coogaruk
Hello everyone! Anyone remember me?
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Post by coogaruk on Sept 16, 2020 15:14:53 GMT
I know I have been accused by some in the past of creating too many unnecessary threads and have even by way of response pointed out a plethora dedicated to RYIs but I hope I will be forgiven for this one because as always I am only trying to be helpful!
Just to reiterate: All 5yr RYIs will be cancelled from 15 October!
I only confirmed this (having initially overlooked it upon reading the recent email from RS) after having it pointed out - thanks df - in a reply on my '5yr Options' poll.
Not that it really bothers me much as I am not averse to run-down but does one not feel that RS has a moral obligation to fulfil all 5yr RYIs that are already in place at the ending of 5yr market cut-off point?
Imagine someone who might have thought they have until 14 October to initiate a 5yr RYI only to find it cancelled the very next day. I'm guessing miffed won't be the word!
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aju
Member of DD Central
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Post by aju on Sept 16, 2020 15:26:26 GMT
I know I have been accused by some in the past of creating too many unnecessary threads and have even by way of response pointed out a plethora dedicated to RYIs but I hope I will be forgiven for this one because as always I am only trying to be helpful!
Just to reiterate: All 5yr RYIs will be cancelled from 15 October!
I only confirmed this (having initially overlooked it upon reading the recent email from RS) after having it pointed out - thanks df - in a reply on my '5yr Options' poll.
Not that it really bothers me much as I am not averse to run-down but does one not feel that RS has a moral obligation to fulfil all 5yr RYIs that are already in place at the ending of 5yr market cut-off point?
Imagine someone who might have thought they have until 14 October to initiate a 5yr RYI only to find it cancelled the very next day. I'm guessing miffed won't be the word!
I knew what was going on but for me this seems as relevant a post as any of the others so carry on my good fellow!. 
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Sept 16, 2020 15:38:37 GMT
releases today will be cancelled too. they probably won't catch up on the days so by the time it's Sept 25 on RYI date for example it could be the 14th of Oct
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coogaruk
Hello everyone! Anyone remember me?
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Post by coogaruk on Sept 16, 2020 16:10:40 GMT
releases today will be cancelled too. they probably won't catch up on the days so by the time it's Sept 25 on RYI date for example it could be the 14th of Oct Exactly, so why are they still allowing investors to apply for releases?
The backlog was (still is) is longer than the 30 days notice that had to be given under their own T&Cs!
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Sept 16, 2020 16:28:48 GMT
because they have to give notice.
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sl75
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Post by sl75 on Sept 16, 2020 17:47:07 GMT
releases today will be cancelled too. they probably won't catch up on the days so by the time it's Sept 25 on RYI date for example it could be the 14th of Oct Exactly, so why are they still allowing investors to apply for releases?
The backlog was (still is) is longer than the 30 days notice that had to be given under their own T&Cs!
Backlog was clearing at around 2.3 days per day prior to the notice. Simple extrapolation of figures stated on recent RS updates in the other thread would suggest that by 15th Oct they'd be processing RYIs requested around 10th Oct.
It would be expected to clear in full if there's no change in behaviour... but of course that's a big if - there'll be a combination of some people having a last minute rush to get out while they can and others having a last minute rush to get in while they still can... and yet another effect from people who had been denied access to the 1Y market until yesterday switching their money over.
It's unclear from here which effect(s) would be likely to be dominant, but I'd say that unless there was a massive rush to the door yesterday, there's at least a good chance of investors applying for releases today being processed before 15 Oct.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Sept 16, 2020 17:54:47 GMT
Exactly, so why are they still allowing investors to apply for releases?
The backlog was (still is) is longer than the 30 days notice that had to be given under their own T&Cs!
Backlog was clearing at around 2.3 days per day prior to the notice. Simple extrapolation of figures stated on recent RS updates in the other thread would suggest that by 15th Oct they'd be processing RYIs requested around 10th Oct.
It would be expected to clear in full if there's no change in behaviour... but of course that's a big if - there'll be a combination of some people having a last minute rush to get out while they can and others having a last minute rush to get in while they still can... and yet another effect from people who had been denied access to the 1Y market until yesterday switching their money over.
It's unclear from here which effect(s) would be likely to be dominant, but I'd say that unless there was a massive rush to the door yesterday, there's at least a good chance of investors applying for releases today being processed before 15 Oct.
true but with any announcement there is a spike. Covid, Rate cuts, metro etc etc I would expect a spike yesterday which would perhaps not be cleared in time.
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jane
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Post by jane on Sept 17, 2020 9:17:58 GMT
I know I have been accused by some in the past of creating too many unnecessary threads and have even by way of response pointed out a plethora dedicated to RYIs but I hope I will be forgiven for this one because as always I am only trying to be helpful!
Just to reiterate: All 5yr RYIs will be cancelled from 15 October!
I only confirmed this (having initially overlooked it upon reading the recent email from RS) after having it pointed out - thanks df - in a reply on my '5yr Options' poll.
Not that it really bothers me much as I am not averse to run-down but does one not feel that RS has a moral obligation to fulfil all 5yr RYIs that are already in place at the ending of 5yr market cut-off point?
Imagine someone who might have thought they have until 14 October to initiate a 5yr RYI only to find it cancelled the very next day. I'm guessing miffed won't be the word!
The way i read the email was that you could initiate a RYI up until 14 October but not after that date. Any RYI's active on that date would remain active. But given RS's love for misleading wording i could be wrong. Has this been confirmed with Ratesetter that all 5yr RYI will be cancelled on 15 October?
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Post by Deleted on Sept 17, 2020 9:25:02 GMT
Look further down the email (my bold):
I have an investment release request pending. What happens to it?
Investment release requests in the 5 Year market will continue to be processed chronologically until 14 October. Following that date, the investment release functionality will close in the 5 Year market as communicated under 14.3 of the Investor Terms. At that point, all 5 Year investment releases requests will be cancelled and investors will receive payments of capital and interest in line with loan schedules. There is no change to investment release requests in Access, Plus and Max and the 1 Year market.
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jane
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Post by jane on Sept 17, 2020 9:38:11 GMT
Terms
14.5. If you don’t want to accept the change, you can close your account in accordance with “How you can close your
account or end this agreement” below at any time before the change takes effect.
AND
15.1. You can close your account or end this agreement at any time by telling us by email, by telephone or by post,
using the contact details set out at the front of these Terms.
15.2. If you want to close your account, you must first have released your investments from all of your loans (as set
out in the section called The “Release Investment” function) and withdrawn any funds in your holding account.
Seem to contradict each other in this circumstance. We can't complete a RYI before the new terms take effect unless we get very very lucky. And the change being made ensures that we can never complete a RYI on our 5yr account in the future.
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Post by danny101 on Sept 17, 2020 11:14:07 GMT
Aren,t you mixing up Ratesetter "changing the terms and conditions" with just implementing them. As far as I understand it they are not changing any T&C, s they are just implementing them.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Sept 17, 2020 13:07:26 GMT
Terms 14.5. If you don’t want to accept the change, you can close your account in accordance with “How you can close your account or end this agreement” below at any time before the change takes effect. AND 15.1. You can close your account or end this agreement at any time by telling us by email, by telephone or by post, using the contact details set out at the front of these Terms. 15.2. If you want to close your account, you must first have released your investments from all of your loans (as set out in the section called The “Release Investment” function) and withdrawn any funds in your holding account. Seem to contradict each other in this circumstance. We can't complete a RYI before the new terms take effect unless we get very very lucky. And the change being made ensures that we can never complete a RYI on our 5yr account in the future. This is not a change this is them exercising their terms. might want to re-read
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coogaruk
Hello everyone! Anyone remember me?
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Post by coogaruk on Sept 17, 2020 14:15:52 GMT
The way i read the email was that you could initiate a RYI up until 14 October but not after that date. Any RYI's active on that date would remain active. But given RS's love for misleading wording i could be wrong. Has this been confirmed with Ratesetter that all 5yr RYI will be cancelled on 15 October? Yes. I suggest you re-read the email... as I had to before I properly cottoned on!
Further, here is an extract from the latest RS blog post:-
"We will continue to deliver investment release requests as the supply of funds and essential lending allows (aside from the 5 Year market from 14 October)."
My bold and I suspect that bit was added later (but cannot prove it) as I do not recall seeing it upon first reading, although I did miss the same crucial information within the email so must be slipping!
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jane
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Post by jane on Sept 17, 2020 14:48:05 GMT
Terms 14.5. If you don’t want to accept the change, you can close your account in accordance with “How you can close your account or end this agreement” below at any time before the change takes effect. AND 15.1. You can close your account or end this agreement at any time by telling us by email, by telephone or by post, using the contact details set out at the front of these Terms. 15.2. If you want to close your account, you must first have released your investments from all of your loans (as set out in the section called The “Release Investment” function) and withdrawn any funds in your holding account. Seem to contradict each other in this circumstance. We can't complete a RYI before the new terms take effect unless we get very very lucky. And the change being made ensures that we can never complete a RYI on our 5yr account in the future. This is not a change this is them exercising their terms. might want to re-read Not saying that the terms i have posted have changed. Term 14.5 refers to what you can if you don't accept changes - the change being the removal of RYI on 5 year market. They themselves refer to section 14.3 of the terms so must consider this to be a change to either the terms / product. Which means section 14.5 (which i posted) will apply. But we can't close our account because they are removing the RYI which they say you must use before closing your account. So basically they know they have got us by the balls (even though i don't have any) and we can't do anything about it.
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warn
Member of DD Central
Curmudgeon
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Post by warn on Sept 17, 2020 15:10:16 GMT
...Term 14.5 refers to what you can if you don't accept changes - the change being the removal of RYI on 5 year market. They themselves refer to section 14.3 of the terms so must consider this to be a change to either the terms / product. Which means section 14.5 (which i posted) will apply. But we can't close our account because they are removing the RYI which they say you must use before closing your account. Heller! thou shouldst be living at this hour.
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