registerme
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Post by registerme on Feb 9, 2017 18:35:57 GMT
Well, according to the two emails I've just received from RateSetter, the free sell out isn't so free. Charges of ~£395 have been levied on my account.
I will call them tomorrow and report back as to what they have to say.
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james
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Post by james on Feb 9, 2017 18:39:16 GMT
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.
It's the change in returns, not the original returns, that is the issue with the longer loans. That change makes less difference when the loan term is one month. Not no difference because the returns offered on the one month loans differ and one person could face a cut of 2% while another only gets a cut of 0.5% depending on just which day and time of day they invested.
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mason
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Post by mason on Feb 9, 2017 18:40:01 GMT
Well, according to the two emails I've just received from RateSetter, the free sell out isn't so free. Charges of ~£395 have been levied on my account. I will call them tomorrow and report back as to what they have to say. Same experience, see hereI'm content to see what ends up in my bank account and take it from there.
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registerme
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Post by registerme on Feb 9, 2017 18:52:02 GMT
Interesting, I'm not locked out of my account.
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mason
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Post by mason on Feb 9, 2017 19:00:20 GMT
Interesting, I'm not locked out of my account. So the actual process seems to be just as consistent as the information we have been told. (Just to make absolutely sure I tried resetting my password and my email address is no longer recognised)
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adrianc
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Post by adrianc on Feb 9, 2017 19:00:34 GMT
Well, according to the two emails I've just received from RateSetter, the free sell out isn't so free. Charges of ~£395 have been levied on my account. I will call them tomorrow and report back as to what they have to say. What sort of rough %age is that, and how does it relate to what a sell-out would have cost you?
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mason
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Post by mason on Feb 9, 2017 19:03:48 GMT
What sort of rough %age is that, and how does it relate to what a sell-out would have cost you? I've been charged almost exactly the same fees as I was quoted for a normal sellout just before I called them to kick the process off. For me it was about 6% for the 5 year market and 4.5% for the 3 year.
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registerme
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Post by registerme on Feb 9, 2017 19:05:26 GMT
About 3.7%, and I don't know (I didn't look at it / work it out prior to taking the decision to take advantage of the sell out offer).
Note though that I may be "mid-process", so things may look different tomorrow. Equally something might have simply gone wrong......
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rick24
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Post by rick24 on Feb 9, 2017 19:13:36 GMT
Well, according to the two emails I've just received from RateSetter, the free sell out isn't so free. Charges of ~£395 have been levied on my account. I will call them tomorrow and report back as to what they have to say. Likewise. Several hundred pounds of fees. The left hand does not know what the right is doing?
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jonah
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Post by jonah on Feb 9, 2017 21:22:09 GMT
It could be that the manual process is to do the normal automatic one then top up the cash fees to make the numbers correct.
alternatively, it could just have gone wrong.
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Post by elpasi on Feb 9, 2017 21:56:25 GMT
I'm going to make this big just so anyone scrolling sees it a bit more clearly:
Fees are taken for sales then reimbursed.
I've had almost all of mine sold out, and I can see my account still, and what they've done is charge fees on each sale, and then insert a "Ratesetter Cashback" credit against the rolling market to undo the fees. However, they've only reimbursed return fees, not reassignment fees, so I'm still off by a small margin.
Still shocked that the communication has turned so weirdly poor.
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Post by caveman38 on Feb 10, 2017 8:32:49 GMT
those that have had monies returned (even in transit) how long from initial enquiry to implementation, did it take? . Were they small amounts and on what markets.
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registerme
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Post by registerme on Feb 10, 2017 8:50:53 GMT
I'm going to make this big just so anyone scrolling sees it a bit more clearly: Fees are taken for sales then reimbursed.
I've had almost all of mine sold out, and I can see my account still, and what they've done is charge fees on each sale, and then insert a "Ratesetter Cashback" credit against the rolling market to undo the fees. However, they've only reimbursed return fees, not reassignment fees, so I'm still off by a small margin.
Still shocked that the communication has turned so weirdly poor. That's good to know, thanks. Only I've not got any "Ratesetter Cashback" line items . EDIT: Interestingly I still have a very small amount (single digit £) that is still on loan.
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Post by elpasi on Feb 10, 2017 9:12:42 GMT
I got one rolled up at the end of the day. Attachments:
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registerme
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Post by registerme on Feb 10, 2017 9:13:11 GMT
I just spoke to Ratesetter. The chap was very helpful and very polite (not something you can say about all customer support operations), so plus points there for RS. According to him my figures do look correct, but he can't explain why they've been reported the way they have, nor the absence of any sales fee reimbursement line items, so he's going to talk to a more senior person and get back to me.
With regard to the eight quid left on loan, RS doesn't allocate loan slices smaller than £10 (not unreasonably imho), so this is "going to be taken care of internally", which I interpret as meaning "RS will buy it off me". I wonder is this why my account wasn't closed?
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