duck
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Post by duck on Jan 27, 2015 6:03:55 GMT
Thanks to this forum (my Email arrived yesterday, no idea why ...) I immediately took advantage of the offer before the rates 'dropped'.
Just taking a slightly different direction, I've been investing with RS since 2012 and have seen rates rise and fall. Today one of my under a year old year 5yr loans made its first (of 3) 'large' payments to clear the loan. I've invested this returned cash at 5.9% as opposed to the 5.6% of the original loan ....... result!
Even with the current 'lower' rates (I'm still getting nibbles at 6.0 in 5yr) life isn't all that bad!
......OK I wouldn't object if the 7.5%+ I was getting back in 2012 came back but I am realistic.
Oh yes the offer, purely 'self interest' but I'm not objecting .....
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bigfoot12
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Post by bigfoot12 on Jan 27, 2015 8:18:29 GMT
my Email arrived yesterday, no idea why ... I had a second email yesterday, first arrived on 22nd.
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spiral
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Post by spiral on Jan 27, 2015 12:13:01 GMT
my Email arrived yesterday, no idea why ... I had a second email yesterday, first arrived on 22nd. I received the one on 22nd but not yesterday. Was there anything new or was it just the same?
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bigfoot12
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Post by bigfoot12 on Jan 27, 2015 13:00:21 GMT
I can't see any obvious difference.
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spiral
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Post by spiral on Jan 27, 2015 13:36:21 GMT
I thought not. Thanks anyway.
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spiral
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Post by spiral on Jan 27, 2015 13:40:26 GMT
One reason Zopa have to adopt that course is that you have no control over when and at what rate your money will be lent out. At present on their own figures, for 5 year money it'll take 13-14 business days (i.e. 2.5-3 weeks) to lend it. The way things are going, it'll take me this long to get my money lent at RS for a rate I'm willing to accept.
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Investor
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Post by Investor on Jan 27, 2015 18:44:41 GMT
Any speculation on the 5yr rate at Midday this coming Saturday, and the rate for the last loan made before 18:00. Wondering how low it will go when the race to the bottom starts as lenders try to hit the 5k or 10k targets before the promo finishes. Also happy for any speculation on the rates mid Feb when things get back to normal and all the excess that has been eaten up is no longer available for Ratesetter BAU. My guess is 5.5 for midday Sat, 5.2 for last loan made before 18:00, and 6.3 for MR on 15/02, only held back by the smaller lenders who didn't have 5k available re-entering the market
All good fun and games but RS has lost any investment from me over the period, amusingly would have been north of 10k anyway.
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bigfoot12
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Post by bigfoot12 on Jan 28, 2015 9:33:26 GMT
Do you think many people transfer money in without looking at the current rate? My assumption is not many, and so I don't think rates go lower from here.
My guess is 5.9 at midday Saturday, and 5.7 at the close.
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Investor
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Post by Investor on Jan 28, 2015 9:52:00 GMT
Do you think many people transfer money in without looking at the current rate? My assumption is not many, and so I don't think rates go lower from here. My guess is 5.9 at midday Saturday, and 5.7 at the close. Probably not so much about new money coming in, however there will be a number who have deposited 10k, but may have only lent out 5-9K by Saturday lunchtime. Making sure their last small bit gets lent out will make the rate it goes out at seem less relevant than just making sure it gets included. Enough people in that type of situation and the race to get in on the last few loans may cause a significant very short term dip in the rates.
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spiral
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Post by spiral on Jan 28, 2015 11:26:38 GMT
Probably not so much about new money coming in, however there will be a number who have deposited 10k, but may have only lent out 5-9K by Saturday lunchtime. These people will have already qualified so there would be no need to force rates down. Those that might are those within a thousand or so of achieving the 5K minimum. That said, herd mentality kicks in as always. My bet would be 5.8% for final market position, 5.5% for final loan and 6.2% for mid Feb. If ratesetter had really thought this through, they would have ended the offer at lunchtime Monday allowing end of the month salary payments to be used coupled with those in the situation already mentioned creating the panic over the weekend thus driving Monday's very large repayment run MR down to 5.5% or under.
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Investor
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Post by Investor on Jan 28, 2015 11:51:48 GMT
Probably not so much about new money coming in, however there will be a number who have deposited 10k, but may have only lent out 5-9K by Saturday lunchtime. These people will have already qualified so there would be no need to force rates down. Those that might are those within a thousand or so of achieving the 5K minimum. That said, herd mentality kicks in as always. My bet would be 5.8% for final market position, 5.5% for final loan and 6.2% for mid Feb. If ratesetter had really thought this through, they would have ended the offer at lunchtime Monday allowing end of the month salary payments to be used coupled with those in the situation already mentioned creating the panic over the weekend thus driving Monday's very large repayment run MR down to 5.5% or under. Might not have read it properly but my understanding was £50 if you achieve 5k, £100 if you achieve 10K, not based as a percentage so no sliding scale. In effect someone having lent out 9k is in an very similar position so someone having lent out 4k. The former will of course get the £50 for the first 5K lent out, however they will both have lent out 4K at what is currently a lower than typical rate for no gain.
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bigfoot12
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Post by bigfoot12 on Jan 28, 2015 11:56:10 GMT
It does seem to be £5 000 or £10 000 in the email and on the website.
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c88dnf
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Post by c88dnf on Jan 28, 2015 13:20:19 GMT
If ratesetter had really thought this through, they would have ended the offer at lunchtime Monday allowing end of the month salary payments to be used coupled with those in the situation already mentioned creating the panic over the weekend thus driving Monday's very large repayment run MR down to 5.5% or under. I suspect Ratesetter thought this offer through very thoroughly, having foreseen demand being supply-constrained during January and estimated their needs accordingly. It wasn't hard for active RS users to spot. Demand over £10M per week and all markets getting very low on funds. RS are professionals in the money business. Those who have chucked in £5k or £10k without weighing up the risk/reward of the cashback offer are amateurs. Sorry if that sounds harsh, but it's true.
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spiral
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Post by spiral on Jan 28, 2015 16:23:13 GMT
It does seem to be £5 000 or £10 000 in the email and on the website. So it is, my mistake, I read the term max cumulative cashback of £100 to mean it was a sliding scale from 5-10K but on reading the whole thing again I realise it's not. I also note there's no anti withdrawal clause which always accompany's Zopa's cashbacks.
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vino
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Post by vino on Jan 30, 2015 13:28:03 GMT
5 year market is now down to 5.6%
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