Greenwood2
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Post by Greenwood2 on Feb 20, 2017 15:39:43 GMT
I've downloaded a tax statement to date, and will try to get a final one for this year before my account is closed, if not at least I'll have a good guess to compare with whatever they send me.
I was told to ring to request one, which I hope will work!
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duck
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Post by duck on Feb 20, 2017 15:59:22 GMT
I've downloaded a tax statement to date, and will try to get a final one for this year before my account is closed, if not at least I'll have a good guess to compare with whatever they send me. I was told to ring to request one, which I hope will work! Thanks for that, the system failed to produce anything for me, I had a similar problem with my business account last year. I will request a manual one to be on the safe side!
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Greenwood2
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Post by Greenwood2 on Feb 23, 2017 7:33:04 GMT
Got the email showing I HAVE been charged fees yesterday, no follow up email or call. Can't get into my account this morning, presumably closed (but with the auto fill now also not working, I'm not 100% sure), no funds in my bank account yet. A little disconcerting to say the least, I'm very glad I was warned about the email.
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dorset
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Post by dorset on Feb 23, 2017 10:23:04 GMT
Just closed one of my RS accounts which had about 100 sub £10 loans only. All done within the week. Cash in the bank and account now closed. First class customer service from RS.
I am simply running down my other RS account which is now less than £10k and should be at £5k within 12 months. Moving the money to Zopa where I feel that with Zopa plus and Access I have a better handle on the risks I am facing. I am afraid that the RS PF has now become a flawed model. If ever the coverage drops below 110% then there would be a bank style run on the Rolling Fund.
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rick24
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Post by rick24 on Feb 23, 2017 14:10:13 GMT
Just closed one of my RS accounts which had about 100 sub £10 loans only. All done within the week. Cash in the bank and account now closed. First class customer service from RS. I am simply running down my other RS account which is now less than £10k and should be at £5k within 12 months. Moving the money to Zopa where I feel that with Zopa plus and Access I have a better handle on the risks I am facing. I am afraid that the RS PF has now become a flawed model. If ever the coverage drops below 110% then there would be a bank style run on the Rolling Fund. I think the Zopa provision fund aims for 110% coverage - slightly different model possibly.
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Post by GSV3MIaC on Feb 23, 2017 20:56:46 GMT
For those who took advantage, I see (but doubt it will last or survive inspection) that the sellout fee has been deducted from taxable interest while the return of the fee has been ignored for tax purposes (being a cashback). This has the effect of just about zeroing my taxable interest income for 2016/17, when I print a tax statement. Seems like yet another excellent reason to vamoose (although, as I say, I suspect it won't pass muster with HMRC?). 8>.
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jonah
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Post by jonah on Feb 23, 2017 21:46:11 GMT
For those who took advantage, I see (but doubt it will last or survive inspection) that the sellout fee has been deducted from taxable interest while the return of the fee has been ignored for tax purposes (being a cashback). This has the effect of just about zeroing my taxable interest income for 2016/17, when I print a tax statement. Seems like yet another excellent reason to vamoose (although, as I say, I suspect it won't pass muster with HMRC?). 8>. But we need to know what RS pass to the taxman as that is the number we should be using...
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angrysaveruk
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Back and to the left..
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Post by angrysaveruk on Feb 24, 2017 12:11:50 GMT
I sold out my personal account with Rate Setter and kept my smaller company account. To be honest I had way too much money with the platform at one stage 25% of my personal savings and I was pleased to be able to reduce this without paying fees. When I first started investing with Rate Setter they focused on personal loans, their move into provinding finance for businesses encouraged and the uncertainly global economic outlook made me decide to reduce my holding.
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gt94sss2
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Post by gt94sss2 on Feb 25, 2017 14:49:45 GMT
I just called Ratesetter to take advantage of the free sell out offer.
After a few minutes on hold, I spoke to a efficient pleasant gentleman who processed my request.
I was told it would take up to 14 days and that my account would be closed at the end of the process (unlike some of you being told your account would remain open) and that I would need to call in April if I wanted a tax statement..
As others have said, it would help if Ratesetter were consistent re: what they told customers...!
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teddy
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Post by teddy on Feb 25, 2017 18:02:58 GMT
I just called Ratesetter to take advantage of the free sell out offer. After a few minutes on hold, I spoke to a efficient pleasant gentleman who processed my request. I was told it would take up to 14 days and that my account would be closed at the end of the process (unlike some of you being told your account would remain open) and that I would need to call in April if I wanted a tax statement.. As others have said, it would help if Ratesetter were consistent re: what they told customers...! If you have sub £10 loans, you should've been given the option of keeping the account open to allow them to carry on paying back, or liquidating them and having your account closed.
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Greenwood2
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Post by Greenwood2 on Feb 25, 2017 19:42:16 GMT
Not according to the person I talked to, 'account will be closed', when I suggested some lenders accounts had not been closed they said it was a condition of the sell out, so could not happen.
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Post by eascogo on Feb 25, 2017 20:35:56 GMT
Not according to the person I talked to, 'account will be closed', when I suggested some lenders accounts had not been closed they said it was a condition of the sell out, so could not happen. Greenwood2 It seems RS took a while to get to get their position in synch but this is an extract of an email dated 17 Feb. received after I applied to sell out: "Some of the contracts within your account may be under the value of £10 and therefore cannot be sold out of automatically. The options available for these contracts 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." This position is likely to apply to all who sold out.
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Greenwood2
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Post by Greenwood2 on Feb 26, 2017 7:06:25 GMT
Not according to the person I talked to, 'account will be closed', when I suggested some lenders accounts had not been closed they said it was a condition of the sell out, so could not happen. Greenwood2 It seems RS took a while to get to get their position in synch but this is an extract of an email dated 17 Feb. received after I applied to sell out: "Some of the contracts within your account may be under the value of £10 and therefore cannot be sold out of automatically. The options available for these contracts 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." This position is likely to apply to all who sold out. Apparently not in synch yet, my conversation was on the 23rd of Feb...
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Post by GSV3MIaC on Feb 26, 2017 13:41:07 GMT
Not according to the person I talked to, 'account will be closed', when I suggested some lenders accounts had not been closed they said it was a condition of the sell out, so could not happen. If you want to COMPLETELY sell out every last penny, your account will be closed (as discussed a couple of posts upthread). If you are happy to leave the sub-£10 loan parts to die a natural death (over however long they run) then your account can stay open. I don't think RS have said anything different in the last 2 weeks... You may have to explain what level of 'sell out' you want them to accomplish ..
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Greenwood2
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Post by Greenwood2 on Feb 26, 2017 14:32:59 GMT
I clearly told them I was very happy to keep my account open (all I wanted to do in the first place was reduce my exposure), all described in a detailed email. When I rang, because my account had apparently been closed, I was told it was an all or nothing goodwill offer and it was not possible to keep my account open. The guy I talked to really didn't seem to believe me that some lenders accounts had not been closed.
Edit: Anyway water under the bridge now. Can I be bothered to open a new account...
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