r00lish67
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Post by r00lish67 on Jun 18, 2019 22:02:55 GMT
We are buying a house, so we need to withdraw a fair amount of our investment, although not all. And we are doing this well in advance, not last minute, so will be perfectly happy if we get our funds in the next couple of weeks. Beyond that we're into nail-biting territory! Obviously with P2P there's no guarantee you can get your money out on demand, but the funds on offer queue is pretty healthy.
Forgive me if this borders on hectoring, but I have to ask. You recognise there's no guarantees with P2P, and yet you have money apparently essential for a house purchase in just over a fortnight tied up in a P2P investment that could quite legitimately lock you in for up to 5 years if they chose to do so. Regardless of the apparent minor hiccups RS is experiencing, is that wise?
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scc
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Post by scc on Jun 19, 2019 5:24:41 GMT
I agree. I appreciate people want to maximise the interest they are earning, but you can't treat P2P like an instant access savings account. I keep on repeating this here because last year, I was doing exactly that (sweeping any spare cash into ratesetter ahead of a large purchase) until I read more deeply into it. I had no problem getting my money out, and it was nothing like as important or as large as a house purchase. For the sake of a few extra pounds, it's not worth the risk IMO (especially given the sunk cost of house buying fees etc).
I had this email from ratesetter last night which I guess suggests they are now acknowledging the problem.
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benaj
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Post by benaj on Jun 19, 2019 5:52:59 GMT
it could be the other way, the exchange is delayed by the conveyancing, and there is nothing you can do to speed it up while money sitting in the bank earning nothing for months.
At least no one else is using FC as fee free withdrawal "instant" account.
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benaj
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Post by benaj on Jun 19, 2019 6:07:57 GMT
I am still actively withdrawing money daily on RS, and I confirm the current queue for RYI is just about 48 hours and next day withdrawal is back to normal.
My last RYI request was made on 16/06, money was available for withdrawal on 18/06.
Next day request:
18/06/2019 Next Day Money Withdrawal request (xx) £0.00 - Money not in the bank yet, expecting later tonight. 17/06/2019 Next Day Money Withdrawal request (xxx) £0.00 - Money in the bank on 18/06/2019
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Post by misotu on Jun 19, 2019 9:29:53 GMT
We are buying a house, so we need to withdraw a fair amount of our investment, although not all. And we are doing this well in advance, not last minute, so will be perfectly happy if we get our funds in the next couple of weeks. Beyond that we're into nail-biting territory! Obviously with P2P there's no guarantee you can get your money out on demand, but the funds on offer queue is pretty healthy.
Forgive me if this borders on hectoring, but I have to ask. You recognise there's no guarantees with P2P, and yet you have money apparently essential for a house purchase in just over a fortnight tied up in a P2P investment that could quite legitimately lock you in for up to 5 years if they chose to do so. Regardless of the apparent minor hiccups RS is experiencing, is that wise? No, it's not hectoring and yes I do understand the pitfalls of P2P. I'm not completing on my house purchase in two weeks - I simply said that if I don't get the funds over the next two weeks I will start to get anxious. That's because such a long delay would indicate that I might experience a very serious further delay in withdrawing the funds. Obviously it's a question of balance, but I had been doing test withdrawals every so often to check that funds could be withdrawn easily. This problem is very recent - only since last week - and there have been healthy funds on offer recently. It's hard to gauge how far ahead is "safe". Based on the updates here, looks like we should be fine. I am baffled though - there is a queue for withdrawals and yet when I last looked just £9k of borrower requests at 2.8%, with £1.3 million waiting to be matched ... This does not seem reasonable.
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r00lish67
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Post by r00lish67 on Jun 19, 2019 11:33:24 GMT
Forgive me if this borders on hectoring, but I have to ask. You recognise there's no guarantees with P2P, and yet you have money apparently essential for a house purchase in just over a fortnight tied up in a P2P investment that could quite legitimately lock you in for up to 5 years if they chose to do so. Regardless of the apparent minor hiccups RS is experiencing, is that wise? No, it's not hectoring and yes I do understand the pitfalls of P2P. I'm not completing on my house purchase in two weeks - I simply said that if I don't get the funds over the next two weeks I will start to get anxious. That's because such a long delay would indicate that I might experience a very serious further delay in withdrawing the funds. Obviously it's a question of balance, but I had been doing test withdrawals every so often to check that funds could be withdrawn easily. This problem is very recent - only since last week - and there have been healthy funds on offer recently. It's hard to gauge how far ahead is "safe". Based on the updates here, looks like we should be fine. I am baffled though - there is a queue for withdrawals and yet when I last looked just £9k of borrower requests at 2.8%, with £1.3 million waiting to be matched ... This does not seem reasonable. Ratesetter often acts in mysterious ways, like when they dump in a huge amount of borrower requests in the 1 year market, only for them to consistently disappear without matching anywhere. In any case, I think I get what you mean. In my case, if any P2P investment scenario including and up to the very worst scenario would cause me anxiety then that is not an investment I would be making. Annoyance, anger, depression, frustration - all of those feelings I can take, but not anxiety as that suggests losing that money would affect my health.
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Post by misotu on Jun 19, 2019 13:25:48 GMT
Happy to say that the first withdrawal request submitted yesterday morning has now been processed and the funds are in holding (now being withdrawn). So that was just over 24 hours, perfectly acceptable. I’m hoping that the remaining requests will be done by close of play Friday, based on this. Had a lot of trouble getting those requests in so they weren’t in the system until late yesterday afternoon.
It would make life so much easier if RS communicated more effectively. How hard would it be to pop up a banner when a withdrawal request is made saying that withdrawals are currently taking around xx hours to process? I’ve been with RS a while and so it’s unnerving when the system doesn’t behave in line with historic norms.
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oik
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Post by oik on Jun 19, 2019 15:53:15 GMT
It would make life so much easier if RS communicated more effectively. How hard would it be to pop up a banner when a withdrawal request is made saying that withdrawals are currently taking around xx hours to process? I’ve been with RS a while and so it’s unnerving when the system doesn’t behave in line with historic norms. Did you get the email? "Our records show that you recently requested to withdraw money and you may have experienced a delay in receiving funds to your bank account.
We are aware that withdrawals have been slower than usual, especially at the start of the week, and would like to apologise for any inconvenience.
Our goal is to provide a consistently reliable service for all our investors and we are working very hard to ensure that we continue to deliver this. Ongoing investment to upgrade our platform this year will address these issues in the longer term."
Which perhaps suggests they anticipate problems until an upgrade is in place.
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Post by misotu on Jun 19, 2019 17:40:30 GMT
oik I think that is to do with delays in transferring funds from your holding account to your nominated bank account. A different issue from selling loans on the secondary market. And no, I didn’t get that email
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Post by megadriveguy on Jun 19, 2019 21:02:17 GMT
Just got the email Your RateSetter Transfer request has been partially processed
Most of it has been done. judging by that its currently taking roughly 24 hours
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Post by misotu on Jun 19, 2019 21:24:10 GMT
OK, given my previous harsh comments, I feel honour-bound to say that every single penny requested (bar around £200) has been released to our holding accounts. On withdrawal requests totalling over £70k I am absolutely happy. Nay, transported. I have a rump of a small number of loans under £10. No big deal. I was worried when the site kept crashing and the funds weren’t in holding within hours. But my fears were groundless and, after all, P2P is not a building society account. I built in six weeks of margin. Some would say not enough, and yeah. I know. It’s P2P. No guarantees. But I have 5.5 weeks left of my margin. Excellent news. I relied on RS’ performance to date and they performed. Not without hiccups, but more than well enough. I’ve been watching the rolling market with a keen eye and a vested interest over the last 36 hours. They have lent out a volume of funds at rates 2.9-3.2% - at least 0.5 million. That’s the delay. They are gaming their “market” and drip-feeding the RYI requests. But you know ... I don’t feel ripped off now the dust has settled. They lent out some of my funds at 2.7% without permission when they changed the rules with no notice, back in the day. And I was unhappy. But after the rule changes, I was lending regularly at 3.9%, and that persisted. A different model, but I made a better return in the end. And, unlike Zopa, I didn’t have to pay other lenders to take on those loans, didn’t have to pay commission on sale and didn’t have to wear bad debt. I have done well out of RS and retain an investment. I like their model. I know there are concerns about the provision fund. But overall their model is more customer-focused than Zopa’s, more practical, and my investments have performed excellently by comparison with high street offerings. Very happy Thank you RS.
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Post by mukiwa on Jun 20, 2019 20:06:01 GMT
I have tried for the last week to release my £200k investment in the rolling market. Site would not let me and kept hanging. Tried to drop to release £40k yesterday, still waiting, nothing released.
Something is up...
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Stonk
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Post by Stonk on Jun 20, 2019 22:03:51 GMT
I have tried for the last week to release my £200k investment in the rolling market. Site would not let me and kept hanging. Tried to drop to release £40k yesterday, still waiting, nothing released. Something is up...
Just a thought ... how many loan contracts do you have?
I could easily believe that the time taken to calculate the quote might be dependent on the number of loans. That makes sense: it has to step through each loan and do some calculation. Also, personally, I feel my quotes have got slower the more loans I have gathered. I wonder whether you have so many loans that some process -- probably in the back-end behind the scenes -- is timing out, and ultimately causing the webserver to never respond to you.
For reference, I have 95 loans (all on the 5 year market, which might make a difference), and a quote averages 30 seconds. I'm sure there are people with many many more loans than that. It would be interesting to hear how long their quotes take.
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benaj
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Post by benaj on Jun 21, 2019 0:10:49 GMT
I have tried for the last week to release my £200k investment in the rolling market. Site would not let me and kept hanging. Tried to drop to release £40k yesterday, still waiting, nothing released. Something is up...
Just a thought ... how many loan contracts do you have?
I could easily believe that the time taken to calculate the quote might be dependent on the number of loans. That makes sense: it has to step through each loan and do some calculation. Also, personally, I feel my quotes have got slower the more loans I have gathered. I wonder whether you have so many loans that some process -- probably in the back-end behind the scenes -- is timing out, and ultimately causing the webserver to never respond to you.
For reference, I have 95 loans (all on the 5 year market, which might make a difference), and a quote averages 30 seconds. I'm sure there are people with many many more loans than that. It would be interesting to hear how long their quotes take.
Sometimes, 'proceed to work' does not work even for 1 loan due to "unknown connection issue between Cloudflare and the origin web server." May be RYI requires a special server to work. I would definitely contact RS if "it fails the 1 loan sellout test in less than 30 secs" 3 times within 5 minutes. EDIT: I was having error 520 an hour ago. It is working fine again and it takes less than 30 seconds to request ALL.
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Post by mukiwa on Jun 21, 2019 12:00:04 GMT
Still waiting with over £90k pending release for the last few days. Nothing released so far. I want to release/sell out from the rolling with over £200k. I get to the release your investment and can only add £20k at a time then the wheel starts spinning. All it then does is add to the pending request, then nothing.
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