registerme
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Post by registerme on Jul 21, 2017 21:00:57 GMT
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. That's interesting because the "last time this happened" (obviously not the same set of circumstances) there was a lot of push back on RS and they changed their stance from "accounts would need to be closed and you will never be able to open another one, ever" to something more akin to "it might need to be closed, "whatever", you will be able to open one in future if you want to".
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nairda
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Post by nairda on Jul 21, 2017 21:24:28 GMT
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. That's interesting because the "last time this happened" (obviously not the same set of circumstances) there was a lot of push back on RS and they changed their stance from "accounts would need to be closed and you will never be able to open another one, ever" to something more akin to "it might need to be closed, "whatever", you will be able to open one in future if you want to". The last paragraph of the e-mail says 5. You have said that in order to sell out without fees, I have to close my account. Why is that? Can I open another account? Our systems can’t sell out loan contracts worth less than £10. To enable you to exit those loan contracts, we need to close your account. To treat all lenders the same, we are closing the accounts of all lenders that sell out without fees. After your account has been closed, we would be pleased to welcome you back to RateSetter, so you can open a new account and start lending again.
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registerme
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Post by registerme on Jul 21, 2017 21:45:00 GMT
That seems like a reasonable compromise between were we (ie I) was the first time this happened and where you (all) are the second time around.
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Post by Financial Thing on Jul 21, 2017 21:52:01 GMT
Completely different (thankfully). The government of the uk stands behind FSCS. No uk government will let little old ladies lose money from deposits in uk banks and building societies. You are 100% safe in such accounts. No deposit is 100% safe. Ask the German people alive during the 1930's and 40's. Just saying.
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ashtondav
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Post by ashtondav on Jul 22, 2017 7:17:56 GMT
I emailed the sell out address 2 days ago and do not have a reply. Not good.
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Post by p2plender on Jul 22, 2017 9:48:29 GMT
No hope for any platform if RS failed.
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Post by stevepn on Jul 22, 2017 9:54:23 GMT
No hope for any platform if RS failed. Out of interest what reasons do you have for saying that?
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angrysaveruk
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Post by angrysaveruk on Jul 22, 2017 10:04:38 GMT
No hope for any platform if RS failed. I am not sure that is the case. The problems at RateSetter seems to be making large scale loans to businesses without the lenders being aware of where their money is going, which seems to be unique to this platform. I am fairly happy with the business models of my two largest P2P investments (Assetz Capital and Zopa) and I dont see how their business model relates to the problems at RateSetter. Infact a major event in the P2P industry might very well be a good thing since it will make other platforms more cautious and reduce the flow of money into the sector which imo has encouraged some platforms to take on high risk loans.
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agent69
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Post by agent69 on Jul 22, 2017 10:51:41 GMT
No hope for any platform if RS failed. without the lenders being aware of where their money is going, Also true of the QAA on AC?
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agent69
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Post by agent69 on Jul 22, 2017 10:55:12 GMT
I use to like RS when they had 6+% loans and no interfering with the rates. I'm afraid I have lost faith in the platform so have asked for me money back.
Does anyone know how this works in practice? It is stated that sell out is dependent on market conditions, so do they need to sell all of my loans before I see any cash, or do you get reimbursed on an ongoing basis as various loans sell on?
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angrysaveruk
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Back and to the left..
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Post by angrysaveruk on Jul 22, 2017 10:55:54 GMT
without the lenders being aware of where their money is going, Also true of the QAA on AC? Most of my investments are made manually into loans. I hold a small balance to be invested in QAA on AC and which I believe is spread across the loan book which is fairly transparent.
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Post by keyboardworrier on Jul 22, 2017 11:00:23 GMT
without the lenders being aware of where their money is going, Also true of the QAA on AC? All of the accounts on AC are no longer 'black boxes', you see all of your holdings in each one. I am quite happy with the spread I have but some people have had issues. As for RS, I think it comes down to whether I can trust them to have learnt their lesson...I believe they probably have, so I will not be closing my account down but I will be reducing my holding. I notice Lending Works and LandBay have both come up with offers enticing people to invest (LW, £50 per every £5K you invest and you can do this weekly and gain a max of £200, and Landbay are giving away a £50 John Lewis voucher for a £5k investment - I think they are after cash that was previously in RS!
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Post by stevepn on Jul 22, 2017 12:03:12 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. Looking on the web Ratesetter have 55,130 investors, many are probably like I was, happy to reinvest monthly thinking they would be reasonable rates and never actually going on the site to see what they were actually getting. They are probably like me didn't know this forum existed and never received an email last time that there was a free bailout. These people have probably received an email this week like me and alarm bells are ringing and may have looked on the Ratesetter site and found their investments are giving low rates and a free optout and have bailed out. I only have £5,000 left with a payout of 6.7% on 5 years but most is in 3 years at 4.7% but this is not enough to tempt me to stop. I may have never lost a penny but these experts at Ratesetter will be wanting their money back what they have lost and it is going to be at the investors expense, ie yours and mine. My email will be going in during the coming week.
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m2btj
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Post by m2btj on Jul 22, 2017 12:12:01 GMT
I wish Ratesetter would give me the chance to buy some of the loans investors are cashing out....I would be quite happy to buy out your 5% plus loan terms.
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Post by stevepn on Jul 22, 2017 12:28:49 GMT
I wish Ratesetter would give me the chance to buy some of the loans investors are cashing out....I would be quite happy to buy out your 5% plus loan terms. That will be going in Ratesetters back pocket.
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