angrysaveruk
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Back and to the left..
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Post by angrysaveruk on Jul 20, 2017 16:04:34 GMT
Just saw this on their twitter feed:
"Sorry if you can't reach us on the phone at the moment, our lines are currently down but we're picking up emails at contactus@ratesetter.com"
Correction, looks like they are back up now:
"Our phone lines are back up and running, so please get in touch on 020 3142 6226 if we can help with anything. Thank you for your patience."
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m2btj
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Post by m2btj on Jul 20, 2017 16:41:46 GMT
I had drawn down considerably as rates fell & if I now jump ship I cannot think of another alternative platform. Ratesetter 'fessed' up & have been transparent in their mea culpa statement. That's more than can be said for some of the major high street banks in 2008. They've just beefed up the main board with the appointment of a new chairman & I believe they'll learn from their mess. I'm sticking with Ratesetter as part of my diversified platform portfolio & if rates rise I'll increase my investment.
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mary
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Post by mary on Jul 20, 2017 18:39:44 GMT
I had drawn down considerably as rates fell & if I now jump ship I cannot think of another alternative platform. Ratesetter 'fessed' up & have been transparent in their mea culpa statement. That's more than can be said for some of the major high street banks in 2008. They've just beefed up the main board with the appointment of a new chairman & I believe they'll learn from their mess. I'm sticking with Ratesetter as part of my diversified platform portfolio & if rates rise I'll increase my investment. I think their offer is very fair, not sure many platforms would take the same approach, unless this has been mandated in order to get full approval? I have been happy with RS, but rates are now far too low and therefore I'm withdrawing as loans mature, but am not taking this offer. That said my investment is now 60% below its peak.
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angrysaveruk
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Post by angrysaveruk on Jul 20, 2017 20:31:18 GMT
If you want to make high risk loans to companies you can achieve alot better rates than rate setter are offering.
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ashtondav
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Post by ashtondav on Jul 21, 2017 7:41:39 GMT
Have emailed my closure instruction. If I want to lend to a dodgy advertising shop and car dealer, I'll do it at 13% not 6%.
I signed up for p2p
Disgraceful!
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Steerpike
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Post by Steerpike on Jul 21, 2017 7:59:53 GMT
I took up the offer 3 days ago but have not yet received an acknowledgement of my email (investoroption), perhaps they are jolly busy, however, I have received an automated response to my chasing email (contactus) sent yesterday.
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dorset
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Post by dorset on Jul 21, 2017 9:09:03 GMT
I've been with RS almost from the beginning and had £30k ++ at peak. Been running down for almost two years and currently have about £5k in old three year loans paying 5.1%. Will leave them as they are and they will have all paid back by the middle of 2018.
It was good while it lasted RS but the risk to return with your current model is a joke I'm afraid.
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r00lish67
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Post by r00lish67 on Jul 21, 2017 9:25:45 GMT
If you want to make high risk loans to companies you can achieve alot better rates than rate setter are offering. Yes, but those other companies are highly unlikely to reimburse you if all does not pan out as hoped I'll also keep my dwindling 6% funds 3yr/5yr but wouldn't add new funds, even if rates rose up there again. I don't know why the current RS rolling rates and FSCS-backed accounts continue to be mentioned in the same breath. IMV, it's like opting to walk on a tightrope over Niagara Falls instead of flying over in a plane, as it's only "a bit more risky" but with a slightly better view.
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angrysaveruk
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Back and to the left..
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Post by angrysaveruk on Jul 21, 2017 9:51:00 GMT
If you want to make high risk loans to companies you can achieve alot better rates than rate setter are offering. Yes, but those other companies are highly unlikely to reimburse you if all does not pan out as hoped I'll also keep my dwindling 6% funds 3yr/5yr but wouldn't add new funds, even if rates rose up there again. I don't know why the current RS rolling rates and FSCS-backed accounts continue to be mentioned in the same breath. IMV, it's like opting to walk on a tightrope over Niagara Falls instead of flying over in a plane, as it's only "a bit more risky" but with a slightly better view. I am surprised they had enough Capital to absorb the 12 million loss. Going to be interesting to see how this plays out, it is not going to be easy for them to get back peoples condfidence. If you wanted me to lock money up with Rate Setter for 5 years I would want over 10% - and I wouldnt want to take a large exposure.
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r00lish67
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Post by r00lish67 on Jul 21, 2017 11:16:55 GMT
Yes, but those other companies are highly unlikely to reimburse you if all does not pan out as hoped I'll also keep my dwindling 6% funds 3yr/5yr but wouldn't add new funds, even if rates rose up there again. I don't know why the current RS rolling rates and FSCS-backed accounts continue to be mentioned in the same breath. IMV, it's like opting to walk on a tightrope over Niagara Falls instead of flying over in a plane, as it's only "a bit more risky" but with a slightly better view. I am surprised they had enough Capital to absorb the 12 million loss. Going to be interesting to see how this plays out, it is not going to be easy for them to get back peoples condfidence. If you wanted me to lock money up with Rate Setter for 5 years I would want over 10% - and I wouldnt want to take a large exposure. Agreed. The thing is though, even the Lendy/Coll/FS's of this world are incredibly reticent to declare lender losses (hence the occasionally ridiculous 'saga' updates). For players like Ratesetter, it's unthinkable, and would probably result in the end of their business. So the £12m cost had to be weighed up against the value of staying in business at all for them, IMV. Whichever market you're in, you're really just betting on the continued existence of Ratesetter for various terms, again IMV.
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Post by newlender on Jul 21, 2017 13:43:11 GMT
I got the email saying that I had been exposed to the dodgy loans but no real detail other than that. With each Zopa + default there's a trail of missed payments/failed direct debits and a clear view of how the borrower has finally ended up in default (usually after 4 missed payments with no corrective action). As I theoretically haven't lost anything I can't complain, but would like to see a bit more detail of how much I might have lost if Ratesetter's cash reserves hadn't bailed me out. I'm staying invested as I have quite a few >6% 5-year loans and the rest are not bad at all either. Whether I'll be putting in new money is another matter, even though rates seem to be recovering. The bottom line is that as of today I've lost >£200 on Zopa defaults and nothing on Ratesetter.
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clay
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Post by clay on Jul 21, 2017 17:37:32 GMT
Rolling's up to 3.1% now, with a total of "only" £4.4m in borrower offers. I know it's the 21st, but that seems like quite a contraction in supply.
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Post by stevepn on Jul 21, 2017 19:29:22 GMT
Rolling's up to 3.1% now, with a total of "only" £4.4m in borrower offers. I know it's the 21 st, but that seems like quite a contraction in supply. Possibly there are a lot of lenders are taking up the generous offer of a free bailout and the higher than normal rates are there to attract new lenders who know nothing of Ratesetters "misfortunes".
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sb
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Post by sb on Jul 21, 2017 20:39:12 GMT
Rolling's up to 3.1% now, with a total of "only" £4.4m in borrower offers. I know it's the 21 st, but that seems like quite a contraction in supply. Monday could be interesting, the rolling rate is likely to spike, £4.3m is not a lot. Thinking about selling out and putting some high offers.
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nairda
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Post by nairda on Jul 21, 2017 20:47:00 GMT
I took up the offer 3 days ago but have not yet received an acknowledgement of my email (investoroption), perhaps they are jolly busy, however, I have received an automated response to my chasing email (contactus) sent yesterday. Mrs Nairda heard nothing until she sent a follow-up e-mail today, which received an instant reply. Later she received a standard e-mail just reiterating what had happened with the dodgy loans, and explaining that in order to recover her sub-£10 loans her account would need to be closed. We will both be relieved when our relationship with RS is over, though I wouldn't discount returning if they get their act together and become more like the RS of old.
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