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Post by westonkevRS on Aug 10, 2015 17:03:25 GMT
That's ridiculous. Are you high risk? Purely as an example, the Halifax will lend you £5k at 3.05% pa over 3 years. Interesting to see the borrower's side of RS . . . >> Are you high risk? I'm really not. Salary well above the national average, lived in the same property for 15 years, never defaulted on *anything* - seriously, I'm as close to perfect as you could want from a borrower!!! The last time I did a credit check about 2 years ago, I scored at "999" (yup!) - my circumstances have not changed (same job, etc) Needed the loan quickly-ish, so only went to Zopa and Ratesetter for quotes, so am not sure what other banks / supermarkets would have offered. Also, I don't want to get too many quotes, even if they were only soft searches being performed on my credit history. Edit - Actually, it's worse - just logged into my account - the exact rate was 12.2%! LOL Edit Edit - I was the victim of credit card fraud in January and have a CIFAS mark - but Experian assure me this does not affect my Credit Score - merely means I have to be contacted in person before any additional credit is given / provide more ID than usual (indeed, I spoke to a chap at Zopa before the funds were released). If anything, that makes me a safer bet, as I have to give extra proof of ID! wibble, That APR implies my credit rating and pricing policy did not place you in the representative APR segment, i.e. in the better half. We don't use Exprian, but there advice is correct. Perhaps your credit file wasn't cleaned at all the Credit reference bureaux post the fraud..... If you DM me your email I'll look at your credit file to find an explanation. When I'm back from hols I can call you to give a personal explanation. westonkevRS
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Post by westonkevRS on Aug 10, 2015 17:08:01 GMT
That's ridiculous. Are you high risk? Purely as an example, the Halifax will lend you £5k at 3.05% pa over 3 years. Interesting to see the borrower's side of RS . . . Teddy, A few weeks ago we had a spread, where the lenders are being paid a rate of 6.0% on both the 3 year and 5 year markets and lenders borrowing at 7.4%APR. Today, we have a spread, where the lenders are being paid a rate of 5.3% on the 5 year market and lenders borrowing at 7.8%APR. Those screen shots can be misleading, as they are real time. Perhaps a borrower has just that instant got a lower offer matched, and/or the markets have eaten the lowest available funds. Believe it or now, but RateSetter hasn't suddenly got greedy! @ westonkevRS
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Post by bracknellboy on Aug 10, 2015 18:33:21 GMT
Teddy, A few weeks ago we had a spread, where the lenders are being paid a rate of 6.0% on both the 3 year and 5 year markets and lenders borrowing at 7.4%APR. Today, we have a spread, where the lenders are being paid a rate of 5.3% on the 5 year market and lenders borrowing at 7.8%APR. And now its a spread of 5.3 and 7.6. I guess RS just got 0.2% less greedy. Or perhaps arbitrarily timed snapshots of real time data are likely to give funny answers compared to trends. Wonder what it will be tomorrow, (and at what time of the day tomorrow will be today).
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jonah
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Post by jonah on Aug 10, 2015 19:44:36 GMT
Teddy, A few weeks ago we had a spread, where the lenders are being paid a rate of 6.0% on both the 3 year and 5 year markets and lenders borrowing at 7.4%APR. Today, we have a spread, where the lenders are being paid a rate of 5.3% on the 5 year market and lenders borrowing at 7.8%APR. And now its a spread of 5.3 and 7.6. I guess RS just got 0.2% less greedy. Or perhaps arbitrarily timed snapshots of real time data are likely to give funny answers compared to trends. Wonder what it will be tomorrow, (and at what time of the day tomorrow will be today). Please note... The above is not a request for regular daily / hourly screenshots.
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Post by supernumerary on Aug 10, 2015 20:13:41 GMT
As Jimmy Greaves would say, it's a funny old game.
Yes indeed, it is a funny old game...
Hm, thats strange when the headline matched rate for lending in 3 year is 4.8%. RS taking a bit of a premium income, bumping that up to 9%. ZOPA on the other hand advertising 3.8% in 3 year market. Could it be because different platforms have different risk assessments? Otherwise i would have thought the two platforms would be within 1% or 2% of each other. Teddy, A few weeks ago we had a spread, where the lenders are being paid a rate of 6.0% on both the 3 year and 5 year markets and lenders borrowing at 7.4%APR. Today, we have a spread, where the lenders are being paid a rate of 5.3% on the 5 year market and lenders borrowing at 7.8%APR.
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Investor
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Post by Investor on Aug 10, 2015 22:29:04 GMT
Teddy, A few weeks ago we had a spread, where the lenders are being paid a rate of 6.0% on both the 3 year and 5 year markets and lenders borrowing at 7.4%APR. Today, we have a spread, where the lenders are being paid a rate of 5.3% on the 5 year market and lenders borrowing at 7.8%APR. Those screen shots can be misleading, as they are real time. Perhaps a borrower has just that instant got a lower offer matched, and/or the markets have eaten the lowest available funds. Believe it or now, but RateSetter hasn't suddenly got greedy! @ westonkevRSAm sure everyone will join me in wishing you a belated happy birthday for the weekend westonkevRS. Hope you had a great time
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Post by wibble on Aug 11, 2015 9:36:51 GMT
That APR implies my credit rating and pricing policy did not place you in the representative APR segment, i.e. in the better half. We don't use Exprian, but there advice is correct. Perhaps your credit file wasn't cleaned at all the Credit reference bureaux post the fraud..... If you DM me your email I'll look at your credit file to find an explanation. When I'm back from hols I can call you to give a personal explanation. westonkevRSThanks Kev - it's too late for me personally, as I have the new car now :-) However, will DM you as I'm interested in the reasons, and also it may perhaps help you out (in terms of not turning away good borrowers in future).
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wapping35
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Post by wapping35 on Aug 11, 2015 11:45:59 GMT
It sure is a funny old RS 3 yr market at 12.45pm today... Perhaps the Market Rate money at 4.8% does not want to take the 5.6% on offer because it thinks the Lender is over paying ?
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locutus
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Post by locutus on Aug 11, 2015 12:43:02 GMT
It sure is a funny old RS 3 yr market at 12.45pm today... Perhaps the Market Rate money at 4.8% does not want to take the 5.6% on offer because it thinks the Lender is over paying ?
Bizarre. I wish there was more transparency in how matching happens so that we could understand what is happening. That screenshot does not reflect a fluid, efficient market between lenders and borrowers.
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teddy
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Post by teddy on Aug 11, 2015 12:51:49 GMT
I was just about to post a screenie of the current debacle in the 3yr market, but I've been beaten to it.
What a mess. Even funnier is borrowers are asking for 5.6% on the 3 year and 5.5% on the 5 year.
Until RS goes back to the way it was before this stupid rate manipulating algorithm was introduced, I'll stay on permanent drawdown, which is a shame because the monthly market's quite reasonable at the moment.
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wapping35
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Post by wapping35 on Aug 11, 2015 13:06:00 GMT
What is even weirder is the 5.6% lender offer is going down (by about £15k since I did the screen shot) but the 4.8% MR offered money has not changed at all. So assume the MR rate algorithm has decided 5.6% is far to high to take….
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oldgrumpy
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Post by oldgrumpy on Aug 11, 2015 13:09:27 GMT
I've asked several times (never had an answer) before why RS often manages to conjour up substantial "borrower offers" at two or more points below the best (often quite small) lender offer - but often having no borrower offers whatsoever!! Does that mean there are no other borrower offers except when RS finds it convenient to display them? This is the first time I have seen borrower offers above lender offers, so why the **** has RS not immediately used up all those sub 5.7% lender offers to clear this bizarre "mistake". That would bring the three year rate closer to interesting me, as 5 year is too low now.
So again, what exactly are borrower offers? How are they decided upon; what advice is given to prospective borrowers in choosing what to offer; what happens to borrower offers when no lender wants to fulfil those rates?
edit: 16:30 I don't use market rate, as I've said many times. Market Rate today was set at 5.6% in 5yr. Now RS have £150K in 13 borrower offers, but at 5.5%. Were they told to offer 5.5% when 5.6% was the set market rate?
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locutus
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Post by locutus on Aug 11, 2015 13:32:11 GMT
I'm sure kev will be along shortly to tell us it is another display glitch but the point remains that matching is completely opaque and we have no idea how it works. I suspect this is a result of bulk/batch matching but I don't see why is it so difficult to match on a more granular basis?
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Post by Deleted on Aug 11, 2015 13:37:41 GMT
Losing transparency is about the right term for it. RS need to keep the message very clear and very clean.
If it walks like a duck, and quacks like a duck, it's a duck.
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star dust
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Post by star dust on Aug 11, 2015 13:53:48 GMT
Isn't this just a more extreme example of what was reported here where westonkevRS said The official IT investigation has completed. .......... This case an unfortunate sequence of events has resulted in this outcome. It has not happened before. There is an IT change planned so this will not happen again. There is nothing wrong with the “matching algorithm”. That is a timeout/ display issue on large loans, that obviously hasn't been fixed, and is occurring again! Actually I'd observed it before, but decided not to comment at the time as I did not take notes (or screenshots) and so could not 'prove' it.
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