jlend
Member of DD Central
Posts: 1,817
Likes: 1,444
|
Post by jlend on Jul 9, 2018 10:16:31 GMT
I got notification by e-mail in the 'Your April 2018 statement' - it was cunningly hidden in a small section named 'Simplifying our Rolling Market' Too be honest, I think given this was such a material change it should have had a dedicated e-mail - I did actually read this one, I normally skip the statement e-mails though. Agreed. The last time the terms were changed on my credit card i got a dedicated correspondence. Am surprised a mention in a statement email and a blog entry is sufficient.... Lenders use to be able to post queries on the blogs on the RS website, but this was removed recently when the website was updated. They said the functionality was going to be put back, but there is no sign of it.
|
|
jlend
Member of DD Central
Posts: 1,817
Likes: 1,444
|
Post by jlend on Jul 9, 2018 10:29:11 GMT
I got notification by e-mail in the 'Your April 2018 statement' - it was cunningly hidden in a small section named 'Simplifying our Rolling Market' Too be honest, I think given this was such a material change it should have had a dedicated e-mail - I did actually read this one, I normally skip the statement e-mails though. Agreed. The last time the terms were changed on my credit card i got a dedicated correspondence. Am surprised a mention in a statement email and a blog entry is sufficient.... Lenders use to be able to post queries on the blogs on the RS website, but this was removed recently when the website was updated. RateSetter said in a post on this form that the functionality was going to be put back, but there is no sign of it.
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
|
Post by coogaruk on Jul 9, 2018 10:43:07 GMT
I got notification by e-mail in the 'Your April 2018 statement' - it was cunningly hidden in a small section named 'Simplifying our Rolling Market' Too be honest, I think given this was such a material change it should have had a dedicated e-mail - I did actually read this one, I normally skip the statement e-mails though. Agreed.
While I don't skip the statement emails, I only use them for their intended purpose: To check how much interest my account earned in the previous month.
Same as when I check my bank statements, it's to scrutinise the transactions, not to look for rule changes and moving of goalposts.
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
|
Post by coogaruk on Jul 9, 2018 10:46:11 GMT
Plus in the last set of company accounts in the "going concern" statement it said it didnt need to raise any more capital to take it through to profitability. So it will be interesting to see if the press rumours are correct about them seeking to raise additional capital. I don't think the capital raising should necessarily be cause for concern. They might be simply gearing up for a float. Also, surely it has to be seen as a good sign that their backers continue to back them.
|
|
jlend
Member of DD Central
Posts: 1,817
Likes: 1,444
|
Post by jlend on Jul 9, 2018 10:53:24 GMT
Plus in the last set of company accounts in the "going concern" statement it said it didnt need to raise any more capital to take it through to profitability. So it will be interesting to see if the press rumours are correct about them seeking to raise additional capital. I don't think the capital raising should necessarily be cause for concern. They might be simply gearing up for a float. Also, surely it has to be seen as a good sign that their backers continue to back them. Agreed. It could be they are raising the money for a variety of reasons. I am sure they will let us know at some stage if the press articles are correct. At the moment when asked they say "Sorry, but we don't have any comment to make on those press stories."
|
|
|
Post by ruralres66 on Jul 9, 2018 11:12:58 GMT
They might be simply gearing up for a float.
"Ratesetter has, however, experienced difficulties in line with the nascent P2P sector - notably last year when it was hit by £80m of problem loans.
The company insists that no investors have lost money because of its Provision Fund, although the boss of the City regulator has raised concerns about the risk that these pools of cash could "trend towards being misleading.........Ratesetter declined to comment on its fundraising, which is being overseen by Lazard and Peel Hunt, the investment banks.
Ratesetter is now chaired by Paul Manduca, the City grandee who also chairs Prudential, the FTSE-100 insurer.".
www.cityam.com/288606/bank-england-rate-setter-michael-saunders-says-rate-hike
Bank of England rate-setter Michael Saunders says rate hike needed faster than markets expect
|
|
lara
Posts: 345
Likes: 300
|
Post by lara on Jul 9, 2018 16:23:03 GMT
I've very much enjoyed my time investing with RateSetter but this is seriously no way to treat investors. This afternoon I opened an account with AC and deposited my first funds. It feels pretty good to be back in the game again, don't know what took me so long!
|
|
pence
Posts: 46
Likes: 14
|
Post by pence on Jul 9, 2018 16:24:13 GMT
Ratesetter can't afford to have lenders loosing capital. Many customers which use Ratesetter as a kind of savings account would leave. So they probably rather do a fund-raise than loosing customers.
|
|
|
Post by honda2ner on Jul 9, 2018 20:11:16 GMT
I've very much enjoyed my time investing with RateSetter but this is seriously no way to treat investors. This afternoon I opened an account with AC and deposited my first funds. It feels pretty good to be back in the game again, don't know what took me so long! AC are introducing 2 factor authentication for every login so you will need to get a text or confirmation through an app just to login and look at your investments. When that drives you mad RS might not look so bad. All the P2P platforms make spectacularly silly changes from time to time. At least AC has people on this forum and interacts with lenders on here, not sure it means sanity prevails but it's a damn sight better than the heavy handed and couldn't care less attitude coming from RS.
|
|
lara
Posts: 345
Likes: 300
|
Post by lara on Jul 9, 2018 20:23:01 GMT
I've very much enjoyed my time investing with RateSetter but this is seriously no way to treat investors. This afternoon I opened an account with AC and deposited my first funds. It feels pretty good to be back in the game again, don't know what took me so long! AC are introducing 2 factor authentication for every login so you will need to get a text or confirmation through an app just to login and look at your investments. When that drives you mad RS might not look so bad. All the P2P platforms make spectacularly silly changes from time to time. At least AC has people on this forum and interacts with lenders on here, not sure it means sanity prevails but it's a damn sight better than the heavy handed and couldn't care less attitude coming from RS. Thanks! I found that out already and it is spectacularly inconvenient but far less so than getting matched at 2.3% against my will on RS ! I completely agree, I've been over to the AC sub forum and it's encouraging to see the comments from the rep. as he takes the feedback on board. I think that's what has upset me so much about the recent RS debacle, the way they tried to sneak it by us with not even one headline email sent, and the fact that they are pretending that it will actually be of benefit to investors with stable rates for longer durations. I don't see anyone being happy with rates which are so much lower, for so much longer! At least if they had admitted that it was a business decision, I may not have liked it, but it would have been easier to deal with.
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
|
Post by coogaruk on Jul 16, 2018 14:08:46 GMT
Today's MR was 3.7% so for the first time in just over a month I've not headed straight for the exit with the latest small early redemption.
Nice to see the recent changes have gotten rid of all that nasty market volatility
|
|