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Post by freefalljunkie on May 15, 2020 14:58:08 GMT
I don't know if its just my imagination but within the last week I, ve been able to catch £ 425 out of a £25000 investment. This doesnt include any 1 or 5 year loans just access plus and max I usually get hardly anything (by setting my rates at 8% and cancelling). Is this just a blip or has anyone else noticed something similar. Repayments won't necessarily be consistent, especially if a borrower repays early or if the provision fund kicks in to repay a defaulted loan. So, fluctuations are very possible.
If the provision fund kicked in for a default would the repayment not happen on the expected date, or possibly later? I hadn't realised it might be earlier - I guess it might depend if it was amortising or non-amortising?
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chris1200
Member of DD Central
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Post by chris1200 on May 15, 2020 15:02:09 GMT
Repayments won't necessarily be consistent, especially if a borrower repays early or if the provision fund kicks in to repay a defaulted loan. So, fluctuations are very possible.
If the provision fund kicked in for a default would the repayment not happen on the expected date, or possibly later? I hadn't realised it might be earlier - I guess it might depend if it was amortising or non-amortising?
I don't think RS would want the provision fund to be paying monthly interest payments for potentially years when they knew the loan was definitely in default. Better to pay out the capital and then it's done, not just wait and wait for the original redemption date.
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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 May 15, 2020 15:32:11 GMT
Exactly, settle the loan and remove the burden of cost. the interest would just be a waste of money, get the capital paid and close that up.
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Post by RateSetter on May 15, 2020 15:34:44 GMT
Good afternoon everyone. Today we have delivered £0.5m. Unfortunately this afternoon a system error caused some release requests to be wrongly labelled as “processing” in investor account dashboards. We are fixing this urgently and we are very sorry for any confusion caused.
The full update is below:
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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 May 15, 2020 15:37:33 GMT
ratesetter, although i am not pleased to see the mistake i am grateful of the speed of message update. we are all human. keep up the good work and learn from this . maybe you could use your efficiency to communicate today elsewhere.... like updating ratios on time
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Post by sebp on May 15, 2020 15:47:08 GMT
As I said before...was too good to be true....
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Post by freefalljunkie on May 15, 2020 15:56:13 GMT
Total effing schoolboy incompetence. You really couldn't make it up. And that is from someone who runs a software business. Things like this should never happen on a live customer facing system. If I was the CEO I'd be nailing the balls of the head of IT to the boardroom wall.
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jcb208
Member of DD Central
Posts: 830
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Post by jcb208 on May 15, 2020 15:58:49 GMT
oh well thats my plans changed again
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iRobot
Member of DD Central
Posts: 1,680
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Post by iRobot on May 15, 2020 16:12:48 GMT
Total effing schoolboy incompetence. You really couldn't make it up. And that is from someone who runs a software business. Things like this should never happen on a live customer facing system. If I was the CEO I'd be nailing the balls of the head of IT to the boardroom wall. Are you suggesting that people who run software companies know a lot about making things up? Agree that 'things like this shouldn't happen' but they do. Everywhere. Frequently. Not least when humans are involved. That's why software companies often insist customers take out support contracts - to cover them for when things go wrong. (And why customers who have paid support have SLAs, so that when it's the software company's fault that something went wrong, they can request a rebate on the cost of that support contract.) From my experience - P2P platforms and software companies - maybe a bit of credit should be given for identifying / responding to the issue so promptly and owning up to the the problem straight away. Sadly, I've often found that approach is often lacking - in both industries ....
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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 May 15, 2020 16:26:08 GMT
I, m just going to kill myself.....😭 im not sure you should be saying that
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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 May 15, 2020 16:28:06 GMT
Total effing schoolboy incompetence. You really couldn't make it up. And that is from someone who runs a software business. Things like this should never happen on a live customer facing system. If I was the CEO I'd be nailing the balls of the head of IT to the boardroom wall. mistakes happen, these guys are under pressure like everyone. it isnt good but mistakes happen we need to get over it and accept they are still releasing. and yes i do have money invested
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Post by Badly Drawn Stickman on May 15, 2020 16:29:10 GMT
Total effing schoolboy incompetence. You really couldn't make it up. And that is from someone who runs a software business. Things like this should never happen on a live customer facing system. If I was the CEO I'd be nailing the balls of the head of IT to the boardroom wall. Are you suggesting that people who run software companies know a lot about making things up? Agree that 'things like this shouldn't happen' but they do. Everywhere. Frequently. Not least when humans are involved. That's why software companies often insist customers take out support contracts - to cover them for when things go wrong. (And why customers who have paid support have SLAs, so that when it's the software company's fault that something went wrong, they can request a rebate on the cost of that support contract.) From my experience - P2P platforms and software companies - maybe a bit of credit should be given for identifying / responding to the issue so promptly and owning up to the the problem straight away. Sadly, I've often found that approach is often lacking - in both industries .... A cynic might suggest they 'picked up' the error reading the forum. Thankfully there are no cynics hereabouts.
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wuzimu
Member of DD Central
Posts: 236
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Post by wuzimu on May 15, 2020 16:40:26 GMT
If the provision fund kicked in for a default would the repayment not happen on the expected date, or possibly later? I hadn't realised it might be earlier - I guess it might depend if it was amortising or non-amortising?
I don't think RS would want the provision fund to be paying monthly interest payments for potentially years when they knew the loan was definitely in default. Better to pay out the capital and then it's done, not just wait and wait for the original redemption date.
I have been carefully looking at my Access loans recently and have a couple of these rosy notions quashed...
If a borrower misses a payment I thought the PF was supposed to pay instead. Actually this usually happens but not always - I can find examples where that hasn't happened, - May payment is missed and the missing interest and amortisation is rolled up to June - the amortisation goes into reverse! I am watching to see what happens next month .....
If a borrower misses loads of payments and RS do not believe they will repay the loan, I thought the PF would pay the loan capital at that point, and that cash would potentially be re-invested according to my personal settiings (now 8%) or, if I was in time, be available for me to cancel the re-investment order and withdraw it. Actually it appears a strange class of new loan kicks off with the same capital balance as the defaulted loan but a new initial contract date and it is not possible to tell how many months left in the details tab, because they all show '0'. PF pays interest and small amortisation and the whole capital is not paid back. The amortisation is at a very low rate ie it would take over 100 months to clear the capital for these loans ..... so PF cannot be paying the original rate of amortisation on the original loan as the longest RS loan is 60 months right?
Hmmmmmmmm ideas anyone? RS??
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r00lish67
Member of DD Central
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Post by r00lish67 on May 15, 2020 17:05:54 GMT
I don't think RS would want the provision fund to be paying monthly interest payments for potentially years when they knew the loan was definitely in default. Better to pay out the capital and then it's done, not just wait and wait for the original redemption date.
I have been carefully looking at my Access loans recently and have a couple of these rosy notions quashed...
If a borrower misses a payment I thought the PF was supposed to pay instead. Actually this usually happens but not always - I can find examples where that hasn't happened, - May payment is missed and the missing interest and amortisation is rolled up to June - the amortisation goes into reverse! I am watching to see what happens next month .....
If a borrower misses loads of payments and RS do not believe they will repay the loan, I thought the PF would pay the loan capital at that point, and that cash would potentially be re-invested according to my personal settiings (now 8%) or, if I was in time, be available for me to cancel the re-investment order and withdraw it. Actually it appears that PF pays interest and small amortisation and the whole capital is not paid back. I have found examples where that the amortisation is at a very low rate ie it would take over 100 months to clear the capital from now on these instances, ifor these loans it is not possible to tell how many months left in the details tab, because they all show '0'..... but PF cannot be paying the original rate of amortisation as the longest RS loan is 60 months right?
Hmmmmmmmm ideas anyone?
Re: the second scenario, for any of the loan contracts affected, have you opened them up and looking within the 'repayments' twistie? That should show a consistent 'amount owed' column for each month, with the value in the capital repayment column increasing steadily and the value in the interest repayment column decreasing (as just like a normal capital mortgage repayment that's what you'd expect) What do you see there for an affected contract? Does that 'amount owed' column suddenly decrease at the point the loan started misbehaving? I suppose it would have to if the amortisation period had actually changed. Re: the first scenario, I'm surprised by that if true as that would seem contrary to any policy I've seen written. The PF is obvs meant to cover in full. Have you calculated your level of interest over a month over the whole portfolio to see if it adds up overall to what you would expect, as a check? Re: both scenarios, whatever the reasoning, both would be very handy for RS as they would ease pressure on the precariously PF cashflow if true. Again though, as far as I know, neither should be happening.
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one21
Member of DD Central
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Post by one21 on May 15, 2020 17:11:21 GMT
I don't think RS would want the provision fund to be paying monthly interest payments for potentially years when they knew the loan was definitely in default. Better to pay out the capital and then it's done, not just wait and wait for the original redemption date.
I have been carefully looking at my Access loans recently and have a couple of these rosy notions quashed...
If a borrower misses a payment I thought the PF was supposed to pay instead. Actually this usually happens but not always - I can find examples where that hasn't happened, - May payment is missed and the missing interest and amortisation is rolled up to June - the amortisation goes into reverse! I am watching to see what happens next month .....
If a borrower misses loads of payments and RS do not believe they will repay the loan, I thought the PF would pay the loan capital at that point, and that cash would potentially be re-invested according to my personal settiings (now 8%) or, if I was in time, be available for me to cancel the re-investment order and withdraw it. Actually it appears a strange class of new loan kicks off with the same capital balance as the defaulted loan but a new initial contract date and it is not possible to tell how many months left in the details tab, because they all show '0'. PF pays interest and small amortisation and the whole capital is not paid back. The amortisation is at a very low rate ie it would take over 100 months to clear the capital for these loans ..... so PF cannot be paying the original rate of amortisation on the original loan as the longest RS loan is 60 months right?
Hmmmmmmmm ideas anyone? RS??
Could it be something to do with this: www.moneysavingexpert.com/news/2020/03/uk-coronavirus-help-and-your-rights/ "How are Lenders helping loan customers" Haven't got time to study intricacies at the moment!
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