Ratesetter

JenniferK

1.    Does anyone have any information as to how long the current process is for releasing investments?
2.    Why are some funds reinvested at the going rate rather than the set interest rate.

drphila

JenniferK said:

1.    Does anyone have any information as to how long the current process is for releasing investments?
2.    Why are some funds reinvested at the going rate rather than the set interest rate.

1) Plenty of info here: https://p2pindependentforum.com/post/372887/thread

2) By default  re-investment is at the going rate, but you can set your own rate by going to "your lending", then clicking on the specific product eg Access and then on the pencil icon by re-investment settings

JenniferK

drphila said:

2) By default  re-investment is at the going rate, but you can set your own rate by going to "your lending", then clicking on the specific product eg Access and then on the pencil icon by re-investment settings

Thanks for your reply.  My rate is set at 8% yet they still reinvest my repayments at the "going rate" and I am unable to cancel most orders.  Any ideas why?

soulsaver

Are you talking about the access or rolling market & loans at 3.0% or below? If not which market and what rate are the loans you're talking about?

JenniferK

soulsaver said:

Are you talking about the access or rolling market & loans at 3.0% or below? If not which market and what rate are the loans you're talking about?

I have money on the Access Market.  When re-payments are made RS reinvest this at the going rate of 3% and not the 8% that I have set in the re-investment settings.   Surely, any re-investment should be at the rate set by the investor?

masonic

Interesting, others have reported setting their own rate is successful, and that they can cancel those orders and withdraw the cash. I wonder if something has changed recently.

JenniferK

Ratesetter state:
I have checked each of the contracts that you have provided details of and can confirm each of these have been formed to rematch the remaining capital outstanding on your contracts to the original borrower at the original rate. These have not been formed due to repaid capital and interest being reinvested into new loans.
When you receive monthly repayments, the amount repaid by the borrower is reinvested in line with your settings so will be placed on to the market at 8% to be matched to new loans. The remaining capital outstanding is rematched to the original borrower at the original contract rate. This does cause a new contract number to be generated each month every time this happens, however rest assured this is the continuation of your existing contracts not repayments being matched to new loans below your chosen rate.

rentaquote

Well done for getting your funds on at 8%!  It's extraordinary, given that the Access market typically pays the least.  When were you able to achieve that rate?  Any tips appreciated.

My maturing and paid-back-early loans go back onto the market at my chosen rate.  So to retrieve your funds, you set an improbably high rate and move the money into your holding account.

Breadcake

JenniferK said:

Ratesetter state:
I have checked each of the contracts that you have provided details of and can confirm each of these have been formed to rematch the remaining capital outstanding on your contracts to the original borrower at the original rate. These have not been formed due to repaid capital and interest being reinvested into new loans.
When you receive monthly repayments, the amount repaid by the borrower is reinvested in line with your settings so will be placed on to the market at 8% to be matched to new loans. The remaining capital outstanding is rematched to the original borrower at the original contract rate. This does cause a new contract number to be generated each month every time this happens, however rest assured this is the continuation of your existing contracts not repayments being matched to new loans below your chosen rate.

Hi, yes it has been like this for as long as I can remember.
Let's say someone signed up last month, deposited £5k and this was matched to one, new borrower 'Borrower A' and paid the lender 3% at a length of 5 years - the typical monthly payment will be around £89.84.  After one month (allowing for a borrower who pays on time with no overpayments) the lender should expect to see approx. £4922.66 re-matched to 'Borrower A', and approx. £89.84 repaid. The £4922.66 will stay at the interest rate previously agreed (3% in this example) and the £89.84 will be whatever the lender has set their settings to (in your example 8%).
Only the £89.84 will be visible in the unmatched money.
To get the amount already on loan a withdrawal request should be made. As 'Borrower A' will have bought his car/home improvement/debt reconsolidation/other and RateSetter need someone to take your place as the lender.

JenniferK

rentaquote said:

Well done for getting your funds on at 8%!  It's extraordinary, given that the Access market typically pays the least.  When were you able to achieve that rate?  Any tips appreciated.

My maturing and paid-back-early loans go back onto the market at my chosen rate.  So to retrieve your funds, you set an improbably high rate and move the money into your holding account.

I haven't.  Its set at 8% so that I can cancel orders to my holding account.

JenniferK

Breadcake said:

JenniferK said:

Ratesetter state:
I have checked each of the contracts that you have provided details of and can confirm each of these have been formed to rematch the remaining capital outstanding on your contracts to the original borrower at the original rate. These have not been formed due to repaid capital and interest being reinvested into new loans.
When you receive monthly repayments, the amount repaid by the borrower is reinvested in line with your settings so will be placed on to the market at 8% to be matched to new loans. The remaining capital outstanding is rematched to the original borrower at the original contract rate. This does cause a new contract number to be generated each month every time this happens, however rest assured this is the continuation of your existing contracts not repayments being matched to new loans below your chosen rate.

Hi, yes it has been like this for as long as I can remember.
Let's say someone signed up last month, deposited £5k and this was matched to one, new borrower 'Borrower A' and paid the lender 3% at a length of 5 years - the typical monthly payment will be around £89.84.  After one month (allowing for a borrower who pays on time with no overpayments) the lender should expect to see approx. £4922.66 re-matched to 'Borrower A', and approx. £89.84 repaid. The £4922.66 will stay at the interest rate previously agreed (3% in this example) and the £89.84 will be whatever the lender has set their settings to (in your example 8%).
Only the £89.84 will be visible in the unmatched money.
To get the amount already on loan a withdrawal request should be made. As 'Borrower A' will have bought his car/home improvement/debt reconsolidation/other and RateSetter need someone to take your place as the lender.

Thanks.  I understand that but as for as I can tell the £89.84 is being lent at the going rate - not 8%.