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Post by pmc on Aug 18, 2020 10:52:09 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. Most of my loans are Amortising, yet I'm sure I still haven't got the repayments I have expected in August, but have to admit haven't been tracking it closely enough to be sure. You can see if the loan is Amortising or not by clicking on the individual loans on the "Your Money on Loan" Section. I've definitely got some Amortising loans where payments are due next week, so I will do a test and see if I get a repayment and report back.
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spiral
Member of DD Central
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Post by spiral on Aug 18, 2020 17:39:49 GMT
Most of my loans are Amortising, yet I'm sure I still haven't got the repayments I have expected in August Could this be payment holidays requested by the borrower due to covid? I'm not sure exactly how RS are communicating these anomalies to us lenders.
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Post by df on Aug 18, 2020 21:55:01 GMT
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. It is strange, should be the same for everyone, but I don't think it really matters. Until yesterday, all my accounts were set on 6.5% (since sometime last year) and none of my funds were ever matched. I think it's very likely that the times of occasional spikes are over, but still it's a good idea to set the rates as high as the system allows.
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Post by df on Aug 18, 2020 22:05:23 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. Yes, I think this is correct.
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Post by pmc on Aug 26, 2020 8:01:09 GMT
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. Most of my loans are Amortising, yet I'm sure I still haven't got the repayments I have expected in August, but have to admit haven't been tracking it closely enough to be sure. You can see if the loan is Amortising or not by clicking on the individual loans on the "Your Money on Loan" Section. I've definitely got some Amortising loans where payments are due next week, so I will do a test and see if I get a repayment and report back. So I monitored my Amortising Loans this week, most did pay back but one Loan that I was due a payment on yesterday paid nothing. So my suspicions appear correct, I'm not getting repayments every month on all my Amortising Loans. Might be a payment holiday???
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aju
Member of DD Central
Posts: 3,484
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Post by aju on Oct 21, 2020 10:10:57 GMT
Just a quick note to say I checked the lender market today for Access and noticed that there were a number of people at 8%, the highest rate I set my relend to, so knowing that I set that quite a few months ago now its likely that I may be nearer the front of that list than ideally being at the end of it.
I am aware its unlikely to take any funds from me as
a. I keep an eye on the available fund above £10 and remove accordingly.
b. Its probably never going to be hit in present time.
The case of (b) is not a given though as I have seen it reach that amount in the past although it was never taken in my case.
So knowing that I will be moved to end of the current 1.5m queue of money available at 8% if i change my settings I did this by setting my relend to 7.9% and then immediately it back to 8%.
In the current climate of 5.9M ahead of me that should be enough to stave off any hits that may reach that high level for the next few months. (Better to be as safe as possible I feel as my focus moves away from RS and P2P in general as my money is stuck in access probably for while to come!)
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johnt
Investing in Ratesetter, Zopa and Assetz Capital since 2013
Posts: 127
Likes: 71
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Post by johnt on Oct 21, 2020 10:34:25 GMT
Just a quick note to say I checked the lender market today for Access and noticed that there were a number of people at 8%, the highest rate I set my relend to, so knowing that I set that quite a few months ago now its likely that I may be nearer the front of that list than ideally being at the end of it. I am aware its unlikely to take any funds from me as a. I keep an eye on the available fund above £10 and remove accordingly. b. Its probably never going to be hit in present time. The case of (b) is not a given though as I have seen it reach that amount in the past although it was never taken in my case. So knowing that I will be moved to end of the current 1.5m queue of money available at 8% if i change my settings I did this by setting my relend to 7.9% and then immediately it back to 8%. In the current climate of 5.9M ahead of me that should be enough to stave off any hits that may reach that high level for the next few months. (Better to be as safe as possible I feel as my focus moves away from RS and P2P in general as my money is stuck in access probably for while to come!) Yup, currently circa 13,175 people sat with funds waiting to re-invest @ 8%: 
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aju
Member of DD Central
Posts: 3,484
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Post by aju on Oct 21, 2020 13:13:46 GMT
In the 2 hours since you posted its now down to 5.1M from 5.9M on your snapshot so it's gone down by 800k in that short time.!
How much of that is directly associated with RYI though remains to be seen later today perhaps.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
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Post by littleoldlady on Oct 21, 2020 16:36:12 GMT
I 'm intrigued by the 90 orders at 10.4%. I'm only in Access where the highest rate you can set is 8%. What is the maximum in Plus and Max? Is the number of orders necessarily the same as the number of lenders?
When I took a snapshot there were 13534 at 8% or more I guess these are lenders who do not want to lend any more. The there are 7846 at 4% or less. I guess these are inactive or naiive lenders who do not realise that their loan parts which are repaid by borrowers are being used to buy loans from those at the front of the RYIQ. However that leaves the majority 20661 who are between 4% and 8%. Whatever are they thinking?
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slippery
Member of DD Central
Posts: 83
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Post by slippery on Oct 21, 2020 23:43:48 GMT
Just a quick note to say I checked the lender market today for Access and noticed that there were a number of people at 8%, the highest rate I set my relend to, so knowing that I set that quite a few months ago now its likely that I may be nearer the front of that list than ideally being at the end of it. I am aware its unlikely to take any funds from me as a. I keep an eye on the available fund above £10 and remove accordingly. b. Its probably never going to be hit in present time. The case of (b) is not a given though as I have seen it reach that amount in the past although it was never taken in my case. So knowing that I will be moved to end of the current 1.5m queue of money available at 8% if i change my settings I did this by setting my relend to 7.9% and then immediately it back to 8%. In the current climate of 5.9M ahead of me that should be enough to stave off any hits that may reach that high level for the next few months. (Better to be as safe as possible I feel as my focus moves away from RS and P2P in general as my money is stuck in access probably for while to come!) I'm guessing you aren't rushing to top up NS&I holdings so are you trying to maximise recoveries to prepare for Mrs Aju's Xmas shopping or do you feel that 8%/2 isn't enough return for the risk? I cancelled my remaining RYIs recently (5 year) as 6%/2 seems ok for the relatively small remaining exposure I have to RS. Do you feel that RS will increase the deductions from interest? Edit: Or are you saving up for Mrs Aju's Xmas gift?
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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 Oct 22, 2020 8:04:35 GMT
Just a quick note to say I checked the lender market today for Access and noticed that there were a number of people at 8%, the highest rate I set my relend to, so knowing that I set that quite a few months ago now its likely that I may be nearer the front of that list than ideally being at the end of it. I am aware its unlikely to take any funds from me as a. I keep an eye on the available fund above £10 and remove accordingly. b. Its probably never going to be hit in present time. The case of (b) is not a given though as I have seen it reach that amount in the past although it was never taken in my case. So knowing that I will be moved to end of the current 1.5m queue of money available at 8% if i change my settings I did this by setting my relend to 7.9% and then immediately it back to 8%. In the current climate of 5.9M ahead of me that should be enough to stave off any hits that may reach that high level for the next few months. (Better to be as safe as possible I feel as my focus moves away from RS and P2P in general as my money is stuck in access probably for while to come!) I'm guessing you aren't rushing to top up NS&I holdings so are you trying to maximise recoveries to prepare for Mrs Aju's Xmas shopping or do you feel that 8%/2 isn't enough return for the risk? I cancelled my remaining RYIs recently (5 year) as 6%/2 seems ok for the relatively small remaining exposure I have to RS. Do you feel that RS will increase the deductions from interest? Edit: Or are you saving up for Mrs Aju's Xmas gift? RS - will have to increase the deduction % rate. As the book gets smaller the contribution will need to rise
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aju
Member of DD Central
Posts: 3,484
Likes: 917
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Post by aju on Oct 22, 2020 8:41:00 GMT
Just a quick note to say I checked the lender market today for Access and noticed that there were a number of people at 8%, the highest rate I set my relend to, so knowing that I set that quite a few months ago now its likely that I may be nearer the front of that list than ideally being at the end of it. I am aware its unlikely to take any funds from me as a. I keep an eye on the available fund above £10 and remove accordingly. b. Its probably never going to be hit in present time. The case of (b) is not a given though as I have seen it reach that amount in the past although it was never taken in my case. So knowing that I will be moved to end of the current 1.5m queue of money available at 8% if i change my settings I did this by setting my relend to 7.9% and then immediately it back to 8%. In the current climate of 5.9M ahead of me that should be enough to stave off any hits that may reach that high level for the next few months. (Better to be as safe as possible I feel as my focus moves away from RS and P2P in general as my money is stuck in access probably for while to come!) I'm guessing you aren't rushing to top up NS&I holdings so are you trying to maximise recoveries to prepare for Mrs Aju's Xmas shopping or do you feel that 8%/2 isn't enough return for the risk? I cancelled my remaining RYIs recently (5 year) as 6%/2 seems ok for the relatively small remaining exposure I have to RS. Do you feel that RS will increase the deductions from interest? Edit: Or are you saving up for Mrs Aju's Xmas gift? Not really a hard guess with my recent comments I suppose but not confident enough with P2P in general recently (in my case RS and Zopa) and so have moved most released funds into fscs cover for the time being. do still have some NS&I funds (depleted by removals for better rates earlier in the last few months and for good regsavers rates that better the current NS&I). Having sold out on 5Y and now the 1Y the returns in RS are now just in Access and since we are so low in the RYI queue will just be happy with run off - its less than 1K left in RS, quite a bit more in Zopa but mostly not sell-able at moment in the ISA side, Invest side is mostly PF covered but during covid again defaults are not clearing, I think. Zopa is clearing just over £100 a week though from our 4 accounts we have re-invest off in all cases. Zopa release was less about Covid than diminished returns from increasing defaults after large sales earlier in the year. Mrs Aju's Xmas gift has never been an issue for us as we never really gave each other anything for Xmas since the children were smaller and times were much tighter than they clearly are for us now. The 2.5% on the State pension will be a bonus too! especially as my company pension will only get the CPI 0.5% recorded last month when it updates in April. Mrs Aju usually fairs slightly better as her CP benefits from RPI increases. I feel that since the Metro merger that RS is a dead duck and rather than leave large commitments in I decided to make the movements out - the ryi gave us a hit but we are still well within profit levels although that potentially could be pulled down by the the funds stuck in Zopa. We missed the RS boat on the Mar dates and actually only made the the decision in May. Not really that much of an issue as we had not committed much to the A/P/M markets anyway. For the record 99.9% of our funds committed to RS products were at selected rates not the Auto rates presented by RS which for us was always too higher risk level any way.
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