star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
|
Post by star dust on Feb 7, 2015 8:48:57 GMT
RateSetter doesn't have an official comms point for the forums and probably never will (and don't blame them, considering the relentless questions and accusations some other operations have had to deal with). I have some sympathy for that view; I wouldn’t want to be a P2P platform employee tasked with being the face of the platform here. Relentless it most certainly is, you are expected to do it yesterday, have faultless systems, respond instantly on a 24/7 basis; be something you’re not; and even then you’d face endless criticism and demands, justified or not. I’m sure you do an excellent job in your ‘voluntary’ capacity, nonetheless, as RS claims to be the biggest P2P platform, and doesn’t have a forum of it’s own (or do ‘twitface’?), I would have thought it was best practise to have someone – Teflon personality a prerequisite!
|
|
jonbvn
Member of DD Central
Posts: 326
Likes: 95
|
Post by jonbvn on Feb 7, 2015 11:04:06 GMT
I must admit the ' give us time' and 'no promises' way of doing things sounds amateurish at best. Surely this should be a real priority! Perhaps, but I'm only here as a lender unfortunately tagged as a representative. RateSetter doesn't have an official comms point for the forums and probably never will (and don't blame them, considering the relentless questions and accusations some other operations have had to deal with). So in the meantime your stuck with me, and my amateur promises to have a word. And no it isn't a priority. We don't get many and the few deceased we have are dealt with quickly and efficiently. Trust me, looking after 19,000 lenders, £40m lending monthly and £300m outstanding balanced brings other priorities. Westonkev, I didn't mean to shoot the messenger
|
|
ikorodu
Member of DD Central
Posts: 75
Likes: 9
|
Post by ikorodu on Feb 7, 2015 16:04:33 GMT
I must admit the ' give us time' and 'no promises' way of doing things sounds amateurish at best. Surely this should be a real priority! Perhaps, but I'm only here as a lender unfortunately tagged as a representative. RateSetter doesn't have an official comms point for the forums and probably never will (and don't blame them, considering the relentless questions and accusations some other operations have had to deal with). So in the meantime your stuck with me, and my amateur promises to have a word. And no it isn't a priority. We don't get many and the few deceased we have are dealt with quickly and efficiently. Trust me, looking after 19,000 lenders, £40m lending monthly and £300m outstanding balanced brings other priorities. I find this all very confusing. You say you're a lender only but then keep referring to RS as 'we'. Given you are listed as a representative I took it to mean you were one. So apologies for responding to your post as if you were an official representative. Why having terms that actually reflect what an organisation would do in certain circumstances is not a priority is beyond me. RS market their longer term products as being ideal for those looking for retirement income. I should have thought that having a fair policy on what to do when a lender dies would be a good idea. it appears that RS do not follow their current policy but do something else. It make me wonder what other stated policies or terms that RS choose to ignore? It just seems a very strange way to run a financial operation handling £40m a month. I have asked RS if their policy on their FAQ is accurate but am awaiting a response still.
|
|
|
Post by uncletone on Feb 10, 2015 20:03:02 GMT
Our chum Westonkev is in the unenviable position of being a P2P lender, and as such posts here, but his problem is that he is a significant staff member of RS, and as such has had to confess this to meet the forum rules. He has risen to the task of being received and treated as the voice of RS with my (at least) admiration.
|
|
ikorodu
Member of DD Central
Posts: 75
Likes: 9
|
Post by ikorodu on Feb 28, 2015 13:09:09 GMT
Juts as an update (or lack of!)
I have still not received any communication from RS in response to my request for further clarification on this.
|
|
|
Post by westonkevRS on Feb 28, 2015 13:50:32 GMT
If you DM me your email I'll confirm why you havent heard back, and more importantly that they got your question. For what it is worth this has been discussed by management, and in all likelihood a change to T&Cs will be forthcoming and a little more clarity on the process/fees. If this change hasn't been made already.... westonkevRS
|
|
sl75
Posts: 2,092
Likes: 1,245
|
Post by sl75 on May 8, 2015 10:25:51 GMT
Our chum Westonkev is in the unenviable position of being a P2P lender, and as such posts here, but his problem is that he is a significant staff member of RS, and as such has had to confess this to meet the forum rules. He has risen to the task of being received and treated as the voice of RS with my (at least) admiration. Perhaps there needs to be a category for "employee of" or "associate of" separate to "representative of"? (any employees/associates of a given P2P platform would then be REQUIRED to identify themselves as such, and may ADDITIONALLY be tagged as "representative of" [implying employee/associate] if they are a recognised contact point for the company). It would help to avoid repeated confusions such as this where an employee incorrectly tagged as a "representative" is mistakenly assumed to be speaking on behalf of the company or acting as a recognised contact point for them.
|
|
|
Post by westonkevRS on May 8, 2015 12:47:12 GMT
Our chum Westonkev is in the unenviable position of being a P2P lender, and as such posts here, but his problem is that he is a significant staff member of RS, and as such has had to confess this to meet the forum rules. He has risen to the task of being received and treated as the voice of RS with my (at least) admiration. Perhaps there needs to be a category for "employee of" or "associate of" separate to "representative of"? (any employees/associates of a given P2P platform would then be REQUIRED to identify themselves as such, and may ADDITIONALLY be tagged as "representative of" [implying employee/associate] if they are a recognised contact point for the company). It would help to avoid repeated confusions such as this where an employee incorrectly tagged as a "representative" is mistakenly assumed to be speaking on behalf of the company or acting as a recognised contact point for them. Agreed. In fact there have been times when I've nearly left. Either because of the grief externally from some crazy conspiracy theory lenders or internally when I'm a little too honest. Also there is nervousness across the industry with the FSA's guidance on the use of social media. Everyone is (probably rightly) paranoid.
|
|
david42
Member of DD Central
Posts: 419
Likes: 346
|
Post by david42 on May 8, 2015 13:21:02 GMT
Perhaps there needs to be a category for "employee of" or "associate of" separate to "representative of"? (any employees/associates of a given P2P platform would then be REQUIRED to identify themselves as such, and may ADDITIONALLY be tagged as "representative of" [implying employee/associate] if they are a recognised contact point for the company). It would help to avoid repeated confusions such as this where an employee incorrectly tagged as a "representative" is mistakenly assumed to be speaking on behalf of the company or acting as a recognised contact point for them. Agreed. In fact there have been times when I've nearly left. Either because of the grief externally from some crazy conspiracy theory lenders or internally when I'm a little too honest. Also there is nervousness across the industry with the FSA's guidance on the use of social media. Everyone is (probably rightly) paranoid. I am pleased you have stuck with it. Your input is often useful and interesting. In the absence of any official representation from the company, this is the next best thing. This is one of the reasons I am happy having a larger investment on Ratesetter than on the other platforms I use.
|
|
warn
Member of DD Central
Curmudgeon
Posts: 605
Likes: 632
|
Post by warn on May 9, 2015 6:25:25 GMT
I am pleased you have stuck with it. Your input is often useful and interesting. In the absence of any official representation from the company, this is the next best thing. This is one of the reasons I am happy having a larger investment on Ratesetter than on the other platforms I use. Very firmly seconded.
|
|
|
Post by westonkevRS on May 9, 2015 8:37:36 GMT
One issue for me is that I like to talk about the RateSetter markets. For me this is fascinating as I think they are quite unique (i.e. a market for money), I love the game theory and peoples expectations on where they are heading and why they go up or down. The issue is that due to the FCA guidelines on social media I have to be careful now to talk about rates or personal expectations, as it could be construed as advice or an offer. Basically I'm muffled to talk about rates or expected returns. I can only talk about the technicalities and how the platform works, or anyone's concerns. But I'll be at the lenders drinks, I can talk there over a beer! @ westonkevRS
|
|
|
Post by elljay on May 10, 2015 10:59:26 GMT
I am pleased you have stuck with it. Your input is often useful and interesting. In the absence of any official representation from the company, this is the next best thing. This is one of the reasons I am happy having a larger investment on Ratesetter than on the other platforms I use. Very firmly seconded. Thirded. The forum rules were worded so as not to prohibit people having more than one account, so westonkevRS could have a personal account. Another option would be to flag personal posts as being in a personal capacity, not representing the views of the company in a similar way to the way the mods flag posts as being with the moderator hat on.
|
|
jo
Member of DD Central
Posts: 727
Likes: 492
|
Post by jo on May 10, 2015 20:08:07 GMT
Missed this thread first time round; very interesting.
Possession being 9 parts of the law etc, my next of kin has been schooled in the resale process and worry about the formalities later. Same will apply for the account (at another provider) I have PoA over.
|
|
|
Post by yorkman on Jun 17, 2015 21:20:52 GMT
Discreetly write down all your passwords and login details. Advise your wife to login as you and start a loan resale process. I would also advise writing a will and specifically bequeathing the RS account. A will is not expensive and can avoid complications. No need to be 'discrete'. I've typed up full details of all my/our online accounts with passwords and attached screen shots of login and 'management' screens, so that should something happen to me my wife can operate all the accounts. For RS my instructions advise setting reinvestment to the Monthly account and to make withdrawals from there. All in a nice big envelope marked 'Important information' and safely stored in our nearly acquired fire safe. Have to admit I haven't factored in the tax implications yet so let's hope I live a bit longer - at least long enough to spend my RS savings As an aside, my wife is a signatory to her mother's bank account and has PoA over her affairs. When she asked the bank recently what happens when her mother dies they replied that "Once they receive the Death Certificate the account will be frozen, so we would recommend drawing all the money out first before you show us the certificate. Saves a lot of hassle".
|
|
|
Post by uncletone on Jun 17, 2015 22:32:22 GMT
Simple answer:
Do NOT move towards the light....
|
|