Investor
Member of DD Central
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Post by Investor on Nov 17, 2015 22:37:06 GMT
Coverage ratio has fallen from 1.6 to 1.5 since I last checked - for how long was it 1.6? (hopefully it isn't falling every month!) I'm relatively new to this platform - should I be concerned Current CR is actually 1.547, previously when you saw it at 1.6 it was likely 1.55. Easy to think it has fallen a whole point when it is likely to have only fallen by .003. Possibly might help if RS purchased a few spare decimal places.
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Post by yorkshireman on Nov 17, 2015 22:55:48 GMT
Coverage ratio has fallen from 1.6 to 1.5 since I last checked - for how long was it 1.6? (hopefully it isn't falling every month!) I'm relatively new to this platform - should I be concerned Possibly might help if RS purchased a few spare decimal places. Perhaps they should speak to AC?
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Post by westonkevRS on Nov 24, 2015 21:20:07 GMT
Here is a new article from AltFi comparing " FSCS vs Platform Contingency Funds": - www.altfi.com/article/1537_fscs_vs_platform_contingency_fundsWhat I don't understand is why our biggest friendly competitor wasn't included in the piece, you'd expect them to have been covered as well. It went straight from RateSetter's £16m down to the £1m with Saving Stream and the LendingWorks fund with £250k (they have the additional protection from insurance). But lots of excellent smaller players were, so otherwise good coverage. Kevin.
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jlend
Member of DD Central
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Post by jlend on Nov 24, 2015 21:56:20 GMT
Here is a new article from AltFi comparing " FSCS vs Platform Contingency Funds": - www.altfi.com/article/1537_fscs_vs_platform_contingency_fundsWhat I don't understand is why our biggest friendly competitor wasn't included in the piece, you'd expect them to have been covered as well. It went straight from RateSetter's £16m down to the £1m with Saving Stream and the LendingWorks fund with £250k (they have the additional protection from insurance). But lots of excellent smaller players were, so otherwise good coverage. Kevin. What a trend ratesetter started ☺
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jimc99
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Post by jimc99 on Nov 26, 2015 9:03:10 GMT
Think I read somewhere that rate Setter had "topped up" the Provision Fund earlier this year from their own funds. If so I must have missed this at the time.
Can anyone confirm this was done and what was the reason?
Thanks.
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Post by westonkevRS on Nov 26, 2015 17:18:57 GMT
Think I read somewhere that rate Setter had "topped up" the Provision Fund earlier this year from their own funds. If so I must have missed this at the time. Can anyone confirm this was done and what was the reason? Thanks. It was done, and then paid back quite quickly after! The reason was that we forward charged some borrowers the credit fee rather than the usual up-front. As a result we were concerned it would appear to have a shortfall compared to loans on balance. The current "loan" from RMM Ltd to the Provision Fund is £500,000, and has been stable at this level for quite a while other than this blip. Kevin.
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