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Post by newlender on Feb 1, 2016 18:57:10 GMT
My 3yr has come in the last hour but still waiting for 5yr. Didn't have any monthly.
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pip
Posts: 542
Likes: 725
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Post by pip on Feb 1, 2016 19:03:50 GMT
Am I the only one that thinks some people on here need to CHILL. Ratesetter is a peer to peer savings platform not a current account and therefore if a days delay in payment is causing you so much issues then I would suggest you are too heavily invested in peer to peer lending.
What's the reason for compensation, maybe if it goes on a week or so some tiny interest could be paid but a day, sorry but no justification.
As I hope people on here know I give ratesetter usually a hard time. But it's the first day of the month, always slower than an average day and I am sure ratesetter will sort it. As I have said before people should relax do something else for a day and then check back.
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Post by newlender on Feb 1, 2016 19:07:19 GMT
OK. Let's chill for a few posts. What's all this about a hamster? I genuinely don't know!
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mikeb
Posts: 1,053
Likes: 463
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Post by mikeb on Feb 1, 2016 19:12:07 GMT
It is well known that some P2P sites rely on overworked hamsters to power their computing facilities. When these hamsters go on strike, the IT infrastructure fails, and they have to get out an abacus.
Sometimes the beads fall off the abacus too. Then we really start to worry.
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Post by newlender on Feb 1, 2016 19:17:00 GMT
Well, that's stupid. Everyone knows that gerbils go faster.
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Post by davee39 on Feb 1, 2016 19:22:45 GMT
Some hysterical over-reactions here.
The repayments on a Monday are for Friday, Saturday and Sunday. This run often takes a while to go through even without a batch failure.
The reason batch jobs run overnight is because the servers are not busy processing other transactions. During the day priority is given to live interactions so a job that runs in two hours overnight might take 12 hours if running between 6am and 6pm (standard daytime hours).
Before demanding RS upgrades its hardware, employs extra night staff etc remember that this the first time payments have been delayed - hardly a harbinger of impending IT meltdown. Furthermore how much should RS increase its fees to ensure it has capacity to make sure your payments always arrive before breakfast?
FC has overnight failures just about every other week, Zopa payment runs are renowned for how long the run takes at the start of the month, RS has a pretty good record.
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Post by Deleted on Feb 1, 2016 19:23:26 GMT
The first investment needed is an alarm clock to make sure the hamsters dont oversleep again.
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alender
Member of DD Central
Posts: 957
Likes: 647
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Post by alender on Feb 1, 2016 19:25:17 GMT
We cannot expect RS to be perfect, let see how they handle this issue, when we had serious issues we did not go home until they wee fixed. Sure, but I hope they realise that, with all the focus on new business and more money (500 million milestone!!! 1 billion milestone!!! etc), they are rapidly reaching the point where they need some serious technology scaling too. A business critical overnight batch run that takes more than a full business day to rerun is really not a good place to be. I agree this should be a wakeup call, you should learn from you mistakes and as I have said it is important the way these problems are dealt with as much as the problem itself. I have spent more than one evening fixing problems for large banks that go into multiple billions; these did not get reported as they did not affect the general public and we fixed them in time to complete the batch runs before start of business (sometimes just made it). Along with my colleagues I have decades of experience in this area RS are very small in comparison so I would not expect them to be as quick, these things happen and if they keep us informed and fix these issues in a reasonable time that is the best we can hope for. If it is anything like what I have experienced there is a lot of stress, pointless questions to be answered when you would prefer to be dealing with the problems and very late nights/early mornings.
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Post by Deleted on Feb 1, 2016 19:27:19 GMT
As long as RateSetter hold my money, I will ask operational questions.
Even if it upsets the cheerleaders. Sorry.
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alender
Member of DD Central
Posts: 957
Likes: 647
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Post by alender on Feb 1, 2016 19:31:27 GMT
Before demanding RS upgrades its hardware, employs extra night staff etc remember that this the first time payments have been delayed - hardly a harbinger of impending IT meltdown. Furthermore how much should RS increase its fees to ensure it has capacity to make sure your payments always arrive before breakfast? It should also be realised that if a lot more was spent on IT the costs would need to come from increased spread meaning lower rates for lenders; it is always about balancing act of cost verses reward.
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oik
Member of DD Central
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Post by oik on Feb 1, 2016 19:39:20 GMT
It should also be realised that if a lot more was spent on IT the costs would need to come from increased spread meaning lower rates for lenders; it is always about balancing act of cost verses reward. If Ratesetter can't both operate competently and offer a rate that's competitive with the 3-5% rates offered by many current accounts then they may need to reconsider their business model.
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alender
Member of DD Central
Posts: 957
Likes: 647
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Post by alender on Feb 1, 2016 19:43:20 GMT
As long as RateSetter hold my money, I will ask operational questions. Even if it upsets the cheerleaders. Sorry. I agree you have every right to ask the questions and should expect honest answers. I am generally critical of RS (as we should be as customers), it keeps them on their toes and hope that just some of this gets through to their model as there is no point in being as you say a cheerleader which changes nothing and leads to complacency. However I have seen this many times from the other side, it does happen and RS seem to be fixing the issue.
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Post by Deleted on Feb 1, 2016 19:50:56 GMT
As long as RateSetter hold my money, I will ask operational questions. Even if it upsets the cheerleaders. Sorry. I agree you have every right to ask the questions and should expect honest answers. I am generally critical of RS (as we should be as customers), it keeps them on their toes and hope that just some of this gets through to their model as there is no point in being as you say a cheerleader which changes nothing and leads to complacency. However I have seen this many times from the other side, it does happen and RS seem to be fixing the issue. Just to be clear - my reply wasn't directed at you alender. Your posts seem to be well balanced and fair. Unfortunately, there do seem to be some on here that are excessively defensive about asking RateSetter difficult questions when problems arise. Cheerleaders. tbh, I'm not interested in one-off issues, such as isolated batch failures, except that RateSetter fix them in a timely manner. Which they have done so far. I am however interested in systematic ones, such as why a batch failure (or a failure to even start, if I read kevs post correctly) took so long to even detect, and the operational risk of a batch rerun taking longer than a full 9-5 business day, in a business that relies on loans being funded by daily rollovers etc.
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alender
Member of DD Central
Posts: 957
Likes: 647
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Post by alender on Feb 1, 2016 19:51:22 GMT
It should also be realised that if a lot more was spent on IT the costs would need to come from increased spread meaning lower rates for lenders; it is always about balancing act of cost verses reward. If Ratesetter can't both operate competently and offer a rate that's competitive with the 3-5% rates offered by many current accounts then they may need to reconsider their business model. For me this issue is small, the issue with rates is much more important and as I have said before the risk reward ratio should be reflected in the rates and the RS model seems to me to try to reduce rates. I have maxed out all 3% bank deposits I can find and would still rather keeps funds at 1% in banks or in equities than accept the lower end rates that RS offer a lot of the time.
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Post by westonkevRS on Feb 1, 2016 19:53:36 GMT
RateSetter didn't suspend lending, the underwriters were busy all day. Perhaps due to the batch delays/slowness the " last matched" rates were not the most timely....
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