r00lish67
Member of DD Central
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Post by r00lish67 on Aug 25, 2017 16:05:01 GMT
I hadn't appreciated that even with 'reinvest at priority rate' set, the issue of funds being left high and dry at the old prevailing rates persists, and there's no notification. This is really irritating, as it's not like Ratesetter where the rates fluctuate - there's only one way they've gone to date.
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rgog
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Post by rgog on Aug 26, 2017 8:40:00 GMT
Have GS ever responded to any of our concerns on this forum?
If they have mea culpa I've missed it.
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Post by dan1 on Aug 26, 2017 8:58:25 GMT
Have GS ever responded to any of our concerns on this forum? If they have mea culpa I've missed it. post explains why they don't engage on the forum (they're an Appointed Representative of Resolution Compliance who are authorised by the FCA). I had a look at the representatives of Growth Street registered on the forum and the last post was back on 17 Jan, see here. This is of course before the current problems with too much lender money driving down rates.
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ben
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Post by ben on Aug 26, 2017 9:44:22 GMT
I hadn't appreciated that even with 'reinvest at priority rate' set, the issue of funds being left high and dry at the old prevailing rates persists, and there's no notification. This is really irritating, as it's not like Ratesetter where the rates fluctuate - there's only one way they've gone to date. Don't forgot once you do notice and change it your money goes to the back of the queue again. So even longer to wait. After calculating my return rate over a month I was getting a whole 4% once you include time for money waiting, I can get that in several other sites without to log on ever day to check that the rates have not changed.
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jhma
Member of DD Central
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Post by jhma on Aug 26, 2017 20:35:58 GMT
Yes...
I have sent two private messages to Growth Street about this. On 1st August after having £17K inadvertantly stranded for a week I politely proposed a quick fix such as a lender email warning when rates dropped to avoid lenders getting stranded (notwithstanding the additional problem of going to the back of the queue) And a better fix such that the priority rate could move along with market rate.
Answer - we're thinking about it.
Two weeks later - same thing happens again with £45K stranded. Another, this time blunt and direct message of dissatisfaction from one of GS's fairly early, and at the time moderately substantial and satisfied adopters.
Answer - we're thinking about it..... quoting both my proposed solutions from two weeks previously.
Two days ago - happens again. £15K stranded. This time only a day as I'm now wise to the need of keep a daily view but, again, to the back of the queue.
Don't feel like keeping my correspondence private any more.
Great pity, Growth Street. You started out so well. Honeymoon's over. Now I feel like a mug and a patsy. Ironically the option of removing a fairly large wodge of cash might actually be helpful to Growth Street rather than an incentive for change
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ben
Posts: 2,020
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Post by ben on Aug 26, 2017 20:48:34 GMT
Yes... I have sent two private messages to Growth Street about this. On 1st August after having £17K inadvertantly stranded for a week I politely proposed a quick fix such as a lender email warning when rates dropped to avoid lenders getting stranded (notwithstanding the additional problem of going to the back of the queue) And a better fix such that the priority rate could move along with market rate. Answer - we're thinking about it. Two weeks later - same thing happens again with £45K stranded. Another, this time blunt and direct message of dissatisfaction from one of GS's fairly early, and at the time moderately substantial and satisfied adopters. Answer - we're thinking about it..... quoting both my proposed solutions from two weeks previously. Two days ago - happens again. £15K stranded. This time only a day as I'm now wise to the need of keep a daily view but, again, to the back of the queue. Don't feel like keeping my correspondence private any more. Great pity, Growth Street. You started out so well. Honeymoon's over. Now I feel like a mug and a patsy. Ironically the option of removing a fairly large wodge of cash might actually be helpful to Growth Street rather than an incentive for change Removal of money will be helpful, I have helped and removed mine, not sure why they offered such a good bonus when they did not have the borrowers to meet the demand.
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kaya
Member of DD Central
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Post by kaya on Aug 27, 2017 16:19:10 GMT
I will be very happy to help out once I get my bonus cashback!
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savernake
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Post by savernake on Aug 27, 2017 20:03:35 GMT
I will be very happy to help out once I get my bonus cashback! Me too! A platform which appears to base its business model on driving lenders away isn't one which has (or deserves) a future. I can't see them surviving another 2 years if they carry on the way they are going. They need to seriously re-think the way their market works. It's too inflexible, and skewed in favour of borrowers.
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Post by khampson on Aug 28, 2017 6:13:31 GMT
Clever and careful marketing, offer a bonus so people need to stay knowing they are unhappy buy have no choice and a place where the borrower is important as they provide the income.
I've helped as I am away, I am waiting for the new Funding circle feature, new fire and forget targeting 7.5%.
Looking back I wanted GS to work but I was getting longer and longer to be matched even at priority rate, it's only when I was checking it everyday that I realised the concept of GS had gone.
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Post by p2plender on Aug 31, 2017 2:25:27 GMT
Clever and careful marketing, offer a bonus so people need to stay knowing they are unhappy buy have no choice and a place where the borrower is important as they provide the income. I've helped as I am away, I am waiting for the new Funding circle feature, new fire and forget targeting 7.5%. Looking back I wanted GS to work but I was getting longer and longer to be matched even at priority rate, it's only when I was checking it everyday that I realised the concept of GS had gone. Same here. Presume the FC sec market is liquid enough to suggest targeting 7.5% at near instant access? Not used FC for a long time so not up to speed re liquidity. I think I'm right in thinking there will be no charge to sell on the sec market. Any comments helpful. Thanks.
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Post by df on Aug 31, 2017 3:43:22 GMT
Clever and careful marketing, offer a bonus so people need to stay knowing they are unhappy buy have no choice and a place where the borrower is important as they provide the income. I've helped as I am away, I am waiting for the new Funding circle feature, new fire and forget targeting 7.5%. Looking back I wanted GS to work but I was getting longer and longer to be matched even at priority rate, it's only when I was checking it everyday that I realised the concept of GS had gone. Same here. Presume the FC sec market is liquid enough to suggest targeting 7.5% at near instant access? Not used FC for a long time so not up to speed re liquidity. I think I'm right in thinking there will be no charge to sell on the sec market. Any comments helpful. Thanks. Yes you are right, there will be no selling fees. It remains to be seen how long it will take to withdraw your funds, but the liquidity has been good in recent months.
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Post by p2plender on Aug 31, 2017 6:49:08 GMT
Thanks.
Will watch GS for signs of rates moving higher but as money returns it will be entering FC for now. GS sub 6% doesn't do it for me really. A little more liquidity seems to have returned to Lendy lately so double fig percent back available there though I'm wary of returning. Decisions, decisions..
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IFISAcava
Member of DD Central
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Post by IFISAcava on Aug 31, 2017 7:38:49 GMT
Thanks. Will watch GS for signs of rates moving higher but as money returns it will be entering FC for now. GS sub 6% doesn't do it for me really. A little more liquidity seems to have returned to Lendy lately so double fig percent back available there though I'm wary of returning. Decisions, decisions.. GS rates cant go higher under current model, only lower.
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kaya
Member of DD Central
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Post by kaya on Aug 31, 2017 8:03:13 GMT
In a free market its a fair cop. There maybe enough lenders out there who are happy to earn 3% on this type of investment. I guess it would be interesting to find out the level at which it would go no lower, though of course 'sensible' investors would be long gone by then.
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Post by df on Sept 1, 2017 2:53:44 GMT
Thanks. Will watch GS for signs of rates moving higher but as money returns it will be entering FC for now. GS sub 6% doesn't do it for me really. A little more liquidity seems to have returned to Lendy lately so double fig percent back available there though I'm wary of returning. Decisions, decisions.. A little more liquidity returned, but it is still a "liquid monster" and the loan flow seems to have stopped. The only new loans are the new tranches of the same old loans for several months now. I doubt GS rates will go higher and won't be surprised if we'll see them below 4% this time next year. I think on hands-off market FC has the best offer atm.
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