Ratesetter Release Delays

keyboardworrier

That is an interesting development. I wonder what Metro Banks DD will uncover about the provision fund/bad debts etc.

firestone

Could be interesting but I would guess the same in reverse if RS did DD and looked at Metro's books as most banks must have bad loans/debts on their books i assume

KBZL

Fund release requests are tracked at a few places. I can't post the links because I've had to create a new account on here after my old lapsed and was set to an obsolete email address.
Google "Ivan Pashov ratesetter releases" and also look on p2pindependent forum where there's a dedicated thread.

michaels

So I set my new lending rate to 8% but my statement still shows capital repaid followed by funds 'lend order' and all the funds disappear again.  Are they basically ignoring the 8% and lending the funds out regardless?

[Deleted User]

michaels said:

So I set my new lending rate to 8% but my statement still shows capital repaid followed by funds 'lend order' and all the funds disappear again.  Are they basically ignoring the 8% and lending the funds out regardless?

Same happened to me. Set Access rate to maximum possible, found out few days later that my loan has been repaid in full but money was insta-relent at much lower rate, my setting completely ignored. I am in the queue to sell, dunno if that's relevant. It shouldn't be, as my loan was repaid in full and money taken again while ignoring my rate.

grumiofoundation

michaels said:

So I set my new lending rate to 8% but my statement still shows capital repaid followed by funds 'lend order' and all the funds disappear again.  Are they basically ignoring the 8% and lending the funds out regardless?

I've had that too - It seems to be for Amortising loans, so I was guessing on possibility might be the money is being 'repaid' then 'lent-out again' (minus the interest and the small amount of capital)? I have no idea if this is the case (and if it is seems an odd system)?

I have had other loans pay back in full and the money has not been lent out again (I am using 8% for re-lending) but has gone onto the market.

TheLastMongoose

I had the same a couple of weeks ago but assumed I must have made a mistake. It was also for an amortising loan and left me with a few pounds in my holding account.

jennyjj

pioruns said:

michaels said:

So I set my new lending rate to 8% but my statement still shows capital repaid followed by funds 'lend order' and all the funds disappear again.  Are they basically ignoring the 8% and lending the funds out regardless?

Same happened to me. Set Access rate to maximum possible, found out few days later that my loan has been repaid in full but money was insta-relent at much lower rate, my setting completely ignored. I am in the queue to sell, dunno if that's relevant. It shouldn't be, as my loan was repaid in full and money taken again while ignoring my rate.

You misunderstand: Each time a borrower makes his monthly repayment, RS treat it as a full repayment of the loan followed instantly as a lesser loan to the same borrower. So, for example for a loan of 1200 with outstanding 12 months term, the borrower repays about £100 per month but you would see repayment 1200 + a bit of interest followed by a re-loan of 1100.
Why RS do this is a mystery, but that's just the way it is for most amortising loans.
There is no way to have RS stop re-loaning the money that way.We have to live with it for as long as it takes to get our money repaid as loans mature. I've estimated that for my loans, I'll  claw about 50% over 12 months and 50% of the rest over the next 12 months.... IF RS can just keep there platform running that long, which i doubt.

michaels

jennyjj said:

pioruns said:

michaels said:

So I set my new lending rate to 8% but my statement still shows capital repaid followed by funds 'lend order' and all the funds disappear again.  Are they basically ignoring the 8% and lending the funds out regardless?

Same happened to me. Set Access rate to maximum possible, found out few days later that my loan has been repaid in full but money was insta-relent at much lower rate, my setting completely ignored. I am in the queue to sell, dunno if that's relevant. It shouldn't be, as my loan was repaid in full and money taken again while ignoring my rate.

You misunderstand: Each time a borrower makes his monthly repayment, RS treat it as a full repayment of the loan followed instantly as a lesser loan to the same borrower. So, for example for a loan of 1200 with outstanding 12 months term, the borrower repays about £100 per month but you would see repayment 1200 + a bit of interest followed by a re-loan of 1100.
Why RS do this is a mystery, but that's just the way it is for most amortising loans.
There is no way to have RS stop re-loaning the money that way.We have to live with it for as long as it takes to get our money repaid as loans mature. I've estimated that for my loans, I'll  claw about 50% over 12 months and 50% of the rest over the next 12 months.... IF RS can just keep there platform running that long, which i doubt.

Thanks, I had hoped there was a logical explanation.

[Deleted User]

Wow, I didn't know that RS does that. In 5 year market where I also have funds that's not the case.

Anyway, I am queued for sell in both Access and 5 year market, maybe it will sell by end of this year. If not, hopefully RS platform stays afloat long enough so loans can be repaid.