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Post by Badly Drawn Stickman on Nov 18, 2020 20:26:13 GMT
Please could someone explain what the future looks like for those of us in access? Yes I made an uninformed mistake but am hopeful I will see my money..... Your queue position assuming nothing much changes would suggest 3 to 4 months till you reach the front of the queue, I would suggest that is not a bad position to be in currently.
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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 Nov 18, 2020 23:13:12 GMT
Please could someone explain what the future looks like for those of us in access? Yes I made an uninformed mistake but am hopeful I will see my money..... you did not make a mistake the investments worked well in normal conditions. but it is important to remember funds are only as liquid as demand. you will see your money back when all of your contracts expire and you have manipulated rates to prevent reinvestment. otherwise you will simply need to wait for your turn.
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Post by mendip on Nov 19, 2020 11:40:14 GMT
Thank you for answering my question - I have manipulated rates to prevent reinvestment, thanks to finding this forum and I'm seeing my position in the queue move forward , currently 11328 - I think it was 19000 ish at the start? Anyway as long as it continues in this direction I'm reasonably happy.
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Post by RateSetter on Nov 19, 2020 17:15:38 GMT
Good afternoon. Today we have delivered £1.2m and the full update is below:
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Post by r24cloud on Nov 19, 2020 17:18:39 GMT
Evening All, Today we have just received our money back from Access - requested 16th March. What I wanted to do was thank beagle, who back on 20 September sent a very reasonable post reassuring me all would be fine. He got a bit of grief for it, but he was right. Lesson learned by me, but fair play to Ratesetter for upping the RYI rate. I hope others in a similar position to us have the same positive outcome.
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Post by Badly Drawn Stickman on Nov 19, 2020 17:39:53 GMT
Evening All, Today we have just received our money back from Access - requested 16th March. What I wanted to do was thank beagle , who back on 20 September sent a very reasonable post reassuring me all would be fine. He got a bit of grief for it, but he was right. Lesson learned by me, but fair play to Ratesetter for upping the RYI rate. I hope others in a similar position to us have the same positive outcome. Feeding my curiosity HereRan away with Johnny the other day if I recall correctly (think she made him up, myself)
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Post by RateSetter on Nov 20, 2020 16:43:07 GMT
Good afternoon. Today we have delivered £1.6m and the full update is below:
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Nov 20, 2020 23:24:03 GMT
Another day completed.
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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 Nov 21, 2020 2:30:29 GMT
I think ratesetter are slowly proving a lot of people wrong including on this forum. They might not get it all right but now 140 no losses and another day cleared. regardless of what happens the front line staff facing the onslaught should be proud
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Nov 21, 2020 9:15:35 GMT
I think ratesetter are slowly proving a lot of people wrong including on this forum. They might not get it all right but now 140 no losses and another day cleared. regardless of what happens the front line staff facing the onslaught should be proud Hmm. maybe, provided that all the problems are not being distilled into a shrinking pot for the last ones to get out to have to suffer. I would prefer it if all interest was diverted into the PF, with a later disbursement as deferred interest if there is a surplus. Return of capital should take priority over payment of interest IMO otherwise some people will get capital plus interest whilst others lose capital. Some will say the first of those will deserve it for being "on the ball" and those who lose out have only themselves to blame.
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Post by rpearson on Nov 21, 2020 9:55:55 GMT
Morning all I have been following this thread for some time and there has been some good advice so thank you all for that. There has been advice to change the rate to the maximum so as to minimise the chance of it being reinvested before you have a chance to withdraw it. I have done this. It is set to 9% on the Max product. However checking my history I can see that any returns to my account disappear again straight away into new loans anyway. The rate shown on these new loans is still the 4% and not the 9% I have specified. I login daily hoping to catch this and withdraw before it gets reinvested but I rarely catch it with more than pennies in the account. Very annoyed that they keep reinvesting my money when they have an instruction from me to release my investment. Another issue I had with them was that when I did request to release my investment they deducted the fee upfront. Not happy with this as that means my capital has been reduced upfront while still having to wait many months for the withdrawal to take place. I raised this with them but they were not helpful at all. Sorry if the above has been talked about before. I have read a lot of this thread but it is very very long Cheers Richard
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star dust
Member of DD Central
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Post by star dust on Nov 21, 2020 10:28:58 GMT
Welcome to the forum rpearson , try reading this thread - p2pindependentforum.com/post/400766/thread and this post (also linked to on that thread) p2pindependentforum.com/post/380699 for an explanation on how the access accounts work. The thread isn't that long. Your money is being re-invested at 4% as it is tied to an underlying loan which will have a term up to 60 months, so what you get back each month is an amortised amount of capital and a months worth of interest, which could be just a few pennies or pounds depending how much you have invested.
I have never had RYI fees taken in advance and no-one here has ever reported that before, so I would check the Transaction history carefully to make sure that it was an RYI fee that was taken, and not something else like capital being re-lent. The transaction should be recorded as a "LenderExitMarketExitFee" if it is and your capital was not released then I would suggest you should get back to RS and make a formal complaint if necessary.
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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 Nov 21, 2020 12:12:15 GMT
I think ratesetter are slowly proving a lot of people wrong including on this forum. They might not get it all right but now 140 no losses and another day cleared. regardless of what happens the front line staff facing the onslaught should be proud Hmm. maybe, provided that all the problems are not being distilled into a shrinking pot for the last ones to get out to have to suffer. I would prefer it if all interest was diverted into the PF, with a later disbursement as deferred interest if there is a surplus. Return of capital should take priority over payment of interest IMO otherwise some people will get capital plus interest whilst others lose capital. Some will say the first of those will deserve it for being "on the ball" and those who lose out have only themselves to blame. of course true but as it is a risk investment I think ratesetter have managed to keep losses to 0 even after 2nd lockdown too. I am sure someone might face the music but given the climate I think they are doing well as proving us wrong thus far. all signals seem to be facing the right way. Crack on O Fortuna each time they release funds lol
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Post by rpearson on Nov 21, 2020 13:28:27 GMT
Welcome to the forum rpearson , try reading this thread - p2pindependentforum.com/post/400766/thread and this post (also linked to on that thread) p2pindependentforum.com/post/380699 for an explanation on how the access accounts work. The thread isn't that long. Your money is being re-invested at 4% as it is tied to an underlying loan which will have a term up to 60 months, so what you get back each month is an amortised amount of capital and a months worth of interest, which could be just a few pennies or pounds depending how much you have invested.
I have never had RYI fees taken in advance and no-one here has ever reported that before, so I would check the Transaction history carefully to make sure that it was an RYI fee that was taken, and not something else like capital being re-lent. The transaction should be recorded as a "LenderExitMarketExitFee" if it is and your capital was not released then I would suggest you should get back to RS and make a formal complaint if necessary.
Hi The amount showing in the release request was my capital less the release amount so it was definitely taken up front. I did raise this with them in May when I requested the release. In my complaint to them I stated >On another note, the release fees should be taken when the cash is actually released, not upfront. From various forums etc online there are people complaining that they are waiting months for release and in the meantime they are losing any >interest on the fee amount. With larger amounts and months long waiting times this loss could be substantial. They replied back with >In relation to funds being released in the Max product, the release fee is 90 days worth of interest. I can see you have requested a withdrawal on 4th May 2020 and the release fee was £x. I replied back a few times complaining about it being taken up front but they did not bother to respond to any of my further emails. Part of what I was unhappy with was that just before they changed the rates I had upped my investment. Within a week or two this happened and then when I requested a release I was charged the fee on the full amount even though I had just put the money in. I was charged the 3 months interest release fee on the full amount even though the majority of it had just been deposited and hadnt even earned any interest at that stage. I read the other thread but still am confused about the reinvestments at 4% and not at the 9% that I have set. I can see in my transaction list a capital repayment appear then go out again on the same date as a lend order. checking the loans I can see that amount is at the 4%. I am guessing that the "reinvestment" is me actually buying a loan from somebody higher up the queue than me. Thanks Richard
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macq
Member of DD Central
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Post by macq on Nov 21, 2020 14:55:29 GMT
Welcome to the forum rpearson , try reading this thread - p2pindependentforum.com/post/400766/thread and this post (also linked to on that thread) p2pindependentforum.com/post/380699 for an explanation on how the access accounts work. The thread isn't that long. Your money is being re-invested at 4% as it is tied to an underlying loan which will have a term up to 60 months, so what you get back each month is an amortised amount of capital and a months worth of interest, which could be just a few pennies or pounds depending how much you have invested.
I have never had RYI fees taken in advance and no-one here has ever reported that before, so I would check the Transaction history carefully to make sure that it was an RYI fee that was taken, and not something else like capital being re-lent. The transaction should be recorded as a "LenderExitMarketExitFee" if it is and your capital was not released then I would suggest you should get back to RS and make a formal complaint if necessary.
Hi The amount showing in the release request was my capital less the release amount so it was definitely taken up front. I did raise this with them in May when I requested the release. In my complaint to them I stated >On another note, the release fees should be taken when the cash is actually released, not upfront. From various forums etc online there are people complaining that they are waiting months for release and in the meantime they are losing any >interest on the fee amount. With larger amounts and months long waiting times this loss could be substantial. They replied back with >In relation to funds being released in the Max product, the release fee is 90 days worth of interest. I can see you have requested a withdrawal on 4th May 2020 and the release fee was £x. I replied back a few times complaining about it being taken up front but they did not bother to respond to any of my further emails. Part of what I was unhappy with was that just before they changed the rates I had upped my investment. Within a week or two this happened and then when I requested a release I was charged the fee on the full amount even though I had just put the money in. I was charged the 3 months interest release fee on the full amount even though the majority of it had just been deposited and hadnt even earned any interest at that stage. I read the other thread but still am confused about the reinvestments at 4% and not at the 9% that I have set. I can see in my transaction list a capital repayment appear then go out again on the same date as a lend order. checking the loans I can see that amount is at the 4%. I am guessing that the "reinvestment" is me actually buying a loan from somebody higher up the queue than me. Thanks Richard As i was in 1 & 5 year and a small test in access i may not be the person to help but with regards your reinvestment at 4% in Max But on the day it happens are you getting in effect 2 payments?One of interest and of capital (probably the pennies you mention) plus a larger sum of capital rolled over at 4% which has not actually been paid out to you but is still a payment By setting your rate to 9% you should stop the interest and repayments paid to you (early repayments) from being lent but the rolled over capital continues at the rate you first invested
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