jcb208
Member of DD Central
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Post by jcb208 on Apr 4, 2020 7:33:12 GMT
Well I am glad I do not need the RYI to live on or a in these hard times i'm finding a steady flow of repayments coming through which is the only chance of getting some Of my money any time soon as I Released 60% from the 5 year and invested it in the Access account just before the Covid-19 lockdown took off ,then never went for withdrawal until the 16th.I'm sure Ratesetter will still be around for some time yet
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savernake
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Post by savernake on Apr 4, 2020 12:18:27 GMT
So we've now reached Access requests from the 11th March. That's good news. Requests from the 9th took roughly 2 weeks to process, and requests from the 10th took roughly 1 week to clear. We know that there was a spike in requests on the 16th, so lets hope that daily requests from 11th-15th March are lower than we saw for the 9th. If each day takes a week to clear that's another five week wait until we hit the peak.
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Post by erniec on Apr 4, 2020 14:48:57 GMT
Having come late to RYI, I released from the 1 year on 31 March. I emailed RateSetter who advised that it would be at least two months before mine is released.
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adrian77
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Post by adrian77 on Apr 4, 2020 15:55:46 GMT
I had a tiny bit back about a week ago but since then nothing - that said I would be happy to wait a couple more weeks if I meant I got 100% back and the platform stayed afloat...
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Stonk
Stonking
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Post by Stonk on Apr 4, 2020 21:03:50 GMT
Having come late to RYI, I released from the 1 year on 31 March. I emailed RateSetter who advised that it would be at least two months before mine is released. Shock! Horror! : RS reveal useful information ...
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Post by cinereus on Apr 4, 2020 23:31:47 GMT
Having come late to RYI, I released from the 1 year on 31 March. I emailed RateSetter who advised that it would be at least two months before mine is released. Shock! Horror! : RS reveal useful information ... What's last from 1 Year? 11th? That means the other 20 days are going to only take, let's say 3 months? Does 4.5 days per day of withdrawals make sense with what we've seen so far?
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Post by scepticalinvestor on Apr 5, 2020 8:23:19 GMT
Shock! Horror! : RS reveal useful information ... Does 4.5 days per day of withdrawals make sense with what we've seen so far?
Not at the moment. But RS says that RYIs peaked on 16th and since then "have subsequently reduced every day since" which was later reworded to "have subsequently reduced substantially". Hopefully that means that the pace of pay-out will pick up once they get past the hump of the 16th.
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agent69
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Post by agent69 on Apr 5, 2020 9:00:47 GMT
Having come late to RYI, I released from the 1 year on 31 March. I emailed RateSetter who advised that it would be at least two months before mine is released. Shock! Horror! : RS reveal useful information ... In reality it is just meaningless half truths.
RS know exactly how much is in the withdrawl queue up to 31st March, and exctly how quickly repayments are being made. Unfortunately if they give you their best guess (which they clearly could) then that would give the game away regarding the amount of money in the queue.
It's a bit like the comment that withdrawl requests fell off after 16th. If most of your lenders are already in the queue then obviously the rate at which others join the queue will reduce significantly.
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ashe
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Post by ashe on Apr 5, 2020 9:02:10 GMT
I'd have thought the timeframe would highly depend on what people do with their new ISA allowances starting tomorrow.
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Post by scepticalinvestor on Apr 5, 2020 9:07:36 GMT
I'd have thought the timeframe would highly depend on what people do with their new ISA allowances starting tomorrow. Doesn't the ISA season peak close to the deadline?
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Post by Deleted on Apr 5, 2020 9:08:47 GMT
Surely the Going Rate should increase to reflect greater uncertainty. This would attract more funds and make the markets more liquid.
I don't know what the average rate is on loans being sold but mine are well above 3%, so RS would could still make a gain on loans sold.
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Post by james91 on Apr 5, 2020 9:10:39 GMT
Ratesetter have pretty much admitted how much is in the queue by saying '9 in 10 investors continue to invest'. They are likely to give the best sounding stat, which equates to worst case scenario 10% of the loan book has had a withdrawal request (£85m), or 17 weeks at the current £5m per week deliveries. Given we've already been waiting 4 weeks, it would suggest another 13 weeks to clear up to request from this week.
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Post by scepticalinvestor on Apr 5, 2020 9:13:25 GMT
Ratesetter have pretty much admitted how much is in the queue by saying '9 in 10 investors continue to invest'. They are likely to give the best sounding stat, which equates to worst case scenario 10% of the loan book has had a withdrawal request (£85m), or 17 weeks at the current £5m per week deliveries. Given we've already been waiting 4 weeks, it would suggest another 13 weeks to clear up to request from this week.
Or that 10% of investors have put in an RYI request, which could mean more/less than 10% of the loan book.
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agent69
Member of DD Central
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Post by agent69 on Apr 5, 2020 9:32:28 GMT
Ratesetter have pretty much admitted how much is in the queue by saying ' 9 in 10 investors continue to invest'. They are likely to give the best sounding stat, which equates to worst case scenario 10% of the loan book has had a withdrawal request (£85m), or 17 weeks at the current £5m per week deliveries. Given we've already been waiting 4 weeks, it would suggest another 13 weeks to clear up to request from this week. But this is all part of the smoke and mirrors that I referred to earlier. What exactly does continue to invest mean?
- does it mean add new funds to your account?
- If I have applied to withdraw all my money, but am stuck in the queue, then until it is actually sold am I continuing to invest?
- If I have £100k invested and withdraw £99k, am I continuing to invest?
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ceejay
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Post by ceejay on Apr 5, 2020 9:41:25 GMT
Ratesetter have pretty much admitted how much is in the queue by saying '9 in 10 investors continue to invest'. They are likely to give the best sounding stat, which equates to worst case scenario 10% of the loan book has had a withdrawal request (£85m), or 17 weeks at the current £5m per week deliveries. Given we've already been waiting 4 weeks, it would suggest another 13 weeks to clear up to request from this week.
Or that 10% of investors have put in an RYI request, which could mean more/less than 10% of the loan book.
Or that 10% of investors (by number or value?) have put in an RYI for their entire holding. And that the other 90% have put in RYIs between 0% and 99% of their holding. Worst case, 99.9% of invested funds is subject to an RYI. (NB - I don't for one moment think it's that bad, but someone did say "worst case")
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