starfished
Member of DD Central
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Post by starfished on Jul 8, 2020 9:57:11 GMT
If every investor on the platform withdrew their repayments daily instead of allowing them to be re-invested automatically then the RYI queue would grind to a complete halt because without any new investments, there isn't any money to be re-matched to another person. Sounds awfully like a ponzi scheme in that case. Well no. You would get your money back when (and if) the original borrower paid their debt. Liquidity (getting your money before the borrower paid) was never guaranteed.
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chris1200
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Post by chris1200 on Jul 8, 2020 10:38:33 GMT
If every investor on the platform withdrew their repayments daily instead of allowing them to be re-invested automatically then the RYI queue would grind to a complete halt because without any new investments, there isn't any money to be re-matched to another person. Sounds awfully like a ponzi scheme in that case. You're confusing a ponzi scheme (which has no underlying investment and relies on increasing levels of subscribers to pay returns to existing subscribers) with a requirement for liquidity to be able to exit an investment. Based on your logic, basically any form of market would be a ponzi scheme.
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Post by RateSetter on Jul 8, 2020 16:06:42 GMT
Good afternoon. Today we have delivered £0.4m. The full update is below:
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adrian77
Member of DD Central
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Post by adrian77 on Jul 8, 2020 17:50:32 GMT
Disappointing!
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Post by RateSetter on Jul 9, 2020 17:01:27 GMT
Good afternoon. Today we have delivered £1.0m, full update below:
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Post by RateSetter on Jul 10, 2020 16:07:33 GMT
Good afternoon. Today we have delivered £0.8m. The full update is below:
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Post by ianj99 on Jul 10, 2020 16:30:33 GMT
I can see from the new feature I am 18300 in the queue for a recent release request. It would be nice to know the volume of the requests in front of me, so I can guess how many weeks or months it will take for the release. I think the term access is a bit misleading in the current conditions
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chris1200
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Post by chris1200 on Jul 10, 2020 20:30:27 GMT
I can see from the new feature I am 18300 in the queue for a recent release request. It would be nice to know the volume of the requests in front of me, so I can guess how many weeks or months it will take for the release. I think the term access is a bit misleading in the current conditions If you wanted Access you should have invested in the 5 year market. This has been said ad nauseam, but the 'Access' label was never about accessing your money more quickly, it was about accessing it without paying a fee. If you requested your money from a 1-Year or 5-Year account, you didn't get your money any more slowly than from Access, you just had to pay a fee. Trying to pretend now that 'Access' was about getting your money quickly is disingenuous or shows a fundamental misunderstanding of the platform.
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ashe
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Post by ashe on Jul 10, 2020 21:25:44 GMT
Had a quick look on the internet archive, absolutely no sign of Access being marketed as a quicker way to access your cash, and clearly saying "instant access is not guaranteed". Some people just want to blame RS rather than taking responsibility themselves for making false assumptions. And I speak as someone who will be waiting a long long time in the withdrawal queue. web.archive.org/web/20191231142801/https://www.ratesetter.com/invest/everyday-investing
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chris1200
Member of DD Central
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Post by chris1200 on Jul 10, 2020 21:44:45 GMT
This has been said ad nauseam, but the 'Access' label was never about accessing your money more quickly, it was about accessing it without paying a fee. If you requested your money from a 1-Year or 5-Year account, you didn't get your money any more slowly than from Access, you just had to pay a fee. Trying to pretend now that 'Access' was about getting your money quickly is disingenuous or shows a fundamental misunderstanding of the platform. I think that its more to do with RS misleading those that dont understand the platform. The end result of this deception will be the demise of RS. Please do point me to where RS told you that Access accounts provided speedier RYIs than 1-year and 5-year, or indeed any indication that speed of RYI was a distinguishing feature of the different markets.
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chris1200
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Post by chris1200 on Jul 10, 2020 22:30:34 GMT
Please do point me to where RS told you that Access accounts provided speedier RYIs than 1-year and 5-year, or indeed any indication that speed of RYI was a distinguishing feature of the different markets. They didn't. However they choose a misleading name for the account. Looking at reviews it's obvious that the name ACCESS has mislead many people. It’s only “misleading” if you make your entire investment decision based on an assumption about what one word means. Take some responsibility.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
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Post by beagle on Jul 10, 2020 23:17:19 GMT
Please do point me to where RS told you that Access accounts provided speedier RYIs than 1-year and 5-year, or indeed any indication that speed of RYI was a distinguishing feature of the different markets. They didn't. However they choose a misleading name for the account. Looking at reviews it's obvious that the name ACCESS has mislead many people. sorry but time to get real you invested and so you need to do your own due diligence. not the best label yes but agree with Chris, take the responsibility
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Post by diversifier on Jul 11, 2020 0:09:02 GMT
They didn't. However they choose a misleading name for the account. Looking at reviews it's obvious that the name ACCESS has mislead many people. sorry but time to get real you invested and so you need to do your own due diligence. not the best label yes but agree with Chris, take the responsibility It seems very clear that the current Liquidity situation in Access is intrinsic to this type of product. You’ve made your view very clear, that due diligence should have revealed it in advance as “to be expected”. Can we then assume that you think the majority of people who invested in the Access product were misguided, given such intrinsic and obvious flaws? But you also think that Ratesetter’s product policy and strategy is just fine, and should continue? Access type accounts are now the only products offered by Ratesetter to new investors. But potential new investors are now thoroughly informed about the shortcomings, and are unlikely to invest in this intrinsically flawed product. Unless RS change their offering Ts and Cs, *and not just the interest rate*, don’t you think that’s a recipe for guaranteed wind-down of RS? Put another way - from the current situation, do you think perhaps RS should change the Ts and Cs of its flagship (and *only offered*) account types? Or, are you hoping that you can continue as a grandfathered holdout in the 5yr, whilst the main part of RS business winds down? I’m trying not to be inflammatory, it’s a genuine question. I’m in the 5yr, remaining but not re-investing, because I don’t see being a grandfathered holdout in a rump business as likely to end well for me.
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Post by shanghaiscouse on Jul 11, 2020 8:34:06 GMT
Had a quick look on the internet archive, absolutely no sign of Access being marketed as a quicker way to access your cash, and clearly saying "instant access is not guaranteed". Some people just want to blame RS rather than taking responsibility themselves for making false assumptions. And I speak as someone who will be waiting a long long time in the withdrawal queue. web.archive.org/web/20191231142801/https://www.ratesetter.com/invest/everyday-investingWell, accroding to that web archive page, the "Access" refers to their not being a release fee (in contrast to the other accounts being marketed at that time) rather than any promise of instant or even instant-ish access. I always thought the right way to describe it would be to call it "Access?"
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chris1200
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Post by chris1200 on Jul 11, 2020 9:11:44 GMT
sorry but time to get real you invested and so you need to do your own due diligence. not the best label yes but agree with Chris, take the responsibility While I agree with you and Chris and have no issues myself I am sure that you will agree that there are many people that invested in the product that shouldn't have. Many were pulled in by the name ACCESS - RS should never have used this name for a non accessible account. Perhaps you could offer an explanation why RS decided to rename the Rolling Market ACCESS while at the same time making it LESS accessible due to auto reinvestment? Perhaps you might also have an explanation as to why RS have reduced liquidity in the market by not allowing new investors? Of course there seem to have been people who invested when they shouldn't have - but why do you lay the blame for this with RS? Many people mistakenly think that Sydney is the capital of Australia - is this the Australian government's fault, or the fault of those people for not bothering to check whether their assumption is correct? As to naming the account 'Access' - I think I've already answered this question several times. Because 'access', in this case, is about accessing for free (i.e. without a fee). This is fairly clear from even the briefest of glances as the RS platform, and if people can't even be bothered to do that when putting significant sums of their cash somewhere, then frankly I think the mistake is on them. As for not allowing new investors, once again, this has been discussed ad nauseam. You even started a new thread on it if I recall correctly - joy of joys, yet another one. Please feel free to go there and remind yourself what I and others said, rather than going round the merry-go-round once again.
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