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Post by shanghaiscouse on Mar 19, 2020 12:11:03 GMT
I have had my money mainly in a 5-year account for the last 2 years or so and never had to do anything as I was quite happy with the return I was getting. Then the problems started happening with Funding Circle so I pulled all my money from Assetz and Zopa, but only now have I decided to pull from RS and incur the early withdrawal penalty. A few Rookie questions:
1. I had money in the holding account which I immediately withdrew, but 18 hours later it still hasn't shown up in my bank account, is that normal? On Funding Circle it takes seconds.
2. I had money in the access account which I did a release on, how come that didn't release? I thought that was the whole point of access?
Apologies for stupid questions....
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r00lish67
Member of DD Central
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Post by r00lish67 on Mar 19, 2020 12:15:36 GMT
I have had my money mainly in a 5-year account for the last 2 years or so and never had to do anything as I was quite happy with the return I was getting. Then the problems started happening with Funding Circle so I pulled all my money from Assetz and Zopa, but only now have I decided to pull from RS and incur the early withdrawal penalty. A few Rookie questions: 1. I had money in the holding account which I immediately withdrew, but 18 hours later it still hasn't shown up in my bank account, is that normal? On Funding Circle it takes seconds. 2. I had money in the access account which I did a release on, how come that didn't release? I thought that was the whole point of access? Apologies for stupid questions.... 1. They usually do withdrawals the next day in the early afternoon. I would expect to it to be there by 3pm today. 2. Because there's an imbalance between demand and supply. Normally there are sufficient people making new deposits and lending to counter those wishing to withdraw earlier. Access is only 'easy' access in normal market conditions, which I think everyone can agree we have unfortunately left behind. RS are saying it should take a week or more at the moment.
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jlend
Member of DD Central
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Post by jlend on Mar 19, 2020 12:44:25 GMT
I have had my money mainly in a 5-year account for the last 2 years or so and never had to do anything as I was quite happy with the return I was getting. Then the problems started happening with Funding Circle so I pulled all my money from Assetz and Zopa, but only now have I decided to pull from RS and incur the early withdrawal penalty. A few Rookie questions: 1. I had money in the holding account which I immediately withdrew, but 18 hours later it still hasn't shown up in my bank account, is that normal? On Funding Circle it takes seconds. 2. I had money in the access account which I did a release on, how come that didn't release? I thought that was the whole point of access? Apologies for stupid questions.... 1. They usually do withdrawals the next day in the early afternoon. I would expect to it to be there by 3pm today. 2. Because there's an imbalance between demand and supply. Normally there are sufficient people making new deposits and lending to counter those wishing to withdraw earlier. Access is only 'easy' access in normal market conditions, which I think everyone can agree we have unfortunately left behind. RS are saying it should take a week or more at the moment. Agree with r00lish67. RS are very good at processing withdraws the next day. We just have to wait a bit longer to sell loans if we want to. Many lenders are still investing and RS are still writing new loans, albeit at a lower rate. RS have experince of managing liquidity issues like this in the past. Patience is needed now.
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Post by shanghaiscouse on Mar 19, 2020 17:45:38 GMT
OK so I did get the balance on my holding account through today, so that's something, albeit only 0.3% of my total RS investment.... now lets see how long the Access takes.
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Post by shanghaiscouse on Mar 26, 2020 12:37:07 GMT
OK so now I am confused. My Access account still has not been released (and moreover there is no real evidence I can see to show when I asked for it to be released, no email from them, nothing) but I had emptied out my holding account. Last night around £300 had appeared in the holding account so I thought OK, the Access account must be liquidating slowly. Then this morning I logged in and that £300 has disappeared and been put back on to the market. I also noticed that in the account settings it still seems to be saying that my lending settings are set to reinvest. How could it be set to reinvest when I have got a release instruction on? I was afraid to go in and turn off the reinvest settings in case that somehow interferes with the release instruction. I must say I am deeply unimpressed with the communication.
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alanh
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Post by alanh on Mar 26, 2020 12:45:53 GMT
OK so now I am confused. My Access account still has not been released (and moreover there is no real evidence I can see to show when I asked for it to be released, no email from them, nothing) but I had emptied out my holding account. Last night around £300 had appeared in the holding account so I thought OK, the Access account must be liquidating slowly. Then this morning I logged in and that £300 has disappeared and been put back on to the market. I also noticed that in the account settings it still seems to be saying that my lending settings are set to reinvest. How could it be set to reinvest when I have got a release instruction on? I was afraid to go in and turn off the reinvest settings in case that somehow interferes with the release instruction. I must say I am deeply unimpressed with the communication. If you go to your access account and then withdraw/release funds it will show that you have a release pending. I don't believe an email gets sent, but you can see the pending release for yourself on the system.
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Post by shanghaiscouse on Mar 26, 2020 12:49:48 GMT
Thanks Alanh, when I go to the 'release your investment' page it does say "pending request - all funds". So in the meantime it is still reinvesting funds on the market, seems a bit odd.
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Post by p2psavvy on Mar 26, 2020 12:56:08 GMT
OK so now I am confused. My Access account still has not been released (and moreover there is no real evidence I can see to show when I asked for it to be released, no email from them, nothing) but I had emptied out my holding account. Last night around £300 had appeared in the holding account so I thought OK, the Access account must be liquidating slowly. Then this morning I logged in and that £300 has disappeared and been put back on to the market. I also noticed that in the account settings it still seems to be saying that my lending settings are set to reinvest. How could it be set to reinvest when I have got a release instruction on? I was afraid to go in and turn off the reinvest settings in case that somehow interferes with the release instruction. I must say I am deeply unimpressed with the communication. With five year, setting repayments to Holding Account is available. For Access, and the other two new products, only Reinvestment is available. To get around this, on all of the new products, if I want to withdraw repayments, I simple use the "set your rate" option to set the reinvestment rate at 5% (the maximum allowed) above the going rate, then cancel the orders that are automatically created, to return the funds to the holding account. I don't see why returned funds from repayments should have any effect on a prior instruction to release all of the funds.
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Post by shanghaiscouse on Mar 27, 2020 13:01:26 GMT
If I go into the 5 year account, then click on the little pen to edit, it brings up the reinvestment settings box, but there seems no way to turn reinvestment off from within this box? It just gives two buttons for reinvest capital only or reinvest capital and interest, but one of these buttons always has to be selected, there is no way to deselect both, and no separate option to turn off reinvestment? or is it me?
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alanh
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Post by alanh on Mar 27, 2020 13:11:59 GMT
If I go into the 5 year account, then click on the little pen to edit, it brings up the reinvestment settings box, but there seems no way to turn reinvestment off from within this box? It just gives two buttons for reinvest capital only or reinvest capital and interest, but one of these buttons always has to be selected, there is no way to deselect both, and no separate option to turn off reinvestment? or is it me? Its you  . On that page that you are on just select "capital and interest" and then in the drop down box below select "holding". All capital and interest payments will then just go straight to your holding account.
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Post by shanghaiscouse on Mar 27, 2020 14:07:04 GMT
ah, ok, thanks. Lucky I did hold out the possibility it was me. However, it isn't very obvious!
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Post by shanghaiscouse on Mar 27, 2020 14:09:23 GMT
answers from this board are certainly a lot faster than from Ratesetter, I had also gone through their help bot which just sent me an email saying would be at least 2 days before they reply....
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jane
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Post by jane on Mar 27, 2020 18:31:30 GMT
answers from this board are certainly a lot faster than from Ratesetter, I had also gone through their help bot which just sent me an email saying would be at least 2 days before they reply.... It's actually not you, it's Ratesetter. They have deliberately changed things in recent times to make it difficult and confusing to perform things such as setting your own interest rate and turning off auto-invest. They don't want you doing it. This may also explain why they are not very helpful when you ask them about it.
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. On that page that you are on just select "capital and interest" and then in the drop down box below select "holding". All capital and interest payments will then just go straight to your holding account.