coogaruk
Hello everyone! Anyone remember me?
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Post by coogaruk on Sept 15, 2020 15:37:13 GMT
Given that the 5 year market is to be closed, what are your intentions going forward?
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robski
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Post by robski on Sept 15, 2020 15:47:21 GMT
Ive put RYI I have had most of my funds logged as an RYI but I kept cancelling until yesterday and pushing chunks to the back of the queue My lowest was at place 80ish this morning, and yesterdays push to the back at 900 I am happy to see some RYId now, I think the changes to basically just ignore 5 year is a bit underhand so its basically the last nail in my RS coffin I have been holding on, but look on that decision as purely cynical and virtually a breach in confidence I am going to put a complain it as i think it needs to happen, and to the FCA but I did think they would do this it was just when If I get most out I will be happy (some will stay <£10 and also have a small amount in max) My aim is to get out with no capital loss and have my gained funds left if needed. I need to get around 60% of my current investment out to reach that, with over 60% at around 200 or less in the queue its going to take some serious manipulation from RS to stop me achieving my plan  Or there needs to be a lot of really big withdrawls stuck in there |
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robski
Member of DD Central
Posts: 772
Likes: 462
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Post by robski on Sept 15, 2020 15:52:17 GMT
Ive put RYI I have had most of my funds logged as an RYI but I kept cancelling until yesterday and pushing chunks to the back of the queue My lowest was at place 80ish this morning, and yesterdays push to the back at 900 I am happy to see some RYId now, I think the changes to basically just ignore 5 year is a bit underhand so its basically the last nail in my RS coffin I have been holding on, but look on that decision as purely cynical and virtually a breach in confidence I am going to put a complain it as i think it needs to happen, and to the FCA but I did think they would do this it was just when If I get most out I will be happy (some will stay <£10 and also have a small amount in max) My aim is to get out with no capital loss and have my gained funds left if needed. I need to get around 60% of my current investment out to reach that, with over 60% at around 200 or less in the queue its going to take some serious manipulation from RS to stop me achieving my plan Or there needs to be a lot of really big withdrawls stuck in there Oh, just checked and my one from the front has moved from 82 to repaid today. The one at 102 as of this morning is still showing
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Post by df on Sept 15, 2020 16:20:21 GMT
This announcement didn't affect my position. Since they've introduced Access/Plus/Max it was clear to me that 5-year is on its wind down route, so I'm just withdrawing my returns as they come. The longest loan in my loan book is 43 months - I can wait... I don't think there's any point joining RYI queue now and reinvesting in 1-year doesn't make any sense.
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wapping35
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Post by wapping35 on Sept 15, 2020 16:38:29 GMT
For me the announcement makes little difference.
Due to doubts about the provision fund (I did not envisage it could avoid a hair cut even with a mild recession) and transparency around it (most notably the failure of RS to have an independent audit of the PF, albeit 3 years ago they did say it was on the to do list), I have been running down my 5 year investment since May 2016.
I have now had well over 99% returned and most of what remains is due to repay before the end of this year.
Thus I see little point in changing strategy.
I have however made a very decent profit on my investment since 2013 when I first invested, but I feel now RS is not the investment product for me.
I wish others well what ever they decide.
W35
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Greenwood2
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Post by Greenwood2 on Sept 15, 2020 16:46:05 GMT
5 yr RYI about to happen hopefully, put a tiny placeholder in the 1 year at a rate not to lend (just in case things change for the better). Small amount in Max, RYI due about Dec 2024! So will probably be repaid before that.
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macq
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Post by macq on Sept 15, 2020 16:46:41 GMT
Keep removing funds as the line in the letter "apart from the remaining essential lending the portfolio will go into run-off" suggests this may happen again i.e whats the chances in a few months the 1 Year gets switched off and the product offerings keep contracting till there's One left maybe access?
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coogaruk
Hello everyone! Anyone remember me?
Posts: 706
Likes: 464
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Post by coogaruk on Sept 15, 2020 17:00:12 GMT
I am happy to see some RYId now, I think the changes to basically just ignore 5 year is a bit underhand so its basically the last nail in my RS coffin I have been holding on, but look on that decision as purely cynical and virtually a breach in confidence I am going to put a complain it as i think it needs to happen, and to the FCA but I did think they would do this it was just when I think the 5yr had to go really, as it treads too heavily on Metro's mission of rapid expansion into the unsecured consumer debt field. Funny sort of time to have such a strategy in my view but there you go.
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robski
Member of DD Central
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Post by robski on Sept 15, 2020 17:07:35 GMT
I am happy to see some RYId now, I think the changes to basically just ignore 5 year is a bit underhand so its basically the last nail in my RS coffin I have been holding on, but look on that decision as purely cynical and virtually a breach in confidence I am going to put a complain it as i think it needs to happen, and to the FCA but I did think they would do this it was just when I think the 5yr had to go really, as it treads too heavily on Metro's mission of rapid expansion into the unsecured consumer debt field. Funny sort of time to have such a strategy in my view but there you go. Oh yes, in my mind 5 year died some time ago, what I think is unacceptable is deciding to take an action that seems to penalise one group when not taking that action for others. I mean specifically why could they not continue to process 5 years RYIs, I can think of no valid reason, but many that benefit RS which is why i believe they have taken this strategy I will likely care far less by the end of the month though, if todays 5 year movement was anything to go by. Over 80 requests for £400k, the £400k was all or virtually all 5 year again
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coogaruk
Hello everyone! Anyone remember me?
Posts: 706
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Post by coogaruk on Sept 15, 2020 17:10:39 GMT
Since they've introduced Access/Plus/Max it was clear to me that 5-year is on its wind down route, so I'm just withdrawing my returns as they come. The longest loan in my loan book is 43 months - I can wait... I don't think there's any point joining RYI queue now and reinvesting in 1-year doesn't make any sense. That was pretty much my view until yesterday's announcement and then today I initiated RYIs (my first ever!) for all of my 5yr money (ED & ISA). Bit of a knee-jerk reaction tbh and I may well cancel them and revisit the situation nearer deadline day.
Much will now depend on how provision fund cover and bad debt both perform going forward. A crystal ball would come in really handy right now.
I wish the cut off date for the ending of 5yr was made to coincide with the current interest rate reduction (31 Dec) but Metro are obviously in too much of a hurry to grab that business for itself. Again, their strategy seems a bit mad to me given the current economic climate but would suggest run-off might be the way to go after all.
Decisions, decisions...
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coogaruk
Hello everyone! Anyone remember me?
Posts: 706
Likes: 464
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Post by coogaruk on Sept 15, 2020 17:16:50 GMT
I think the 5yr had to go really, as it treads too heavily on Metro's mission of rapid expansion into the unsecured consumer debt field. Funny sort of time to have such a strategy in my view but there you go. what I think is unacceptable is deciding to take an action that seems to penalise one group when not taking that action for others Kind of consistent with RS's track record.
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adrian77
Member of DD Central
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Post by adrian77 on Sept 15, 2020 17:50:27 GMT
I would have thought very high but just my opinion...
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Post by df on Sept 15, 2020 18:08:36 GMT
Since they've introduced Access/Plus/Max it was clear to me that 5-year is on its wind down route, so I'm just withdrawing my returns as they come. The longest loan in my loan book is 43 months - I can wait... I don't think there's any point joining RYI queue now and reinvesting in 1-year doesn't make any sense. That was pretty much my view until yesterday's announcement and then today I initiated RYIs (my first ever!) for all of my 5yr money (ED & ISA). Bit of a knee-jerk reaction tbh and I may well cancel them and revisit the situation nearer deadline day.
Much will now depend on how provision fund cover and bad debt both perform going forward. A crystal ball would come in really handy right now.
I wish the cut off date for the ending of 5yr was made to coincide with the current interest rate reduction (31 Dec) but Metro are obviously in too much of a hurry to grab that business for itself. Again, their strategy seems a bit mad to me given the current economic climate but would suggest run-off might be the way to go after all.
Decisions, decisions...
I don't think it matters whether you RYI or not. There's no demand and your RYI will be automatically cancelled anyway. All we can do now is to sit back and see what happens. I tend to believe (I could be wrong) that there's a good chance for a smooth wind down. Metro's take over gives some comfort too (i.e. RS is not going into administration).
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Sept 15, 2020 18:18:16 GMT
If you wait until later you are effectively choosing to be in the 'run off'. Unless you RYI now you it simply will not happen in time.
Any other choice is 'run off' anyway as all other markets will follow the same path eventually.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Sept 15, 2020 18:20:37 GMT
I would have thought very high but just my opinion... likely given the lending in 1 year will shrink too. Eventually there will be no lending in any market. it is just about either maximizing returns or walking
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Or there needs to be a lot of really big withdrawls stuck in there
