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Post by p2plender on Feb 7, 2017 3:50:49 GMT
And you have the option to sell out for free which you didn't have before the change so accept it and move on. Imagine the whining if the fee free sell out wasn't being offered??
Lots of other platforms for one to try and test.
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mason
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Post by mason on Feb 7, 2017 6:34:17 GMT
There are three parts to the fee and it remains to be seen if they try to get away with still charging some of it. The three parts are base, cost of pretending you funded a shorter term loan and taking your capital profit if rates have dropped on newer loans. Best not to just trust them to really not charge the whole fee, but check it. I'm almost certain that they'll take the capital profit, but I'll be checking that they return all of my capital and accrued interest up to the date of liquidation.
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mason
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Post by mason on Feb 7, 2017 6:52:19 GMT
And you have the option to sell out for free which you didn't have before the change so accept it and move on. Imagine the whining if the fee free sell out wasn't being offered?? It's an option RS is legally obliged to provide under the Consumer Rights Act.
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rick24
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Post by rick24 on Feb 7, 2017 9:31:37 GMT
Just to add to others comments, when I phoned I was told if I went through with the process I'd not be able to open a RS account in the future. Not a problem for me, but I know there has been some discussion about this. I was told the opposite, so there probably isn't a set policy. Why should they be too bothered? If you come back, it will be on the new terms and, at present, on lower rates.
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Greenwood2
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Post by Greenwood2 on Feb 7, 2017 9:40:27 GMT
It's a bit daft banning people from opening a new account. I would like to reduce my exposure to RS to reflect the new T&Cs, but still keep an account, failing that I would cash out re-open an account and add funds up to my new limit. Failing that bye bye RS.
Edit: Are they really going to keep a 'blacklist' of banned lender?
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Post by ruralres66 on Feb 7, 2017 10:37:53 GMT
I am posting this here as well as on Poll Page as it's relevant to the thread! Still thinking about it. I need to know if RS will "let you back in" after a closure of account and as the market settles down. At present they have made an offer without full and frank terms and implications it appears. I call it having their cake and eating it. It's a knee jerk rather than a "considered" action on their part and they appear to have expectations we all will act accordingly and in the same manner! Problem is I have even less confidence in the "banks" and FCA after listening to File on 4 about the Lloyd's/ HOSB business customer fraud! "The Halifax Bank of Scotland fraud trial is highly unusual in that senior bankers are convicted of crimes, including fraud and hiding the proceeds of crime, in the boom of irresponsible lending ahead of the 2008 crash." This is worth a listen again. www.bbc.co.uk/programmes/b08fg81wFile on Four will have a special report about the case on BBC Radio Four on Tuesday 31 January at 20:00. www.bbc.co.uk/news/business-38796087www.bbc.co.uk/news/business-38772660It's going to be a tough call for me and my family as what alternatives do we have to secure a modest income to even cope with inflation?
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elliotn
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Post by elliotn on Feb 7, 2017 10:41:54 GMT
It's a bit daft banning people from opening a new account. I would like to reduce my exposure to RS to reflect the new T&Cs, but still keep an account, failing that I would cash out re-open an account and add funds up to my new limit. Failing that bye bye RS. Edit: Are they really going to keep a 'blacklist' of banned lender? My sentiments exactly (y)
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ferdy
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Post by ferdy on Feb 7, 2017 11:04:45 GMT
It's a bit daft banning people from opening a new account. I would like to reduce my exposure to RS to reflect the new T&Cs, but still keep an account, failing that I would cash out re-open an account and add funds up to my new limit. Failing that bye bye RS. Edit: Are they really going to keep a 'blacklist' of banned lender? My sentiments exactly (y) And mine. Struggling to see any business logic in not allowing customers to re-open an account. Can anyone enlighten me?
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wapping35
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Post by wapping35 on Feb 7, 2017 11:35:23 GMT
I cannot see RS legally being able to blacklist lenders anyway. Lenders who do take the RS offered Fee Free exit are not acting fraudulently and thus the legal basis of such a ban should be given (if in fact that is what they are consistently intending to do).
In any case can you really see RS actually tracking this issue (for Life).
And of course under the Data Protection rules such a "black list" needs to be open to the scrutiny of the Lenders mentioned. For Life...
I should add I called them (I am still thinking about my decision and indeed RS is meant to be emailing me some data on the 2016 default levels v their projections as detailed on their Market Data page, to aid my decision) and no mention of being Blacklisted was indicated if I left. Yes they did say the account would be closed, but being banned for life was not mentioned. Legally if such a ban was to be imposed they need to communicate it.
On a separate point this whole issue would be helped, if RS actually had a person looking at and posting on this forum. But I know they do not want to do so...
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Post by Deleted on Feb 7, 2017 11:50:22 GMT
The idea of closing the door and then locking it on a customer is just crazy, I shall continue to gently remove my money from these clowns.
BTW I see Kevin has reappeared with a new company.
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starfished
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Post by starfished on Feb 7, 2017 11:52:30 GMT
I don't know. Can't most businesses refuse to trade with whoever they want as long as the reason is not (legally) discriminatory? I have certainly in the past had an organisation refuse to open a savings account for me and refuse to say why. I know of others unable to open current accounts because they don't earn enough.
Operationally speaking, I agree I cannot see them maintaining a blacklist for long.
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wapping35
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Post by wapping35 on Feb 7, 2017 14:24:29 GMT
I agree but the problem would be, is it discriminatory ?
That is why did some callers/requesters get told they would be blacklisted and others (like me) had no such comment.
And of course we do not know why.. I suspect it is down to which Supervisor we spoke with...
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mason
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Post by mason on Feb 7, 2017 18:50:14 GMT
I agree but the problem would be, is it discriminatory ? That is why did some callers/requesters get told they would be blacklisted and others (like me) had no such comment. And of course we do not know why.. I suspect it is down to which Supervisor we spoke with... So far I think I'm the only one who has reported being told that I wouldn't be able to open another account. It could just be one "Ratesetter expert" misinterpreting what they have been told. I was not passed to a supervisor when I called.
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mike
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Post by mike on Feb 7, 2017 21:56:58 GMT
I was also told my account would be closed and I couldn't open a new one. I asked if there was a time limit on this and they were non committal.
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Greenwood2
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Post by Greenwood2 on Feb 8, 2017 8:38:22 GMT
Just re-reading the Blog that I was sent to from the email notification. Blog entry, 1st Feb 'Building greater...- Updating Lender Terms' (I don't usually do blogs). And noticed the comments section, from which I cut the following question and reply from ratesetters:
I hear that if we withdraw our funds and accept the waived early exit fees - we're never allowed to come back to Ratesetter.. is this true?? Not good.
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RateSetter Mod
Hi, happy to clarify that this is not the case: if an investor chooses to Sell Out of all of their RateSetter loans as part of the early exit offer, they do not have to close their account. If the investor has a change of heart and chooses to reinvest at a later date, they are very welcome to do so.
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