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Post by supernumerary on Sept 3, 2016 6:08:49 GMT
Still no repayment this morning and I bank with Barclays No repayment to me this morning at 7:08am, as I write... I contacted my Bank yesterday and asked them whether they had any problems receiving payments inwards and they didn't. Barclays are the Bank that Ratesetter use for the financial transactions... As another poster wrote; ...so something has clearly gone badly wrong at the RS end.
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wapping35
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Post by wapping35 on Sept 3, 2016 7:34:29 GMT
Still no repayment at 8.30am Saturday, e:mailing RS next. Bank has confirmed they have no problem with payments generally. Unfortunately I expect this will not get resolved until Monday. I believe RS Customer Service is not open until then. Pretty poor really these are the Sept 1 repayments and thus pretty much the largest amounts lenders receive. And not receiving repayments on time does not instil confidence in any platform. (especially with no explanation, IT glitch or something else ). W35 Update: I have left a message on the RS voice mail just now. The recorded message indicates that CS is open on Saturday 9am - 6pm so hopefully I will get a call back.
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baz657
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Post by baz657 on Sept 3, 2016 8:43:53 GMT
Same problem with me. Withdrawal notified on RS on 1st (Thursday) and nothing showing in my bank (Lloyds) 9:40am 3rd (Saturday).
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wapping35
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Post by wapping35 on Sept 3, 2016 10:16:06 GMT
Okay I called again just now since it seems they are getting a lot of calls. They tell me there was a problem with the "repayment file" and they will call me back when they can confirm when/how the issue will be resolved. So it is an IT issue rather than anything else. The above said I am not sure if we are going to see the repayments until Monday. They indicated they are struggling to get a resolution as it is the weekend. Lets see. I know payments can be made on a weekend since I have both made them and received them from / to other organisations and individuals. W35 p.s. I said I would post on the forum since I can see lots of people are impacted. It is not a Bank issue, whoever you bank with.
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Post by pepperpot on Sept 3, 2016 10:16:29 GMT
Yep, same here. An auto-withdrawal is set for each Thursday, has always arrived Friday before now, statement shows it no longer in my RS account as of the 1st. westonkevRS - where's my money!!! P.S. mornin' Kev. edit; crossed with wapping35
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wapping35
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Post by wapping35 on Sept 3, 2016 16:00:08 GMT
RS Customer Services just called back.
They apologised again. As always I have found RS customer services to be very polite and helpful.
They tell me the issue was with a third party who process the file (or not in this case) prior to the he bank transfer procedure.
Anyway I understand the payment will be made on Monday 'probably' before the usual 4-6pm process (for the Friday Sept 2 & weekend (Sept 3-4) withdrawal process).
They will also put together a email communication re the issue. To go out Monday. I believe just to those impacted....
I mentioned that some parties may be out of pocket due to the issue and suggested they address this appropriately. (i.e. over drawn Bank charges etc). Fortunately I am not personally impacted, but I am sure some may be. I would suggest calling RS if you are.
Anyway let's hope this is a one off and the repayments all come in correctly on Monday.
Regards
W35
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dermot
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Post by dermot on Sept 5, 2016 6:57:43 GMT
I join the clan as my Thursday 1st Sept withdrawal has yet to appear.
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Post by supernumerary on Sept 5, 2016 8:18:06 GMT
Wapping35, Thank you for your best efforts. With Ratesetter getting a lot of calls on Saturday morning, they are probably on the receiving end of a DELUGE of calls this Monday morning… As it currently stands, there has been NO email explanation or apology from Ratesetter and still no repayment at 9:15am this Monday morning… As you quite rightly wrote; Pretty poor really these are the Sept 1 repayments and thus pretty much the largest amounts lenders receive. And not receiving repayments on time does not instil confidence in any platform.
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Post by barberbookie on Sept 5, 2016 8:26:32 GMT
Another unsatisfied customer here.
Withdrawl on Thursday. Still nothing.
Emailed them Friday and have had no response.
To be honest , pretty poor all round going foward.
Tony
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Post by Deleted on Sept 5, 2016 8:55:41 GMT
Yep, no withdrawal yet for me either. The lack of updates/info from RateSetter is pretty poor. As an amusing contrast, just placed a MoneyThing withdrawal about 15 minutes ago, the money has already reached my bank
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Post by supernumerary on Sept 5, 2016 8:57:05 GMT
I have just now received the repayment, a few minutes before 10am.
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Post by barberbookie on Sept 5, 2016 9:04:54 GMT
I can confirm i have also now received payment
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Post by supernumerary on Sept 5, 2016 9:07:03 GMT
Yep, no withdrawal yet for me either. The lack of updates/info from RateSetter is pretty poor. As an amusing contrast, just placed a MoneyThing withdrawal about 15 minutes ago, the money has already reached my bank Well an (un)amusing contrast, is if you had taken out a loan from Ratesetter on Thursday the 1st Sept. 2016, they advertise it can be in your account in 24 hours... I put in a request to withdraw my own money at approx. 5pm Thursday, the 1st September 2016 and finally received it at 10am approx. on Monday the 5th Sept. 2016. If my maths is correct, that is a wait of 89 hours...
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ferdy
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Post by ferdy on Sept 5, 2016 10:25:33 GMT
Yep, no withdrawal yet for me either. The lack of updates/info from RateSetter is pretty poor. As an amusing contrast, just placed a MoneyThing withdrawal about 15 minutes ago, the money has already reached my bank Well an (un)amusing contrast, is if you had taken out a loan from Ratesetter on Thursday the 1st Sept. 2016, they advertise it can be in your account in 24 hours... I put in a request to withdraw my own money at approx. 5pm Thursday, the 1st September 2016 and finally received it at 10am approx. on Monday the 5th Sept. 2016. If my maths is correct, that is a wait of 89 hours... Yes I have received mine also. Ok so things go wrong every so often and I can understand that but why has there been no correspondence from RS, either on their website, via email, on this forum or all of the above. Surely the mark of a good company is to keep it's customers informed.
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wapping35
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Post by wapping35 on Sept 5, 2016 13:21:51 GMT
Just checked and yes my repayment has finally arrived. Thanks I now look forward to see the e:mail explanation from RS which was mentioned by their Customer Service chaps on Saturday. I think we need a brief explanation of what went wrong (i.e. an IT glitch and not a liquidity issue). Also steps to be taken to ensure it is not repeated. It was mentioned it was a problem with a third party, but of course it is a RS appointed 3rd party so it is still RS's duty to manage their relationship with that 3rd party. And finally a process for which any lenders can claim back over draft expenses incurred if they can be show they have resulted from the failed Friday night repayment run. I do see this as important, since a fundamentally what ever the interest rate is at RS, we all want to withdrawal our funds eventually and getting those funds paid on the promised schedule is, for me at least, one of the main basic tenets in having faith in RS as an investment platform. W35
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