justsaying
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Post by justsaying on Jan 4, 2015 17:11:57 GMT
Hello, I have just joined the forum, having been dipping my toe in the pond of p2p for about a month or so. I have some money with Ratesetter mostly just on the monthly market at the moment, and although I have got lucky once or twice with rates matched at mid 3's, I can't quite see why anyone would have cash sitting in the queue at (in my opinion!) unrealistic rates, e.g. there is £6k sitting at 10%. Am I missing something.......?! Apologies if this is a really dumb question.................  *sits back and waits for a torrent of abuse*
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trevor
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Post by trevor on Jan 4, 2015 19:14:14 GMT
It's not a dumb question. I have been in P2P and P2B since the summer and cannot understand this money waiting in RS for rates that will never be taking up. I think RS should contact these investors and check with them to ensure that they know exactly what they have done. I do wonder if some people think that because they have entered a certain rate they think that is what they are getting and will eventually twig.
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Post by goldservice on Jan 4, 2015 19:44:19 GMT
It's not just the one month market that has these silly rates. They are also in the other markets. I've always assumed that many such bids must be typos. Some of them may be 'vanity' bids - where the lender thinks that there's a small chance of getting such a sky high rate (for example, when liquidity dries up as it does occasionally) and then s/he gets the warm feeling of having lent at a really extraordinary rate - though probably on only a relatively small amount.
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Post by uncletone on Jan 4, 2015 20:05:45 GMT
Who was it who said "Never give a sucker an even break"?
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hendragon
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Post by hendragon on Jan 4, 2015 20:48:31 GMT
Who was it who said "Never give a sucker an even break"? not the sucker
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Post by westonkevRS on Jan 6, 2015 13:12:50 GMT
.... I think RS should contact these investors and check with them to ensure that they know exactly what they have done..... We have an automated email campaign that warns these customers that their money is not being matched. And periodically (although alas not a daily part of our activities) we have a burst of calling customers personally to warn and explain. However this has limited success as most are sitting hoping to get a spike, and are happy to have their money sat somewhere safe in the hope of a super-rate rather than get the 0.1% from the bank. Some are "stranded" due to the crummy 'Your Rate' functionality, but they do get the email warnings and sometimes a call. And they can always check themselves every now and again.... There is only so much we can do..... some people make decisions that appear irrational to others but to them are entirely normal and reasonable.
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oldgrumpy
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Post by oldgrumpy on Jan 6, 2015 13:29:28 GMT
Exactly! RS only need to inform once in my opinion, twice is a bonus, a phone call being beyond the call of duty. I use the crummy function because it does what I need* and I do know of its possible quirkiness now so check up several times a week.
* ... and doesn't lower my rate when I am prepared to wait a couple of days for a match.
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sl75
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Post by sl75 on Jan 6, 2015 13:50:28 GMT
I do tend to think that where funds have been left "stranded" at a rate that RS selected on behalf of the investor rather than the "your rate" they'd selected, that RS has a mandate to move those funds to any lower rate at least as high as the "your rate" that the lender themselves had selected - it would save a few phone calls...!
For myself, due to other demands on my funds right now, the minimum rate at which I would re-invest is substantially higher than the maximum rate that can be matched.
Until recently I used the "your rate" at the rate I would actually be prepared to re-invest, and it accumulated funds there until there was enough to bother with a withdrawal to my bank account.
As the amount coming in per month has now fallen substantially (due to the last of my 3 year loans being due to make its last payment within a month), I've now activated the auto-withdraw function, and aside from a final manual withdrawal in a week or two (which will take with it the last of my funds on offer at an "unrealistic" rate), I'll just leave that to get on with it for at least the next few months.
I'd quite like to still leave a "your rate" set (albeit somewhat above the likely maximum matchable rate), but unfortunately I discovered the auto-withdraw function does NOT treat offered funds as part of the "Account balance" (unlike the manual withdraw option which allows withdrawal of the entire non-invested balance including amounts presently on offer), so it would defeat the whole point of activating the automated withdrawal... however, if I were still expecting to do regular manual withdrawals I would have left a "your rate" offer set - albeit one that is unlikely to be realised.
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oldgrumpy
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Post by oldgrumpy on Jan 6, 2015 13:54:00 GMT
"I do tend to think that where funds have been left "stranded" at a rate that FC selected on behalf of the investor rather than the "your rate" they'd selected, that FC has a mandate to move those funds to any lower rate at least as high as the "your rate" that the lender themselves had selected - it would save a few phone calls...!"
Who are FC? Never 'eard of 'em!
(Is someone still emerging from New Year Stupor?  )
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*sits back and waits for a torrent of abuse* 
)