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Post by indexfund on Nov 7, 2020 12:07:11 GMT
Hi Everyone
I am after some advice..
I have an ISA with Ratesetter, the whole amount is in one non amortising loan which ends in February of next year. Obviously I am trying to plan ahead, making sure funds are not re-lent when this one loan ends. The only method I have gleaned is to [crudely] put the re-lend figure at a ludicrously high level so that it isn't lent out...all seems a bit heath robinson to me! The question is: Is there another method?
Thank-you in advance.
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Post by Badly Drawn Stickman on Nov 7, 2020 12:34:14 GMT
Hi Everyone I am after some advice.. I have an ISA with Ratesetter, the whole amount is in one non amortising loan which ends in February of next year. Obviously I am trying to plan ahead, making sure funds are not re-lent when this one loan ends. The only method I have gleaned is to [crudely] put the re-lend figure at a ludicrously high level so that it isn't lent out...all seems a bit heath robinson to me! The question is: Is there another method? Thank-you in advance. Not advice, but my take.. Assuming you are transferring the ISA elsewhere, you would be wise to start the process a week or so before the maturity date (ratesetter seems to need a signed paper transfer with any other provider I have checked). This should oblige RS to make the transfer once the funds become available removing any slight risk of reinvestment.
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aju
Member of DD Central
Posts: 3,484 
Likes: 917
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Post by aju on Nov 7, 2020 15:16:24 GMT
Hi Everyone I am after some advice.. I have an ISA with Ratesetter, the whole amount is in one non amortising loan which ends in February of next year. Obviously I am trying to plan ahead, making sure funds are not re-lent when this one loan ends. The only method I have gleaned is to [crudely] put the re-lend figure at a ludicrously high level so that it isn't lent out...all seems a bit heath robinson to me! The question is: Is there another method? Thank-you in advance. Not advice, but my take.. Assuming you are transferring the ISA elsewhere, you would be wise to start the process a week or so before the maturity date (ratesetter seems to need a signed paper transfer with any other provider I have checked). This should oblige RS to make the transfer once the funds become available removing any slight risk of reinvestment. I'd hope you are right Badly Drawn Stickman but what sort of loan is it indexfund ? . My experience recently, closely monitoring when loans are due, has been that some loan types seem to finish earlier than expected sometime by 2, 3 or more months also I would have thought the borrower can pay up anytime too. That makes it more difficult to really catch when they finish. One technique I have used it to every week or so to go in and change the mar amount down by one point and then immediately change it back. This moves you to the back of the queue. That said its always been somewhat unlikely that the top end of the new offerings (Access/Plus and Max) will be reached but never say never. The sellout this week reached higher levels but there is potentially still a lot of people who are not trying to bail out so are relending I guess. None of the above is infallible though of course. I'd hope that at some point RS will have little choice but to stop relending altogether as the whole of this winds down. failing all of the above It takes very little time to just log in daily and catch this stuff. Especially if that one loan is all you are watching.
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Post by indexfund on Nov 7, 2020 17:04:31 GMT
Hi Everyone I am after some advice.. I have an ISA with Ratesetter, the whole amount is in one non amortising loan which ends in February of next year. Obviously I am trying to plan ahead, making sure funds are not re-lent when this one loan ends. The only method I have gleaned is to [crudely] put the re-lend figure at a ludicrously high level so that it isn't lent out...all seems a bit heath robinson to me! The question is: Is there another method? Thank-you in advance. Not advice, but my take.. Assuming you are transferring the ISA elsewhere, you would be wise to start the process a week or so before the maturity date (ratesetter seems to need a signed paper transfer with any other provider I have checked). This should oblige RS to make the transfer once the funds become available removing any slight risk of reinvestment. An excellent point, I will have to get the ball rolling so that RS have been notified well in advance.
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Post by indexfund on Nov 7, 2020 17:07:52 GMT
Not advice, but my take.. Assuming you are transferring the ISA elsewhere, you would be wise to start the process a week or so before the maturity date (ratesetter seems to need a signed paper transfer with any other provider I have checked). This should oblige RS to make the transfer once the funds become available removing any slight risk of reinvestment. I'd hope you are right Badly Drawn Stickman but what sort of loan is it indexfund ? . My experience recently, closely monitoring when loans are due, has been that some loan types seem to finish earlier than expected sometime by 2, 3 or more months also I would have thought the borrower can pay up anytime too. That makes it more difficult to really catch when they finish. One technique I have used it to every week or so to go in and change the mar amount down by one point and then immediately change it back. This moves you to the back of the queue. That said its always been somewhat unlikely that the top end of the new offerings (Access/Plus and Max) will be reached but never say never. The sellout this week reached higher levels but there is potentially still a lot of people who are not trying to bail out so are relending I guess. None of the above is infallible though of course. I'd hope that at some point RS will have little choice but to stop relending altogether as the whole of this winds down. failing all of the above It takes very little time to just log in daily and catch this stuff. Especially if that one loan is all you are watching. Good point, I hadn't considered possible early settlement of the loan.. that would be my worst nightmare!
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Post by Badly Drawn Stickman on Nov 8, 2020 10:40:19 GMT
Not advice, but my take.. Assuming you are transferring the ISA elsewhere, you would be wise to start the process a week or so before the maturity date (ratesetter seems to need a signed paper transfer with any other provider I have checked). This should oblige RS to make the transfer once the funds become available removing any slight risk of reinvestment. I'd hope you are right Badly Drawn Stickman but what sort of loan is it indexfund ? . My experience recently, closely monitoring when loans are due, has been that some loan types seem to finish earlier than expected sometime by 2, 3 or more months also I would have thought the borrower can pay up anytime too. That makes it more difficult to really catch when they finish. One technique I have used it to every week or so to go in and change the mar amount down by one point and then immediately change it back. This moves you to the back of the queue. That said its always been somewhat unlikely that the top end of the new offerings (Access/Plus and Max) will be reached but never say never. The sellout this week reached higher levels but there is potentially still a lot of people who are not trying to bail out so are relending I guess. None of the above is infallible though of course. I'd hope that at some point RS will have little choice but to stop relending altogether as the whole of this winds down. failing all of the above It takes very little time to just log in daily and catch this stuff. Especially if that one loan is all you are watching. I would have to agree that it is not at all uncommon for loans to repay early (my own current strategy partially depends on it), I would class that as uncontrollable though. As far as I know loans never repay after the end date (happy to be corrected if that is not right) so logically planning for that date makes sense if you have the 'luxury of only one loan'. I seem to have far more confidence that money set at the highest rate will not be relent than some, then again the bulk of my investments is in the 1 and 5 years so goes to the holding account and probably don't feel the same concern. However as you say checking daily is really not that great a task. Rescuing the ISA allowance from RS is an interesting challenge for me currently.
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Post by herringbone on Nov 8, 2020 11:20:56 GMT
Hi Everyone I am after some advice.. I have an ISA with Ratesetter, the whole amount is in one non amortising loan which ends in February of next year. Obviously I am trying to plan ahead, making sure funds are not re-lent when this one loan ends. The only method I have gleaned is to [crudely] put the re-lend figure at a ludicrously high level so that it isn't lent out...all seems a bit heath robinson to me! The question is: Is there another method? Thank-you in advance. There is another method if it's in the 1 year market. You simply switch off reinvestment and have all capital and interest repayments go to your holding account. Then you can check once a week or however often you're comfortable with to see if it's been repaid early.
If it's in Access, Mr Heath-Robinson's methods will have to apply.
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aju
Member of DD Central
Posts: 3,484
Likes: 917
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Post by aju on Nov 8, 2020 11:52:49 GMT
Is there a third method too - so I re-signed all the lending criteria we had to agree to last year a few weeks ago. Today Mrs Aju got a resign required on RS. So my question is if one decides not to resign these docs and accept the lending criteria of a given account then does that mean RS can no longer lend my money on returns from access say. I suspect if I don't sign as requested it will not be the case but am quite curious as to what this might mean if one does to want to lend anymore. PS: I haven't read anything yet just refused to sign at the moment but not investigated what is still available. Edit: I think it was Zopa rather than RS that I updated the signatures. On RS I can still change all the relend functions but cannot actually invest new money till I sign one of the forms. Looking at the text I wonder what might happen anyway as I have very small sums anyway. Not really that bothered just wondered if it might be another strategy  |
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Post by indexfund on Nov 8, 2020 12:50:50 GMT
Hi Everyone I am after some advice.. I have an ISA with Ratesetter, the whole amount is in one non amortising loan which ends in February of next year. Obviously I am trying to plan ahead, making sure funds are not re-lent when this one loan ends. The only method I have gleaned is to [crudely] put the re-lend figure at a ludicrously high level so that it isn't lent out...all seems a bit heath robinson to me! The question is: Is there another method? Thank-you in advance. There is another method if it's in the 1 year market. You simply switch off reinvestment and have all capital and interest repayments go to your holding account. Then you can check once a week or however often you're comfortable with to see if it's been repaid early.
If it's in Access, Mr Heath-Robinson's methods will have to apply.
I believe the money is in 'max' and the only option in reinvestment settings is to adjust (raise) the rate, which at the moment the highest is 9%. It seems incredible that with this max product, there is no ability to set this as per most other P2P platforms i.e. simply turn reinvestment off. Guess I will have to contact Ratesetter and see what to do. Thanks for all the advice, invaluable.
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Post by indexfund on Nov 8, 2020 12:52:51 GMT
Is there a third method too - so I re-signed all the lending criteria we had to agree to last year a few weeks ago. Today Mrs Aju got a resign required on RS. So my question is if one decides not to resign these docs and accept the lending criteria of a given account then does that mean RS can no longer lend my money on returns from access say. I suspect if I don't sign as requested it will not be the case but am quite curious as to what this might mean if one does to want to lend anymore. PS: I haven't read anything yet just refused to sign at the moment but not investigated what is still available. Edit: I think it was Zopa rather than RS that I updated the signatures. On RS I can still change all the relend functions but cannot actually invest new money till I sign one of the forms. Looking at the text I wonder what might happen anyway as I have very small sums anyway. Not really that bothered just wondered if it might be another strategy Interesting, another option to consider.
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Post by Ace on Nov 8, 2020 12:57:32 GMT
There is another method if it's in the 1 year market. You simply switch off reinvestment and have all capital and interest repayments go to your holding account. Then you can check once a week or however often you're comfortable with to see if it's been repaid early.
If it's in Access, Mr Heath-Robinson's methods will have to apply.
I believe the money is in 'max' and the only option in reinvestment settings is to adjust (raise) the rate, which at the moment the highest is 9%. It seems incredible that with this max product, there is no ability to set this as per most other P2P platforms i.e. simply turn reinvestment off. Guess I will have to contact Ratesetter and see what to do. Thanks for all the advice, invaluable. You're right, it is incredible. Unfortunately, it's also true.
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aju
Member of DD Central
Posts: 3,484
Likes: 917
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Post by aju on Nov 8, 2020 13:02:28 GMT
There is another method if it's in the 1 year market. You simply switch off reinvestment and have all capital and interest repayments go to your holding account. Then you can check once a week or however often you're comfortable with to see if it's been repaid early.
If it's in Access, Mr Heath-Robinson's methods will have to apply.
I believe the money is in 'max' and the only option in reinvestment settings is to adjust (raise) the rate, which at the moment the highest is 9%. It seems incredible that with this max product, there is no ability to set this as per most other P2P platforms i.e. simply turn reinvestment off. Guess I will have to contact Ratesetter and see what to do. Thanks for all the advice, invaluable. Just curious thought i'm having when you say you "believe" it's in max are you not sure its max, perhaps it's that my reading skills are missing some inflection in your sentence. You should be able tell from your over viewscreen, no!. I may just be having an off day today so apologies if I'm missing the point here.
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Post by indexfund on Nov 9, 2020 14:26:53 GMT
I believe the money is in 'max' and the only option in reinvestment settings is to adjust (raise) the rate, which at the moment the highest is 9%. It seems incredible that with this max product, there is no ability to set this as per most other P2P platforms i.e. simply turn reinvestment off. Guess I will have to contact Ratesetter and see what to do. Thanks for all the advice, invaluable. Just curious thought i'm having when you say you "believe" it's in max are you not sure its max, perhaps it's that my reading skills are missing some inflection in your sentence. You should be able tell from your over viewscreen, no!. I may just be having an off day today so apologies if I'm missing the point here. I couldn't remember (I have dozens of investments) and wasn't able to log in at that point as I was out and about. Anyway, yes it is DEFINATELY in Max. Problem is the same though, in that there is no procedure other than to raise your rate to a point where nobody want to borrow from you. Bizarre and irritating.
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Post by indexfund on Dec 27, 2020 15:53:05 GMT
Brief update..unbeknown to me (until today) the entire loan was repaid on December 16th. Fortunately I had set the lend rate at the maximum possible, so was able to move everything to the holding account where it is awaiting transfer out. No doubt this will also take some time but at least I am getting there. Had I not set the rate to the maximum I guess the entire amount could have been lent out again. Really has made me realise that RS's platform is extremely clunky, without any proper tools to automate a lot of these actions. Anyway, hopefully I am now getting there. I will update again on how smooth the next stages are!
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Post by Deleted on Dec 28, 2020 9:24:59 GMT
Brief update..unbeknown to me (until today) the entire loan was repaid on December 16th. Fortunately I had set the lend rate at the maximum possible, so was able to move everything to the holding account where it is awaiting transfer out. No doubt this will also take some time but at least I am getting there. Had I not set the rate to the maximum I guess the entire amount could have been lent out again. Really has made me realise that RS's platform is extremely clunky, without any proper tools to automate a lot of these actions. Anyway, hopefully I am now getting there. I will update again on how smooth the next stages are! To make matters worse, RS stopped sending out emails a while back when a loan repaid early. That was very under-hand and certainly wasn't treating customers (lenders in this case) fairly. I concede RS has done well to release the funds they have, but there have been lots of negative changes over the last year or so.
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