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Post by pepperpot on Feb 15, 2017 14:14:05 GMT
Seems the official hymn sheet still hasn't reached everyone yet...
Thank you for your email.
The deadline to withdraw your funds by Sellout without fees is the end of February. As stated on the blog, in order to arrange a withdrawal without fees it is necessary to contact us by telephone and make the request verbally. You can reach us on 0203 142 6226, Mon-Sat, 9-6pm.
Once we have processed the sellout of for the majority of the contracts, there are two options available for the contracts under £10. The options are for RateSetter to manually credit you the balance resulting in your account being closed to allow us to claim the funds back as they mature. You are welcome to create a new account if you wish to invest again with us in the future.
Alternatively, we can leave the funds in the market which will keep your account active and result in the remaining funds being paid back to you gradually as they mature. You will be able to use your existing account should you wish to invest with us again in the future.
We look forward to hearing from you to discuss this further.
Kind regards, Rachel
Phone call made, process started, although the front desk rep I spoke to said 'details' like the options for sub £10 contracts would be discussed when they contact me. Good grief, all that has already been covered by email already.
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Post by jackpease on Feb 15, 2017 15:20:53 GMT
my experience.... continued.... now got my money back in my account. Curiously the emails say only the money is 'available to manage' with no suggestion that i need to close my account or not invest back in again (eg in Rolling - I only had issues with longer term rates). Jack P
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star dust
Member of DD Central
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Post by star dust on Feb 16, 2017 14:40:05 GMT
Three phone conversations and nine working days later, all funds returned and in bank account, RS account closed, and process complete. Got locked out of my account yesterday afternoon, got a bizarre 'one of your (a sub-£10 remaining one) investments have completed early' email in the middle of the night, and funds arrived in my bank just now. Haven't tried opening a new account - the end of one of my first foray's into P2P <sigh>. Most of Zopa finished sooner, but they insist on paying these blue moon pennies still .
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Post by deddington on Feb 16, 2017 16:57:10 GMT
Shrapnel in my bank and RS account closed. All done by email.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Feb 16, 2017 20:13:46 GMT
My attempt at email also stalled, waiting to see.
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Post by bluechip on Feb 17, 2017 16:34:44 GMT
I just phoned, easy peasy 1 minute conversation. me - Hi, I want to withdraw my funds and close the account, taking advantage of the no-fee withdrawal offer RS - Ok, this may take a little time as I am sure you can appreciate we have to do this manually as it isn't part of our normal processes me - Yes that's fine, can you give me a rough idea of when it will be completed? RS - We have said by the end of the month, but ideally it will be a lot quicker as you will be added to the queue and will be processing as quickly as possible me - Ok thanks RS - Can I just ask, why are you choosing this option? me - I have been withdrawing for a while now and didn't want to pay the fee to do so in bulk, the new terms are something which I don't like and a recession is coming - so I want to take the opportunity to pull my funds out now RS - Thank you we will add this to our records It' my largest P2P investment, so I'm going to be interested to see how smooth this process is. All done, I received a few emails in quick succession saying X amount had been sold, so I logged on to my ratesetter account to see what was happening. It was interesting watching how quick this was being moved on once they started. My final holding account was short because of the sell on fee, but by the time I had emailed them to ask about when this will be refunded it was back in my holding account. Top class service all in all, less than 4 days completion time - pretty incredible really considering the amount of people they are having to service if this thread is anything to go by. I still have a hundred quid sitting there which I suppose will be dealt with imminently but I'm not grumbling about that. I'll see how things go over the next few months and I may return with a bit less exposure in the rolling or 1 year market as opposed to the 5 year where the bulk of my money was invested previously. Very impressed.
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elliotn
Member of DD Central
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Post by elliotn on Feb 20, 2017 5:27:02 GMT
My Hamlet moment is over, the email is in the post:
"Reason
My investment started in 2013 with prime consumer lending and a provision fund that had to be maintained for Ratesetter to continue (coverage 176%, Oct 2013).
The borrower mix now includes SMEs and property/development loans whilst the provision fund coverage has been reduced (117% coverage including a third of future income, Feb 2017) and the change in T&C's increases the possibility of a reduction in lender interest or capital.
I am no longer comfortable with my level of investment under the change in T&Cs and so would like to withdraw my investment by accepting your offer.
Implementation
Please close out all my loans and credit back any sub 10 GBP loan parts that cannot be sold and close my account".
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teddy
Posts: 214
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Post by teddy on Feb 20, 2017 12:02:33 GMT
After careful consideration, I've decided to jump ship. Email sent.
Given a couple of years of greater than expected bad debt, the PF will be wiped out. The PF coverage has decreased 50% in the last 3 1/12 years, and I can't see that trend changing.
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jlend
Member of DD Central
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Post by jlend on Feb 20, 2017 13:35:28 GMT
My Hamlet moment is over, the email is in the post: "Reason My investment started in 2013 with prime consumer lending and a provision fund that had to be maintained for Ratesetter to continue (coverage 176%, Oct 2013). The borrower mix now includes SMEs and property/development loans whilst the provision fund coverage has been reduced (117% coverage including a third of future income, Feb 2017) and the change in T&C's increases the possibility of a reduction in lender interest or capital. I am no longer comfortable with my level of investment under the change in T&Cs and so would like to withdraw my investment by accepting your offer. Implementation Please close out all my loans and credit back any sub 10 GBP loan parts that cannot be sold and close my account". I agree. It is very difficult to track the provision fund coverage ratio over time. With so many changes to the provision fund over the years it is near on impossible to know if the provision fund has enough money in it and if it is better or worse funded month by month over the years. I was never quite convinced the 176% was that accurate.... With the current 117% ratio outside their target range the only message we can read into it is that the provision fund is not as strong as ratsetter themselves would like it to be. They have stated on their blog they are aiming to bring the coverage ratio back within the target ratio. Only time will tell....
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teddy
Posts: 214
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Post by teddy on Feb 20, 2017 14:08:59 GMT
With the current 117% ratio outside their target range the only message we can read into it is that the provision fund is not as strong as ratsetter themselves would like it to be. They have stated on their blog they are aiming to bring the coverage ratio back within the target ratio. Only time will tell.... I don't see how this is possible without making themselves uncompetitive. Huge financial demands would be placed on borrowers who will just go elsewhere. I had another sizeable "early repayment" ie PF payment this morning, which is just one of many I've received in recent weeks. I thought before I sent my email that if the average RS lender is getting anything like my level of defaults, then RS is screwed.
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Post by newlender on Feb 20, 2017 14:31:02 GMT
Is there any way of knowing if an 'early repayment' is actually a PF payment? I've had a few and always assumed they were paid back early by the borrower.
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teddy
Posts: 214
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Post by teddy on Feb 20, 2017 14:50:57 GMT
Is there any way of knowing if an 'early repayment' is actually a PF payment? I've had a few and always assumed they were paid back early by the borrower. No, but given by how much the PF coverage has dropped in recent years, it's safe to assume that due diligence isn't working well.
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pauls
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Post by pauls on Feb 20, 2017 15:01:20 GMT
Took about 10 minutes on hold but I got through to an efficient pleasant lady who processed my account closure request. Said they will be in touch in 2-3 working days. Also said they would re-fund the sub £10 parts. All seems very efficient. Asked the reason why and I said due to changes in T&Cs.
Thanks forumites.
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nairda
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Post by nairda on Feb 20, 2017 15:19:47 GMT
My sellout, requested last Tuesday was completed today. I received a phone call about an hour after the e-mail to discuss the shrapnel and was told that it would be returned to me by the end of the week. I think Ratesetter deserve a gold star for this part of their service, at least.
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duck
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Post by duck on Feb 20, 2017 15:28:26 GMT
Has anybody who has exited and is having their account closed managed to download a 'Tax Statement' for the 16/17 tax year ?
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