benaj
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Post by benaj on Jun 21, 2019 12:14:46 GMT
mukiwa , "the RYI estimate" is being investigated by RS technical team. Sometimes, it works really fast to "proceed", other times are slow........... I haven't experienced long delay in the RYI request this week. 20/06/2019 Rolling RepaymentSellOut £10.19 (19.06.19 RYI request) 19/06/2019 Rolling RepaymentSellOut £10.18 (18.06.19 RYI request) 18/06/2019 Rolling RepaymentSellOut £10 (17.06.19 RYI request) I have released ££££££ in the last 2 weeks and awaiting ££££££ from yesterday request.
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Post by RateSetter on Jun 21, 2019 15:00:16 GMT
Good afternoon all.
We would like to apologise to any customers that have experienced slow processing in recent days, which for some customers has resulted in a ‘timeout’ error message when requesting to release your investment.
Withdrawals are being processed and we are working hard to resolve the technical issue that is affecting some requests. If you wish to release your investment, our engineers have advised that making a series of smaller requests is less likely to trigger this technical issue than making one single large request.
We posted a RateSetter Notice on this topic yesterday, which is copied below for reference:
“We are aware that in recent days, some withdrawals of funds have been slower than usual. We would like to apologise for any inconvenience this may have caused.
We are proud of our track record of delivering unrivalled speed of withdrawals within the peer-to-peer sector and we are working to upgrade our systems to ensure a consistently reliable service for all our investors. A programme of upgrades will be deployed over the course of a few months and will address these issues in the longer term.
We’d like to thank you for your patience in the meantime.
Jonathan Hodge Chief Operating Officer”
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Post by steevjo on Jun 21, 2019 16:14:41 GMT
Thanks to Ratesetter COO for posting.
I think we could do with a bit more clarity/detail though on what look like two separate issues.
One is the difficulty in getting the Ratesetter system to accept withdrawal requests. This is really frustrating and the advice to make smaller requests isn't that helpful. What's a smaller request? When I've been struggling to make a withdrawal it hasn't made any difference trying amounts between £4,000 and £20,000. The Ratesetter system doesn't help when making serial requests either as it's pretty hard to see what requests have been made but removed from 'pending' as a precursor to being actioned. If I read your response correctly this is down to a techie issue that your engineers are working on. It's hard to see how such an issue can go on for two weeks. Basically it's pot luck if I can access my money without wasting loads of time on repeated attempts - this is not a video game, it's a finance platform.
Then there's the slow withdrawals - taking days not hours - understand your record and the need for liquidity but the lack of info was woeful. If this issue is going to be present for months until your system is fully upgraded than you need to do a better job about informing your customers about the likely wait. Customer services told me they could say nothing about how long a withdrawal would take - really not helpful.
But good that you are on here engaging
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aju
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Post by aju on Jun 21, 2019 17:20:26 GMT
Thanks to Ratesetter COO for posting. I think we could do with a bit more clarity/detail though on what look like two separate issues. One is the difficulty in getting the Ratesetter system to accept withdrawal requests. This is really frustrating and the advice to make smaller requests isn't that helpful. What's a smaller request? When I've been struggling to make a withdrawal it hasn't made any difference trying amounts between £4,000 and £20,000. The Ratesetter system doesn't help when making serial requests either as it's pretty hard to see what requests have been made but removed from 'pending' as a precursor to being actioned. If I read your response correctly this is down to a techie issue that your engineers are working on. It's hard to see how such an issue can go on for two weeks. Basically it's pot luck if I can access my money without wasting loads of time on repeated attempts - this is not a video game, it's a finance platform. Then there's the slow withdrawals - taking days not hours - understand your record and the need for liquidity but the lack of info was woeful. If this issue is going to be present for months until your system is fully upgraded than you need to do a better job about informing your customers about the likely wait. Customer services told me they could say nothing about how long a withdrawal would take - really not helpful. But good that you are on here engaging Not sure the COO was posting on here rather it was on the RS Notices in "your lending" screen. It was just a copy by Ratesetter Representative (used to be called Kevin I think! but could be any RS person these days.) Whilst I agree with you they should be fixing this as a priority but just looking at the description of this issue gives me the impression it's a bit more serious than they are letting on or prepared to go into. If the system is slowing down so much that its ending in timeout errors then that suggests it not just affecting the declared issue but probably a bottleneck issue that will be more difficult to both narrow down and then ultimately cure. The long timescales does suggest it's an overload of resources and processor time has been exhausted with current kit. Another thing that may be causing issues is that more than the usual churn of selling may be occuring - I noticed on the forum that it seemed there were some big numbers some people were quoting for selling and this would line up the reason for some of the rates increasing later in the day (Rolling had some very good rates earlier in the week) this suggests there are less lenders than the system needs and forces rates upwards. Perhaps also all the focus recently was/is on the abundance of obtuse colouring rather than optimizing code for the more daily/hourly routines. Just a few thoughts that spring to mind. Thankfully I'm not in selling mode at this time, but am please that some people are baulking system is presumably giving me and many others on the forums greater opportunities for better/higher lend rates.
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benaj
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Post by benaj on Jun 21, 2019 17:20:34 GMT
Earlier today, I managed to request £££££ after several attempts successfully.
Hopefully, I will receive the “request has been fully processed” emails soon.
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aju
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Post by aju on Jun 21, 2019 17:30:31 GMT
Earlier today, I managed to request £££££ after several attempts successfully. Hopefully, I will receive the “request has been fully processed” emails soon. Good Luck!
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star dust
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Post by star dust on Jun 21, 2019 17:48:27 GMT
Not sure the COO was posting on here rather it was on the RS Notices in "your lending" screen. It was just a copy by Ratesetter Representative (used to be called Kevin I think! but could be any RS person these days.) <snip> Just to clarify, Kevin (aka westonkevRS ) never was either RateSetter nor an 'official' representative of Ratesetter, although he did RS a great service by sticking his neck out here and posting on this forum. I am not sure he would be allowed to do that in these days of tighter compliance, but it is good that RS allow someone to do so even though it is probably more zealously vetted first (or as in this case apparently already appears on their website ) Kevin (aka westonkevRS ), now goes by WestonKevTMP on this forum by the way
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Post by mukiwa on Jun 21, 2019 19:25:00 GMT
Well I rung RS earlier and they told me the same as above by the RS Rep. A year ago I released £500k, it was done and dusted in a couple of hours. By the amounts I've mentioned on here, they know who I am. As I said in a previous message, something is not right, prove me wrong RS?
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benaj
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Post by benaj on Jun 22, 2019 5:47:22 GMT
Well I rung RS earlier and they told me the same as above by the RS Rep. A year ago I released £500k, it was done and dusted in a couple of hours. By the amounts I've mentioned on here, they know who I am. As I said in a previous message, something is not right, prove me wrong RS? The current queue is not too bad, still under 48 hours. 50k released in my RS account this morning. So far: 22/06/2019 Rolling RepaymentSellOut £££££ (20.06.19 RYI request) 20/06/2019 Rolling RepaymentSellOut £10.19 (19.06.19 RYI request) 19/06/2019 Rolling RepaymentSellOut £10.18 (18.06.19 RYI request) 18/06/2019 Rolling RepaymentSellOut £10 (17.06.19 RYI request)
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reinvestor
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Post by reinvestor on Jun 22, 2019 9:58:59 GMT
Good afternoon all. We would like to apologise to any customers that have experienced slow processing in recent days, which for some customers has resulted in a ‘timeout’ error message when requesting to release your investment. Withdrawals are being processed and we are working hard to resolve the technical issue that is affecting some requests. If you wish to release your investment, our engineers have advised that making a series of smaller requests is less likely to trigger this technical issue than making one single large request. We posted a RateSetter Notice on this topic yesterday, which is copied below for reference: “We are aware that in recent days, some withdrawals of funds have been slower than usual. We would like to apologise for any inconvenience this may have caused. We are proud of our track record of delivering unrivalled speed of withdrawals within the peer-to-peer sector and we are working to upgrade our systems to ensure a consistently reliable service for all our investors. A programme of upgrades will be deployed over the course of a few months and will address these issues in the longer term. We’d like to thank you for your patience in the meantime. Jonathan Hodge Chief Operating Officer” So you are still employed by Retail Money Market Limited then Mr Hodge? You have resigned your directorships from Vehicle Credit Limited, Vehicle Stocking Limited (where are the accounts for this company that should have been filed on 31st December 2018?), APNL Limited (previously Adpod Limited) and Ratesetter Motor Limited. What is going on at Ratesetter and what is happening with the companies that you have resigned from?
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aju
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Post by aju on Jun 24, 2019 11:31:13 GMT
Sounds like the potential for dodgy practices perhaps or just a late posting.
The last posting on company check seems to have been for 31Mar2017 - the assets dropped from 29M in 2015 to 8.7M at last posting. I guess many vehicles were completed in that time perhaps.
I notice that Mr Hodge is still a director at Digital Staff Solutions LTD (10434349) perhaps they have replaced all the staff with a digital solution! AI perhaps ;-)
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sd2
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Post by sd2 on Jun 24, 2019 15:38:11 GMT
Just withdrew £1050. Took no more than 14 hours. May have been available for withdrawl earlier. Beer beer beer beeeeeer!!
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sd2
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Post by sd2 on Jun 24, 2019 15:39:11 GMT
PS from the one year market
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sd2
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Post by sd2 on Jun 25, 2019 11:01:03 GMT
2nd time £1000+ withdrawn from the 1 year market and in holding account next morning. But not in my bank account after 2 days (first one Sunday). Maybe its smaller withdrawals get dealt with quicker? Lots of beer
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Post by closetotheedge on Jul 11, 2019 11:27:38 GMT
Just an update here. Withdrew amounts from 3 different RS rolling accounts to invest elsewhere and all 3 released into holding in under 60 seconds so process all seems good at present.
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