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Post by Deleted on Oct 9, 2019 17:11:52 GMT
I've just had another early repayment, that's at least 2 since the new markets and it looks like we no longer get notifications of early repayments.
Maybe this is because the new markets auto-reinvest but either way it's quite annoying having to check your account each day to see if there are any extra repayments to be dealt with ie withdrawn in my case given current rates.
I download the 'money on loan' data into a spreadsheet so I can see when normal repayments are due but obviously early repayments are sporadic.
I'm sure RS is quite happy to have lenders' money sat in holding but at the very least it should have told us the notifications were being withdrawn. Another nail in its coffin for me.
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benaj
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Post by benaj on Oct 9, 2019 17:27:23 GMT
It seems settings have been modified.
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aju
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Post by aju on Oct 9, 2019 17:30:02 GMT
Yes I would concur with both your comments it was a surprise to me as well.
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aju
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Post by aju on Oct 9, 2019 17:36:00 GMT
I've just had another early repayment, that's at least 2 since the new markets and it looks like we no longer get notifications of early repayments. Maybe this is because the new markets auto-reinvest but either way it's quite annoying having to check your account each day to see if there are any extra repayments to be dealt with ie withdrawn in my case given current rates. I download the 'money on loan' data into a spreadsheet so I can see when normal repayments are due but obviously early repayments are sporadic. I'm sure RS is quite happy to have lenders' money sat in holding but at the very least it should have told us the notifications were being withdrawn. Another nail in its coffin for me. I'm not the only one then I do exactly that but I haven't found a way to directly download it I just copy the latest new line by date into my spreadsheets. Bit of a faf but it works the only problem I find is when one is removed due to closure on one kind or another but so far at least we get an email when that happens. I keep the line in my sheets but mark it in red and a big capital F in the closed column I have. I used to use the local sheets to tell me when the next payment was coming but I've found its just as easy to look at the Total - Repayments by month option from the lending screen I can see all products planned returns in one and I like the Italics for those that have passed. I tend to go for the largest amount in the month and store up using higher relend rates thatn I expect - one can hope of course - at least it means I am in control for the weekend runs. Well it was the weekend on the old regime now I'm not sure when it is!.
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Stonk
Stonking
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Post by Stonk on Oct 9, 2019 17:54:31 GMT
Very poor show, RateSetter.
There's absolutely no reason to retire those email notifications other than to benefit yourselves, rather deviously I might say.
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scc
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Post by scc on Oct 9, 2019 21:54:26 GMT
Being slightly more generous to Ratesetter I wouldn't be surprised if it was some belated GDPR fix. My company properly tied itself up in knots over it. Possibly some audit suggested explicit permissions were needed and so they tidied it away rather than re-implement.
All my cash is returned to holding account and set up to withdraw once a week. I can always go in and put more cash in if I want (unlikely to be fair).
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sydb
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Post by sydb on Oct 9, 2019 22:18:51 GMT
Being slightly more generous to Ratesetter I wouldn't be surprised if it was some belated GDPR fix. My company properly tied itself up in knots over it. Possibly some audit suggested explicit permissions were needed and so they tidied it away rather than re-implement. All my cash is returned to holding account and set up to withdraw once a week. I can always go in and put more cash in if I want (unlikely to be fair). If you could turn it on or off, and it is off by default, why would there be a GDPR issue? Even if it was, look at the last setting. That's completely GDPR territory and that has been defaulted to 'yes', which is far more dodgy.
Furthermore, the 'How would you like us to stay in touch?' yes/no answers could be interpreted in opposite ways as the text says, 'click to confirm opt-out'. Click what? Yes or no?
More likely this is intentional. Why would it be in RS' interest for you to know that your cash has just become available for withdrawal? It might also speed up the exit from the old investment products. Actually, that probably is being a bit cynical.
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scc
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Post by scc on Oct 9, 2019 22:29:22 GMT
I'm just suggesting another explanation based on my own experience of these things. Often they'll be a bunch of stuff which must be done, another that should etc down to could be done. During our GDPR work, we had a ton of different flags and options accumulated over the years - and simply ditched loads of them rather than do the work of fixing and testing. We lost some granularity, but it was simpler over all.
They might well have got to this and thought "Well, it's not really benefiting us and will take more work so we'll dump it". It's also not unknown for marketing to strongly lean on tech people re: defaulting to maintaining contact by any means possible (and regardless of whatever the official guidance says) which can explain inconsistencies.
I guess I tend to lean towards cockup rather than conspiracy.
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aju
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Post by aju on Oct 9, 2019 22:57:43 GMT
Interestingly for fun and in the pursuit of understanding borrower rate differences I applied for a loan with no intention of completing other than a simple check as to what rates might be on offer for me. As a result I've been getting emails every other day asking and offering to help me complete my loan request.
Now here's the thing when I checked my email settings today I noticed that the said email selections were as everyone is saying and Mrs Aju found were not there anymore for lender settings. Now here the really odd thing the borrower settings have a flag for
* Borrower Reminders - Emails designed to help you complete your loan application.
and the receive tick box is empty (unticked) at present.
As i say I am getting emails offering help to complete my loan application where I've done the soft search but left it at that - I have no intention of completing the application for the loan but RS is clearly keen to help me finish the application despite as I say my having not ticked the relevant box yet.
I suspect that RS has made some changes to these setting and either they stay as they were set before they removed them even though you can't see them or they are just sending emails by default. For me this is not a bad thing unless there are email I am not interested in - luckily apart from the persistant loan help I am happy to keep the emails so far.
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Post by Deleted on Oct 10, 2019 8:11:53 GMT
All my cash is returned to holding account and set up to withdraw once a week. I can always go in and put more cash in if I want (unlikely to be fair). The auto-withdrawal option is only available for the Everyday account. It's not available for the ISA.
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Stonk
Stonking
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Post by Stonk on Oct 10, 2019 8:29:02 GMT
Being slightly more generous to Ratesetter I wouldn't be surprised if it was some belated GDPR fix. My company properly tied itself up in knots over it. Possibly some audit suggested explicit permissions were needed and so they tidied it away rather than re-implement.
Sending an email is not a GDPR issue, at least not when you've got systems and policies in place already to handle personal data, as RS surely do. If RS put the wrong type of personal content in the email then it can break rules, but obviously RS are in control of the content of those emails. If they were really worried about it, then an email with no further details other than "there has been an early repayment on your account" would suffice.
The GDPR rules are broadly sensible once you get the idea of them. As with certain other regulations (H&S...), certain departments in certain organisations love to over-interpret and be over-cautious, leading to unnecessary silliness (which is then usually unfairly blamed on the EU). And once Organisation A has over-interpreted, then Organisations B, C and D hear about it and think it's necessary too, and then one of them takes it a little further, and so on.
"Because of GDPR", (but more likely because of an unwillingly-appointed Data Protection Officer who has never actually read the law), my child's school no longer refers to the two Olivers in Year 2 as "Oliver B" and "Oliver F" in any written form that might conceivably leave the classroom at any point in the future -- including books, worksheets, homework, and random scribblings. To differentiate them, the teachers now use "Oliver" for one of them, and the other is "Oliver" followed by a smiley face. [Names changed, err, because of GDPR.]
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aju
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Post by aju on Oct 10, 2019 11:46:04 GMT
All my cash is returned to holding account and set up to withdraw once a week. I can always go in and put more cash in if I want (unlikely to be fair). The auto-withdrawal option is only available for the Everyday account. It's not available for the ISA. As you say @inv11 the RS investor FAQ "What is the difference between the Everyday account and the ISA account?" states this very clearly The full lender faq's appear here and are available without being logged in. I'm guessing this a bridge too far to implement although I'm not quite sure why.
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coogaruk
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Post by coogaruk on Oct 10, 2019 15:25:59 GMT
I'm no longer receiving 'Fully Matched Order' emails either
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aju
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Post by aju on Oct 10, 2019 15:52:33 GMT
I'm no longer receiving 'Fully Matched Order' emails either I got one on the 7th for a fully matched order into the Access product. My option for that is ticked as well its one of the only 2 options left in lending.
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star dust
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Post by star dust on Oct 10, 2019 17:55:24 GMT
I'm no longer receiving 'Fully Matched Order' emails either All mine have been for rollovers recently as I haven't been putting any new offers on anything for a while and the last one I received was on the 2 nd October - I did try unticking and re-ticking the option box for this but to no avail. So my RS inbox has fallen strangely silent since the advent of the new access accounts.
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