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Post by mfaxford on Dec 28, 2020 10:25:57 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. The Property Development loans were all sold off to Shawbrook Bank the 16th which was mostly noticeable in the 1 year market. I wonder if your max loan was also one of those. There was an email at the time to affected investors (although the email I received only seems to reference the 1 year market, but I didn't have much in the A/P/M markets).
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Post by indexfund on Dec 28, 2020 11:16:26 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. I definitely didn't receive an email, and because the loan was a rather large non-amortising one, the whole lot could have been relent without my knowledge. Some might say that we should all keep an eye on everything on a daily basis, but with many investments and commitments it is difficult at times. I would like to think that RS stopping sending emails isn't underhand in any way but I guess we cannot be sure. I hope this alerts everyone to the potential pitfalls. Why oh why can't RS simply have a toggle like every other platform to switch re-lending off or on I don't know... Anyway, hopefully we are all getting there, bit by bit!
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Post by indexfund on Dec 28, 2020 11:19:58 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. The Property Development loans were all sold off to Shawbrook Bank the 16th which was mostly noticeable in the 1 year market. I wonder if your max loan was also one of those. There was an email at the time to affected investors (although the email I received only seems to reference the 1 year market, but I didn't have much in the A/P/M markets). I don't believe it was one of those loans, but is was repaid early along with many others apparently. It was the early repayment that could have caught me out. Really hope others are vigilant to this in the coming weeks.
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