star dust
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Post by star dust on Feb 13, 2017 12:42:00 GMT
I've just gone through the first stage of the process, and because I couldn't see a reimbursement of fees and I had a pretty large lump of 'shrapnel', I rang them up. The fee reimbursement shows as a 'promotion' on my balance sheet, but won't be added to my account until tomorrow . The shrapnel will be sold off over the coming hours (or possibly days - although likely completed by Thursday), and I am free to withdraw as and when - i.e. as it goes along or when it's finished. I may get some more auto-generated emails, but will not hear anything else from them. They will not be returning the funds to my bank account (I need to do this myself through the withdrawal process), and they will not be closing my account "there has been a change of policy". Well, apart from two phone calls, which were fine in themselves, all pretty painless so-far. One, possibly a little wistful, but relatively happy customer here. I WAS MISINFORMED - UPDATE HERE.
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mike
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Post by mike on Feb 13, 2017 13:22:24 GMT
All done and dusted for me. I made the request on 3/2, sent them a "reminder" email on 10/2 and it was processed today. First stage the sale with fees deducted, then a "cash back" of the total fees. I did a manual withdrawal so the funds should be back in my account tomorrow. I'm left with £10 ish on loan. Will leave it there, unless RS sell them, until the end of the tax year. It's been smooth in fairness to RS.
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elliotn
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Post by elliotn on Feb 13, 2017 14:19:39 GMT
I think 1 or 2 did this by email, is that right? I'm overseas at the mo and don't fancy swapping my RS fees for giffgaff ones!
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Post by pepperpot on Feb 13, 2017 16:21:06 GMT
I think 1 or 2 did this by email, is that right? I'm overseas at the mo and don't fancy swapping my RS fees for giffgaff ones! I've just set my own 'sell out' ball rolling via email. I asked whether or not a phone call was necessary, I'll let you know what the response is. Edit; Just had an automated response. "Thank you for your email. Due to unexpectedly high email volumes, it may take slightly longer than normal to respond to your email. A member of our Customer Service team will however respond to your query within 5 working days, or sooner if possible." <patiently twiddles thumbs>
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star dust
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Post by star dust on Feb 13, 2017 17:08:50 GMT
The saga continues. I have just had a telephone call from an apparently senior customer services manager who said that my loans had been sold-out and my sell-out fee had been reimbursed and was in my account. I now had two choices 1. Let my four figure lump of shrapnel unravel itself and continue withdrawing as usual. 2. Have my shrapnel purchased by RateSetter which mean my funds would be in my bank account probably by Wednesday but defiantly by Friday, and then my RS account would be closed. If I took option 2, I would be welcome to open a new account, they were only doing this as it was the only way to sell out sub £10 loans - really not sure I believe that. I expressed my annoyance at having been told the complete opposite by one of their customer service officers earlier today. I suggested they briefed their front-line staff. I said I'd go for option 2, I've withdrawn my sell-out funds and reimbursed fees and await the rest. My wistfulness has disappeared. For those going for the email option I'd decide if you want to get your shrapnel out or not and if you do clearly explain you'd like and agree to option 2. I rang them on the 6th Feb when first back in the UK so a week for the bulk and extra three/five days for the shrapnel with luck.
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elliotn
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Post by elliotn on Feb 14, 2017 6:39:02 GMT
Many thanks for the update star dust, it sounded like staff were giving a consistent message now but perhaps not. Four figure shrapnel was a surprise, I'd need to cover that by email - without going into detail, were you selling much above or below 30k and can you still see the maturity of the remaining parts? My largest loans are 2013 but I went back in Q1 '16 @6%+ to pre-empt the IFISA wall of money. Ahem. If I may ask generally, has anyone that closed out all funds tried to re-open another account yet? I'd feel more comfortable to go back at around a 1/3 under the new PF rules to keep (primarily) consumer loans access. Thanks!
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Greenwood2
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Post by Greenwood2 on Feb 14, 2017 7:08:35 GMT
I think 1 or 2 did this by email, is that right? I'm overseas at the mo and don't fancy swapping my RS fees for giffgaff ones! I've just set my own 'sell out' ball rolling via email. I asked whether or not a phone call was necessary, I'll let you know what the response is. Edit; Just had an automated response. "Thank you for your email. Due to unexpectedly high email volumes, it may take slightly longer than normal to respond to your email. A member of our Customer Service team will however respond to your query within 5 working days, or sooner if possible." <patiently twiddles thumbs> I didn't get an automated response to my email a couple of days ago, so no idea what is going on.
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star dust
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Post by star dust on Feb 14, 2017 9:29:06 GMT
Many thanks for the update star dust , it sounded like staff were giving a consistent message now but perhaps not. Four figure shrapnel was a surprise, I'd need to cover that by email - without going into detail, were you selling much above or below 30k and can you see still the maturity of the remaining parts? My largest loans are 2013 but I went back in Q1 '16 @6%+ to pre-empt the IFISA wall of money. Ahem. If I may ask generally, has anyone that closed out all funds tried to re-open another account yet? I'd feel more comfortable to go back at around a 1/3 under the new PF rules to keep (primarily) consumer loans access. Thanks! My main lump was well below £30k, the ‘shrapnel’ is still visible as usual in my account, and relates primarily to contracts taken out in 2013. These are mainly 5 year, but I was quite surprised how many were also 3 year (shows how often I analyse my RS loan book ). You can get an idea of how weighty your shrapnel will be by doing the first stage of a ‘sell-out’ request on-line (an option under withdrawals); it will give you info on how much you can expect back by market, and what the fees will be. The difference between the (total sell out amount + fees) and your current total investment is what’s left in loans with less than £10 remaining that you can’t sell out under the normal process. Obviously, this will change with repayments etc but it will give you a pretty good idea.
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shimself
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Post by shimself on Feb 14, 2017 9:35:02 GMT
I think 1 or 2 did this by email, is that right? I'm overseas at the mo and don't fancy swapping my RS fees for giffgaff ones! Tried email on Friday, got bored this morning so phoned. Really nice service (pleasant, and seemingly competent*). 8 minutes. * assuming they do get it done as promised by end Feb
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Post by jackpease on Feb 14, 2017 9:58:13 GMT
I think 1 or 2 did this by email, is that right? I'm overseas at the mo and don't fancy swapping my RS fees for giffgaff ones! I've just set my own 'sell out' ball rolling via email. I asked whether or not a phone call was necessary, I'll let you know what the response is. Edit; Just had an automated response. "Thank you for your email. Due to unexpectedly high email volumes, it may take slightly longer than normal to respond to your email. A member of our Customer Service team will however respond to your query within 5 working days, or sooner if possible." <patiently twiddles thumbs> I sent email to do process, got 'we're busy bear with us' bounceback a week or so later an email saying 'you cannot do this by email - you must phone' I then phoned up and was put on hold with that 'why not email us' holding message I stuck with it then got very pleasant and efficient response (reported above) and i queried the email and they just said the preferred to talk to us in person. While this is all very last century, i sort of get it, having actually spoken to a person i feel better for it and I suspect they too are gauging our reactions - I think they have figured out that they should not take much notice of the tone of this forum which can be relentlessly negative. I await my cash and hope to continue to use the rolling product which i find a fair and efficient investment tool Jack P
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Greenwood2
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Post by Greenwood2 on Feb 14, 2017 10:29:13 GMT
I prefer email because I can get my thoughts together logically on paper and have a record of what's been said and agreed. I'll give it a couple more days and then ring to chase it.
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elliotn
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Post by elliotn on Feb 14, 2017 11:54:54 GMT
Many thanks for the update star dust , it sounded like staff were giving a consistent message now but perhaps not. Four figure shrapnel was a surprise, I'd need to cover that by email - without going into detail, were you selling much above or below 30k and can you see still the maturity of the remaining parts? My largest loans are 2013 but I went back in Q1 '16 @6%+ to pre-empt the IFISA wall of money. Ahem. If I may ask generally, has anyone that closed out all funds tried to re-open another account yet? I'd feel more comfortable to go back at around a 1/3 under the new PF rules to keep (primarily) consumer loans access. Thanks! My main lump was well below £30k, the ‘shrapnel’ is still visible as usual in my account, and relates primarily to contracts taken out in 2013. These are mainly 5 year, but I was quite surprised how many were also 3 year (shows how often I analyse my RS loan book ). You can get an idea of how weighty your shrapnel will be by doing the first stage of a ‘sell-out’ request on-line (an option under withdrawals); it will give you info on how much you can expect back by market, and what the fees will be. The difference between the (total sell out amount + fees) and your current total investment is what’s left in loans with less than £10 remaining that you can’t sell out under the normal process. Obviously, this will change with repayments etc but it will give you a pretty good idea. Yes, v good idea, I could see that with my Z Access sell off after they reduced the rate below my current accounts, thanks!
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Post by pepperpot on Feb 15, 2017 11:26:42 GMT
Just as I was thinking about ringing...
Hello Snugglebumps,
Thanks for your email.
We can action the no fee sell out for you via email, I just need you to confirm you are happy to sell out for the full amount invested with RateSetter, and that you cannot reopen your account upon the sell-out being actioned on our side.
Kind regards, James.
I did cover that in my email but replied and re-confirmed it.
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Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Feb 15, 2017 12:22:28 GMT
I also called yesterday and informed my desire to sell out. The conversation was quick and pleasant. But the info given is that my account will be closed.
But here is the thing. I'm closing only my company account leaving my personal account opened. I've reiterated it few times. And they had no issue with this. So not sure if/how can they ban me? Maybe my company? But definitely had no objections of keeping my other account as it is.
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nairda
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Post by nairda on Feb 15, 2017 13:45:57 GMT
Yesterday I decided to sell out my Ratesetter holdings and my phone call was also brief and courteous. We even discussed the options for the shrapnel. Just have to wait and see when it all gets done.
As part of our rationalisation my wife is going to continue to invest in Ratesetter though she has reduced her holding by about 40%. The sellout fee was worth it in her case.
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