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Post by oppsididitagain on Sept 3, 2019 12:25:19 GMT
To accept these changes, you don’t need to do anything – they will automatically apply from 3 October. If you don’t want to accept these changes, you have the right to end your agreement and close your RateSetter account(s) without charge (although the fee to exit your matched loans will still apply).
so Basically if you don't like the new terms and conditions you will be forced to pay the exit fee.
Very poor RS, you should at least give us the option to leave without any penalty !
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r00lish67
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Post by r00lish67 on Sept 3, 2019 12:34:05 GMT
To accept these changes, you don’t need to do anything – they will automatically apply from 3 October. If you don’t want to accept these changes, you have the right to end your agreement and close your RateSetter account(s) without charge ( although the fee to exit your matched loans will still apply).
so Basically if you don't like the new terms and conditions you will be forced to pay the exit fee.
Very poor RS, you should at least give us the option to leave without any penalty !
Why should they? AIUI, nothing changes for you except 'Rolling' is renamed 'Access'. Any fees you would have to pay for 1yr/5yr remain the same. (I'm a right RS cheerleader today, most unusual )
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ashtondav
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Post by ashtondav on Sept 3, 2019 12:43:27 GMT
Is this a big issue? Can’t see the problem.
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Post by 999william on Sept 3, 2019 14:20:23 GMT
I have written to them as my account is currently set for automatic withdrawal of repayments and interest each month to my nominated bank account. I use the repayments as part of my monthly income to live on. Their communication talks about automatic reinvestment and it's unclear whether this will be implemented for existing accounts. I do not want my repayments (5 year investment that has just over 2 years left) to be reinvested and will withdraw if they insist. I do not expect to pay any fees caused by such circumstances. Hopefully I shall be reassured that I can continue as is until my investment is repaid. I await their response and will confirm on here when it is received.
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Stonk
Stonking
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Post by Stonk on Sept 3, 2019 14:24:28 GMT
As far as I can tell, it is not an issue with these changes. They do not seem to be detrimental to an existing investor.
In general the principle sucks, though. It's quite possible that changed T&Cs could insert something potentially detrimental in some way. Imagine:
(1) Open account, agree to T&Cs at the time. (2) Invest your cash in a product which has a fee for release, which you are happy with under the prevailing T&Cs. (3) Some while later, the T&C's change, effective in one month. For example, RS introduce an annual fee on all accounts. Or maybe they insist that all users consent to being gradually blinded by having violent purple and sickening green pixels shone into their eyes. (4) You want out: this was not what you signed up to, nor was it forseeable. But you have to pay the RYI fee to do so.
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travolta
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Post by travolta on Sept 3, 2019 14:31:22 GMT
Oh dear, I get the impression that my small money tree of 5 Year market (where I hope to earn an income 6% plus ) is about to suffer the financial equivalent of Ash Die Back.
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Post by 999william on Sept 3, 2019 14:43:09 GMT
Already had a very quick response from Ratesetter about my query on existing investment/repayment options and they say...
Thank you for your email.
Your current investment will continue in the 5 year market at your current reinvestment settings, as will your withdrawals.
The automatic reinvestment only relates to the new products that are being launched which compliment the current 1 & 5 year markets. Therefore your investment will continue as normal unless you decide to invest money into the the new products or change your reinvestment settings to invest into these products.
I am now reassured that I can continue unaffected and just leave my investment to repay into my bank account each month 😀
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cb25
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Post by cb25 on Sept 3, 2019 14:55:13 GMT
Already had a very quick response from Ratesetter about my query on existing investment/repayment options and they say... Thank you for your email. Your current investment will continue in the 5 year market at your current reinvestment settings, as will your withdrawals. The automatic reinvestment only relates to the new products that are being launched which compliment the current 1 & 5 year markets. Therefore your investment will continue as normal unless you decide to invest money into the the new products or change your reinvestment settings to invest into these products. I am now reassured that I can continue unaffected and just leave my investment to repay into my bank account each month 😀 I also emailed RS about that aspect:
me: When it says “There is no option to take repayments directly to your Holding account”, is this referring ONLY to the new Access, Plus and Max accounts…..OR…will it also include my existing 1-year and 5-year accounts which currently repay to my Holding account?
RS:You are correct that the current 1 & 5 year markets will remain the same and the update will only affect the new products.
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jlend
Member of DD Central
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Post by jlend on Sept 3, 2019 15:03:41 GMT
Already had a very quick response from Ratesetter about my query on existing investment/repayment options and they say... Thank you for your email. Your current investment will continue in the 5 year market at your current reinvestment settings, as will your withdrawals. The automatic reinvestment only relates to the new products that are being launched which compliment the current 1 & 5 year markets. Therefore your investment will continue as normal unless you decide to invest money into the the new products or change your reinvestment settings to invest into these products. I am now reassured that I can continue unaffected and just leave my investment to repay into my bank account each month 😀 I also emailed RS about that aspect:
me: When it says “There is no option to take repayments directly to your Holding account”, is this referring ONLY to the new Access, Plus and Max accounts…..OR…will it also include my existing 1-year and 5-year accounts which currently repay to my Holding account?
RS:You are correct that the current 1 & 5 year markets will remain the same and the update will only affect the new products.
I assume in the new accounts that repayments include both capital and interest repayments so it won't be possible to draw a regular income from the new Plus and Max accounts without paying a fee?
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robski
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Post by robski on Sept 3, 2019 15:15:49 GMT
Thats how it reads right now
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Post by Deleted on Sept 3, 2019 15:37:49 GMT
It would seem that ratesetter is changing its business model to that of Assetz Capital - perhaps they are recognising that they are losing business to them.
Whatever, Ratesetter has now decided is to charge every time you want to take money out, regardless of how long you commit it for.
Unlike Assetz capital, who make no charge provided you give notice (zero, thirty, or ninety days).
The chances are that Ratesetter rates remain below those of Assetz capital. Ratesetter has the advantage that it publishes the details of it accruing provision fund where Assetz capital is much higher risk because the provision find is mostly “opaque” in operation.
For myself, I will need to work out the details and nuances of the Ratesetter new approach and determine whether it remains a platform I which to continue investing in.
I might just leave all of my 5 year funds in play and just take out money as it comes back.
The way the Ratesetter computer systems have been running recently, I fear for how well this new complex arrangement is going to operate. Because of the naivety of their IT support I am also concerned about the overall security. (We are talking money here).
I also feel that the autocratic way they install change - without informing customers in advance or asking for feedback is extremely disconcerting. They are significantly undermining trust in their own product. Which seems a dangerous way to do business.
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m2btj
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Post by m2btj on Sept 3, 2019 16:03:04 GMT
Rates have been falling again & I won't invest or reinvest in the new products. Too much change recently for change sake! As soon as my existing investments end I'll move them from holding account to my bank. I'll probably increase my holdings with GS & AC.
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Post by propman on Sept 3, 2019 16:07:21 GMT
I also feel that the autocratic way they install change - without informing customers in advance or asking for feedback is extremely disconcerting. They are significantly undermining trust in their own product. Which seems a dangerous way to do business. This seems a bit of an improvement to me. They have made multiple changes in the past and announced them after the fact (eg extending the categories of loans made, the maximum lendings, investing PF in potentially illiquid investments etc). At least we have advanced notice. It is annoying that they seem to be replacing their business model with an alternative, but by announcing long enough in advance that the observant should be able to take action while allowing no changes on investments already made is an acceptable way to proceed in my book.
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Post by pachiraaquatica on Sept 3, 2019 23:20:08 GMT
To accept these changes, you don’t need to do anything – they will automatically apply from 3 October. If you don’t want to accept these changes, you have the right to end your agreement and close your RateSetter account(s) without charge ( although the fee to exit your matched loans will still apply).
so Basically if you don't like the new terms and conditions you will be forced to pay the exit fee.
Very poor RS, you should at least give us the option to leave without any penalty !
Why should they? AIUI, nothing changes for you except 'Rolling' is renamed 'Access'. Any fees you would have to pay for 1yr/5yr remain the same. (I'm a right RS cheerleader today, most unusual )
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Post by pachiraaquatica on Sept 3, 2019 23:24:39 GMT
Sorry my post failed. I meant to ask r00lish67
So you believe that if I have a rolling loan at 4.6% with the "remaining" capital reinvestment of 58 months, I will continue to receive 4.6% for the next 58 months? Because if not, far from "nothing changes for you" it is "everything changes for me" as I have a number of such loans. If you have seen something that leads you to believe this, could you point it out to me, because I would really like to believe that this will be the case.
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