lara
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Post by lara on Jul 27, 2018 11:45:26 GMT
I was able to set the rolling rate for some newly added funds this morning. It's the reinvestment settings that still need updating. They never took the ability to set the rate for new money away. (Except if you've been the victim of a ban!)
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rscal
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Post by rscal on Jul 30, 2018 10:26:56 GMT
I have just been able to change (and place) orders in the Rolling Market despite my being formally frozen out for another 10 days. Could it be that (before they announce it in tomorrow's newsletters) RS have taken that 'fair use' rule back as well and reset their systems to the pre-6th June status? (That would just leave having 'rolling matching' in place as the only lasting change.) Is anyone else finding they have unexpected access to the RM today?
Thnx.
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Post by misotu on Jul 30, 2018 20:55:56 GMT
I've had no email, despite having funds in rolling, changing the rate of funds on offer and having a formal complaint in the works. About, er, lack of communication regarding a fundamental change to Ts & Cs in the rolling market. Astonishing. Comms were never their forte but I only found out today as the result of yet another complaint concerning forced reinvestment at low rates.
My husband has had no email either.
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rscal
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Post by rscal on Jul 31, 2018 9:48:57 GMT
I have just been able to change (and place) orders in the Rolling Market despite my being formally frozen out for another 10 days. Could it be that (before they announce it in tomorrow's newsletters) RS have taken that 'fair use' rule back as well and reset their systems to the pre-6th June status? (That would just leave having 'rolling matching' in place as the only lasting change.) Is anyone else finding they have unexpected access to the RM today? I was able to cancel and re-place an order in Rolling first thing but when I then mad a withdrawal via RYI the colours had changed back to the frozen out, including the abilty to 'change' rates on those just placed orders. (So it appears to have been a one-time glitch in my favour.)
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lara
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Post by lara on Aug 1, 2018 10:13:39 GMT
All I can see is "Please look out for more details in your July 2018 statement" in the blog post, but agree no date (sorry this post was not very helpful). I am eagerly waiting for the July statement, keen to know just how many of the changes they are rolling back!
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tx
Member of DD Central
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Post by tx on Aug 2, 2018 16:57:02 GMT
“Taking your advice?” How come they take your advice and why would they admit to you the rate setting feature is powerful but not to me?!
I complained over the phone email and back and forth 3,4 times, in the end Rate setter just say they consider my case and believe ignoring 7% investors setting reinvesting rate was right, and spent another two days finding me the terms that they can change to do whatever they please. And kindly remind me that I have 8 weeks to take this to the financial ombudsman.
So, they didn’t take anyone’s advice and simply having a u turn on business model after the collective power of 7% investor in withdrawing their funds, causing rates to shoot up.
I still think this is such a shambolic move and handling of my case.
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Post by fiatlender on Aug 2, 2018 18:32:47 GMT
Looks like this will be reintroduced on 5th September according to the July statement.
"Many of you have said how much you valued the ability to set your own rate on capital reinvestments in the Rolling market, so we are going to reintroduce the feature. This will come into effect on 5th September and we will be updating our Investor Terms to reflect these changes. We‘re sorry if the temporary absence of this feature caused any inconvenience."
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rscal
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Post by rscal on Aug 2, 2018 19:11:33 GMT
Looks like this will be reintroduced on 5th September according to the July statement.
"Many of you have said how much you valued the ability to set your own rate on capital reinvestments in the Rolling market, so we are going to reintroduce the feature. This will come into effect on 5th September and we will be updating our Investor Terms to reflect these changes. We‘re sorry if the temporary absence of this feature caused any inconvenience."
Tense alert. They could have said " will cause" but it appears superfically by this wording as though they are tacitly accepting the period during which the auto-investment feature has already been in place constitutes a [cough] 'nuisance' to investors caught up in it. That could now be used against them for never apologising for what they did and trying to whitewash the reasons for the back down.
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lara
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Post by lara on Aug 2, 2018 19:56:15 GMT
No mention of the 14 day ban so presumably they are planning to keep that feature?
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oik
Member of DD Central
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Post by oik on Aug 2, 2018 20:34:55 GMT
The full thing in their blog looks as if it was writen for the benefit of 5 year olds by a 4 year old - a liittle chap called Mario Lupori apparently. He's still calling the whole mess an "improvement", an "upgrade" and a "simplification", and still no apology for the hassle they've caused their customers. Surely if they want to be taken seriously they could find a grown up to write their stuff.
He also claims "Now, following the upgrade, your investments remain matched for the full term of the loans which gives you certainty of rate for longer." Master Lupori should be told that, in reality, lenders may find their loan repaid at any time and currently automatically relent at whatever RS decide is the "market rate". There is no certainty of loans remaining matched for the original term of the loan nor is there likely to be.
Instead of this infantile nonsense, can't Ratesetter employ a few grown-ups who understand what an apology is and could give the impression of being able to look after other people's money?
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Aug 3, 2018 5:04:38 GMT
Although I'm annoyed about the low-key way the new system was announced, and the apparent attempt to depress rates by forcing reinvestments at MR, (as well as the questionable veracity of the rationales published) ultimately investors who acted to withdraw funds pushing up rates forced this to be reevaluated. Despite complaining to RS, I didn't get around to removing funds before rates bounced up and soon ended up fully invested for the first time in recent months at the best rates of the year (esp. 5 yr).
And I like the ongoing match on Rolling, where I sold out some lower-rate 1yr funds, caught some better rates on Rolling before cancelling lower matches there which quickly went back into the term schemes at higher rates, thus avoiding (not EVADING as it was perfectly legitimate according to the rules) the investment freeze penalty!
So all in all not a bad experience, although why it's going to take 6 weeks to reinstate the choice reinvestment options is a mystery.
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jlend
Member of DD Central
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Post by jlend on Aug 3, 2018 8:48:26 GMT
Even with all the rolling issues RS had one of their record months in July lending 75.5m, 21% up on last month and 43% up on last year. Plus larger than AC, LW and GS provion fund lending combined.
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rscal
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Post by rscal on Aug 3, 2018 8:53:32 GMT
..I like the ongoing match on Rolling, where I sold out some lower-rate 1yr funds, caught some better rates on Rolling before cancelling lower matches there which quickly went back into the term schemes at higher rates.. The surrender on the 1 year mk is 'last in first out' is it not? Presumably the lower-rate 1yr were all the most recent loans made therefore. Have you factored the 0.3% fee when considering how much benefit was obtained by moving to higher (nominal) rates?
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Post by fiatlender on Aug 3, 2018 10:51:35 GMT
..I like the ongoing match on Rolling, where I sold out some lower-rate 1yr funds, caught some better rates on Rolling before cancelling lower matches there which quickly went back into the term schemes at higher rates.. The surrender on the 1 year mk is 'last in first out' is it not? Presumably the lower-rate 1yr were all the most recent loans made therefore. Have you factored the 0.3% fee when considering how much benefit was obtained by moving to higher (nominal) rates?
I'm interested in answer to this, but I'm guessing The Driver is using the 'secret method' to reset the date on the last loan/s matched and therefore jumping to the loan he/she wants to sell out.
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Aug 3, 2018 11:14:15 GMT
..I like the ongoing match on Rolling, where I sold out some lower-rate 1yr funds, caught some better rates on Rolling before cancelling lower matches there which quickly went back into the term schemes at higher rates.. The surrender on the 1 year mk is 'last in first out' is it not? Presumably the lower-rate 1yr were all the most recent loans made therefore. Have you factored the 0.3% fee when considering how much benefit was obtained by moving to higher (nominal) rates?
Yes, yes and yes. 1 year rates had been low in May, and the combination of Rolling at about 0.5% higher (no penalty - apart from the subsequent ban which didn't matter as I went back in to 1 yr) and 1% better on 1 yr seemed like a good swap. I don't usually have the time or inclination for such bothersome shenanigans, but was a bit bored and felt the need to "beat the system" in the circumstances at the time. fiatlender: Not necessary this time, although might be doing so next week as RateSetter are being so recalcitrant in reverting the reinvestment setting.
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