aju
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Post by aju on Aug 26, 2020 10:46:07 GMT
Ok as I said I only know how Access works and i'm sure someone will be along to correct me as I don't have anything in Max or plus to prove I am correct. Try this starting from the "My account" screen and see what you get 1. Scroll down to "Your Portfolio" Section 3 if you have RYI waiting Section 2 if not 2. In this section click on Total (last item in the section ) This should move you to the Summary by Product. 3. On the right hand side you should see your "Reinvestment settings" column entries On mine I have them set to highest amounts rather than "Max at the going rate" default say! 4. Click on edit and make sure these are as high as you can set them (usually 5% above GR, I think!) I am assuming that like Access all the new products do not allow "Move to holding" or whatever it was called the last time I saw it. Once you have it set to the highest possible rates you then monitor the reinvestment amounts as they arrive and cancel them before they get matched to lend. (I monitor mine daily with my email but that's just me you can of course check other screens to determine the best days money arrives but bear in mind that early payers may catch you out unexpectedly anyway). Edit: Money <£10 for a given product will sit in holding looking like its ready but I think its tagged for the relevant product investment settings. That said I think you can sweep it out when it is in there although I've never actually tried it to see if it can be moved to my bank. Hope that helps. Thanks. Wow it is not at all obvious how to do it without exact instructions...Thanks very much for this. I see the queue has now moves 6 places...just another 20k ish to go....:-( Glad it's of use, the 6 places, as you are that far out will be some cancellations, possibly all but anything is a start (I'm always positive, I think!). We are in the 13k+ position and got 2 on access and 1 on the 1Y. I moved 50+ places on the 5Y but it's not worth looking for me as only £100 on there. I keep our daily numbers and report on the forums weekly but I just do it as a routine rather than it being useful in the short term.
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littleoldlady
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Post by littleoldlady on Aug 26, 2020 10:51:55 GMT
Thanks. Wow it is not at all obvious how to do it without exact instructions...Thanks very much for this. I see the queue has now moves 6 places...just another 20k ish to go....:-( My advice - forget the queue, you will never get any funds out from your position. However there seems no point in cancelling as many have done, I wonder why.
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aju
Member of DD Central
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Post by aju on Aug 26, 2020 11:57:34 GMT
Thanks. Wow it is not at all obvious how to do it without exact instructions...Thanks very much for this. I see the queue has now moves 6 places...just another 20k ish to go....:-( My advice - forget the queue, you will never get any funds out from your position. However there seems no point in cancelling as many have done, I wonder why. I do agree with the point of why bother cancelling the queue, unless you have sudden increase in confidence, not sure why as for me the writing is on the wall for RS down the line but hey each to their own I guess.
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Post by RateSetter on Aug 26, 2020 16:59:34 GMT
Good afternoon. Today we have delivered £0.5m and the full update is below:
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Post by RateSetter on Aug 27, 2020 16:20:59 GMT
Good afternoon. Today we have delivered £0.4m, and the full update follows below:
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Post by valueinvestor123 on Aug 27, 2020 17:05:18 GMT
Thanks. Wow it is not at all obvious how to do it without exact instructions...Thanks very much for this. I see the queue has now moves 6 places...just another 20k ish to go....:-( My advice - forget the queue, you will never get any funds out from your position. However there seems no point in cancelling as many have done, I wonder why. You mean, I will never get ANY funds? I seem to be getting a few squids a day. Wonder where those are coming from (the ocean??
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Aug 27, 2020 17:33:57 GMT
Thanks. Wow it is not at all obvious how to do it without exact instructions...Thanks very much for this. I see the queue has now moves 6 places...just another 20k ish to go....:-( My advice - forget the queue, you will never get any funds out from your position. However there seems no point in cancelling as many have done, I wonder why. why pay an exit fee if you can cancel and in time it will come back anyway through rate manipulation etc
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Aug 27, 2020 17:35:03 GMT
My advice - forget the queue, you will never get any funds out from your position. However there seems no point in cancelling as many have done, I wonder why. You mean, I will never get ANY funds? I seem to be getting a few squids a day. Wonder where those are coming from (the ocean?? You will get funds subject to loan repaying but it will take time and plenty of it. the queue is a not going to move faster than it is and it will take years for some - so it is simply put a long game.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Aug 27, 2020 18:27:10 GMT
My advice - forget the queue, you will never get any funds out from your position. However there seems no point in cancelling as many have done, I wonder why. You mean, I will never get ANY funds? I seem to be getting a few squids a day. Wonder where those are coming from (the ocean?? I meant you will never get any funds out from the queue. The only way is to set your required rate high and wait for loans to repay. Your funds then dribble out.
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Post by valueinvestor123 on Aug 27, 2020 18:39:41 GMT
My advice - forget the queue, you will never get any funds out from your position. However there seems no point in cancelling as many have done, I wonder why. why pay an exit fee if you can cancel and in time it will come back anyway through rate manipulation etc Do you mean, it is better NOT to be in the queue, and avoid exit charges? (yes, how do you avoid exit charges if you have to wait so long? Need clarification on that, before I jump off the queue...I already moved a few places
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Aug 27, 2020 19:24:23 GMT
why pay an exit fee if you can cancel and in time it will come back anyway through rate manipulation etc Do you mean, it is better NOT to be in the queue, and avoid exit charges? (yes, how do you avoid exit charges if you have to wait so long? Need clarification on that, before I jump off the queue...I already moved a few places depending on markets and value of investment but e.g. being in max is 90 days interest. you could wait for the organic repayment and not pay this - which is a likely outcome.
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Post by Badly Drawn Stickman on Aug 27, 2020 20:09:12 GMT
Do you mean, it is better NOT to be in the queue, and avoid exit charges? (yes, how do you avoid exit charges if you have to wait so long? Need clarification on that, before I jump off the queue...I already moved a few places depending on markets and value of investment but e.g. being in max is 90 days interest. you could wait for the organic repayment and not pay this - which is a likely outcome. Indeed, I do however see no real advantage to cancelling a request unless you are realistically about to 'release' simply as there is no benefit. Logically you should not be in the queue unless it makes sense, 1 and 5 year (plus and max maybe) should have been evaluated to establish paying the fee was really the smart option for your own particular holding. Realistically any queue position over 4 numbers is a wish unlikely to be granted before a change takes place that makes it irrelevant, but wishing is rarely a rational choice. I have made a personal choice not to wish my life away hoping the time passes quickly till I get my money out, I can wait.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Aug 27, 2020 21:06:07 GMT
RS say that £32m in the queue has been cancelled (and IMO this accounts for much of the movement from position 100+). And yet nobody on here can think of a reason to cancel. Strange.
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chris1200
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Post by chris1200 on Aug 27, 2020 21:26:43 GMT
RS say that £32m in the queue has been cancelled (and IMO this accounts for all the movement from position 100+). And yet nobody on here can think of a reason to cancel. Strange. To my mind, it's more that we all pretty much agree there's no point in cancelling while further back in the queue - but there may be some who wish to cancel when they actually get near the front and it's decision-time. This is likely especially true of those in the 5 Year market, where there is both a hefty sell-out fee and the queue is moving so speedily that there shouldn't be too much trouble getting out in a few weeks. Also, this cancellation £figure includes reductions. Some might wish to keep at least part of their investment in RS, especially if they're sitting on decent rates.
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slippery
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Post by slippery on Aug 27, 2020 22:45:14 GMT
RS say that £32m in the queue has been cancelled (and IMO this accounts for all the movement from position 100+). And yet nobody on here can think of a reason to cancel. Strange. I reduced my 5 year RYI when I got near the top of that queue in early July. My average rate was 6% (so 3% after 50% rate cut) and the regular monthly repayments were steadily reducing the exposure and restored my confidence. I wanted to retain access to the 5 year market if the world returned to normal, but of course that was before the Metro issue. I had followed the mantra of only invest what you can afford (but would hate!) to lose, so I'm only talking four figure amounts. If I had invested as much as some of the figures mentioned on here I think I would have taken almost all out in July. I've seen six figure sums mentioned and just can't work out if there are some very wealthy folk on the forum or very brave ones who were content to risk a large chunk of their savings. Or maybe just too young to remember the banking issues of 2008? I never liked the look of the A/P/M accounts so fortunately didn't get caught in them, but do have sympathy for those who may be suffering real stress after being beguiled by the "Access" title and getting caught out by the economic fallout of the pandemic.
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