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Post by saintpeter on Nov 11, 2020 13:42:58 GMT
...Metro Bank took over? What were Ratesetter doing re the RYIs when they were in charge?
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Post by David B on Nov 11, 2020 15:05:39 GMT
My theory is the professional hi stakes investors, 50k+ were first to get their withdrawal requests in. These took a long time to process due to the high amounts. Then, the sheep (Me), with their small stakes followed a few days later.
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bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
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Post by bt on Nov 11, 2020 15:17:25 GMT
My theory is the professional hi stakes investors, 50k+ were first to get their withdrawal requests in. These took a long time to process due to the high amounts. Then, the sheep (Me), with their small stakes followed a few days later. That would explain why the number per day is going up, but not why the amount per day is also going up massively.
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ceejay
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Post by ceejay on Nov 11, 2020 16:57:23 GMT
RS were writing new loans with our* money until the takeover kicked in, and now they're not (at least not nearly so many).
*: to be more precise, passive lenders who hadn't bothered to take action to stop their returns being relent. Probably not many of those in this forum.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Nov 11, 2020 17:22:29 GMT
RS were writing new loans with our* money until the takeover kicked in, and now they're not (at least not nearly so many). *: to be more precise, passive lenders who hadn't bothered to take action to stop their returns being relent. Probably not many of those in this forum. exactly this.
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bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
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Post by bt on Nov 11, 2020 17:26:52 GMT
But the takeover was mid September. It only seemed to accelerate in mid October. And again start November ?
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Post by johnboy on Nov 11, 2020 18:04:01 GMT
RS were writing new loans with our* money until the takeover kicked in, and now they're not (at least not nearly so many). *: to be more precise, passive lenders who hadn't bothered to take action to stop their returns being relent. Probably not many of those in this forum. exactly this. Where's your proof as to this statement? More likely its Metro Bank buying up some of the loans to increase their profit margin by cutting out the moaning investors.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Nov 11, 2020 18:12:54 GMT
Can I refer you to a couple of links that and ask where it states this?: Metrobank.co.uk ratesetter.com You will note that they are the same links that you provided - they don't back up what you are maintaining. Hi Jennifer, sorry but I am not sure what is wrong with you? Why do you care about this so very much? It is a good thing they are doing this and can release funds so much faster. what answer do you want to hear? I have stated that both metro and ratesetter have confirmed metro will not take over loans as they have no liability. thereby, this means ratesetter need to resolve this themselves. Metro will back new loans and only new loans but the rs loanbook is not their responsibility - they have made this clear. as they are backing the new loans ratesetter do not write them themselves and therefore do not need investor capital to do this. they can as such release more funds back. until metro bought ratesetter they kept writing loans with investor capital to keep the loan book going and to ensure funds keep moving. as the loan book is now running down (https://www.ratesetter.com/blog/ratesetter-and-metro-bank-acquisition-completes) they will only write loans that are contractually obligated e.g. property loans and the various blocks of cash needed for a loan e.g. written in 2018 will need cash until 2021 or giffgaff or whatever else they are stuck with. as they wind back they have more cash as it is simply loans repaid and therefore straight back to the investor. it is as simple as that if you think i 'speculate' call them and ask. ratesetter is part of metrobank, metrobank is a listed company, they can not just buy a loan book they need to notify investors of large decisions, they have only stated: www.metrobankonline.co.uk/about-us/press-releases/news/acquisition-of-ratesetter/
Following completion, Metro Bank will use its deposit base to fund all new unsecured personal loans originated via the RateSetter platform on Metro Bank's balance sheet. RateSetter will continue to manage the existing RateSetter loan portfolio and Provision Fund on behalf of its existing peer-to-peer investors, with Metro Bank assuming no credit risk for these existing loans.
both links i provided (per above link directly to what i stated - no speculation needed)
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Nov 11, 2020 18:13:20 GMT
Where's your proof as to this statement? More likely its Metro Bank buying up some of the loans to increase their profit margin by cutting out the moaning investors. on their websites.
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macq
Member of DD Central
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Post by macq on Nov 11, 2020 18:32:00 GMT
Maybe when they moved office they found money down the back of a chair ( but whatever its good news so far)
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adrian77
Member of DD Central
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Post by adrian77 on Nov 11, 2020 18:56:19 GMT
True but it looks to me as if something has changed- not complaining! Also looks to me as if the RYI is being done manually - I notice a lot of money in the queue and a lag in the amount repaid - whatever as long as we keep chugging away I am happy as the queue is moving much faster than I was hoping a couple of months ago..
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Post by johnboy on Nov 11, 2020 19:02:49 GMT
Where's your proof as to this statement? More likely its Metro Bank buying up some of the loans to increase their profit margin by cutting out the moaning investors. o n their websites.What a lazy response. On their websites!!! Why not provide some links to back up your statements?
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Nov 11, 2020 19:07:50 GMT
What a lazy response. On their websites!!! Why not provide some links to back up your statements? I already did. see the other reply
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Post by johnboy on Nov 11, 2020 19:14:49 GMT
What a lazy response. On their websites!!! Why not provide some links to back up your statements? I already did. see the other reply Where? You simply quoted an old press release. This thread is titled "So why are the RYIs delivering so much quicker than before.." If you disagree then where is your evidence that Metro are not buying up loans?
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Post by overthehill on Nov 11, 2020 19:36:16 GMT
Something has changed within the last week not that I give a scoot, I'm watching the countdown which is more interesting. Is there any reason it can't be another institutional investor financially unconnected with Metro who thinks the loanbook risk/return is too good to pass up?
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