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Post by xavitus1316 on Aug 24, 2020 18:31:23 GMT
Hi there! So, I have money in both Access and Max. As most of us, I placed release requests at the beginning of the pandemic in 19/03. My position in the queue is 4,549. I have already given up the idea of my money coming through the release request any time soon, seeing the speed at which the queue progresses. So I though I could withdraw by following the advice of people in this thread: setting the reinvestment rates as high as possible, monitor my future repayments, and when they do come through log on immediately to the platform to ensure the money is still 'On the market' unmatched, so I can cancel the lend request and withdraw to the holding account. I was hopeful to test it today, when 2 repayments were due for an amount of £183.58. They are amortising loans, with 50 months left. The payments came through, but by checking the Transaction History I see that lend orders were placed straight after the repayments were received. Nothing was in 'Amount on the market', everything was in 'Amount on loan'. Thinking that perhaps the system had matched this money to new contracts at the crazy high 9% interest rate I set a few days ago, I'm seeing that all the new contracts in my loanbook for Max are at 4-5%. Does this mean that the strategy described in that post works only at the actual end of the loans, rather than at the time of a repayment of any kind? Thanks in advance! |
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robski
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Post by robski on Aug 24, 2020 18:40:24 GMT
Hi there! So, I have money in both Access and Max. As most of us, I placed release requests at the beginning of the pandemic in 19/03. My position in the queue is 4,549. I have already given up the idea of my money coming through the release request any time soon, seeing the speed at which the queue progresses. So I though I could withdraw by following the advice of people in this thread: setting the reinvestment rates as high as possible, monitor my future repayments, and when they do come through log on immediately to the platform to ensure the money is still 'On the market' unmatched, so I can cancel the lend request and withdraw to the holding account. I was hopeful to test it today, when 2 repayments were due for an amount of £183.58. They are amortising loans, with 50 months left. The payments came through, but by checking the Transaction History I see that lend orders were placed straight after the repayments were received. Nothing was in 'Amount on the market', everything was in 'Amount on loan'. Thinking that perhaps the system had matched this money to new contracts at the crazy high 9% interest rate I set a few days ago, I'm seeing that all the new contracts in my loanbook for Max are at 4-5%. Does this mean that the strategy described in that post works only at the actual end of the loans, rather than at the time of a repayment of any kind? Thanks in advance! The strategy is only for the repaid capital and interest amount. The part that needs to roll over (ie is still with the borrower) cannot be cancelled
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star dust
Member of DD Central
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Post by star dust on Aug 24, 2020 19:09:43 GMT
Hi there! So, I have money in both Access and Max. As most of us, I placed release requests at the beginning of the pandemic in 19/03. My position in the queue is 4,549. I have already given up the idea of my money coming through the release request any time soon, seeing the speed at which the queue progresses. So I though I could withdraw by following the advice of people in this thread: setting the reinvestment rates as high as possible, monitor my future repayments, and when they do come through log on immediately to the platform to ensure the money is still 'On the market' unmatched, so I can cancel the lend request and withdraw to the holding account. I was hopeful to test it today, when 2 repayments were due for an amount of £183.58. They are amortising loans, with 50 months left. The payments came through, but by checking the Transaction History I see that lend orders were placed straight after the repayments were received. Nothing was in 'Amount on the market', everything was in 'Amount on loan'. Thinking that perhaps the system had matched this money to new contracts at the crazy high 9% interest rate I set a few days ago, I'm seeing that all the new contracts in my loanbook for Max are at 4-5%. Does this mean that the strategy described in that post works only at the actual end of the loans, rather than at the time of a repayment of any kind? Thanks in advance! The loan is amortising and you are tied to that loan for 50 months, but each month you will get an interest payment and a partial capital repayment e.g 183.58/50 approx £3.67 - it is the £3.67 + interest that you can withdraw. You may get lucky before the 50 months and the loan might repay early otherwise you'll just get the capital back in smallish bits.
In Edit: I think I might pin this thread to make it easier for us 'old hands' to point it out each time the question is asked 
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Post by Deleted on Aug 24, 2020 21:26:04 GMT
In Edit: I think I might pin this thread to make it easier for us 'old hands' to point it out each time the question is asked
Now why didn't someone think of that before - oh, I did, in the post after yours! Seriously though, RS should have its own answer as well in FAQ or something.
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Post by shanghaiscouse on Aug 25, 2020 17:52:10 GMT
The time of day also makes a difference, or perhaps this is just an old wives tale / urban legend. But I find if I check before 8:30am then there is more chance something is there to withdraw.
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littleoldlady
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Post by littleoldlady on Aug 27, 2020 7:11:20 GMT
Has anyone found out or worked out what time of day the figures are updated?
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bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
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Post by bt on Aug 27, 2020 8:22:16 GMT
If I check about 7am the money is in holding, if I leave it till 8 its usually on market and needs removing.
Sometimes (eg start of month) processing can go on for hours later, and sometimes is not all in holding till the afternoon.
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robski
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Post by robski on Aug 27, 2020 8:30:21 GMT
The money moves from holding to market once the processing run is completed
Normal weekdays thats pretty early morning
Mondays, first working day after a bank hol etc that can be late morning up until early evening depending how much money is being allocated
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star dust
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Post by star dust on Aug 29, 2020 12:47:33 GMT
More useful information on the Access accounts A/P/M operation. I have only about 40k there which I put at the beginning of the year. Can I get clarification what you mean by "reinvestment settings as high as the system will allow". I assume everything that comes back, goes into the holding account. Where can you tweak the reinvestment settings? When I go to "Invest", you can then add an instruction for all the money that you have. I don't see a setting for "reinvestment". thanks Ok as I said I only know how Access works and i'm sure someone will be along to correct me as I don't have anything in Max or plus to prove I am correct. Try this starting from the "My account" screen and see what you get 1. Scroll down to "Your Portfolio" Section 3 if you have RYI waiting Section 2 if not 2. In this section click on Total (last item in the section ) This should move you to the Summary by Product. 3. On the right hand side you should see your "Reinvestment settings" column entries On mine I have them set to highest amounts rather than "Max at the going rate" default say! 4. Click on edit and make sure these are as high as you can set them (usually 5% above GR, I think!) I am assuming that like Access all the new products do not allow "Move to holding" or whatever it was called the last time I saw it. Once you have it set to the highest possible rates you then monitor the reinvestment amounts as they arrive and cancel them before they get matched to lend. ( I monitor mine daily along with my emails and Zopa returns but that's just me you can of course check other RS screens to determine the best days money arrives but bear in mind that early payers may catch you out unexpectedly anyway). Edit: Money <£10 for a given product will sit in holding looking like its ready but I think its tagged for the relevant product investment settings. That said I think you can sweep it out when it is in there although I've never actually tried it to see if it can be moved to my bank. Hope that helps. Edit: Changed text to ensure no confusion of RS sending emails for repayments arriving (blue)
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Post by mrscustard on Oct 19, 2020 9:12:19 GMT
Good morning everyone,
I've been fairly successfully withdrawing some money from my Plus account every weekday for the last few months using this method. Could someone explain to me why recently (several weeks) the amounts coming through might have reduced considerably? And if there are any clever ways of boosting it?
many thanks in advance
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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 Oct 19, 2020 10:24:56 GMT
Good morning everyone, I've been fairly successfully withdrawing some money from my Plus account every weekday for the last few months using this method. Could someone explain to me why recently (several weeks) the amounts coming through might have reduced considerably? And if there are any clever ways of boosting it? many thanks in advance Could it not be that the size of your loan portfolio has reduced as some loans have been paid off therefore leading to less interest and capital repayments? I was expecting that. But from March-September my weekly withdrawals were broadly similar. Octobers have been about half. I guess I could have got lucky with some early repayments, but it does seem a bit odd.
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Post by Badly Drawn Stickman on Oct 19, 2020 10:26:12 GMT
Good morning everyone, I've been fairly successfully withdrawing some money from my Plus account every weekday for the last few months using this method. Could someone explain to me why recently (several weeks) the amounts coming through might have reduced considerably? And if there are any clever ways of boosting it? many thanks in advance Could it not be that the size of your loan portfolio has reduced as some loans have been paid off therefore leading to less interest and capital repayments? It would also be tied to your repayment dates, fallow periods are inevitable. You can check your repayments expected on the platform. There are no silver bullets I am afraid. Edit. Forgot my manners there, good morning to you as well Mrs Custard Can't get the old 'whats yellow and black and highly dangerous' joke out of my head now. 2nd Edit Just in case, apologies for the mistake Mr Scustard
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Post by df on Oct 19, 2020 11:33:26 GMT
Good morning everyone, I've been fairly successfully withdrawing some money from my Plus account every weekday for the last few months using this method. Could someone explain to me why recently (several weeks) the amounts coming through might have reduced considerably? And if there are any clever ways of boosting it? many thanks in advance Could some of your withdrawals consist of early repayments as well as regular capital/interest returns? I withdraw regularly and the amount available to withdraw is different each week.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Oct 19, 2020 12:07:01 GMT
Could also be the PF is no longer paying loans back in full, just paying payments as they fall due.
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littleoldlady
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Post by littleoldlady on Oct 19, 2020 12:30:25 GMT
Seriously though, RS should have its own answer as well in FAQ or something. If RS cared they would simply make a RYI request automatically turn off re-lending. That they have not strongly suggests to me that they hope that as few lenders as possible reset their rate, so that the RYI queue keeps moving, using borrower repayments to those who have not done so to buy the loans from those at the front. It seems implausible that anyone would make a RYI request but also want their returned money being used to buy more loan parts at 1.5% in Access for example.
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