anything come back at all. Also in my transaction history I can see that money being lent out again, so a bit confused. Should I expect to see money coming back each repayment date (is there a difference if the loan is amortising or not?)? Also am I doing everything I should to make sure the money does not get reinvested when it comes back in. Thanks Setting your rate to a maximum allowance is definitely the right thing to do if you don't want your money to be reinvested. I'm not in any non-amortising loans anymore, but as far as I remember - you don't get any repayments until the end of term. Otherwise you should expect timely repayments every month.
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aju
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Post by aju on Aug 17, 2020 22:00:31 GMT
Mine is at 10%, it depends when you set it as to what your max rate is. Although I am talking max Its possible the OP is talking max as well since thats set at 4%, so 4+5% = 9% I've reset mine to a maximum just now. I'm not in Plus or 1y, but for Access it is 8%, for Max it is 9% and for 5y is 10%. That's interesting it must be different for different people perhaps. I been in yet again and tried Max myself and I can't set anything higher than 8%. I just set it to 10 and click the plus button and it says 8% is maximum to me, I tried setting to 7.9 and using the + button but same effect. I tried all the options earlier before I posted the previous message and the same effect happened. When they changed it recently I noticed it had been lowered but do have some older settings that I decided to leave at 10%. All new ones for me can only be set to 8% maximum across all products. I guess some people still have the capability to set to higher numbers but I personally do not and have not since the changes to the interface were made a few weeks back. I assumed it was RS switching to a consistent interface but could be someone didn't understand the change doc and set it to 8% for everything. Win some, lose some I guess, I do still think 8% would take a while for anyone using it to stop relend though if monitored every day or so, I do routinely check every day quickly for any big'uns coming through unexpectedly. Has worked for me where I have it set to 8%. I do have these in 1Y and have to be careful for any early closures, but yes I agree otherwise on monthly payments.
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Post by pmc on Aug 18, 2020 7:10:09 GMT
Thanks for replies.
So yes i'm talking about Max and, yes it does allow you to set the rate at 9%.
So I'm right in thinking that for Amortising loans you should expect to get a repayment returned every month and for non-Amortising then you wait until the full term and get the full capital and interest repaid?
If I could clarify this it'll help me plan better for when my capital is likely to be returned.
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Post by pmc on Aug 18, 2020 7:29:18 GMT
Are you talking about the APM markets, 1 year or 5 year If its APM, then each month each loan will create a new loan once the repayment comes in, your not supposed to be able to stop this, and you can't Reinvestment settings are for new loans, ones rolling over maintain the rate they had when you originally had the loan written So are you saying that if you are in the APM market there's no way out other than to wait for your position in the withdrawal queue to run down? Why have I been getting some random payments back to me periodically then? Are these from the provision fund when the loan defaults. They don't make it easy to understand.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Aug 18, 2020 7:56:40 GMT
Are you talking about the APM markets, 1 year or 5 year If its APM, then each month each loan will create a new loan once the repayment comes in, your not supposed to be able to stop this, and you can't Reinvestment settings are for new loans, ones rolling over maintain the rate they had when you originally had the loan written So are you saying that if you are in the APM market there's no way out other than to wait for your position in the withdrawal queue to run down? Why have I been getting some random payments back to me periodically then? Are these from the provision fund when the loan defaults. They don't make it easy to understand. This must be a candidate for the understatement of the year. Probably you have a mix of amortising and non-amortising loans, and most of the latter. It is hard to tell the difference. When one of the rarer amortising loans makes a payment the part repayment and the interest go back on the market but most of it goes back into the loan. You are doing the right thing. It is unlikely but not impossible that your money on the market will be matched with a loan request at 9% but you should log on daily or as often as possible to withdraw (edit: or cancel) the money on the market to prevent this. I do not know of any way to cancel money on the market and return it to the holding account (if there is please tell). It would help everyone including RS (and possibly reduce their bank charges) if there were because a lot of people must be withdrawing small amounts daily. Personally I would not mind letting it build up in the holding account until it reached a decent sum to withdraw. Edit: Found the button to do it. It's hard to see on my monitor and looks greyed out as if inactive, but it does work. Like everything else on the platform they don't make it easy. Thanks angel19
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Post by angel19 on Aug 18, 2020 8:17:10 GMT
Maybe I have misunderstood the issue, but I just go into my account, select the edit button alongside the on market amount and cancel the transactions. The money goes back to holding where it sits safely until I withdraw.
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aju
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Post by aju on Aug 18, 2020 8:23:28 GMT
Thanks for replies. So yes i'm talking about Max and, yes it does allow you to set the rate at 9%. So I'm right in thinking that for Amortising loans you should expect to get a repayment returned every month and for non-Amortising then you wait until the full term and get the full capital and interest repaid? If I could clarify this it'll help me plan better for when my capital is likely to be returned. Ok so I have to admit I was coming at this from a very different angle and using the invest - I keep 1 invest request on the 1Y and 5Y for all our accounts so I can maintain some extra tools. I suddenly realised I was looking in the wrong areas - you are definitely right its not the easiest beast to work with and the constant changes they keep making is becoming worse than MS windows platform!. So I realised you are talking the reinvest settings not the invest settings my mistake apologies for that. So I checked all my reinvest setting for the apm and it seems that it follows the current going rate + 5%. I'd set that max and check daily for any large sums coming in. I usually map out my important days by also looking at the products I have investment in and using the returned money screens to see when there are hot spots. Its not the easist place to get to. 1. Click My account (Menu item) 2. Scroll down to the " Your portfolio" section. 3. Click the " total" item (should get to a separate "Money on Loan" Section) 4. In repayments by month section change to by date not contract 5. Tick untick the products you want to see. 6. Click the view button and review your projections. If you are logged in you could use the following link as well to go directly to the relevant money on loan screen too (Just be careful you are still in the correct e/d or ISA when you click from here (also it will create a new page from here too) members.ratesetter.com/your_lending/money_on_loan/onloan_summary.aspxAt this point you will see the daily projected returned money and can work accordingly. I usually map out my month by when sums are due but its also possible for loans to finish early so I usually check daily too. I remove anything that may have been pushed to "on the market" before it gets applied have set the reinvest as high as possible.(One tip: if you change things make sure you always click the view button!) Hope that helps and again apologies for muddying the already muddy waters of what is hard enough as it is with all the constant changes. Edited: Using links like this can get you confused with more than a single tabs
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aju
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Post by aju on Aug 18, 2020 8:41:41 GMT
Maybe I have misunderstood the issue, but I just go into my account, select the edit button alongside the on market amount and cancel the transactions. The money goes back to holding where it sits safely until I withdraw. Assuming it hasn't already been grabbed before you get there of course. Would be great if RS could put a link button onto the initial overview screen for "on market" item - they can't really I suppose as there are too many things that it might point to, especially when one has all/many of the products - could have a dropdown selector I guess. On second thoughts probably best not to encourage them they have enough to sort out as it is....
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robski
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Post by robski on Aug 18, 2020 10:45:50 GMT
So are you saying that if you are in the APM market there's no way out other than to wait for your position in the withdrawal queue to run down? Why have I been getting some random payments back to me periodically then? Are these from the provision fund when the loan defaults. They don't make it easy to understand. This must be a candidate for the understatement of the year. Probably you have a mix of amortising and non-amortising loans, and most of the latter. It is hard to tell the difference. When one of the rarer amortising loans makes a payment the part repayment and the interest go back on the market but most of it goes back into the loan. You are doing the right thing. It is unlikely but not impossible that your money on the market will be matched with a loan request at 9% but you should log on daily or as often as possible to withdraw the money on the market to prevent this. I do not know of any way to cancel money on the market and return it to the holding account (if there is please tell). It would help everyone including RS (and possibly reduce their bank charges) if there were because a lot of people must be withdrawing small amounts daily. Personally I would not mind letting it build up in the holding account until it reached a decent sum to withdraw. There are 2 versions 1) Items that a genuinely on the market, you can cancel these by editing, go to the summary where it shows the amount you have per market and to the right will be a pen ico if you have anything on the market, clicking that will take you to a screen that will allow cancel 2) The rolling over amounts, these can briefly show in the same way as above, but no matter how hard you try you cannot cancel them. Best time to cancel is later in the day as these will be clear and the amounts you can see you can cancel
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robski
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Post by robski on Aug 18, 2020 10:47:51 GMT
Are you talking about the APM markets, 1 year or 5 year If its APM, then each month each loan will create a new loan once the repayment comes in, your not supposed to be able to stop this, and you can't Reinvestment settings are for new loans, ones rolling over maintain the rate they had when you originally had the loan written So are you saying that if you are in the APM market there's no way out other than to wait for your position in the withdrawal queue to run down? Why have I been getting some random payments back to me periodically then? Are these from the provision fund when the loan defaults. They don't make it easy to understand. Yes correct, you cant get to the money apart from : 1) routine payments coming in (amort and bullet) you can cancel the reinvestment 2) extra / prov fund payments, same as above you will need to cancel reinvestment 3) request an RYI
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