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Post by westonkevRS on May 26, 2014 13:19:40 GMT
Getting closer...
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on May 26, 2014 14:31:36 GMT
Last time I got a few matches at 6.2% in a spike two of the loans were dumped back into my account within a few days so I had to "make do" with 5.8%-5.9%!
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agent69
Member of DD Central
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Post by agent69 on May 26, 2014 14:56:17 GMT
Last time I got a few matches at 6.2% in a spike two of the loans were dumped back into my account within a few days so I had to "make do" with 5.8%-5.9%! So how does this work? If a borrower takes out a loan at 6.4%, can he repay it in a couple of weeks time without penalty (if the rates have dropped) and take out a new loan at the lower rate?
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Post by westonkevRS on May 26, 2014 17:08:58 GMT
All borrowers, not just P2P or RateSetter, have a regulatory 2-week cooling off period. All fees are zeroed and the "borrower" just pays the interest due. Usually just a few pence or pennies.
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pikestaff
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Post by pikestaff on May 26, 2014 17:31:57 GMT
This rule applies to consumer borrowers but not to companies. So, for example, it is not an issue on TC but is an issue on RS and Zopa, and for some loans on AC or FC.
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jonbvn
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Post by jonbvn on May 26, 2014 17:36:18 GMT
With the rates on offer in the 5-year market it is now worth biting the debit card £1.50 charge bullet (assuming you deposit sufficient funds).
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spiral
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Post by spiral on May 27, 2014 7:58:57 GMT
now worth biting the debit card £1.50 charge bullet It would be interesting to know how much "profit" RS make from this as for the last year ,they have not been allowed to do so and Which considers the true cost of a transaction to be about 20p.
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spockie
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Post by spockie on May 27, 2014 11:19:49 GMT
I thought the 15K request at 5.2% in the 5 year market was fairly laughable. Request in at 4.6% now...
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Post by westonkevRS on Jun 5, 2014 13:06:38 GMT
The ECB thinks you should pay RateSetter just to keep you money safe : www.bbc.co.uk/news/business-27717594" reduced its deposit rate below zero, to -0.1%, which means commercial banks will have to pay to lodge their money with the central bank, rather than receive interest."
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oldgrumpy
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Post by oldgrumpy on Jun 5, 2014 13:12:22 GMT
They can pay me 0.1% to look after a few million pounds; I'll lend it out PDQ to help our economy!!
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Post by davee39 on Jun 5, 2014 15:08:17 GMT
The UK would be doing something similar if it had not been bailed out by £15 billion of PPI refunds. In reality this has been a Bank Tax under another name.
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Post by bracknellboy on Jun 5, 2014 21:31:12 GMT
The UK would be doing something similar if it had not been bailed out by £15 billion of PPI refunds. In reality this has been a Bank Tax under another name. Don't get me on that. Its not even a tax 'cos the proceeds aren't going to the exchequer. The cost burden this has put on the banks at a time when they least need it is outrageous. Not that I'm disputing that this was an inappropriate gravy train for the banks, bit it might have been better handled by way of fines which were then distributed to some 'good causes' in some fashion. What we have here is a massive unproductive cost to the economy, not just in terms of the payouts but the administration of it and the myriad spin off firms chasing it. And this morning on news I hear that a number of banks are being accused have under compensated: something along the lines, I think I heard it correctly, that where additional fees were charged because the fees for the PPI weren't paid on time incurring additional charges hadn't been compensated. So now we have a whole new round of non productive lunacy, all to suck captial out of banks which the economy least needs, to pass it to people who were daft enough to take it out in the first place, and then doubly daft for not paying it when they should. Plus I'm beyond raging mad at the number of b****y automated phone calls and text messages I get from ambulance chasers: 5 on ONE DAY last week. while the banks may be suffering a capital degradation, the mobile networks must be raking it in.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Jun 5, 2014 22:41:04 GMT
The UK would be doing something similar if it had not been bailed out by £15 billion of PPI refunds. In reality this has been a Bank Tax under another name. Don't get me on that. Its not even a tax 'cos the proceeds aren't going to the exchequer. The cost burden this has put on the banks at a time when they least need it is outrageous. Not that I'm disputing that this was an inappropriate gravy train for the banks, bit it might have been better handled by way of fines which were then distributed to some 'good causes' in some fashion. What we have here is a massive unproductive cost to the economy, not just in terms of the payouts but the administration of it and the myriad spin off firms chasing it. And this morning on news I hear that a number of banks are being accused have under compensated: something along the lines, I think I heard it correctly, that where additional fees were charged because the fees for the PPI weren't paid on time incurring additional charges hadn't been compensated. So now we have a whole new round of non productive lunacy, all to suck captial out of banks which the economy least needs, to pass it to people who were daft enough to take it out in the first place, and then doubly daft for not paying it when they should. Plus I'm beyond raging mad at the number of b****y automated phone calls and text messages I get from ambulance chasers: 5 on ONE DAY last week. while the banks may be suffering a capital degradation, the mobile networks must be raking it in. And breathe...........................
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Post by oldnick on Jun 6, 2014 4:42:05 GMT
The UK would be doing something similar if it had not been bailed out by £15 billion of PPI refunds. In reality this has been a Bank Tax under another name. Don't get me on that. Its not even a tax 'cos the proceeds aren't going to the exchequer. The cost burden this has put on the banks at a time when they least need it is outrageous. Not that I'm disputing that this was an inappropriate gravy train for the banks, bit it might have been better handled by way of fines which were then distributed to some 'good causes' in some fashion. What we have here is a massive unproductive cost to the economy, not just in terms of the payouts but the administration of it and the myriad spin off firms chasing it. And this morning on news I hear that a number of banks are being accused have under compensated: something along the lines, I think I heard it correctly, that where additional fees were charged because the fees for the PPI weren't paid on time incurring additional charges hadn't been compensated. So now we have a whole new round of non productive lunacy, all to suck captial out of banks which the economy least needs, to pass it to people who were daft enough to take it out in the first place, and then doubly daft for not paying it when they should. Plus I'm beyond raging mad at the number of b****y automated phone calls and text messages I get from ambulance chasers: 5 on ONE DAY last week. while the banks may be suffering a capital degradation, the mobile networks must be raking it in. The silver lining to your cloud is perhaps that as long as the monies released into the wild are allowed to gallop around the economy, rather than being stuffed under mattresses, it does everyone some good. The people compensated are probably not prone to hanging on to their money for long, so I'm hoping some of it comes my way, albeit indirectly. The nation's mental health also gets a boost as the nasty banks are seen to get a kicking and the government's hands are clean - no rise in tax rate or government spending involved. Who would have spent the amount of money involved most wisely - the government or the people? Not sure myself - should the money go to corner shops, cinemas and bookies and be spread evenly through the economy, or be paid over to consultants to prove that a high speed railway line is just what the doctor ordered?
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Post by p2plender on Jun 30, 2014 7:38:17 GMT
Kev, business brisk or funds coming in drying up a little??
Back to near 'acceptable rates' now.
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