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Post by ruralres66 on Sept 21, 2020 17:44:56 GMT
Just for clarity, setting your required rate to the max only prevents interest, amortising payments and end-of-loan full repayments from being used to buy loans from those at the front of the RYIQ. Most of the "repayments" that you see are immediately lent out again to the same loan because it has not (fully) repaid. You will not get all your money out until either the last loan you hold repays at term or you reach the front of the RYIQ and sell your loans to some sucker who does not realise what is happening and has not set his rate to max thinking that RYI was the way to get out. Lenders who you describe as 'suckers' obviously have not necessarily applied due diligence to the P2P risks and situation both past and present. Sadly it requires time and effort to learn and read what is under the label, especially in a new funding finance market.
This forum has helped enormously and I am very grateful for all the advice, opinion and debate. I do wince a bit at the hostility and animosity sometimes expressed, but on the whole most contributors are good natured, helpful and not too judgmental.
I check comments everyday, then I make up my own mind and act accordingly. As a result I have managed my RYI quite well, and in balance feel P2P was an experiment worth the effort for some 8 years or so. But no more. It's safe habours now for me!  Covid compliant!
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Sept 21, 2020 17:56:37 GMT
money is black and white though Only in your world. well having emotion linked to money is why people make poor choices. so yes in my world it is black or white. can i buy or not, does it earn or not. there isn't more to it. if you link money to emotion well... then you spend your life worrying about pennies and not making money work for you properly.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
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Post by beagle on Sept 21, 2020 17:59:11 GMT
it was nearly profitable which city analysts stated in Feb. City analysts, eh? (there's a clue in the name there somewhere)
Ratesetter's own accounts suggest otherwise. Take a look, you might actually learn something.
It isn't all linked to past accounts. It is a fair point but there is more in it than that.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Sept 21, 2020 19:09:09 GMT
This has been discussed quite a few times. There are 'real' repayments and rollovers those that you see fleetingly are loans rolling over, not repayments and you're stuck in those until a 'real' repayment. if it's a real repayment it shouldn't be relent unless borrowing rates are really high. It seems to be a quirk of the system that you see the rollovers at all, probably a hangover from the rolling market days. I'm not sure but possibly all the loans roll over every month so you probably see lots of these if you're looking carefully. Don't confuse monthly repayments with the final repayment on a loan. It is the former that I was referring to as continuing to 'roll over' (reinvest).
The way things are going - especially in light of today's announcement from NS&I - I reckon that even RS Access will outperform cash savings over the medium term.
We are agreeing (I think)! Just trying to explain in more detail.
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Post by drphil on Sept 21, 2020 20:17:55 GMT
Just for clarity, setting your required rate to the max only prevents interest, amortising payments and end-of-loan full repayments from being used to buy loans from those at the front of the RYIQ. Most of the "repayments" that you see are immediately lent out again to the same loan because it has not (fully) repaid. You will not get all your money out until either the last loan you hold repays at term or you reach the front of the RYIQ and sell your loans to some sucker who does not realise what is happening and has not set his rate to max thinking that RYI was the way to get out. Lenders who you describe as 'suckers' obviously have not necessarily applied due diligence to the P2P risks and situation both past and present. Sadly it requires time and effort to learn and read what is under the label, especially in a new funding finance market.
This forum has helped enormously and I am very grateful for all the advice, opinion and debate. I do wince a bit at the hostility and animosity sometimes expressed, but on the whole most contributors are good natured, helpful and not too judgmental.
I check comments everyday, then I make up my own mind and act accordingly. As a result I have managed my RYI quite well, and in balance feel P2P was an experiment worth the effort for some 8 years or so. But no more. It's safe habours now for me! Covid compliant!
Totally agree with everything in this reply, including checking comments everyday, then making up my own mind and acting. accordingly.
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Post by nebula on Sept 21, 2020 21:43:04 GMT
well having emotion linked to money is why people make poor choices. so yes in my world it is black or white. can i buy or not, does it earn or not. there isn't more to it. if you link money to emotion well... then you spend your life worrying about pennies and not making money work for you properly. You will get your money! They returned X millions already! No capital lost! That's impressive! Soon RYI will be within a day! All investment has risks! If you don't like RS then why did you invest with them? It's covid! I mean, yeah, I get that you're a fan. Fair enough. Some of us are (or were) fans too. That's why we're here. But defending RS pretty much every time someone criticises them? That seems very emotional to me.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
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Post by beagle on Sept 22, 2020 6:36:37 GMT
well having emotion linked to money is why people make poor choices. so yes in my world it is black or white. can i buy or not, does it earn or not. there isn't more to it. if you link money to emotion well... then you spend your life worrying about pennies and not making money work for you properly. You will get your money! They returned X millions already! No capital lost! That's impressive! Soon RYI will be within a day! All investment has risks! If you don't like RS then why did you invest with them? It's covid! I mean, yeah, I get that you're a fan. Fair enough. Some of us are (or were) fans too. That's why we're here. But defending RS pretty much every time someone criticises them? That seems very emotional to me. not really, i also agree they missed products up, the website is unusable, they sold themselves out against their own ethos. They could tell us where we are in the queue cash wise, the products and labels are clearly wrong and they should have owned up. but again what i say is true that no one has lost capital, they have nearly released 100 million and the 5 year is catching up... all good things. indeed investment has risk and well if I lose here I lose so be it (I have said that the whole time). So indeed emotion is not really part of it. Good to know Jennifer likes any comment that counters me a little. Perhaps because the sad fact is , the above is correct and people won't accept it. I like RS correct, but I agree they made a total mess too.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Sept 22, 2020 7:15:19 GMT
You will get your money! They returned X millions already! No capital lost! That's impressive! Soon RYI will be within a day! All investment has risks! If you don't like RS then why did you invest with them? It's covid! I mean, yeah, I get that you're a fan. Fair enough. Some of us are (or were) fans too. That's why we're here. But defending RS pretty much every time someone criticises them? That seems very emotional to me. not really, i also agree they missed products up, the website is unusable, they sold themselves out against their own ethos. They could tell us where we are in the queue cash wise, the products and labels are clearly wrong and they should have owned up. but again what i say is true that no one has lost capital, they have nearly released 100 million and the 5 year is catching up... all good things. indeed investment has risk and well if I lose here I lose so be it (I have said that the whole time). So indeed emotion is not really part of it. Good to know Jennifer likes any comment that counters me a little. Perhaps because the sad fact is , the above is correct and people won't accept it. I like RS correct, but I agree they made a total mess too. At this point the best we can hope for is to get our money back in a reasonable time frame, so far RS is looking quite good compared to other platforms in various forms of failure/wind down.
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bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
Posts: 129
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Post by bt on Sept 22, 2020 8:48:28 GMT
Lenders who you describe as 'suckers' obviously have not necessarily applied due diligence to the P2P risks and situation both past and present. Maybe they will have the last laugh, hoovering up 1.5% until the end of run-off, while we all languish in 0.1% National Savings 
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Sept 22, 2020 8:52:37 GMT
Lenders who you describe as 'suckers' obviously have not necessarily applied due diligence to the P2P risks and situation both past and present. Sadly it requires time and effort to learn and read what is under the label, especially in a new funding finance market.
Yes, that's what I call a sucker. And someone who thinks that an account called "Access" will give him access to his funds, and a scheme called "Return your investment" will return his investment, when we on this forum who are not suckers know that unless you are at the front of the queue his repaying loans will not be returned but used to buy loans from those who are at the front (if he has not reset his required rate).
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gmd78
Posts: 57
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Post by gmd78 on Sept 22, 2020 9:36:10 GMT
not really, i also agree they missed products up, the website is unusable, they sold themselves out against their own ethos. They could tell us where we are in the queue cash wise, the products and labels are clearly wrong and they should have owned up. but again what i say is true that no one has lost capital, they have nearly released 100 million and the 5 year is catching up... all good things. indeed investment has risk and well if I lose here I lose so be it (I have said that the whole time). So indeed emotion is not really part of it. Good to know Jennifer likes any comment that counters me a little. Perhaps because the sad fact is , the above is correct and people won't accept it. I like RS correct, but I agree they made a total mess too. At this point the best we can hope for is to get our money back in a reasonable time frame, so far RS is looking quite good compared to other platforms in various forms of failure/wind down. I wouldn’t disagree with the above, notwithstanding my sentiment for RS, fluctuates daily in direct relation to how much I claw back using the 3-card trick (credit where due) and consulting with my aunt, Mystic Meg. Emotions on the subject - of course there are, I’ll lay odds on, some RS investors (myself excluded) put near on, their life savings into RS, cold hearted disdain for those people who can’t afford to lose, that’s bad, isn’t my style and doesn’t come into my thinking. I prefer, good thinking…Batman. I'll seek Robin’s approval on that.
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aju
Member of DD Central
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Post by aju on Sept 22, 2020 9:44:19 GMT
In case anyone is interested, I am pulling out as quick as possible from RS, its getting closer for my blip with 5Y and the numbers today suggest the 1Y is picking up too. So far we, Mrs Aju and I, have not lost a penny in capital and have even made a good bit in interest too and whilst it's going to take a while to recover our Access funds we never really played it that much anyway. Definitely did not see Access as a guarantee in the sense of the word but then I came into this from Rolling era anyway. Over on Zopa, however, whilst we are not losing capital as yet and probably will not to be fair we are definitely seeing the defaults start to make a marked difference to say the least. Zopa is now a bank so things will clear I guess but one cannot know for definite. (difficult to sell more on there too now mostly covid protected loans and defaults left not a small sum either) Sad to see that NS&I are pulling back in late november and not at all sure we will have to suffer negative interest rates. (Probably going to need bigger safe, who says cash is a dead duck now!)  "Were doomed mr mainwaring, were doomed!!" PS: Just waiting for my £125 sweetener with HSBC after passing their front end test (I think it was because I am now a state pensioner and the 4 weekly payments lifted above their criteria) That's £525 over month or so for very little work to be fair. Long live the latest sweetener cycle now the rates have died a death. |
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gmd78
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Post by gmd78 on Sept 22, 2020 10:10:07 GMT
Farewell, aju….all the best. If you’re with HSBC (from my debt counselling and credit broker days) if you have any outstanding loans and intend to pay them off, check out the Rule of 78 settlement figures for redemption discounts, if you have an Advance account there’s more....today, mine amounted to an additional £127.42 discount. Not a fortune, but it's a TESCO job.
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aju
Member of DD Central
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Post by aju on Sept 22, 2020 10:32:00 GMT
Farewell, aju….all the best. If you’re with HSBC (from my debt counselling and credit broker days) if you have any outstanding loans and intend to pay them off, check out the Rule of 78 settlement figures for redemption discounts, if you have an Advance account there’s more....today, mine amounted to an additional £127.42 discount. Not a fortune, but it's a TESCO job. Thanks, I haven't actually gone as yet and to be honest it might take a while on run down side. I am fortunate and do not have any debts as far as I know, apart from tescos bills when I forget to pay for a day or so but that's very rare. The rule of 78 sounds more like something my gambler son would do he's had some interesting deals with debt companies over the years. As I say we don't have any debt in our house and haven't done since clearing all our cards etc and paying off the mortgage over 10 years ago now. I blame that approach on the book "Rich Dad, Poor Dad" that was on the bookshelf of a rather nice villa on the island of Gozo some 15 years back now.(Way before Mr Lewis started his campaigns I think) I have an account and it said Advance but it's still going through at the moment. As I haven't got an account online with them quite yet- i have a debit card though - i'm having to wait until they sort out the post - it was slightly delayed as I clicked the yes in mistake to a credit card (Weird way of signing was does through a pdf) so I guess that slowed things down. The donor account (lloyds) has not cleared as yet either but its just a matter of time.
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gmd78
Posts: 57
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Post by gmd78 on Sept 22, 2020 11:30:09 GMT
aju : Oh! Sorry, the departure sounded imminent, but it sounds like you’ll be on board for a while yet. The rule of 78 applies to most, if not all, credit agreements, redemptions follow the rule. I’ve been with HSBC way back to the Midland Bank days…mention of Tesco was in the form of “every little helps”.
The fruitful days when I “needlessly” took out an HSBC loan at 2.9% and re-invested it at 5% have gone, cash is king.
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Covid compliant!
