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Post by bouncycastle on May 5, 2020 15:38:05 GMT
Apologies, but as a newbie on here I haven’t gone through the whole thread, but I have been waiting since March 12th for funds to be returned to me. I’ve set my reinvestment settings to 6% in access so it isn’t likely to be taken, so it’s a mystery as to why I haven’t received it as yet. Is it a mystery to anyone else or am I doing something wrong? I haven’t actually tried to make a withdrawal for over a year and in the meantime they seem to have changed the system which means you can’t have money returned to your holding account, even though you have made a ‘request’. Answers for a numpty welcomed!
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Post by Deleted on May 5, 2020 15:46:25 GMT
Apologies, but as a newbie on here I haven’t gone through the whole thread, but I have been waiting since March 12th for funds to be returned to me. I’ve set my reinvestment settings to 6% in access so it isn’t likely to be taken, so it’s a mystery as to why I haven’t received it as yet. Is it a mystery to anyone else or am I doing something wrong? I haven’t actually tried to make a withdrawal for over a year and in the meantime they seem to have changed the system which means you can’t have money returned to your holding account, even though you have made a ‘request’. Answers for a numpty welcomed! See p2pindependentforum.com/thread/17126/ratesetter-requests-tracked-updated-regularlyPlease feel free to add your details.
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Post by jaycee on May 5, 2020 15:48:40 GMT
Apologies, but as a newbie on here I haven’t gone through the whole thread, but I have been waiting since March 12th for funds to be returned to me. I’ve set my reinvestment settings to 6% in access so it isn’t likely to be taken, so it’s a mystery as to why I haven’t received it as yet. Is it a mystery to anyone else or am I doing something wrong? I haven’t actually tried to make a withdrawal for over a year and in the meantime they seem to have changed the system which means you can’t have money returned to your holding account, even though you have made a ‘request’. Answers for a numpty welcomed! You haven't received it because not enough people are investing to buy your loans off you, so we are in a queue.
You will have received some of it as repayments - since March I'd expect about 15% of the funds in an Access account to have arrived as repayments, but depends which loans you are stuck in.
If your 6% tactic is working, that money should show as "on the market" which you can cancel, and it will then go to your holding account.
Access is no longer short-term, so that money doesn't necessarily roll regularly (or rather it rolls in and straight back out to the same loan).
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chris1200
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Post by chris1200 on May 5, 2020 15:51:02 GMT
Apologies, but as a newbie on here I haven’t gone through the whole thread, but I have been waiting since March 12th for funds to be returned to me. I’ve set my reinvestment settings to 6% in access so it isn’t likely to be taken, so it’s a mystery as to why I haven’t received it as yet. Is it a mystery to anyone else or am I doing something wrong? I haven’t actually tried to make a withdrawal for over a year and in the meantime they seem to have changed the system which means you can’t have money returned to your holding account, even though you have made a ‘request’. Answers for a numpty welcomed! If you requested the withdrawal from an Access account, they're currently processing that specific date. So you're one of the next in line, even if it still take a little while. I'd also recommend that you do spare a little time at least scanning some of the posts. There are lots of new users joining at the moment and it isn't really viable to re-explain the whole situation every time when the information is there for you to read. Good luck!
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Post by bouncycastle on May 5, 2020 15:53:32 GMT
Apologies, but as a newbie on here I haven’t gone through the whole thread, but I have been waiting since March 12th for funds to be returned to me. I’ve set my reinvestment settings to 6% in access so it isn’t likely to be taken, so it’s a mystery as to why I haven’t received it as yet. Is it a mystery to anyone else or am I doing something wrong? I haven’t actually tried to make a withdrawal for over a year and in the meantime they seem to have changed the system which means you can’t have money returned to your holding account, even though you have made a ‘request’. Answers for a numpty welcomed! See p2pindependentforum.com/thread/17126/ratesetter-requests-tracked-updated-regularlyPlease feel free to add your details. Very kind, thanks
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Post by RateSetter on May 5, 2020 19:10:31 GMT
Good evening all. Today we have delivered £0.5m, and the full daily update is below:
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Post by james91 on May 6, 2020 11:36:04 GMT
They are separate products. Where is the term that says 5 year repayments should be used to assist with people trying to get out of a different product? As is unfortunately the case with almost all sectors, wind down and contingency plans are never fully fleshed out or detailed to the consumer until it's too late. The Access product has been advertised as withdrawals within 24 hours since it was created. I moved money from the 1 year to the access product for the advertised ability to access money and now RateSetter through their choice are doing the opposite to maximise there profit. I'm inclined to give the financial services ombudsman a call and see what they have to say on the matter. I thought the same, but 'access' is supposed to mean, you can 'access' it without a fee. Not really sure it's very clear though that was the original meaning, when it's in the context of '1 year' and '5 year' - I'd say most people would assume it offers greater speed and flexibility with withdrawing. Their website in the past has definitely been misleading, they even still have a page that refers to investors as 'savers'....
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Post by erniec on May 6, 2020 11:38:25 GMT
They are separate products. Where is the term that says 5 year repayments should be used to assist with people trying to get out of a different product? As is unfortunately the case with almost all sectors, wind down and contingency plans are never fully fleshed out or detailed to the consumer until it's too late. The Access product has been advertised as withdrawals within 24 hours since it was created. I moved money from the 1 year to the access product for the advertised ability to access money and now RateSetter through their choice are doing the opposite to maximise there profit. I'm inclined to give the financial services ombudsman a call and see what they have to say on the matter. You’re miffed because YOU took a decision which, in hindsight, was perhaps wrong. The 1 year product is entirely separate and no way should its funds be used to assist the Access product with its current difficulty.
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jcb208
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Post by jcb208 on May 6, 2020 11:41:55 GMT
Don't worry your not the only one ,I released £40k from the 5 year paid about £600 fees and put it in the access as I wanted it in April,now May still had none back .One day I will learn from my mistakes!!
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chris1200
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Post by chris1200 on May 6, 2020 12:06:49 GMT
They are separate products. Where is the term that says 5 year repayments should be used to assist with people trying to get out of a different product? As is unfortunately the case with almost all sectors, wind down and contingency plans are never fully fleshed out or detailed to the consumer until it's too late. The Access product has been advertised as withdrawals within 24 hours since it was created. I moved money from the 1 year to the access product for the advertised ability to access money and now RateSetter through their choice are doing the opposite to maximise there profit. I'm inclined to give the financial services ombudsman a call and see what they have to say on the matter. RateSetter's terms have always been clear that withdrawal requires sufficient liquidity. The difference between the accounts was about the fee (or lack thereof) that you pay for getting the money out 'early' (i.e. before repayment) - it was never about the speed of doing so. If you didn't read any of that, you can't really blame anyone else, I'm afraid. Also, as has been explained to you, these are different products with differing levels of liquidity. What is your evidence that anything untoward is going on in the name of maximisation of profit? If you have none, I suggest you avoid potentially defamatory remarks. Discussion of the extent to which these platforms are complying with their T&C is very welcome (some will have seen that I have engaged with this fairly fulsomely with regard to AC!). But I don't see how RateSetter have put a foot wrong so far, and throwing around inaccurate claims because you're frustrated with the situation isn't helpful at all.
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arby
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Post by arby on May 6, 2020 12:48:25 GMT
They are separate products. Where is the term that says 5 year repayments should be used to assist with people trying to get out of a different product? As is unfortunately the case with almost all sectors, wind down and contingency plans are never fully fleshed out or detailed to the consumer until it's too late. The Access product has been advertised as withdrawals within 24 hours since it was created. I moved money from the 1 year to the access product for the advertised ability to access money and now RateSetter through their choice are doing the opposite to maximise there profit. I'm inclined to give the financial services ombudsman a call and see what they have to say on the matter. Did access state withdrawals would always be within 24 hours? If so, then I understand your complaint and I apologise. I'm surprised though as on their historical products (when I started investing with them) it always seemed clear that withdrawls would be delayed when liquidity was an issue.
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up
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Post by up on May 6, 2020 12:48:37 GMT
A live update: RYI 373740 currently "Processing" £5k Access 12/03/2020 Took about a minute with Amount on loan reducing, Holding increasing, as ca 30 contracts processed. In the end remained in Processing as one contract has renewed today. Was not obvious the amounts appeared in Market Data Access Borrower/Investor columns. Today's processing remainder RYI has now completed.
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arby
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Post by arby on May 6, 2020 13:17:58 GMT
Did access state withdrawals would always be within 24 hours? If so, then I understand your complaint and I apologise. I'm surprised though as on their historical products (when I started investing with them) it always seemed clear that withdrawls would be delayed when liquidity was an issue. Retrieved from the Access product sales page on 16/04/2020 "With us, it's easy to withdraw money. To date investors have received their withdrawn investment within 24 hours on average" RS removed it when I complained. Can you see now why people are trapped in stuff that they didn't know they were getting in to? No, i don't see that. That's the same as looking at an investment fund which says on average it's returned 10% per year. It's quite a stretch to complain to the ombudsman when it doesn't return 10% next year. I agree it could be misleading if that's the only thing you read before investing, but there was much more material to read beyond just that.
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chris1200
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Post by chris1200 on May 6, 2020 13:27:12 GMT
Retrieved from the Access product sales page on 16/04/2020 "With us, it's easy to withdraw money. To date investors have received their withdrawn investment within 24 hours on average" RS removed it when I complained. Can you see now why people are trapped in stuff that they didn't know they were getting in to? No, i don't see that. That's the same as looking at an investment fund which says on average it's returned 10% per year. It's quite a stretch to complain to the ombudsman when it doesn't return 10% next year. I agree it could be misleading if that's the only thing you read before investing, but there was much more material to read beyond just that. Quite. If you're going to put (I assume) thousands of pounds of your money somewhere, you really do have at least some responsibility to find out what you're investing in - especially when that information is freely accessible on the website you're investing through. The idea that you can blame RS for you misunderstanding a particular statement (which in no way says what you argued before it says) and not bothering to read anything else on the website is ludicrous.
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Post by jaycee on May 6, 2020 15:17:20 GMT
The Access product has been advertised as withdrawals within 24 hours since it was created. I moved money from the 1 year to the access product for the advertised ability to access money and now RateSetter through their choice are doing the opposite to maximise there profit. I'm inclined to give the financial services ombudsman a call and see what they have to say on the matter. ... Also, as has been explained to you, these are different products with differing levels of liquidity. What is your evidence that anything untoward is going on in the name of maximisation of profit? If you have none, I suggest you avoid potentially defamatory remarks. It would certainly have been possible for Ratesetter, instead of reducing rates when there weren't enough lenders, to increase rates to attract more money in.
I would assume the main reason they chose not to do that was the negative effect on their margin, and perhaps foresight that the provision fund was going to go down the tubes and people would be angry to be attracted in by increased rates which were then halved two months later.
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