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Post by misotu on Jun 19, 2019 21:24:10 GMT
OK, given my previous harsh comments, I feel honour-bound to say that every single penny requested (bar around £200) has been released to our holding accounts. On withdrawal requests totalling over £70k I am absolutely happy. Nay, transported. I have a rump of a small number of loans under £10. No big deal. I was worried when the site kept crashing and the funds weren’t in holding within hours. But my fears were groundless and, after all, P2P is not a building society account. I built in six weeks of margin. Some would say not enough, and yeah. I know. It’s P2P. No guarantees. But I have 5.5 weeks left of my margin. Excellent news. I relied on RS’ performance to date and they performed. Not without hiccups, but more than well enough. I’ve been watching the rolling market with a keen eye and a vested interest over the last 36 hours. They have lent out a volume of funds at rates 2.9-3.2% - at least 0.5 million. That’s the delay. They are gaming their “market” and drip-feeding the RYI requests. But you know ... I don’t feel ripped off now the dust has settled. They lent out some of my funds at 2.7% without permission when they changed the rules with no notice, back in the day. And I was unhappy. But after the rule changes, I was lending regularly at 3.9%, and that persisted. A different model, but I made a better return in the end. And, unlike Zopa, I didn’t have to pay other lenders to take on those loans, didn’t have to pay commission on sale and didn’t have to wear bad debt. I have done well out of RS and retain an investment. I like their model. I know there are concerns about the provision fund. But overall their model is more customer-focused than Zopa’s, more practical, and my investments have performed excellently by comparison with high street offerings. Very happy Thank you RS.
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Post by misotu on Jun 19, 2019 17:40:30 GMT
oik I think that is to do with delays in transferring funds from your holding account to your nominated bank account. A different issue from selling loans on the secondary market. And no, I didn’t get that email
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Post by misotu on Jun 19, 2019 13:25:48 GMT
Happy to say that the first withdrawal request submitted yesterday morning has now been processed and the funds are in holding (now being withdrawn). So that was just over 24 hours, perfectly acceptable. I’m hoping that the remaining requests will be done by close of play Friday, based on this. Had a lot of trouble getting those requests in so they weren’t in the system until late yesterday afternoon.
It would make life so much easier if RS communicated more effectively. How hard would it be to pop up a banner when a withdrawal request is made saying that withdrawals are currently taking around xx hours to process? I’ve been with RS a while and so it’s unnerving when the system doesn’t behave in line with historic norms.
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Post by misotu on Jun 19, 2019 9:29:53 GMT
We are buying a house, so we need to withdraw a fair amount of our investment, although not all. And we are doing this well in advance, not last minute, so will be perfectly happy if we get our funds in the next couple of weeks. Beyond that we're into nail-biting territory! Obviously with P2P there's no guarantee you can get your money out on demand, but the funds on offer queue is pretty healthy.
Forgive me if this borders on hectoring, but I have to ask. You recognise there's no guarantees with P2P, and yet you have money apparently essential for a house purchase in just over a fortnight tied up in a P2P investment that could quite legitimately lock you in for up to 5 years if they chose to do so. Regardless of the apparent minor hiccups RS is experiencing, is that wise? No, it's not hectoring and yes I do understand the pitfalls of P2P. I'm not completing on my house purchase in two weeks - I simply said that if I don't get the funds over the next two weeks I will start to get anxious. That's because such a long delay would indicate that I might experience a very serious further delay in withdrawing the funds. Obviously it's a question of balance, but I had been doing test withdrawals every so often to check that funds could be withdrawn easily. This problem is very recent - only since last week - and there have been healthy funds on offer recently. It's hard to gauge how far ahead is "safe". Based on the updates here, looks like we should be fine. I am baffled though - there is a queue for withdrawals and yet when I last looked just £9k of borrower requests at 2.8%, with £1.3 million waiting to be matched ... This does not seem reasonable.
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Post by misotu on Jun 18, 2019 19:23:52 GMT
Me neither. And especially given that the rate is not a factor, according to their statements on their blog etc.
I am currently trying to sell around £70,000 of loans, and yet the "borrower requests" are under £10,000. I am beyond annoyed. The only gating factor they mention in their blurb is sufficient lender funds to cover a withdrawal. I have done numerous test withdrawals and never encountered this nonsense. RS are heading for an ombudsman complaint - their FAQs are a lie. They are gaming the system to our disadvantage, and this comes on top of changing the Rollover market information without even an email to notify investors.
Exasperated. Utterly.
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Post by misotu on Jun 18, 2019 18:32:34 GMT
I know, I am similarly baffled. My loans average 3.3% in everyday and 3.5% in ISA. So why the delay? I will be phoning them again tomorrow. I understand that they want to game the system, but beyond a certain point it's unacceptable. Edited to add: This is a response to your post megadriveguy, but for some reason it's appearing above yours! Possibly my rubbish internet connection ...
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Post by misotu on Jun 18, 2019 18:06:03 GMT
My last request to draw 6k was completely ignored by the system I've put another request in Lets see how long this one takes, hopefully it actually works this time certainly hasn't been done within minutes That doesn't sound good. When you say "ignored", do you mean that it simply disappeared and wasn't actioned at all? If so, did you contact RS, and what did they say? Your withdrawal request should be on the system - I agree that when it takes longer than a few hours it's hard to know what is happening. But if you put in a request that was accepted, it should have been logged and queued. So if nothing happened, that's quite serious. I would really like to know what their response was ...
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Post by misotu on Jun 18, 2019 17:21:46 GMT
Like others here, I was having trouble getting the site to accept a withdrawal request that required selling loans. I telephoned Ratesetter, who were unusually apologetic and polite about the problem. They said: - They are aware of the problem with entering sell requests on the site, and know it dates from last week. They say they are working on it.
- Largish sums are causing the main problem - they advise requesting no more than £15,000 and being patient for up to several minutes while the estimate is calculated.
- More than one withdrawal request can be made sequentially, there is no limit, so you just have to break the request down into chunks the system can manage.
I can confirm that this is correct. It was quite slow, but the system did accept the amount of £15,000 and I was able to make three requests, one after the other.
Ratesetter won't process withdrawals over the telephone - you have to do it on-line and at the moment there appears to be no remedy if their systems simply aren't functioning.
We are buying a house, so we need to withdraw a fair amount of our investment, although not all. And we are doing this well in advance, not last minute, so will be perfectly happy if we get our funds in the next couple of weeks. Beyond that we're into nail-biting territory! Obviously with P2P there's no guarantee you can get your money out on demand, but the funds on offer queue is pretty healthy. I can see people here have reported around 72 hours to get the money out, which would be more than fine.
Interesting seeing what happens to "borrower requests" when our withdrawal instruction is submitted. It certainly has an impact, but we are in a queue so I assume someone else has now been pushed onto the market - it's hard to gauge the timescale from the information provided. I did a number of tests over the last few months, knowing that the house was coming up. They were all processed within a couple of hours, but that clearly isn't the case now. In principle I don't have a problem with Ratesetter managing the borrower request queue to try to get lower rates ... it's how RS works and to be honest they have performed well for me over the years. As long as I can access the funds I need for the house in reasonable time I will be quite happy.
The site is frustrating to use right now though!
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Post by misotu on Oct 1, 2018 8:39:56 GMT
I have missing money today and this is not caused by "waiting for the loan to be formed". More than £1000 has "disappeared".
The balance sheet, however, appears to be correct.
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Post by misotu on Jul 30, 2018 20:55:56 GMT
I've had no email, despite having funds in rolling, changing the rate of funds on offer and having a formal complaint in the works. About, er, lack of communication regarding a fundamental change to Ts & Cs in the rolling market. Astonishing. Comms were never their forte but I only found out today as the result of yet another complaint concerning forced reinvestment at low rates.
My husband has had no email either.
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Post by misotu on Jul 30, 2018 20:49:00 GMT
My complaint has been formally opened but not yet resolved. I'm not holding my breath to be honest. The whole sorry mess is exasperating.
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Post by misotu on Jul 30, 2018 20:07:20 GMT
Accordingly, many will continue to take money out of this platform until they tell us the true position and an apology would be nice. Agree completely. An apology would be nice. I lost a not insignificant amount of interest due to their decision to change the rules of the game mid way through. Thankfully now I'm earning more elsewhere with a level of risk at which I am comfortable but it really was a rotten way to treat investors. Well, they have a *lot* of formal complaints to deal with as a result of this fiasco. Particularly regarding the lack of notification. Mine is in the long queue. And I'm with coogaruk. Someone needs to be accountable. Enticing ISA funds in and then pulling this shabby trick was a seriously poor decision.
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Post by misotu on Jul 9, 2018 9:28:48 GMT
I wish they would reverse it too. I was perfectly happy with the old way of things. But apparently being part of the 7% means that our opinions are ignored. To me, the 7% is nothing more than scotch mist.
What I find particularly annoying is the fact that rather than lenders being given official notice of this material change in T&C, we were expected to have read it on their blog instead. I only found out about it on this forum.
Disgraceful behaviour from a fully-regulated financial institution. If a bank had done similar I expect the P2P platforms would have been all over it (or at least they would have been ten years ago).
I added the bold - this is exactly the basis of my formal complaint to RS, which is currently being processed.
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Post by misotu on Jun 23, 2018 12:17:40 GMT
This fits with our situation - my account is 2011 but Mr Misotu's account was only opened last year.
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Post by misotu on Jun 23, 2018 9:50:00 GMT
My account is suspended, but Mr Misotu can log into his account and was able to withdraw the funds in holding this morning.
I didn't see the email until after I'd been told my account was suspended and then nipped over here to see if it was a general problem. This board is a lot more helpful than Zopa!
I'm withdrawing, not re-investing, so this is extremely inconvenient. Astonishing that there is no-one in customer service to handle queries and process withdrawals. Astonishing that they couldn't give a more appropriate on-screen message. "Account suspended" is a bit of a shock, to say the least.
Still, nice to know that Zopa customer services are enjoying a peaceful weekend, as usual.
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