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Post by jackpease on Feb 9, 2017 7:29:41 GMT
I sent a a sell out request by email a couple of days ago - not heard back - is that the experience of others that have sent their request by email? I imagine they are pretty busy! Jack P
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jimc99
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Post by jimc99 on Feb 9, 2017 8:32:22 GMT
The instructions from RS is to phone them to register that you wish to sell out. Probably best to do so and confirm by email.
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Post by jackpease on Feb 9, 2017 8:51:49 GMT
>>>The instructions from RS is to phone them
Phone? What is that? Soooo last century. I thought p2p was enabled by and championed new technology! Jack P
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Post by deddington on Feb 9, 2017 12:12:28 GMT
I emailed and have received the following reply ...
Good afternoon *****
Thank you for your email, I would be happy to get this provided for you.
Just to make you aware this is a good will gesture from RateSetter and provided to customers that are unhappy with the new changing Terms and Conditions. On providing the Feeless ‘Sell Out’ service we will be closing your RateSetter lending account, as we are not looking to be updating our Terms and Conditions for the foreseeable future. With this in mind, if you are still happy to proceed with the withdraw of funds please just confirm back in this email chain?
Additionally, could we please request any feedback on why you would like to withdrawn your funds? Is there anything in particular that you are unhappy with?
I hope this has been helpful, if you require any further help please do not hesitate to ask?
Kind regards,
********
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Post by GSV3MIaC on Feb 9, 2017 12:53:25 GMT
>>>The instructions from RS is to phone them Phone? What is that? Soooo last century. I thought p2p was enabled by and championed new technology! Yep, that's going to upset my partner who hates to do anything by phone .. however it does seem that email will work, so let's try that first.
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Post by caveman38 on Feb 9, 2017 17:34:06 GMT
I contacted them 2 Feb and was told someone would call me within a week to discuss the return of my money. Over a week now, although not fretting, has anyone been given any idea when the return of their money would be and what was the time span from initial request?
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toffeeboy
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Post by toffeeboy on Feb 9, 2017 17:36:33 GMT
I have just rung RS re this and they have categorically assured me that you will not be able to re-invest at a later date. The guy claimed to have no knowledge of any blog stating otherwise. Good eh? If it transpires that people taking up their right to dissolve their contract under the CRA 2015 are being threatened with an action that would represent a barrier to their exit (such as being blacklisted), then unless RS follows through with said action and is able to justify it as being fair, then RS is opening itself up to compensation claims by any investor who is dissuaded from exercising their right and subsequently experiences a loss at the hands of the new T&Cs. Perhaps some of the call centre staff have come to RS after trying to flog PPI, where similar tactics were involved. That all depends on how you are being "threatened" with being blacklisted and would be very hard to prove. Assuming a few employees have it wrong and once you withdraw your funds then your account will be closed then that would just be good housekeeping in my view, you are withdrawing everything because you don't like something within the way things work so why would you want to keep the account open.
What exactly are they blacklisting on, I would presume that it is internally which is their entitlement, any company can refuse to trade with anyone they wish without a reason. It doesn't make good business sense but they aren't leaving themselves open to and compensation claims and I doubt you would find a single ambulance chasing lawyer that would take up such a case.
Not sure about your reference to PPI as that was mainly missold when taking out a loan so not relevant here at all.
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adrianc
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Post by adrianc on Feb 9, 2017 17:49:27 GMT
If it transpires that people taking up their right to dissolve their contract under the CRA 2015 are being threatened with an action that would represent a barrier to their exit (such as being blacklisted), then unless RS follows through with said action and is able to justify it as being fair, then RS is opening itself up to compensation claims by any investor who is dissuaded from exercising their right and subsequently experiences a loss at the hands of the new T&Cs. Perhaps some of the call centre staff have come to RS after trying to flog PPI, where similar tactics were involved. That all depends on how you are being "threatened" with being blacklisted and would be very hard to prove. Assuming a few employees have it wrong and once you withdraw your funds then your account will be closed then that would just be good housekeeping in my view, you are withdrawing everything because you don't like something within the way things work so why would you want to keep the account open.
What exactly are they blacklisting on, I would presume that it is internally which is their entitlement, any company can refuse to trade with anyone they wish without a reason. It doesn't make good business sense but they aren't leaving themselves open to and compensation claims and I doubt you would find a single ambulance chasing lawyer that would take up such a case. Indeed. "Blacklisting", in my book, would be if the list of fee-free-closers was passed around other P2P providers.
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mason
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Post by mason on Feb 9, 2017 18:03:51 GMT
That all depends on how you are being "threatened" with being blacklisted and would be very hard to prove. Assuming a few employees have it wrong and once you withdraw your funds then your account will be closed then that would just be good housekeeping in my view, you are withdrawing everything because you don't like something within the way things work so why would you want to keep the account open.
What exactly are they blacklisting on, I would presume that it is internally which is their entitlement, any company can refuse to trade with anyone they wish without a reason. It doesn't make good business sense but they aren't leaving themselves open to and compensation claims and I doubt you would find a single ambulance chasing lawyer that would take up such a case.
Not sure about your reference to PPI as that was mainly missold when taking out a loan so not relevant here at all.
It wouldn't be hard to prove at all since calls are recorded. But you are missing my point, if they actually close the accounts and stop people from coming back, then they have done nothing wrong (subject to the regulator deeming such action fair). It is only if they tell customers that they won't be able to come back, but not follow through, that those put off by the threat would have a claim. The comparison with PPI is that those who pushed it often said things that were untrue to convince potential customers to take it out. In this case, RS seems to be telling customers something that is untrue in order to dissuade them from leaving.
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mason
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Post by mason on Feb 9, 2017 18:05:48 GMT
Update: I've just received 2 emails confirming my sellout from the 3 and 5 year markets. According to my emails the standard exit fees have been charged and I am now locked out of my account.
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james
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Post by james on Feb 9, 2017 18:10:35 GMT
once you withdraw your funds then your account will be closed then that would just be good housekeeping in my view, you are withdrawing everything because you don't like something within the way things work so why would you want to keep the account open. RateSetter doesn't only offer one thing to invest in. It's entirely possible for someone to want to sell their three and five-year loans because of the way risk is being shifted but still have use for the one month product. In the future the return deal on other products may also become more interesting.
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toffeeboy
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Post by toffeeboy on Feb 9, 2017 18:21:38 GMT
That all depends on how you are being "threatened" with being blacklisted and would be very hard to prove. Assuming a few employees have it wrong and once you withdraw your funds then your account will be closed then that would just be good housekeeping in my view, you are withdrawing everything because you don't like something within the way things work so why would you want to keep the account open.
What exactly are they blacklisting on, I would presume that it is internally which is their entitlement, any company can refuse to trade with anyone they wish without a reason. It doesn't make good business sense but they aren't leaving themselves open to and compensation claims and I doubt you would find a single ambulance chasing lawyer that would take up such a case.
Not sure about your reference to PPI as that was mainly missold when taking out a loan so not relevant here at all.
It wouldn't be hard to prove at all since calls are recorded. But you are missing my point, if they actually close the accounts and stop people from coming back, then they have done nothing wrong (subject to the regulator deeming such action fair). It is only if they tell customers that they won't be able to come back, but not follow through, that those put off by the threat would have a claim. The comparison with PPI is that those who pushed it often said things that were untrue to convince potential customers to take it out. In this case, RS seems to be telling customers something that is untrue in order to dissuade them from leaving. I have never rang ratesetter so don't know if all calls are recorded or not.
Following through or not would have no impact, it is the companies choice who they allow to be their customers and they are entitled to change their minds. If they chose to say you won't be allowed back but allow some people back then that is entirely up to them. Just like if a person choses to stay with RS then it is entirely up to them.
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mason
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Post by mason on Feb 9, 2017 18:22:48 GMT
Indeed. "Blacklisting", in my book, would be if the list of fee-free-closers was passed around other P2P providers. For the sake of clarity: en.wikipedia.org/wiki/Blacklisting"A blacklist (or black list) is a list or register of entities or people that, for one reason or another, are being denied a particular privilege, service, mobility, access or recognition." In this case, I was referring to RS maintaining a blacklist of people that would be denied a particular service, said service being that provided by RS itself.
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toffeeboy
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Post by toffeeboy on Feb 9, 2017 18:27:08 GMT
once you withdraw your funds then your account will be closed then that would just be good housekeeping in my view, you are withdrawing everything because you don't like something within the way things work so why would you want to keep the account open. RateSetter doesn't only offer one thing to invest in. It's entirely possible for someone to want to sell their three and five-year loans because of the way risk is being shifted but still have use for the one month product. In the future the return deal on other products may also become more interesting. I think that you are missing the point that this fee free cash out is in relation to the new T&Cs regarding the PF, the fee free sell out option if for anyone that doesn't like the new look RS so they can leave fee free and there is no comeback on RS for forcing anyone to continue using RS when they don't like the new direction the model is going. Now if you don't like the new model then why would you stay in any section of RS, you wouldn't.
What you are talking about is someone who is disillusioned with RS 1 year and 5 year returns and looking taking advantage of the fee free, that isn't what this fee free cash out offer is for and therefore is the reason that you can't pick and chose what you stay in. You either agree with the new model and want to continue to use RS or you don't and they are offering you a fee free way out.
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mason
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Post by mason on Feb 9, 2017 18:27:18 GMT
I have never rang ratesetter so don't know if all calls are recorded or not. I have and they state it. It is also a regulatory requirement. So take it from me that they do record calls. If a customer makes a choice based on false information provided by a business, then if the customer subsequently suffers a loss then the business must put them back into the position they would have been in if they had not been given the false information.
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