beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Oct 14, 2020 19:40:12 GMT
Crikey, there must have been a deluge of requests made in the 5yr market on 14th September. That figures, I guess! leaps and bounds in the 1 year (8th to 26th May)
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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 Oct 14, 2020 19:44:21 GMT
that's more like it - hope this is not a blip shy of £110 million is solid going, interestingly Metro did not impact this much, the only exception is the reduced release values. I wonder at what point the capital losses start. Given the provision fund is up cash wise and there is still no sign of interest reduction extension they must be fairing quite well (until end Oct that is). Either way circa 110 million and capital loss is impressive - i just hope that this keeps on and they accept the obvious elephant in the room and extend the haircut as is needed.
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Post by drphil on Oct 14, 2020 20:14:28 GMT
that's more like it - hope this is not a blip shy of £110 million is solid going, interestingly Metro did not impact this much, the only exception is the reduced release values. I wonder at what point the capital losses start. Given the provision fund is up cash wise and there is still no sign of interest reduction extension they must be fairing quite well (until end Oct that is). Either way circa 110 million and capital loss is impressive - i just hope that this keeps on and they accept the obvious elephant in the room and extend the haircut as is needed. Fully agree. And in reference to your previous post, I'd be grateful for a move in Access just from the day to the evening of 13 March! (if they decide to tell us this time, of course)
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Post by Badly Drawn Stickman on Oct 14, 2020 20:48:18 GMT
that's more like it - hope this is not a blip It would seem in the absence of any better explanation that investor attitude has 'repositioned' and more people are reinvesting. Three days is not really enough time to form a pattern but if the next two days show anything like the return so far clearly something has changed. Maybe rates plummeting elsewhere has made it look more attractive, very strange.
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Post by Deleted on Oct 14, 2020 20:57:24 GMT
That, and investors not realising a further haircut is inevitable.
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adrian77
Member of DD Central
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Post by adrian77 on Oct 15, 2020 6:53:37 GMT
I was also thinking this - maybe RS borrowers can borrrow money elsewhere at a cheaper rate and are paying down their loans ? I realise I may be talking rubbish but this sure going to be an interesting week,
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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 Oct 15, 2020 7:12:31 GMT
that's more like it - hope this is not a blip It would seem in the absence of any better explanation that investor attitude has 'repositioned' and more people are reinvesting. Three days is not really enough time to form a pattern but if the next two days show anything like the return so far clearly something has changed. Maybe rates plummeting elsewhere has made it look more attractive, very strange. well i would say it isn't too crazy. so far no capital is lost and the book will run off. if you can accept the risk and not exit early (fee) you stand to earn in some cases 3 to 4% (post haircut). even 1.5% is good (better than Marcus - we all discussed their 1.4%) and if you have 1 year left.... well why not go for it.
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Post by Ace on Oct 15, 2020 7:27:47 GMT
It would seem in the absence of any better explanation that investor attitude has 'repositioned' and more people are reinvesting. Three days is not really enough time to form a pattern but if the next two days show anything like the return so far clearly something has changed. Maybe rates plummeting elsewhere has made it look more attractive, very strange. well i would say it isn't too crazy. so far no capital is lost and the book will run off. if you can accept the risk and not exit early (fee) you stand to earn in some cases 3 to 4% (post haircut). even 1.5% is good (better than Marcus - we all discussed their 1.4%) and if you have 1 year left.... well why not go for it.Because its not worth the very high chance of a further interest rate reduction and a high chance of a capital reduction for such a narrow positive upside.
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adrian77
Member of DD Central
Posts: 3,915
Likes: 4,141
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Post by adrian77 on Oct 15, 2020 10:02:09 GMT
I agree an interest rate cut is highly likely but hopefully we can avoid a capital reduction although I think it will be close...
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Post by danny101 on Oct 15, 2020 11:54:55 GMT
shy of £110 million is solid going, interestingly Metro did not impact this much, the only exception is the reduced release values. I wonder at what point the capital losses start. Given the provision fund is up cash wise and there is still no sign of interest reduction extension they must be fairing quite well (until end Oct that is). Either way circa 110 million and capital loss is impressive - i just hope that this keeps on and they accept the obvious elephant in the room and extend the haircut as is needed. Fully agree. And in reference to your previous post, I'd be grateful for a move in Access just from the day to the evening of 13 March! (if they decide to tell us this time, of course) If it helps, I, m position 92 and my RYI request was for the morning of the 14th, so they must be on the evening on the 13th
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Post by Deleted on Oct 15, 2020 11:58:00 GMT
I agree an interest rate cut is highly likely but hopefully we can avoid a capital reduction although I think it will be close... Ratesetter announced the interest rate haircut on 4 May and since then the interest coverage had decreased from 74% to 69% (capital coverage 166% to 153%), whereas it was aiming for 100% interest coverage by 31 December. So I think a further interest haircut is inevitable and, given that there is much worse economic news to come as the furlough scheme ends and redundancies increase, a capital haircut is likely (although not certain). Just my opinion, but the numbers speak for themselves.
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Post by Ace on Oct 15, 2020 12:26:54 GMT
Fully agree. And in reference to your previous post, I'd be grateful for a move in Access just from the day to the evening of 13 March! (if they decide to tell us this time, of course) If it helps, I, m position 92 and my RYI request was for the morning of the 14th, so they must be on the evening on the 13th Definitely well into the evening of the 13th as the tracking thread shows an RYI from 18:50 on 13th was released on 24/09/2020 (21 days ago).
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Post by mikeinvest on Oct 15, 2020 15:13:32 GMT
If it helps people, they are currently processing the 14th. I made a request on that date and I just received an email saying it is processing. looking at my account, 90% of the funds have been returned to holding already.
I can’t remember when on The 14th I made the request but certainly the 13th is all but complete.
two more accounts to go but both of these are at 4000 odd !!!
Mike
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Post by Badly Drawn Stickman on Oct 15, 2020 16:24:21 GMT
It would seem in the absence of any better explanation that investor attitude has 'repositioned' and more people are reinvesting. Three days is not really enough time to form a pattern but if the next two days show anything like the return so far clearly something has changed. Maybe rates plummeting elsewhere has made it look more attractive, very strange. well i would say it isn't too crazy. so far no capital is lost and the book will run off. if you can accept the risk and not exit early (fee) you stand to earn in some cases 3 to 4% (post haircut). even 1.5% is good (better than Marcus - we all discussed their 1.4%) and if you have 1 year left.... well why not go for it. The thread has moved on and probably covered anything I may have responded with. You do seem to feel the need to 'sell' RS as a decent prospect. You might want to reserve that for posts that give the opposite view, not ones merely pondering events.
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Post by RateSetter on Oct 15, 2020 16:43:06 GMT
Good afternoon everyone. Today we have delivered £1m and the full update is below:
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