beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
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Post by beagle on Dec 26, 2020 7:20:05 GMT
You really have to prod RS to get them to admit what we on this forum already know. Lucky for those on this forum that a large proportion of lenders are unaware and until recently at least it was their loans being repaid by borrowers that were being used to buy loans from the front of the RYIQ even if they were also in the RYIQ themselves. Pity the poor suckers. Some will say all's fair in love and investments but it is surely the job of the FCA to stop this type of malpractice. It isn't malpractice if you do not manage your account. Even on Christmas day? My two pence - some things are more important than talking about money
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Dec 26, 2020 9:16:00 GMT
You really have to prod RS to get them to admit what we on this forum already know. Lucky for those on this forum that a large proportion of lenders are unaware and until recently at least it was their loans being repaid by borrowers that were being used to buy loans from the front of the RYIQ even if they were also in the RYIQ themselves. Pity the poor suckers. Some will say all's fair in love and investments but it is surely the job of the FCA to stop this type of malpractice. It isn't malpractice if you do not manage your account. Even on Christmas day? My two pence - some things are more important than talking about money It's not a normal Christmas. Many of us are isolated unable to see friends or family and with just the TV and internet for company. I don't think malpractice has a legal definition but in the past compensation has been paid for situations where the misleading was a lot less clear cut than here. Someone who requests a withdrawal of their funds should not be expected to do anything else to stop funds which become available being re-invested. A withdrawal request is a request to er, withdraw, not re-invest.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Dec 26, 2020 9:28:20 GMT
It isn't malpractice if you do not manage your account. Even on Christmas day? My two pence - some things are more important than talking about money It's not a normal Christmas. Many of us are isolated unable to see friends or family and with just the TV and internet for company. I don't think malpractice has a legal definition but in the past compensation has been paid for situations where the misleading was a lot less clear cut than here. Someone who requests a withdrawal of their funds should not be expected to do anything else to stop funds which become available being re-invested. A withdrawal request is a request to er, withdraw, not re-invest. It isn't a normal year. Much of my family were alone but. There is no right or wrong. But I couldn't think of more boring things than my queue postion. My personal opinion make Christmas - Christmas. Thinking about the FCA is not Christmas - to me. It does state in a fair few places how it works for reinvestment and money out. However, I won't argue this as we won't agree and I'm going to spend my boxing day eating and watching TV. The FCA and all it's rules , interpretations can shove it today.
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aju
Member of DD Central
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Post by aju on Dec 26, 2020 9:37:55 GMT
It isn't malpractice if you do not manage your account. Even on Christmas day? My two pence - some things are more important than talking about money It's not a normal Christmas. Many of us are isolated unable to see friends or family and with just the TV and internet for company. I don't think malpractice has a legal definition but in the past compensation has been paid for situations where the misleading was a lot less clear cut than here. Someone who requests a withdrawal of their funds should not be expected to do anything else to stop funds which become available being re-invested. A withdrawal request is a request to er, withdraw, not re-invest. RS will just kick it back as the rules are/were clear that the A/P/M products ran in a different way to 5Y/1Y and i can't see them caving on this one at this point. I'm not sure about the old rules for the previous guise of Access as I did not use it much, the 5Y and the 1Y were our initial plays as the rates on the old products - we did have some punts early up - were not good enough for our risk levels. Perhaps if we had more in the basic product from the the start we may have been more concerned about the time to release. That said this forum is not the place to hold RS to account if you are that concerned then you should probably be targeting RS directly - i'd definitely recommend a direct play if you feel you have a good case they will take it seriously I am confident of that. I have discussed elsewhere a number a times how making sound direct complaints can garner quite a good pay back although I've not felt aggrieved enough with RS to make one so far in the 3 years or more we have "used" them. Zopa on the other hand made a real hash of things a couple of years or so back and in our case we made more in compensation payments than interest at times with more than one complaint - none of them reached the regs either so they played the damage limitation cards. Just my take on this particular issue - P2P is not a savings product!. Edit: Crossed with beagle
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Dec 26, 2020 13:40:41 GMT
It's not a normal Christmas. Many of us are isolated unable to see friends or family and with just the TV and internet for company. I don't think malpractice has a legal definition but in the past compensation has been paid for situations where the misleading was a lot less clear cut than here. Someone who requests a withdrawal of their funds should not be expected to do anything else to stop funds which become available being re-invested. A withdrawal request is a request to er, withdraw, not re-invest. RS will just kick it back as the rules are/were clear that the A/P/M products ran in a different way to 5Y/1Y and i can't see them caving on this one at this point. I'm not sure about the old rules for the previous guise of Access as I did not use it much, the 5Y and the 1Y were our initial plays as the rates on the old products - we did have some punts early up - were not good enough for our risk levels. Perhaps if we had more in the basic product from the the start we may have been more concerned about the time to release. That said this forum is not the place to hold RS to account if you are that concerned then you should probably be targeting RS directly - i'd definitely recommend a direct play if you feel you have a good case they will take it seriously I am confident of that. I have discussed elsewhere a number a times how making sound direct complaints can garner quite a good pay back although I've not felt aggrieved enough with RS to make one so far in the 3 years or more we have "used" them. Zopa on the other hand made a real hash of things a couple of years or so back and in our case we made more in compensation payments than interest at times with more than one complaint - none of them reached the regs either so they played the damage limitation cards. Just my take on this particular issue - P2P is not a savings product!. Edit: Crossed with beagle I'm not sure that I personally have anything to complain about. I have not been damaged because I bailed out of RS before the withdrawal restrictions. I only know about the situation because I took over the management of an account for a relative who found the site too difficult. The people who have good grounds for complaint IMO by definition do not know what is happening to their money - if they did they would have avoided it like the rest of us lucky ones on this forum. I think it's a disgrace but my relative is benefiting from it by moving up the queue.
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Post by greenstar on Dec 26, 2020 14:21:08 GMT
It isn't malpractice if you do not manage your account. Even on Christmas day? My two pence - some things are more important than talking about money It's not a normal Christmas. Many of us are isolated unable to see friends or family and with just the TV and internet for company. I don't think malpractice has a legal definition but in the past compensation has been paid for situations where the misleading was a lot less clear cut than here. Someone who requests a withdrawal of their funds should not be expected to do anything else to stop funds which become available being re-invested. A withdrawal request is a request to er, withdraw, not re-invest. Indeed - too true - I thought my request to withdraw all my funds (1-year) from RS last March would be easy for RS to understand and void any settings and reinvestment. Plainly I wanted my money out. However before receiving any of it my 1-year repaid early in May and instead of returning my funds to me, RS put them straight into Access where they are still stuck. I registered a complaint but the response didn't address the specific issue and got nowhere. So I then registered another complaint that my earlier complaint had not been addressed - this second complaint received no response at all. Despite that sad saga I am generally happy with RS having been an investor for some years - will be even happier when I get to the front of the QIF and receive the money I should have had returned to me last May.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Dec 26, 2020 18:22:11 GMT
It's not a normal Christmas. Many of us are isolated unable to see friends or family and with just the TV and internet for company. I don't think malpractice has a legal definition but in the past compensation has been paid for situations where the misleading was a lot less clear cut than here. Someone who requests a withdrawal of their funds should not be expected to do anything else to stop funds which become available being re-invested. A withdrawal request is a request to er, withdraw, not re-invest. Indeed - too true - I thought my request to withdraw all my funds (1-year) from RS last March would be easy for RS to understand and void any settings and reinvestment. Plainly I wanted my money out. However before receiving any of it my 1-year repaid early in May and instead of returning my funds to me, RS put them straight into Access where they are still stuck. I registered a complaint but the response didn't address the specific issue and got nowhere. So I then registered another complaint that my earlier complaint had not been addressed - this second complaint received no response at all. Despite that sad saga I am generally happy with RS having been an investor for some years - will be even happier when I get to the front of the QIF and receive the money I should have had returned to me last May. 1. if you have a complaint open and it is not replied to that is an FCA breach and you should highlight this to them. 2. Regarding you investment from 1 year direct to access - this was your reinvestment settings not theirs. you need to set it holding and sadly can't blame them for that as much as you might like to.
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aju
Member of DD Central
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Post by aju on Dec 26, 2020 23:46:19 GMT
Indeed - too true - I thought my request to withdraw all my funds (1-year) from RS last March would be easy for RS to understand and void any settings and reinvestment. Plainly I wanted my money out. However before receiving any of it my 1-year repaid early in May and instead of returning my funds to me, RS put them straight into Access where they are still stuck. I registered a complaint but the response didn't address the specific issue and got nowhere. So I then registered another complaint that my earlier complaint had not been addressed - this second complaint received no response at all. Despite that sad saga I am generally happy with RS having been an investor for some years - will be even happier when I get to the front of the QIF and receive the money I should have had returned to me last May. 1. if you have a complaint open and it is not replied to that is an FCA breach and you should highlight this to them. 2. Regarding you investment from 1 year direct to access - this was your reinvestment settings not theirs. you need to set it holding and sadly can't blame them for that as much as you might like to. greenstar I agree with beagle and I think from your dates even the 8 weeks grace that companies get has passed and so you can go straight to the FCA as you have already passed GO! Even if you have had a final letter from RS where they state their case and reject your complaint. I'm not sure on the timings you have to complain to the FCA - its probably 6 months but if you have not yet had a letter from RS then the clock hasn't even started. The rejection letter from RS if you had one should state your rights to go to the regulators anyway. Good luck, based on your comments so far I'd say you have good case so don't accept anything less from the the FCA too. Be aware also that the FCA may bat it away but usually the first rejection hasn't actually made to an adjudicator insist on the case going the full distance. Usually it costs the company to have a case taken out against them it used to be £350 or more but this may have changed and even increased. On the relend from an RYI RS seemed to be implicit that that should not happen from their comments to me shown earlier. Non RYI closures in A/P/M will relend automatically again as stated above. Edit: Whilst re-reading I'm not sure that the 1Y should relend into the access market even RS said above in a response to an email from me Not sure if that's what you meant happened though.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Dec 27, 2020 8:49:34 GMT
1. if you have a complaint open and it is not replied to that is an FCA breach and you should highlight this to them. 2. Regarding you investment from 1 year direct to access - this was your reinvestment settings not theirs. you need to set it holding and sadly can't blame them for that as much as you might like to. greenstar I agree with beagle and I think from your dates even the 8 weeks grace that companies get has passed and so you can go straight to the FCA as you have already passed GO! Even if you have had a final letter from RS where they state their case and reject your complaint. I'm not sure on the timings you have to complain to the FCA - its probably 6 months but if you have not yet had a letter from RS then the clock hasn't even started. The rejection letter from RS if you had one should state your rights to go to the regulators anyway. Good luck, based on your comments so far I'd say you have good case so don't accept anything less from the the FCA too. Be aware also that the FCA may bat it away but usually the first rejection hasn't actually made to an adjudicator insist on the case going the full distance. Usually it costs the company to have a case taken out against them it used to be £350 or more but this may have changed and even increased. On the relend from an RYI RS seemed to be implicit that that should not happen from their comments to me shown earlier. Non RYI closures in A/P/M will relend automatically again as stated above. Edit: Whilst re-reading I'm not sure that the 1Y should relend into the access market even RS said above in a response to an email from me Not sure if that's what you meant happened though. this means that the funds were repaid early likely and so therefore reinvested as per settings not the release request.
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Post by greenstar on Dec 27, 2020 12:17:43 GMT
greenstar I agree with beagle and I think from your dates even the 8 weeks grace that companies get has passed and so you can go straight to the FCA as you have already passed GO! Even if you have had a final letter from RS where they state their case and reject your complaint. I'm not sure on the timings you have to complain to the FCA - its probably 6 months but if you have not yet had a letter from RS then the clock hasn't even started. The rejection letter from RS if you had one should state your rights to go to the regulators anyway. Good luck, based on your comments so far I'd say you have good case so don't accept anything less from the the FCA too. Be aware also that the FCA may bat it away but usually the first rejection hasn't actually made to an adjudicator insist on the case going the full distance. Usually it costs the company to have a case taken out against them it used to be £350 or more but this may have changed and even increased. On the relend from an RYI RS seemed to be implicit that that should not happen from their comments to me shown earlier. Non RYI closures in A/P/M will relend automatically again as stated above. Edit: Whilst re-reading I'm not sure that the 1Y should relend into the access market even RS said above in a response to an email from me Not sure if that's what you meant happened though. this means that the funds were repaid early likely and so therefore reinvested as per settings not the release request. Thanks for all the comments and observations, always helpful. Looking back at my papers I can see I requested release of all funds from RS (then only in 1-year) last March and received a confirmation reply that my request had been received and that RS were currently processing the 1-year market and I would receive my money in due course. Nothing in the RS email suggested I would need to change any reinvestment settings and I assumed (wrongly) these were now overridden by the system. So when the 1-year had an unexpected early repayment in May all the 1-year money was auto re-invested in Access. To add insult to injury, at the same time my 'release of funds request date' was altered from March to May which put me much further back in the QIF queue. But hey-hoe we live and learn and it looks as if I'll eventually get my money out now that the QIF is moving fast - better late than never! Edit update: Christmas present from RS this morning - RS paid out in full overnight on my Access account mentioned above so I'm now out of RS. Have to say my wife and I did very well in interest received on various accounts while we were with RS over a number of years. Best wishes for the New Year to everyone and thanks for all your comments and observations over the past year.
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Post by RateSetter on Dec 29, 2020 9:38:30 GMT
Good morning. Over the Christmas period we delivered investment releases every day, including £4m yesterday. The latest full update is on our website here and copied below for reference as usual:
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Post by RateSetter on Dec 30, 2020 10:00:10 GMT
Good morning. Yesterday we delivered £2.3m and the full update is below:
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Dec 30, 2020 10:36:03 GMT
Good morning. Yesterday we delivered £2.3m and the full update is below: looks like they will catch up sooner than we thought. At this rate by New Year it will be July and then some point Jan / Feb up to date.
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Post by herringbone on Dec 30, 2020 11:04:28 GMT
looks like they will catch up sooner than we thought. At this rate by New Year it will be July and then some point Jan / Feb up to date. My RYI was in mid August and I was 19,000+. I'm now under 3,600 and look as if I'll be out over the weekend. At the current rate of progress, the remaining £22million at 3% will probably get things up to date, or at least very close. Well done Ratesetter.
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Post by RateSetter on Dec 31, 2020 9:44:34 GMT
Good morning. Yesterday we delivered £2.9m and the full update is below. The next update will be on 4th January.
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