beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Oct 6, 2020 10:00:31 GMT
Over the past week the I have moved 1/2 places a day on the A/P/M queue. That is fact. It is also fact that RS have been stuck on the 13th March for A/P/M releases for OVER THREE MONTHS. Is that impressive? I think not. you say 1 or 2 places a day but you have not. Or you have a technical glitch. I moved 9 last night. I ask you then, how do you expect the funds back? Demand it upfront from the borrower? It does not work like that. It is impressive over 100 million is back intact and in full with investors at least to me. If as you maintain that RS are repaying loans by market then who are taking over the loans in the 5 year market? RS have given notice that the market is closing on the 14th October. To have funds released you either have to have another investor take over the loan or the borrower has to repay the loan. I don't maintain this - ratesetter say this in their own emails. Yes it is true another investor needs to take over or the loan to run off. Some years ago before APM there would be more money in 5 year and so there is probably more repayment, and yes, if the market closes then loans run off. it is very simple.
It is impressive that RS have paid back over £100m. What is not impressive is their complete lack of transparency. I would also point out that previously additional funds would have been provided by new investors but RS has closed the door to new investment thus compounding the problems.
What transparency do you want? Cash ahead of you? That I agree with. Otherwise, what else can they offer? They can not just enroll new investors the FCA have direct impact in that type of thing. Obviously they would accept and not compound things by choice but it is clear there arm is twisted to an extent. So you have access to my account do you? Last night I move 5. Over last week I have moved 12. That is fact. It is also fact that RS have been stuck on the 13th March for A/P/M releases for OVER THREE MONTHS. Is that impressive? As for transparency RS say that they have released over £100m. Why can't they give full information regarding this? All we get is that they have released £x amount daily. Guess that they just want to kid people into thinking that its impressive. You keep saying the same thing. So you have access to my account do you? Obviously not - but we all know the queue has moved alot more over the past few weeks. You need to understand there are people with huge volumes of money that might be clogging the queue. Last night I move 5. Over last week I have moved 12. That is fact. So not 1 or 2 a day  It is also fact that RS have been stuck on the 13th March for A/P/M releases for OVER THREE MONTHS. Is that impressive? I do not say it is impressive I do not know why you ask me this - I say it is impressive that they released over 100 million of capital back. Again - how do you want them to release more - demand the funds from borrowers? Simply not an option. So you need to wait. As for transparency RS say that they have released over £100m. Why can't they give full information regarding this? All we get is that they have released £x amount daily. Guess that they just want to kid people into thinking that its impressive. You need to realise that life is not so simple. Sometimes a business does not tell you everything. What would you do with this information, I agree more transparency is good, e.g. what money is ahead in the queue but how they split it out - will not change anything and if anything is just data for data sake.. I do not call my bank and ask who has borrowed the money I save. I clearly see any effort they make does not impress you - I assume - nothing will until your needs are met and you get your money back.
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adrian77
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Post by adrian77 on Oct 6, 2020 10:45:48 GMT
my thoughts entirely - they talk about releasing loans but maybe I am missing something but when I read
I wonder just what are they doing apart from using interest received to repay loans extremely slowly - as I said we are not stupid
and can recognise PR spin gonads when we see it
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Post by stevepn on Oct 6, 2020 12:10:26 GMT
my thoughts entirely - they talk about releasing loans but maybe I am missing something but when I read I wonder just what are they doing apart from using interest received to repay loans extremely slowly - as I said we are not stupid and can recognise PR spin gonads when we see it I'm not sure what else they can do other than using interest, may be in the new year if the rates go back up lenders may put more money in. Not that many would put more money into a sinking ship.
I am 14000+ in Access in the waiting list with only two loans of 12 months and 23 months. I don't hold much hope for the 23 month loan.
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adrian77
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Post by adrian77 on Oct 6, 2020 14:08:10 GMT
Agreed but what they could have done IMHO was be a tad more honest rather than try and kid us with this PR twaddle
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Post by RateSetter on Oct 6, 2020 15:46:31 GMT
Good afternoon. Today we have delivered £0.7m and the full update is below
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robski
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Post by robski on Oct 6, 2020 18:24:42 GMT
no need to wonder. They lend from that market, therefore slow release. Really? How do you know? RS refuse to say how the money is being released. Do you really think that money released in the A/P/M markets can only satisfy 1 or 2 RYI's a day? My thoughts are that RS is using A/P/M money to pay off the more expensive 1 and 5 year markets. RS refuse to confirm or deny this. Why do you think that is? Additionally, if they lend just from the 5 year market then how are they going to close it down on the 14th October? Who will take over the loans? Bit late to the party on this one, but do you even think about this before you rant? For RS to use APM to allow release in the 5 year they would have to move lenders funds from one market to another It was probably just about plausible and not full blown CT nutjob stuff 6 months ago, now it is literally CT nutjob level If RS were moving millions of pounds of lenders funds from one market to another, by now you would have plenty on here complaining that their funds in APM were being moved to 5 year against their will Some lenders who have funds incoming may well be moving them, I certainly would if I was staying on RS. maybe not since the announcement ending of RYI on 5 year, but with 5 year being higher interest and no shorter tie vs APM, i fyou were still reinvesting you would be daft not to move those funds. And even saying all the above, did you not follow the coupe of weeks where we closely monitored the different markets, seeing "borrower offers" and matching that to lending, whilst there was no borrowers on 5 year, whilst also watching the tracking threads moving for 5 year and the amounts coming back in.
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aju
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Post by aju on Oct 6, 2020 18:54:04 GMT
I've not checked the relevant peoples positions in stardust's tables but to be fair how do you know how many of the places you think you move is not in fact just people dropping out of the queues. As I say I haven't checked but how many positions you think you are moving is not necessarily as a result of the lender at the front of the queue finishing their sales.
There are still quite a few people who are pulling out of sales too - i'm no where near the front the of the new A/P/M queues so I can afford to let it ride (actually ignore it to be fair) but having pulled out of the 5Y the 1Y sales are getting very much closer for me, the cost for selling are not high and getting the money back now rather than next April when its due to finish means I could pull back on the 1Y sale I've got a week or 2 I think to decide.
Of course I may be completely off beam, I have not checked anyone of those above's position in stardust's tables but since A/P/M has been there so long and still seems stuck at the 13th (I have not looked so it may have moved) then its same to assume there are some big - astute probably - players holding things up..
Just some alternative thoughts. I'm happy to be wrong though!.
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sl75
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Post by sl75 on Oct 6, 2020 18:54:38 GMT
Bit late to the party on this one, but do you even think about this before you rant? For RS to use APM to allow release in the 5 year they would have to move lenders funds from one market to another As far as I can they they're not, but there's no fundamental reason why funds on one market could not be used to purchase loans on a different one.
We already have that on A/P/M - funds from an investor in Max can be used to fund a RYI from Access and vice-versa, and this doesn't move lender funds from one market to another.
Exactly the same process could be used to repay 5 year investors RYIs using funds from A/P/M. The investor doing their RYI gets their money, the buyer gets a loan in A/P/M. The borrower still owes the same amount, and RS get to keep the difference.
However, they've said they're not doing that, and are only matching orders within the relevant markets.
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Post by Badly Drawn Stickman on Oct 6, 2020 20:12:30 GMT
As far as I can they they're not, but there's no fundamental reason why funds on one market could not be used to purchase loans on a different one. We already have that on A/P/M - funds from an investor in Max can be used to fund a RYI from Access and vice-versa, and this doesn't move lender funds from one market to another. Exactly the same process could be used to repay 5 year investors RYIs using funds from A/P/M. The investor doing their RYI gets their money, the buyer gets a loan in A/P/M. The borrower still owes the same amount, and RS get to keep the difference.
However, they've said they're not doing that, and are only matching orders within the relevant markets.
Given RS lack of transparency how do you know that? I think we actually 'discovered' that because of different moving queue speeds. and RS eventually stated that was the case. Admittedly that technically does not prove it beyond any doubt but does make it fairly likely.
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sl75
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Post by sl75 on Oct 6, 2020 21:04:32 GMT
However, they've said they're not doing that, and are only matching orders within the relevant markets.
Given RS lack of transparency how do you know that? How do I know they said that? My brain remembers that my eyes read it at some point. Technically I mean "wrote" when I wrote "said".
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Oct 7, 2020 7:12:41 GMT
How do I know they said that? My brain remembers that my eyes read it at some point. Technically I mean "wrote" when I wrote "said". Given that RS lend A/P/M funds for up to 5 years then why wouldn't they use A/P/M funds to settle RYI's in the 5 year market after all it would be more profitable for them to do so. I guess the answer to that is whether one believes RS which is a little difficult given their lack of transparency. Will be interesting to see how the one year market behaves after the 14th October. As APM are in one market and 5 are in another. It might not be technically possible. More importantly they don't need to , 5 year moves fast enough and they have no incentive to make any change.
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warn
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Post by warn on Oct 7, 2020 10:31:13 GMT
As APM are in one market and 5 are in another. It might not be technically possible. More importantly they don't need to , 5 year moves fast enough and they have no incentive to make any change. Obviously you believe everything that they tell you despite them providing no evidence. Obviously you disbelieve everything that they tell you despite your providing no evidence.
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Post by bernythedolt on Oct 7, 2020 11:56:26 GMT
Peeps being a bit harsh on @jennifer I feel. She's perfectly entitled to ask for more transparency from RateSetter. Why aren't they providing the information investors like her are requesting? It doesn't seem unreasonable to feed us a few crumbs more.
Personally I'm 99% shot of RS, thankfully, but I feel they could have been more helpful to those in the queue asking for clarification on a few points.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Oct 7, 2020 12:09:31 GMT
As APM are in one market and 5 are in another. It might not be technically possible. More importantly they don't need to , 5 year moves fast enough and they have no incentive to make any change. Obviously you believe everything that they tell you despite them providing no evidence. They did not tell me this - it is pretty common sense.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Oct 7, 2020 12:22:58 GMT
They did not tell me this - it is pretty common sense. Really? Why do you think that RS can't use A/P/M funds to buy out the 5 year market. When I asked RS wouldn't confirm, or deny it. They didn't waffle on about them being separate markets. Because why would they. Who are they pleasing Different markets for different loans. Technically it would not be worth it, so they wont do that. Moreover, 5 year moves fast so there is no benefit in engineers working on that.
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