Been investing with Ratesetter for a few years and it has worked well... ...until this year. First money built up in my holding account as it ignored the reinvestment settings. Ratesetter said it was fixed and then it happened again.
More seriously the system currently won't let me make withdrawals from the rolling market - it usually hangs at the estimate animation on the withdrawal page. Sometimes I get a Cloudflare screen saying members.ratesetter.com is returning an unknown error - screenshot attached
I managed to get a withdrawal order placed on Tuesday but the money hasn't appeared in my holding account yet - previous withdrawals have taken a few minutes. A further withdrawal order has simply disappeared from the screen.
Customer service have been useless - unable to give any estimate of when the withdrawal will be available or when I will be able to reliably place withdrawal orders. They have raised a complaint but frankly that's not much use to me.
Anyone have any recent experience of how long it takes withdrawals to appear in the holding account? (I've seen another thread but it was often about transfers to bank account not ratesetter internal transfers to holding account)
Anyone else with a poisoned account that won't let them make withdrawals? (or am I just lucky )
As of now and when/if I can get my money out I won't be using Ratesetter again. Worse thing is no one in customer service seems to give a damn.
Lucky you I too appear to be unable to get at any of my money (been two days now).
We were flooded monday night and I need the money for a new kitchen
Doing some research the first loan I looked at is a 4 year loan paying me 3% p/a which I am tied into unless they can sell the loan. Im really not sure I understood this at all when I started, I thought the rolling market was instant access and worse case scenario when a loan repaid each month. I thought by upping my re-investment criteria to 10% re-investment would stop but of course not as they aren't actually paid off and re-invested.
Two days seems to be the norm for withdrawals from Rolling at the moment. I wonder if it's because people are cashing in to invest in the other markets at the (slightly) higher rates than for the previous couple of months.
I have been actively making withdrawal requests on RS and I don't have any major concerns compared to my experience in other platforms. The P2P industry keeps evolving and it is important to update knowledge.
Bottom line: The RYI works well but not instantaneous, current queue is about 48 hours.
Maybe it would be helpful if Ratesetter actually told people what the current queue was - appreciate they can't be exact but 'about two days' woud be a lot more useful than 'immediate access is not guaranteed'.
Also their system shouldn't hang and generate error messages - reliability is paramount for me
I put in a request to release about 6K from rolling wednesday night, still waiting for it was gonna move it to the 1 year market
Releasing from the rolling market has always been completed after a few min in the past, From my understanding it shouldn't take long if there is activity on the market I looked throughout yesterday and there was plenty of money moving
That cloudfare error on the release investment page is common from my experience you've normally got to try it a few times before it actually gives you the estimate and lets you put request in
Ratesetter customer service should be better they should at least explain why its taking longer than normal
Ratesetter - if they read these posts, really need to resolve this.
Longer (and unexplained) withdrawal times were the early warning signal at Farcical Clowns before it went really pear-shaped. There, the longer waits were not necessarily a problem, but a symptom of other more serious issues.
As posted above, the delay is not necessarily an issue, but the fact it was imposed unannounced gives the impression RS have either been unexpectedly caught out by "something" or have been forced to take some unexpected action.
Something has changed that they are not going public with...