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Post by westonkevRS on Dec 29, 2015 19:42:13 GMT
Mine has also gone to unmatched. Would be nice to get notification from them. A notification probably would be good, but the failure of a loan to form is quite a rare event. They only occur for large value loans, I've only known of two occurrences in the last 6 months due to this time-out issue. Usually it has no real impact as during normal busy times the orders are rematched quite quickly. Most lenders don't even notice, although a couple did 6 months back as whilst their loan formation failed another loan was formed at, gasp, a whole 0.1% higher rate. I'm only cynical regarding that occasion because a lot of time was spent finding the exact sequence of events to continued moans. Its amazing how people demand some form of compensation or somebody to be fired when they were 13p worse off! In this case because of the quiet holiday period the timing on Chistmas Eve was most unfortunate. But I'm glad that RateSetter Customer Services were still on the ball. The downside of this rare event is that lenders didn't get matched on the day it appeared they would be, but probably were/will be within 2/3 working days. So people have been impacted but not catastrophically. Hopefully good long standing customers are sympathetic. I'm a relaxed kind of guy, so it does confuse me when people get (overly?) angry about a genuine mistake with limited impact. We are trying to give investors a better deal than bank's savers, and usually we succeed. But as a small company hiccups will occur. If it helps I'll post out a brand new mug to anyone that sends me their user ID and I match it to an impacted lender. Kevin.
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blink
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Post by blink on Dec 29, 2015 20:53:28 GMT
Mine has also gone to unmatched. Would be nice to get notification from them. A notification probably would be good, but the failure of a loan to form is quite a rare event. They only occur for large value loans, I've only known of two occurrences in the last 6 months due to this time-out issue. Usually it has no real impact as during normal busy times the orders are rematched quite quickly. Most lenders don't even notice, although a couple did 6 months back as whilst their loan formation failed another loan was formed at, gasp, a whole 0.1% higher rate. I'm only cynical regarding that occasion because a lot of time was spent finding the exact sequence of events to continued moans. Its amazing how people demand some form of compensation or somebody to be fired when they were 13p worse off! In this case because of the quiet holiday period the timing on Chistmas Eve was most unfortunate. But I'm glad that RateSetter Customer Services were still on the ball. The downside of this rare event is that lenders didn't get matched on the day it appeared they would be, but probably were/will be within 2/3 working days. So people have been impacted but not catastrophically. Hopefully good long standing customers are sympathetic. I'm a relaxed kind of guy, so it does confuse me when people get (overly?) angry about a genuine mistake with limited impact. We are trying to give investors a better deal than bank's savers, and usually we succeed. But as a small company hiccups will occur. If it helps I'll post out a brand new mug to anyone that sends me their user ID and I match it to an impacted lender. Kevin. Mine has also been returned to unmatched.. I'm not too bothered, as was uncomfortable with funds not being assigned and as further interest was adding to my account, I would have found it difficult to keep track of things. I like to know exactly where my funds are, but saying that I do like to understand how things work, and the explanation I was given by email, did not make sense. A rare event then I must be very unlucky as this is the second time this has happened to me and at that time also, the explanation made no sense. It appears to happen when orders are placed that are in the lenders favour, as in this case the 5.6% was way above what was available at the time. These scenarios' may be more difficult to explain, but if I don't ask, I'm not going to understand and to be fair, I don't understand. Anyway I know where my funds are and these are the things that do spook me to a certain extent.
Kev for me, it's not about the mistakes, as I appreciate that hiccups happen, it is about communication and my understanding.
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hendragon
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Post by hendragon on Dec 29, 2015 23:22:36 GMT
Mine has also gone to unmatched. Would be nice to get notification from them. A notification probably would be good, but the failure of a loan to form is quite a rare event. They only occur for large value loans, I've only known of two occurrences in the last 6 months due to this time-out issue. Usually it has no real impact as during normal busy times the orders are rematched quite quickly. Most lenders don't even notice, although a couple did 6 months back as whilst their loan formation failed another loan was formed at, gasp, a whole 0.1% higher rate. I'm only cynical regarding that occasion because a lot of time was spent finding the exact sequence of events to continued moans. Its amazing how people demand some form of compensation or somebody to be fired when they were 13p worse off! In this case because of the quiet holiday period the timing on Chistmas Eve was most unfortunate. But I'm glad that RateSetter Customer Services were still on the ball. The downside of this rare event is that lenders didn't get matched on the day it appeared they would be, but probably were/will be within 2/3 working days. So people have been impacted but not catastrophically. Hopefully good long standing customers are sympathetic. I'm a relaxed kind of guy, so it does confuse me when people get (overly?) angry about a genuine mistake with limited impact. We are trying to give investors a better deal than bank's savers, and usually we succeed. But as a small company hiccups will occur. If it helps I'll post out a brand new mug to anyone that sends me their user ID and I match it to an impacted lender. Kevin. I am sure your reply is well meant and you believe it to be honest.3 questions spring to mind however 1 did the borrower demand at 5.6% ever exist 2 I made the mistake of lending at a lower rate than I intended can I have the loan contract cancelled please? 3 The precedent is that RS can "not form" any loan they do not like the interest rate on.
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hendragon
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Post by hendragon on Dec 30, 2015 8:57:41 GMT
are we seeing the same thing again this morning? Market rate is 4.9 then 3.8, with lenders offering 4.3. Something seems to be broken or vey much mistaken in the 3 year market.
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oik
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Post by oik on Dec 30, 2015 12:06:55 GMT
I'm a relaxed kind of guy, so it does confuse me when people get (overly?) angry about a genuine mistake with limited impact. We are trying to give investors a better deal than bank's savers, and usually we succeed. But as a small company hiccups will occur. Many owners of smaller companies won't take kindly to the idea that because they're small then "hiccups" are more likely to occur. They'd suggest that it's by being a smaller company that they can offer better service. As do most of the new "challenger" banks. The issue is not the extent of the loss to the lender but of having reasonable confidence in the competence of a company seemingly prone to mishaps and whether the management is addressing the issues to prevent them happening. For as long as I've quite a sizeable amount of my money temporarily entrusted to them then I'd rather like to know that they were.
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Post by westonkevRS on Dec 30, 2015 18:21:35 GMT
3 questions spring to mind however : 1 did the borrower demand at 5.6% ever exist 2 I made the mistake of lending at a lower rate than I intended can I have the loan contract cancelled please 3 The precedent is that RS can "not form" any loan they do not like the interest rate on. 1 did the borrower demand at 5.6% ever exist YES, and I'll ignore the insinuation that when loans are being formed they could possibly be some form of fake RateSetter construct. 2 I made the mistake of lending at a lower rate than I intended can I have the loan contract cancelled please? NO, we'd have lenders left and centre asking to cancel loans when the markets move to a more favourable rate. Sometimes technical hiccups occur and a loan isn't formed fully, accidents happen at big and small firms. Hopefully most lenders appreciate the efforts we make to provide superior returns (with the risk) than a traditional savings account, hopefully as a result our lenders are not compensation junkies every time a small tech issue causes them to earn a £ or so less that hoped for. 3 The precedent is that RS can "not form" any loan they do not like the interest rate on. TRUST. If you do not trust me or RateSetter then don't lend with RateSetter. You are not protected by the FSCS and you do not underwrite and choose the loans or sectors you lend in (other than duration). So really you either trust us or you do not, that is completely your choice. Kevin.
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hendragon
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Post by hendragon on Dec 30, 2015 18:33:49 GMT
Thanks for taking the time to reply. I will consider the points you have made.
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bigfoot12
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Post by bigfoot12 on Dec 30, 2015 18:35:48 GMT
I'm a relaxed kind of guy, so it does confuse me when people get (overly?) angry about a genuine mistake with limited impact. We are trying to give investors a better deal than bank's savers, and usually we succeed. But as a small company hiccups will occur. Many owners of smaller companies won't take kindly to the idea that because they're small then "hiccups" are more likely to occur. They'd suggest that it's by being a smaller company that they can offer better service. As do most of the new "challenger" banks. But RS is small, and innovative and competing against banks. Many other small companies are very different. The challenger banks are different again, at it last accounting announcement Metro bank had a headcount of 2067, and is losing £10.7m per quarter, and all that for £798m loans in the quarter. However, having been matched I don't think the money should have been re-offered, I think my normal instruction should have been followed and I think I should have been notified. Not that upset and overall very happy after nearly 4 years.
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jo
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Post by jo on Dec 30, 2015 18:38:59 GMT
Kev
I'm still a bit in the dark about this - having thought I'd lent c£3.5k at 5.6% and getting nada matched.
1) How much did the borrower at 5.6 originally want to borrow and how much did they actually borrow at 5.6?
2) What was the technical hiccup which prevented the matches?
Thanks.
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Post by westonkevRS on Dec 30, 2015 19:02:54 GMT
Kev I'm still a bit in the dark about this - having thought I'd lent c£3.5k at 5.6% and getting nada matched. 1) How much did the borrower at 5.6 originally want to borrow and how much did they actually borrow at 5.6? 2) What was the technical hiccup which prevented the matches? Thanks. I think the loan was for about £100k, a commercial loan (if it's the borrower I think it us, although I'm not in the office to double check). Within the loan that failed, non of those contract's money would have remained within the loan. The loan would have been fully re-formed subsequently probably with new different money. The technical issue is that the system has a time out for loans to form, I think it's around 30mins. This time-stamp was originally set because anything longer than this indicated a problem and hence an internal red flag for investigation and loan formation cancelled. Kevin.
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oik
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Post by oik on Dec 31, 2015 12:38:53 GMT
The technical issue is that the system has a time out for loans to form, I think it's around 30mins. This time-stamp was originally set because anything longer than this indicated a problem and hence an internal red flag for investigation and loan formation cancelled. Kevin. As this wasn't the first time, what steps have now been taken to resolve the issue and ensure it doesn't happen again? (It's normal for trust in competence to be earned by demonstrating the ability to run a jolly in a brewery, and probably not helped by implying that customers expressing mild irritation at being affected by recurring issues are just an annoyance who should push off and take their business elsewhere.)
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Post by newlender on Dec 31, 2015 18:51:09 GMT
As a fairly new lender to RS I have followed this thread with interest. Although the technicalities are a bit arcane and I bow to the superior knowledge of the posters, it does worry me that a representative of the company to which I entrust many thousands of pounds can advise a poster to take his business elsewhere because he raises a query.
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jimc99
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Post by jimc99 on Dec 31, 2015 19:29:52 GMT
Kev is OK, lucky to have him here. He gets some ridiculous posts which he handles better than I could. I'd tell some of the whingers to go away in much clearer language.
Happy new year all.
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Post by westonkevRS on Jan 1, 2016 19:21:55 GMT
As a fairly new lender to RS I have followed this thread with interest. Although the technicalities are a bit arcane and I bow to the superior knowledge of the posters, it does worry me that a representative of the company to which I entrust many thousands of pounds can advise a poster to take his business elsewhere because he raises a query.
Be fair, it wasn't just a query. The actual text (if this is what you refer to) was: 3 The precedent is that RS can "not form" any loan they do not like the interest rate on.
TRUST. If you do not trust me or RateSetter then don't lend with RateSetter.
So actually the question said that RateSetter would partake in unsavoury practices, verging on manipulation. If people really think RateSetter would be the type of company that partakes in such activities, why on earth would you want to continue lending your cash with us? It doesn't make sense. Basically if you don't trust RateSetter, you should not trust us with your cash. That's not the same as saying don't ask questions, of which we answer many every day. Kevin
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Post by newlender on Jan 2, 2016 10:58:35 GMT
Thanks for that Kevin. I wonder if you're able to answer my query in my post entitled 'Interesting experiment........' which I made last week. Basically I'd like to know how reinvestments are applied automatically as I've never done that. Example: I get 5 payments of £15, £20, £25, £30 and £35 over a period of 10 days. If I set my reinvestments to the 5yr market, will those amounts be applied in 5 chunks so that I get 5 new mini contracts or one contract of £125 or two of £60 and £65 or etc.....? In other words, is there a set protocol?
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