agent69
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Post by agent69 on Apr 11, 2017 10:43:39 GMT
Ratesetter said it was not in a position to comment (what happened to transparency?). Makes you wonder whether hidden issues such as this is delaying full approval.
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jlend
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Post by jlend on Apr 11, 2017 11:52:32 GMT
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Post by WestonKevTMP on Apr 11, 2017 20:15:16 GMT
.... "The platform has lent a total of £310m to other lenders, of which £102m are currently outstanding." Do they mean outstanding as in, "yet to be paid back but all fine", or "could be in trouble"?! The " outstanding" is just jargon, usually " outstanding balances". It just means money still lent out, in total RateSetter has around £690m in "outstanding balances". With 100% certainty, there is NOT £102m in difficulty. I left RateSetter In October 2016, so I'm not really in a position to comment from the inside. But GeorgeBanco.com is a fantastic little business with a strong management team. Although it's a higher APR guarantor product (which not everyone approves of), it is a company run with strong ethics that genuinely tries to rehabilitate customers that have had financial difficulty in the past. Kevin. Kevin.
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jlend
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Post by jlend on Apr 12, 2017 5:34:53 GMT
.... "The platform has lent a total of £310m to other lenders, of which £102m are currently outstanding." Do they mean outstanding as in, "yet to be paid back but all fine", or "could be in trouble"?! The " outstanding" is just jargon, usually " outstanding balances". It just means money still lent out, in total RateSetter has around £690m in "outstanding balances". With 100% certainty, there is NOT £102m in difficulty. I left RateSetter In October 2016, so I'm not really in a position to comment from the inside. But GeorgeBanco.com is a fantastic little business with a strong management team. Although it's a higher APR guarantor product (which not everyone approves of), it is a company run with strong ethics that genuinely tries to rehabilitate customers that have had financial difficulty in the past. Kevin. Kevin. I was just a little surprised as I have never seen this sort of borrower mentioned on the ratesetter website. This is the closest I could find in terms of a detailed customer breakout although it doesn't include wholesale which ratesetter are now winding down. members.ratesetter.com/static/principles%20of%20lending.pdfAll I could find was general comments about wholesale lenders. I wonder if ratesetter will now adjust it's direct lending to include sub prime customers rather than via wholesale?
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jimc99
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Post by jimc99 on Apr 12, 2017 6:09:03 GMT
Re post of Kev....
Thought I read somewhere that RS should no longer be lending money to "other lending" companies.
Also according to the provision fund page the amount of current loans outstanding today is £636M not £690.
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Post by WestonKevTMP on Apr 12, 2017 19:40:06 GMT
Re post of Kev.... Thought I read somewhere that RS should no longer be lending money to "other lending" companies. Also according to the provision fund page the amount of current loans outstanding today is £636M not £690. Total under management is £712,104,843, which can be seen on the public data area; www.ratesetter.com/aboutus/statisticsThe Provision Fund page only includes the balances protected by the Provision Fund, so excludes some lending by institutions through the platform.
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jlend
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Post by jlend on Apr 12, 2017 20:01:57 GMT
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