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Post by scepticalinvestor on Mar 19, 2020 17:50:25 GMT
Good afternoon everyone. We have again updated the RateSetter Notice on processing investment releases: the amount delivered on Monday was £0.5m; on Tuesday we delivered £1.3m; the amount delivered yesterday has been revised up from £1m to £1.2m; and today we expect to deliver £0.8m. As mentioned before, we expect the amount delivered each day will increase, with day-to-day fluctuations around the upward trend. Full text of the Notice for reference: For the amount delivered today, when were those RYIs requested please? For obvious reasons, RS is unlikely to disclose what the total pending RYI requests are.
People are buying up loo rolls like the country's been struck with mass diarrhoea, you can imagine the scale of the run on RS if they disclose the real figure of funds waiting to be withdrawn.
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Post by Deleted on Mar 19, 2020 17:58:23 GMT
I didn't ask for the size of the queue, only the date today's funds were requested. This gives an indication of how accurate their estimate of a week or so is, something which RS should either be prepared to stand by or announce a change.
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r00lish67
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Post by r00lish67 on Mar 19, 2020 18:02:50 GMT
I didn't ask for the size of the queue, only the date today's funds were requested. This gives an indication of how accurate their estimate of a week or so is, something which RS should either be prepared to stand by or announce a change. I'd hazard that they're still doing the 9th. I say that as I'm still waiting and mine was requested on the 9th (and we've already seen one person who has had theirs released from the 9th).
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Post by Deleted on Mar 19, 2020 18:10:29 GMT
I didn't ask for the size of the queue, only the date today's funds were requested. This gives an indication of how accurate their estimate of a week or so is, something which RS should either be prepared to stand by or announce a change. I'd hazard that they're still doing the 9th. I say that as I'm still waiting and mine was requested the 9th (and we've already seen one person who has had theirs released from the 9th). Thanks. I'm keen to know as I initiated two RYIs later in the week so want to estimate where they're up to.
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Post by throwaway2501 on Mar 19, 2020 19:03:27 GMT
I'd hazard that they're still doing the 9th. I say that as I'm still waiting and mine was requested the 9th (and we've already seen one person who has had theirs released from the 9th). Thanks. I'm keen to know as I initiated two RYIs later in the week so want to estimate where they're up to. Ok I can probably be quite helpful here. I made an RYI request for £20 early afternoon on 9th March. That came through/completed this afternoon. Later on in the day, when I realised there wasn't much liquidity (probably early evening), I did an RYI for a larger amount. That hasn't yet come through. So they're certainly still working their way through 9th - some point between early afternoon and early evening. It does look as though today was a little lower in terms of total RYIs processed than has been the case for the last few days. TBH, I'm really impressed at how RateSetter is handling. This new transparency is helpful and they are obviously very keen to ensure that people who invested money in "Access" do indeed still have access to it. If I didn't need my money to buy something now, I think I'd probably cancel my RYI.
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r00lish67
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Post by r00lish67 on Mar 19, 2020 19:16:18 GMT
Thanks. I'm keen to know as I initiated two RYIs later in the week so want to estimate where they're up to. Ok I can probably be quite helpful here. I made an RYI request for £20 early afternoon on 9th March. That came through/completed this afternoon. Later on in the day, when I realised there wasn't much liquidity (probably early evening), I did an RYI for a larger amount. That hasn't yet come through. So they're certainly still working their way through 9th - some point between early afternoon and early evening. It does look as though today was a little lower in terms of total RYIs processed than has been the case for the last few days. TBH, I'm really impressed at how RateSetter is handling. This new transparency is helpful and they are obviously very keen to ensure that people who invested money in "Access" do indeed still have access to it. If I didn't need my money to buy something now, I think I'd probably cancel my RYI. and i did mine at 5pm which has yet to come through, so they're somewhere between 2pm-5pm. (Please mercy of God let that be sufficient to avoid an FC-style withdrawal thread )
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IFISAcava
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Post by IFISAcava on Mar 19, 2020 19:23:42 GMT
It isn't so simple my 5 year RYI that I asked for after the Access RYI came in yesterday, but still awaiting Access.
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r00lish67
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Post by r00lish67 on Mar 19, 2020 19:27:32 GMT
It isn't so simple my 5 year RYI that I asked for after the Access RYI came in yesterday, but still awaiting Access. AYes It's different for different markets - my 5yr (submitted on the 9th) came through in under 24 hours. I think that they're processing somewhere between 2pm and 5pm for the Access market only holds true though. Unless someone out there has had an Access market RYI submitted after the 9th successfully processed already? edit: no-one has piped up, so will run with this assumption for now.
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db
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Post by db on Mar 19, 2020 22:23:59 GMT
Hi! I've been following this...thanks for all the thoughts and info. I put my Access RYI request in at about 18.45 on the 9th. Still waiting but encouraged by reported progress.
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Post by mikael on Mar 19, 2020 22:46:15 GMT
I put in my Access and 1 year requests in on the morning of the 11th.
Nothing yet. I really, REALLY need this to come through.
What are your thoughts on this taking a month? Likely? Thoughts really appreciated. Additionally, will larger numbers get pushed back further?
Thanks, you guys are awesome
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gg
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Post by gg on Mar 19, 2020 23:04:03 GMT
My guess is that RS do not have the funds to satisfy all of the RYI requests (stating the obvious I guess).
They will only have the funds when people make repayments. A lot of people are not going to be able to make their repayments.
If the current crisis isn’t resolved, not having our money will be the least of our worries.
Stay healthy, stay safe.
gg
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Post by mikael on Mar 20, 2020 8:01:51 GMT
My situation is that I committed to buying a house with my savings before the outbreak. The amount in Ratesetter is part of that. Today was supposed to be moving day. I have failed to complete meaning I could lose the house now.
This is a big problem. Not having a house during a pandemic is not good. Please, RS, do what you can ASAP 🙏❤️
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Post by Ace on Mar 20, 2020 8:47:51 GMT
My situation is that I committed to buying a house with my savings before the outbreak. The amount in Ratesetter is part of that. Today was supposed to be moving day. I have failed to complete meaning I could lose the house now. This is a big problem. Not having a house during a pandemic is not good. Please, RS, do what you can ASAP 🙏❤️ If the sale falls through you will probably be able to buy it cheaper soon. Moving in to rental for a while would make you a cash purchaser (assuming you can eventually get the cash out of RS), which would put you in a very strong bargaining position as it's going to be tricky to get chains to complete. I appreciate that you might consider the hassle involved to be a worse issue.
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Post by scepticalinvestor on Mar 20, 2020 8:57:16 GMT
I put in my Access and 1 year requests in on the morning of the 11th. Nothing yet. I really, REALLY need this to come through. What are your thoughts on this taking a month? Likely? Thoughts really appreciated. Additionally, will larger numbers get pushed back further? Thanks, you guys are awesome The "waiting period" is likely on the up as we speak. And the longer the current situation persists, the bigger the herd that moves towards the exit gates, exponentially exacerbating the problem and turning it into a run on RS. It doesn't matter that RS is one of the better run P2P lenders out there, it will be catastrophic for them just the same. A potential game changer would be the government extending temporary FSCS protection to P2P interest bearing investments. This can't be ruled out given the other actions being contemplated. There are a lot of vested interests in the traditional banking industry (too big to fail de facto government backstopped) who would like this crisis to sound the death knell for P2P, hopefully they will not succeed.
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r00lish67
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Post by r00lish67 on Mar 20, 2020 10:35:42 GMT
A potential game changer would be the government extending temporary FSCS protection to P2P interest bearing investments. This can't be ruled out given the other actions being contemplated. There are a lot of vested interests in the traditional banking industry (too big to fail de facto government backstopped) who would like this crisis to sound the death knell for P2P, hopefully they will not succeed. There's optimism, and then there's this.
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