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Post by steevjo on Jun 16, 2019 18:34:39 GMT
Just managed to persuade the site to accept a withdrawal request (£4000) and it was in the holding account in minutes...
...but can't get it to accept another withdrawal request - just sits there estimating for ever (OK I haven't waited for ever but I have waited several minutes).
Tried all the usual stuff logging out and logging in again, even restarted my pc but cannot get another withdrawal request accepted. I only put £4000 in as I couldn't get £10000 to work.
I don't mind waiting for funds (so much) but I really mind not even being able to ask for my money - and ratesetter don't care and customer service offer nothing except keep trying.
Anyone else suffering with this? Thanks
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Stonk
Stonking
Posts: 735
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Post by Stonk on Jun 16, 2019 19:28:17 GMT
Just managed to persuade the site to accept a withdrawal request (£4000) and it was in the holding account in minutes... ...but can't get it to accept another withdrawal request - just sits there estimating for ever (OK I haven't waited for ever but I have waited several minutes). Tried all the usual stuff logging out and logging in again, even restarted my pc but cannot get another withdrawal request accepted. I only put £4000 in as I couldn't get £10000 to work. I don't mind waiting for funds (so much) but I really mind not even being able to ask for my money - and ratesetter don't care and customer service offer nothing except keep trying. Anyone else suffering with this? Thanks When I ask for an RYI "estimate", it usually takes between 20 seconds and a couple of minutes to generate the numbers.
Occasionally, maybe about 1 time in 20, it takes longer than that and appears to hang. What I do then is to navigate away to another page, then retry the RYI and I find it usually then gives me the estimate immediately. I therefore suspect it is some sort of display update problem, which could be browser-dependent. I use Firefox on Windows 10.
I have never encountered it completely failing to get the estimate. For perspective, I have been doing RYI estimates about twice a week for ages (in order to value my accrued interest).
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Post by mukiwa on Jun 16, 2019 20:19:50 GMT
Yes I've had problems and still do. Been trying to sell out of the rolling market for a few days, no joy. Although I've been trying for over £200k it just sits there 'thinking about it'. A bit disconcerting to say the least! I'll call RS tomorrow.
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Stonk
Stonking
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Post by Stonk on Jun 16, 2019 20:59:44 GMT
Yes I've had problems and still do. Been trying to sell out of the rolling market for a few days, no joy. Although I've been trying for over £200k it just sits there 'thinking about it'. A bit disconcerting to say the least! I'll call RS tomorrow.
Have you tried smaller requests? Try going right down to £1K as a test.
I wonder if it's anything to do with the fact that someone selling £200K into the Rolling market would currently match all lender orders up to and including 9.9% ...
Surely not. Right?
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Post by Badly Drawn Stickman on Jun 16, 2019 21:08:06 GMT
Yes I've had problems and still do. Been trying to sell out of the rolling market for a few days, no joy. Although I've been trying for over £200k it just sits there 'thinking about it'. A bit disconcerting to say the least! I'll call RS tomorrow.
Have you tried smaller requests? Try going right down to £1K as a test.
I wonder if it's anything to do with the fact that someone selling £200K into the Rolling market would currently match all lender orders up to and including 9.9% ...
Surely not. Right?
I assumed (possibly even based on genuine information) that the disposal would usually be at the same or lower reallocation rate, so if the 200k is at predominantly lower matches, it would need a rate drop to create an outlet. There would be easy 'gaming' opportunities otherwise.
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Post by mukiwa on Jun 16, 2019 21:24:07 GMT
I did sell out around 6 months back..ish for around the same amount. My 'rate' was around 4% and the going rate when I sold out was around 3%. So it sold out within a couple of hours or so. So your thinking makes sense. I'll try again when/if the rolling rate drops below my own rate. Thanks
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Post by steevjo on Jun 17, 2019 5:47:37 GMT
The withdrawals I made yesterday happened in minutes yet my effective rolling rate was 3.1% and the rolling market rate was up around 5%.
earlier in the week when withdrawals were taking two days the rolling rate was much closer to my rolling rate - so for me the time taken to withdraw has not been rate related.
ok I admit I don’t understand how withdrawals in the rolling market work - the proper horrible details - and shouldn’t be investing in something I don’t understand. Another lesson (re) learnt.
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Stonk
Stonking
Posts: 735
Likes: 658
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Post by Stonk on Jun 17, 2019 7:18:15 GMT
Have you tried smaller requests? Try going right down to £1K as a test.
I wonder if it's anything to do with the fact that someone selling £200K into the Rolling market would currently match all lender orders up to and including 9.9% ...
Surely not. Right?
I assumed (possibly even based on genuine information) that the disposal would usually be at the same or lower reallocation rate, so if the 200k is at predominantly lower matches, it would need a rate drop to create an outlet. There would be easy 'gaming' opportunities otherwise.
You can RYI irrespective of your portfolio rate and of prevailing rates. RS have confirmed this before, and stated that they make a loss (or less of a profit) when someone does it. Indeed, discouraging this behaviour was one of the reasons behind recent changes to the Rolling market, such as the lock-out period.
If a lender RYIs £200K of loans, these loans have to be transferred to other lenders in exchange for £200K of their cash. Yesterday, acquiring that £200K cash from the bottom £200K of lender orders on the market would have matched orders up to 9.9%. So either (a) that happens; or (b) the RYI has to be delayed until there is more lender money available; or (c) internal shenanigans might happen.
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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 megadriveguy on Jun 18, 2019 17:39:59 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
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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 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 megadriveguy on Jun 18, 2019 18:33:33 GMT
Yes the request to release funds from rolling disappeared
Like i posted previously, originally it went in Wednesday night then said pending till Saturday then the request wasn't there anymore
No money was moved, its like request didn't register properly
Didn't bother contacting them they would have most likely just told me to put the request in again
I've screenshotted my request this time
I'm still not seeing why requests aren't been put through straight away when there is money sitting on the market my rolling loans are at around 3.3%
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Post by megadriveguy on Jun 18, 2019 19:03:23 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. they have never delayed releasing funds like this for me before, all previous request have been practically instantaneous I don't understand them suddenly delaying funds to manipulate rates, when there is 250k waiting for 3.2% on the market right now and matches have been around that rate all day Don't see why they are staggering some of us like this, If they are placing us in a queue why doesn't the system show your place in line, it doesn't make sense that others are saying that they have released funds normally when other people can't
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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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