wuzimu
Member of DD Central
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Post by wuzimu on Nov 9, 2020 20:29:49 GMT
Today my 1/4 mill RS loanbook is liquidated and intact in my bank a/c,,, I'm out clean :-)))
The last 7 months have not been particularly pleasant ride but RS have proved to be (so far) a more dependable platform / agent than most others in the industry.
I conclude the fact that the loan book only took an interest haircut is indicative of the pretty good quality of borrowers and that RS was playing with a relatively straight bat. I'm very glad not to be around at the end of the party, but it may work out who knows? I hope so.
It's a pity COVID finished RS as an independent firm and I think its was a very good purchase by MB.
I have sworn not to be a P2P lender again, but last week I bought 40k MB shares @ 60p - can't go wrong surely?
To all those still RYI queued,... I think MB is gradually buying out the book, and your chances of being out clean soonish are higher now than they were 6 months ago, plus you are far better off in the RS queue than having funds stuck in Lendy, FS, COL, Wellesley, Moneything, Funding Circle, even Assetz!
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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 Nov 10, 2020 10:27:41 GMT
Metro aren't buying the book t the moment. Ratesetter just aren't lending on their own which frees up capital.
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coogaruk
Hello everyone! Anyone remember me?
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Post by coogaruk on Nov 10, 2020 11:46:26 GMT
Not another Metro Bank thread? Sigh!
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Post by Ace on Nov 10, 2020 12:29:48 GMT
Today my 1/4 mill RS loanbook is liquidated and intact in my bank a/c,,, I'm out clean :-)))
The last 7 months have not been particularly pleasant ride but RS have proved to be (so far) a more dependable platform / agent than most others in the industry.
I conclude the fact that the loan book only took an interest haircut is indicative of the pretty good quality of borrowers and that RS was playing with a relatively straight bat. I'm very glad not to be around at the end of the party, but it may work out who knows? I hope so.
It's a pity COVID finished RS as an independent firm and I think its was a very good purchase by MB.
I have sworn not to be a P2P lender again, but last week I bought 40k MB shares @ 60p - can't go wrong surely?
To all those still RYI queued,... I think MB is gradually buying out the book, and your chances of being out clean soonish are higher now than they were 6 months ago, plus you are far better off in the RS queue than having funds stuck in Lendy, FS, COL, Wellesley, Moneything, Funding Circle, even Assetz!
Are you really clean out? Most of us are stuck with sub £10 loans until they conclude. Or is it that your larger investment meant that none of your loans amortised down to below £10? It's a shame to tar all P2P with the same brush. There are many honest, hardworking platforms with excellent risk adjusted offerings. Some have proven themselves through the covid crisis, some are gaining (relative) longevity and some are already profitable. Just don't rely on the FCA for protection. Fully understandable that you would be averse if you've been had by the s**t shower of platforms that you mentioned though. I'd personally not lump Assetz in that group, though I understand some have particular grievances from legacy products, which Assetz really should have sorted out and drawn a line under.
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wuzimu
Member of DD Central
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Post by wuzimu on Nov 10, 2020 13:45:34 GMT
Ace , my balance is zero. I have checked , there were no loans at £10 or less so that is probly the reason.
and I don't wish to tar all P2P with a negative brush.
I made a good rtn from RS, Assetz, Funding Knight, Unbolted, even FC!
I got burnt on Lendy but overall I am up from P2P by about 4% pa. But it wasn't worth the worry and bother.
My property and S&S portfolio beats P2P hands down, because there is no dishonest middlemen playing their own game. And thats the problem with P2P,,, its very hard to spot the sketchy platform till its too late and by then there is very little an individual lender can do to see justice prevail. Its not investable class for me until the regulatory environment for it changes a good deal.
I just had a long phone convo with an RS guy on a treatment of sellout interest. Issue resolved. You would never get that from Lendy. So I am pretty hopeful all lenders will get out of RS with most maybe all, of their shirt intact. I hope so.
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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 Nov 10, 2020 15:25:09 GMT
Metro aren't buying the book t the moment. Ratesetter just aren't lending on their own which frees up capital. You have inside knowledge or just speculating? neither it's public knowledge
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Post by Deleted on Nov 10, 2020 16:52:26 GMT
The RS email sent 8/10 stated:
Please note that all new unsecured personal loans are now being funded by Metro Bank but RateSetter’s existing unsecured personal loan portfolio continues to be managed and it is this pool of existing loans that you would be investing in. As we announced on 14 September, RateSetter continues to manage this pool of existing loans as before, with the Provision Fund continuing to apply with no liability for Metro Bank. Our focus on investment performance will remain throughout.
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Post by freefalljunkie on Nov 10, 2020 16:55:32 GMT
Given that movement in the RYI queue has speeded up dramatically in the last couple of weeks I had wondered if MB was buying up some of the loan book. I am not aware that there has ever been a definitive statement from MB or RS on whether they would do this. If not it is quite a thought that all this money being released can only be because a huge number of RS investors stuck in the queue are still not aware that they can effectively turn off reinvestment by setting the interest rate to the max.
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starfished
Member of DD Central
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Post by starfished on Nov 10, 2020 17:09:34 GMT
Ace , my balance is zero. I have checked , there were no loans at £10 or less so that is probly the reason.
and I don't wish to tar all P2P with a negative brush.
I made a good rtn from RS, Assetz, Funding Knight, Unbolted, even FC!
I got burnt on Lendy but overall I am up from P2P by about 4% pa. But it wasn't worth the worry and bother.
My property and S&S portfolio beats P2P hands down, because there is no dishonest middlemen playing their own game. And thats the problem with P2P,,, its very hard to spot the sketchy platform till its too late and by then there is very little an individual lender can do to see justice prevail. Its not investable class for me until the regulatory environment for it changes a good deal.
I just had a long phone convo with an RS guy on a treatment of sellout interest. Issue resolved. You would never get that from Lendy. So I am pretty hopeful all lenders will get out of RS with most maybe all, of their shirt intact. I hope so.
Funnily enough (at the moment) I am also c. 4%p.a. over 10 years*. Definitely lower than I had hoped when I started with Zopa but equally, I would still say I have actually enjoyed the last 10 years learning about this nascent but ultimately doomed industry. *P2P being: Zopa joined 2010, Ratesetter joined 2011
Abundance joined 2012
Bondora joined 2012 Funding Secured joined 2013 Moneything joined 2016 Bond Mason joined 2017 Unbolted joined 2017 Lending Works joined 2018
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ceejay
Posts: 970
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Post by ceejay on Nov 10, 2020 18:54:46 GMT
The RS email sent 8/10 stated: Please note that all new unsecured personal loans are now being funded by Metro Bank but RateSetter’s existing unsecured personal loan portfolio continues to be managed and it is this pool of existing loans that you would be investing in. As we announced on 14 September, RateSetter continues to manage this pool of existing loans as before, with the Provision Fund continuing to apply with no liability for Metro Bank. Our focus on investment performance will remain throughout. Can you please explain how they are generating so much money for RYI? Since March, a smidge under 50% of my Access holding (it was never large) has been returned to me naturally either by regular or early repayment. As a diligent member of this forum, I have of course made sure that none of it got relent ... but if I hadn't, that 50% would have been reinvested into someone elses RYI. I suspect that a large proportion of lenders are passive - certainly not readers here. It's them we have to thank.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Nov 10, 2020 20:02:19 GMT
neither it's public knowledge Source please. Metrobank.co.uk ratesetter.com both state metro have no liability for the rs loanbook.
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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 Nov 10, 2020 20:48:09 GMT
Ratesetter have a loan book of £657m. The amount being returned is disproportionate to the amount of interest that would generate plus the amount of capital repayments that could be expected. So my question remains - where is the £6m+ per week coming from? how is it disproportionate?
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Post by jojo on Nov 10, 2020 21:54:34 GMT
how is it disproportionate? If RYI's are being met by sales to other investors then the max interest is approx 4%. On a loan book of £657 then that equates to approx £0.5m per week. On a £6m pw week return then that means capital repayments of £5.5m per week or £286m per year. Given that many of the loans are up to 5 years I do not believe that RS can make these repayments without MB buying up the loans. They certainly didn't achieve anywhere near the current volumes before the completion of the takeover. So if MB are not buying up the loans then were is the money coming from? Do we really have to care ? It is going in the right direction so be pleased for once, you were the one fuming when it was not moving couple of month ago, speculating on theory about end of RS, now that it is moving very fast you are questioning why, would you be ever pleased ?
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ceejay
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Post by ceejay on Nov 10, 2020 22:22:42 GMT
how is it disproportionate? If RYI's are being met by sales to other investors then the max interest is approx 4%. On a loan book of £657 then that equates to approx £0.5m per week. On a £6m pw week return then that means capital repayments of £5.5m per week or £286m per year. Given that many of the loans are up to 5 years I do not believe that RS can make these repayments without MB buying up the loans. They certainly didn't achieve anywhere near the current volumes before the completion of the takeover. So if MB are not buying up the loans then were is the money coming from? You want fag packet calculations? OK, here's mine. I can't back it up any more than you can yours but here goes... If 6M is being returned every week on a 600M loan book, that says 1% per week. 50% per year. What you'd expect if the average loan length was about 2 years. Sure, there are a lot of 5 year loans out there, but there are also a lot of 1Y loans and every other length you can think of in between. Bear also in mind that early repayments are the norm in this business, always have been, all the more so now for some borrowers who can now access cheap government funds. The change of behaviour on completion of the takeover is easily explained by assuming that, at that point, RS hugely reduced the number of new loans they were writing with our money. But, really, does it matter?
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macq
Member of DD Central
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Post by macq on Nov 10, 2020 22:33:20 GMT
I demand a recount!
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