sildenafil
Member of DD Central
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Post by sildenafil on Feb 20, 2016 18:36:12 GMT
I had £1,000 matched at a rate of 4.2% on 11/2/16 on the 1 year market. Looking on the "Your 1 Year Money - Summary" section of my account it shows that:
On Loan - £1,000 @4.2% On Market - Matched £0.00 Waiting for the loan to be formed
Just slightly confused as to what the Waiting for the loan to be formed on the "On Market" section means? Is the money being lent as described (for 1 year @ 4.2%)?
Many thanks
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Post by westonkevRS on Feb 20, 2016 18:45:44 GMT
I suggest you call Customer Services as they can look at your specific account and give an exact answer. I can only guess that the loan didn't get formed due to one of the rare "time out" issues, but that would only be a guess not knowing your details.
Kevin.
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sildenafil
Member of DD Central
Posts: 86
Likes: 60
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Post by sildenafil on Feb 20, 2016 18:57:39 GMT
Thanks for your reply.
Everywhere else other than this section indicates that my money is on loan. On the "Loan Contract Details" section I have a contract number, the contract date states 11/2/16 with a status of "accepted" and the maturity date is 13/2/17. The schedule of payments section says on 13/2/17 the amount of £1,042.45 will be paid back; which includes capital and interest.
I will contact Customer Services on Monday if necessary.
Many thanks
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Post by Deleted on Feb 20, 2016 19:04:00 GMT
Am I reading that right? It says your £1000 loan exists.
It then says on the next line - on Market £0.00... and then waiting for loan to be formed.
I think this is just a website display issue, I get this everywhere where I have nothing on the market.
Something for the IT guys to clean up.
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Post by Deleted on Feb 20, 2016 19:10:05 GMT
In fact, I remember wondering about that when I first joined. I barely even notice it now. But its definitely a confusing display issue.
For example, heres my own 3 year summary, with all loans matched and fully formed, with nothing remaining on the market
On Loan £xxxxx@ 5.4%
On Market
Matched £0.00- Waiting for the loan to be formed Unmatched £0.00
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sildenafil
Member of DD Central
Posts: 86
Likes: 60
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Post by sildenafil on Feb 20, 2016 19:13:23 GMT
Thanks for clearing that up for me eurasian69. Certainly is a little confusing!
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Post by stumblemumble on Apr 14, 2016 16:31:44 GMT
I'm seeing this on all my loans, too.
I've just tried calling Ratesetter to enquire about it, but I ended up getting a woman's voicemail recording. Is there only one person handling RS' telephone customer service?
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Post by westonkevRS on Apr 14, 2016 18:15:48 GMT
I've just tried calling Ratesetter to enquire about it, but I ended up getting a woman's voicemail recording. Is there only one person handling RS' telephone customer service? Just for the record, after asking Ms Bott, less than 5% of phone calls go to the answer phone. So if you call back 5mins later your chance of not getting through are more than 400:1. Perhaps you were especially unlucky. Additionally a report of missed calls is produced near the end of the day, and customers are called back. Which I think is pretty fantastic service. Kevin.
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Post by bracknellboy on Apr 14, 2016 18:29:49 GMT
I've just tried calling Ratesetter to enquire about it, but I ended up getting a woman's voicemail recording. Is there only one person handling RS' telephone customer service? Just for the record, after asking Ms Bott, less than 5% of phone calls go to the answer phone. So if you call back 5mins later your chance of not getting through are more than 400:1. Perhaps you were especially unlucky. ummm. I do hope that a grasp of basic statistics is not a pre-requisite for risk management - though I would rather have thought it was. Assuming each call is an independent event then I suggest that the chances of not getting through when calling back 5 minutes later are .... lets see.....about 5%. Regardless of whether you got through the first time or not. Edit: I meant to put a at the end of that.
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Post by westonkevRS on Apr 15, 2016 7:00:42 GMT
400:1 across both calls, not just the second call. Each call had a 19:1 odds of not being answered, so twice this is 361:1. Albeit the chance of not getting through is actually much less that 5%, I rounded it up. My maths, especially gambling odds, is perfectly fine. Thank you. The odds on an average forum member being a pedant is approximately evens. Kevin
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Post by westonkevRS on Apr 15, 2016 7:03:23 GMT
And besides, most rational people would have just called back a few minutes later. Not logged onto a forum and had a moan....
I think some forum members like it when things don't work perfectly.... We might purposely start doing some thingg wrong....
Kevin.
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Post by davee39 on Apr 15, 2016 7:15:50 GMT
And besides, most rational people would have just called back a few minutes later. Not logged onto a forum and had a moan.... I think some forum members like it when things don't work perfectly.... We might purposely start doing some thingg wrong.... Kevin. So you DO want to be more like Zopa and Funding Circle!
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Post by bracknellboy on Apr 15, 2016 7:19:57 GMT
400:1 across both calls, not just the second call. Each call had a 19:1 odds of not being answered, so twice this is 361:1. Albeit the chance of not getting through is actually much less that 5%, I rounded it up. My maths, especially gambling odds, is perfectly fine. Thank you. The odds on an average forum member being a pedant is approximately evens. Kevin I was having a play on your words, not your maths....
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Post by propman on Apr 15, 2016 12:20:04 GMT
400:1 across both calls, not just the second call. Each call had a 19:1 odds of not being answered, so twice this is 361:1. Albeit the chance of not getting through is actually much less that 5%, I rounded it up. My maths, especially gambling odds, is perfectly fine. Thank you. The odds on an average forum member being a pedant is approximately evens. Kevin I was having a play on your words, not your maths.... I would rather hope that a credit risk expert would also realise that few events are truly independent events. If the phones are busy it might be because this is an unusually busy time and so the 5% would be an underestimate now and is likely to be in 5 mins.
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Post by stumblemumble on Apr 21, 2016 0:04:54 GMT
And besides, most rational people would have just called back a few minutes later. Not logged onto a forum and had a moan.... Most rational businesses wouldn't redirect their customer service number to someone's voicemail. I do hope the snark isn't wholly representative of how RS treats new (and existing) customers... For the record, my question was genuine and you seem to have confirmed the answer to it. My bad - I thought RS would perhaps have a few people handling enquiries.
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