Ratesetter - unable to withdraw from rolling market

it could be the other way, the exchange is delayed by the conveyancing, and there is nothing you can do to speed it up while money sitting in the bank earning nothing for months.

At least no one else is using FC as fee free withdrawal "instant" account.

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Obviously it's a question of balance, but I had been doing test withdrawals every so often to check that funds could be withdrawn easily.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.

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the first withdrawal request submitted yesterday morning has now been processed and the funds are in holding (now being withdrawn).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. 

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

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.