cb25
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Post by cb25 on Mar 13, 2020 10:25:06 GMT
Ok sounds like 4 weeks would be pretty extreme to wait (although obviously possible) and I’m encouraged that some people are seeing some RYIs coming through. To be honest, I don’t care that it takes longer than 24 hours - it’s just the not knowing whether it could be a really protracted length of time that I find scary. Please do keep sharing any info on how long your requests are taking. Bloody virus. Ratesetter rep has just created this thread. Includes the comment "We are continuing to process ‘release investment’ requests as quickly as possible. Our guidance is that this is likely to be more than a week as opposed to our usual one day"
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Stonk
Stonking
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Post by Stonk on Mar 13, 2020 11:51:50 GMT
RS could shut off withdrawals, combined with some good open communication. "We are pausing new borrowing and withdrawals because current abnormal conditions have dramatically reduced liquidity. Existing withdrawals will be met, but it could take a while, and we really don't know how long even if you keep asking us. Everything else continues as normal. Not sure what the future holds, to be honest, a bit like you don't know whether your pension will be up or down 10% tomorrow." I think that might need paraphrasing. I'm not a PR wonk Nearly nailed it. They can't have been far from deciding to shut off RYIs. I reckon my wording is better than theirs, and it only took 2 minutes.
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Post by aidanw on Mar 13, 2020 11:57:56 GMT
I actually prefer your version but yeah it amounts to the same thing. I think they have probably done the right thing, just look at the AC uproar. But clear, early, communication is essential when people's risk tolerances are being so sorely tested.
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Post by aidanw on Mar 16, 2020 16:20:23 GMT
Ok so I got another RYI from 5 Year; requested on the afternoon of 10th and released this morning. Less than 1 week so pretty good really.
Still awaiting my Access request from 9th to be released though. I would have assumed this would be the more liquid market but clearly not.
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Post by throwaway2501 on Mar 16, 2020 16:24:55 GMT
Ok so I got another RYI from 5 Year; requested on the afternoon of 10th and released this morning. Less than 1 week so pretty good really. Still awaiting my Access request from 9th to be released though. I would have assumed this would be the more liquid market but clearly not. Yep - I’m still waiting for an RYI from Access that I made on the 9th too. I can’t figure out how/why 5 year releases are happening more quickly. I’m still hoping that the RYIs from 9 March be done this week - I guess there’s nothing to indicate at the moment that it’ll be longer than two weeks...
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Post by aidanw on Mar 16, 2020 16:33:12 GMT
I'm sure we're both nearing the front of the queue now and I'm encouraged by their recent comms.
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Post by throwaway2501 on Mar 16, 2020 17:45:12 GMT
I'm sure we're both nearing the front of the queue now and I'm encouraged by their recent comms. Fingers crossed! Let me know if you get anywhere.
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Post by aidanw on Mar 18, 2020 15:03:55 GMT
throwaway2501 You'll be pleased to know that my Access withdrawal from 9th March has now been released. I am very relieved because this is money I invested for my mum. I did of course discuss the risk with her when she opened the account a couple of years ago but I really think the risks have incrementally increased even before the current Covid19 scare. Thank you Ratesetter.
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Post by throwaway2501 on Mar 18, 2020 15:17:01 GMT
throwaway2501 You'll be pleased to know that my Access withdrawal from 9th March has now been released. I am very relieved because this is money I invested for my mum. I did of course discuss the risk with her when she opened the account a couple of years ago but I really think the risks have incrementally increased even before the current Covid19 scare. Thank you Ratesetter. Whoop - that is great news (for both you and your mum!). It also makes me feel that other requests from 9 March shouldn't be too far behind. I know two annoying questions - any idea what time of day you did your RYI on 9 March and also what rate it was previously matched at?
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Post by aidanw on Mar 18, 2020 22:46:54 GMT
3.1% and about 11.30am.
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cb25
Posts: 3,521
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Post by cb25 on Mar 19, 2020 7:37:21 GMT
I seem to have 'lost', most likely inadvertently cancelled, a RYI request. I wonder if somebody can confirm how I managed to achieve this?
Anyway -middle of last week, put in a RYI request for £500 from my 5yr account. Did the whole Proceed to Quote/Confirm. Money hasn't been released.
-early this week thought of putting in another. When filling in the second amount to release from the 5yr market saw it showed £500 as Pending Request. -having gone to Proceed to Quote on the second amount, decided not to proceed after all, hit the Cancel and Go Back button. -ever since then, if I go to the RYI screen, the £500 no longer shows under 5yr Pending Request -did the Cancel and Go Back cancel the second request (which I intended) AND the first request (which I didn't)?
No doubt something really simple that appears mysterious to me because I've never used RYI before.
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rhmc
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Post by rhmc on Mar 19, 2020 7:43:51 GMT
Hi all. I requested a release on the 10th and am still waiting. At that time I thought part of the problem was that it was difficult to resell the contracts compared to the going rate (mine are all 4.3%) but then discovered it was the queue.
The thing that has most hacked me off during this is that after the request, my funds were still being re-lent. Surely there is simple setting to stop this from happening after a withdrawal is requested. Seems it would benefit both rate setter and us.
In the meantime I have jacked up my rate to the max 8© and am letting it dripfeed out of the market.
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star dust
Member of DD Central
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Post by star dust on Mar 19, 2020 7:57:48 GMT
I seem to have 'lost', most likely inadvertently cancelled, a RYI request. I wonder if somebody can confirm how I managed to achieve this?
Anyway -middle of last week, put in a RYI request for £500 from my 5yr account. Did the whole Proceed to Quote/Confirm. Money hasn't been released.
-early this week thought of putting in another. When filling in the second amount to release from the 5yr market saw it showed £500 as Pending Request. -having gone to Proceed to Quote on the second amount, decided not to proceed after all, hit the Cancel and Go Back button. -ever since then, if I go to the RYI screen, the £500 no longer shows under 5yr Pending Request -did the Cancel and Go Back cancel the second request (which I intended) AND the first request (which I didn't)?
No doubt something really simple that appears mysterious to me by because I've never used RYI before.
I did the same thing in the 5 year market, my request was for less than my total holding, but the following day nothing appeared on screen to confirm I'd done one. So, I did one again immediately and rang them up. They confirmed they had the first request at the time I had made it, and could also see the second one, they cancelled the second one for me. I still can't see anything on screen, but at least I have an email to confirm the situation now. I suspect it's because I didn't request the whole amount, but who knows?
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m2btj
Member of DD Central
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Post by m2btj on Mar 19, 2020 8:55:16 GMT
I seem to have 'lost', most likely inadvertently cancelled, a RYI request. I wonder if somebody can confirm how I managed to achieve this?
Anyway -middle of last week, put in a RYI request for £500 from my 5yr account. Did the whole Proceed to Quote/Confirm. Money hasn't been released.
-early this week thought of putting in another. When filling in the second amount to release from the 5yr market saw it showed £500 as Pending Request. -having gone to Proceed to Quote on the second amount, decided not to proceed after all, hit the Cancel and Go Back button. -ever since then, if I go to the RYI screen, the £500 no longer shows under 5yr Pending Request -did the Cancel and Go Back cancel the second request (which I intended) AND the first request (which I didn't)?
No doubt something really simple that appears mysterious to me because I've never used RYI before.
I too made a withdrawal request from my Access Account last week & went through to confirm. I waited for funds to hit my bank account but nothing! I went back to my account to find the funds still invested in Access. I've completed the process many times & can only assume that Ratesetter cancelled the withdrawal. I suspect yours was cancelled too! I've just made a small withdrawal (£36) & will await to see what happens. I notice that it's much more difficult to cancel an order & return funds to holding account. I had to click cancel three times before it returned the funds to my holding account.
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cb25
Posts: 3,521
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Post by cb25 on Mar 19, 2020 9:48:31 GMT
I seem to have 'lost', most likely inadvertently cancelled, a RYI request. I wonder if somebody can confirm how I managed to achieve this?
Anyway -middle of last week, put in a RYI request for £500 from my 5yr account. Did the whole Proceed to Quote/Confirm. Money hasn't been released.
-early this week thought of putting in another. When filling in the second amount to release from the 5yr market saw it showed £500 as Pending Request. -having gone to Proceed to Quote on the second amount, decided not to proceed after all, hit the Cancel and Go Back button. -ever since then, if I go to the RYI screen, the £500 no longer shows under 5yr Pending Request -did the Cancel and Go Back cancel the second request (which I intended) AND the first request (which I didn't)?
No doubt something really simple that appears mysterious to me because I've never used RYI before.
I too made a withdrawal request from my Access Account last week & went through to confirm. I waited for funds to hit my bank account but nothing! I went back to my account to find the funds still invested in Access. I've completed the process many times & can only assume that Ratesetter cancelled the withdrawal. I suspect yours was cancelled too! I've just made a small withdrawal (£36) & will await to see what happens. I notice that it's much more difficult to cancel an order & return funds to holding account. I had to click cancel three times before it returned the funds to my holding account. I think that you may be right, because: -I just put in a new RYI request today for £MM (nothing shown as Pending from last week), did the whole Proceed to Quote/Confirm -started a second RYI request for £NN. The first one (£MM) was shown as Pending as expected. At Proceed to Quote, hit Cancel and Go Back -started a third RYI request, first one (£MM) still shown as Pending, at Proceed to Quote, hit Cancel and Go Back
What I conclude from that is: hitting Cancel and Go Back on a second request does NOT cancel the Pending first one. So, seems either RS cancelled my request from middle of last week or it was somehow cancelled after being 'timed out' (if that's part of the system design).
EDIT: 23/3 Rang RS to get them to cancel the £MM withdrawal (changed my mind - time will tell if that was brave/stupid). RS operative said "there are 3 withdrawals pending, should I cancel all of them". A:Yes. I told RS there must be something wrong with their system because there were no Pending Requests showing when I put in the one for £MM. Tagging m2btj benaj
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