db
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Post by db on Mar 20, 2020 19:33:16 GMT
Hi again. I now know that my request went in at 18.03 on Monday 9th. I checked with Ratesetter who seemed happy to tell me. (I suggested 18.45 the other day.)
So the queue is somewhere between 16.03 and 18.03. I'll keep you posted.
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Post by jenna on Mar 20, 2020 19:35:23 GMT
Just 0.4m today? That's quite poor but I guess to be expected considering the circumstances.
I hope the 80% salary guarantee means less defaults from personal loan borrowers.
Still waiting for my withdrawal from the 12th.
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cb25
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Post by cb25 on Mar 21, 2020 9:54:17 GMT
Just 0.4m today? That's quite poor but I guess to be expected considering the circumstances. I hope the 80% salary guarantee means less defaults from personal loan borrowers. Still waiting for my withdrawal from the 12th. Yes. Perhaps we'll avoid horrendous P2P losses, but instead get lumbered with horrendous rates of tax for the next 10-20 years to pay for the bailouts
p.s. welcome to the forum.
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r00lish67
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Post by r00lish67 on Mar 21, 2020 10:27:59 GMT
Good evening everyone. Today, we delivered a further £0.4m. We will provide the next update on Monday, which will include delivery from over the weekend. The full updated RateSetter Notice is below. While encouraging, the £ figure released to sellers is meaningless. I doubt you will provide an updated figure showing how many withdrawals are pending; don't think I want to be frightened anyway. Much more useful would be to inform us which dates the payouts refer to, so we know how we stand in the queue. If you mean the Access queue, then as per the conversation above, we're on the 9th March at somewhere between 16:03 and about 17:30 (as I made my RYI at 17:30 ish and its yet to come through). Although that's not necessarily that helpful itself really, as I don't know if there's a tenner between me and the end or if Big Bill loadsadosh's £700k is there first! If you mean the other queues, no idea where they're at.
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IFISAcava
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Post by IFISAcava on Mar 21, 2020 10:34:20 GMT
Just 0.4m today? That's quite poor but I guess to be expected considering the circumstances. I hope the 80% salary guarantee means less defaults from personal loan borrowers. Still waiting for my withdrawal from the 12th. Yes. Perhaps we'll avoid horrendous P2P losses, but instead get lumbered with horrendous rates of tax for the next 10-20 years to pay for the bailouts
p.s. welcome to the forum.
it's less the tax, more the currency devaluation - we'll never pay it back, we'll just print money.
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cb25
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Post by cb25 on Mar 21, 2020 10:39:48 GMT
Yes. Perhaps we'll avoid horrendous P2P losses, but instead get lumbered with horrendous rates of tax for the next 10-20 years to pay for the bailouts
p.s. welcome to the forum.
it's less the tax, more the currency devaluation - we'll never pay it back, we'll just print money. Maybe. I watched the press conference yesterday with Boris & Rishi and Deputy CMO. Though the Chancellor said the money would be raised the normal way through the DMO, he didn't say - and, amazingly, nobody asked - what the estimated cost (or range of costs) was likely to be.
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Post by shanghaiscouse on Mar 21, 2020 11:46:55 GMT
Good evening everyone. Today, we delivered a further £0.4m. We will provide the next update on Monday, which will include delivery from over the weekend. The full updated RateSetter Notice is below. Can't help noticing that the amounts being released are falling, £0.4m is not very much at all.
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r00lish67
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Post by r00lish67 on Mar 21, 2020 11:59:05 GMT
I am selling out of the old 5 year where my average interest rate is 6.3% would you believe. My Access money is at 6.8% edit: criston my 5 year loans were repaid very quickly when I sold them on the 9th, so you may well find they arrive relatively quickly - perhaps.
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Post by faraday815 on Mar 21, 2020 12:39:24 GMT
I am selling out of the old 5 year where my average interest rate is 6.3% would you believe. My Access money is at 6.8% edit: criston my 5 year loans were repaid very quickly when I sold them on the 9th, so you may well find they arrive relatively quickly - perhaps. Does a higher rate of interest on current lendings mean you're behind those who have lent at a lower rate? Or are all lendings released in reverse chronological order, irrespective of your existing rate, as implied on the ratesetter site while liquidating investments?
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Post by Harland Kearney on Mar 21, 2020 13:15:47 GMT
I wonder if some of the peer to peer companies are secretly (without causing alarm) going to borrow a large sum of money at ultra low rates, perhaps from the government, to help reduce the selling waiting list & retain confidence in the sector. At this point, doing so would likely improve confidence in platforms already have a liquid crisis. I for one would be very happy if sites did this to allow exits and possbility for new more stable investments to be made.
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Post by Deleted on Mar 21, 2020 14:38:04 GMT
Does a higher rate of interest on current lendings mean you're behind those who have lent at a lower rate? Or are all lendings released in reverse chronological order, irrespective of your existing rate, as implied on the ratesetter site while liquidating investments? The rate has no impact on the order of release. (If anything, RS should want to release higher rate lending first to refinance at a lower rate, but it doesn't.)
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Post by jenna on Mar 21, 2020 15:00:47 GMT
Is it conceivable that RS goes on to ban withdrawals indefinitely until the crisis subsides?
Are they allowed to do that under the T&Cs?
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ceejay
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Post by ceejay on Mar 21, 2020 15:10:00 GMT
Is it conceivable that RS goes on to ban withdrawals indefinitely until the crisis subsides? Are they allowed to do that under the T&Cs? If by "withdraw" you mean the RYI process whereby you sell your loans to someone else, then almost certainly "yes" to both. Then again, if there are no new funds coming in, they don't need to "ban" them, they just won't happen because there will be no liquidity. Which is sort of where we are now. OTOH if you mean ban withdrawals from your holding account, then I'd say "no" - at least not unless the whole lot is going into Administration, which I think is unlikely. Even then you'd hope to get it out fairly quickly - this has happened with some failed platforms but not others. IMHO I think the current situation, where Cash Withdrawals are dealt with promptly and RYIs happen very slowly, is likely to continue for some time yet.
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jane
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Post by jane on Mar 21, 2020 15:13:00 GMT
I wonder if some of the peer to peer companies are secretly (without causing alarm) going to borrow a large sum of money at ultra low rates, perhaps from the government, to help reduce the selling waiting list & retain confidence in the sector. To get these ultra low rates (0.1% currently) you would need to borrow from the Bank Of England. And to do that you would need to be a bank and have some pretty decent collateral to put up as security. I doubt that Ratesetter satisfy either requirement.
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Post by jenna on Mar 21, 2020 15:18:55 GMT
What about the £330bn worth of government-backed loans that are available for handing out to businesses?
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