alanh
Posts: 556
Likes: 560
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Post by alanh on Apr 1, 2020 11:29:03 GMT
I've just contacted Rate-setter. I requested release of funds on the 17th March. They tell me there is a 8-12 week waiting list minimum for that date! Why did they refuse to give this indication when I asked.......
I also think the time might be wildly different for different products.
I did may RYI in the 16th from the 1 year ( I take it, mainly property loans?). Will this make a material difference or not?
As they no longer inform by email. Why not?
I really think they should be more discretely helpful to us so we could forward plan....... If that is the time frame they are working on- TELL US please!
It would stop us agonising and anxiously checking over and over again each day .........
Or is this something too much to ask....?
Its difficult for them to tell you a date, it would be a guess based on how many RYI's they can release each day. The best thing to do is monitor this forum where you can see people who have received their RYI's providing details of when they submitted them. Ratesetter also send out a daily update and have informed us that the peak day for RYI's was the 16th and it dropped off after that.
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Post by scepticalinvestor on Apr 1, 2020 11:30:20 GMT
It says I have 100 GBP "Amount on Market", of which I managed to cancel 15 GBP and withdraw. I this really just funds already lent out months ago? Yes so the £15 you cancelled are the interest/capital repayments and the £85 you can't cancel is the stuff that is in the process of being rolled over into next month (its the 26 month loan in the example above). Later on you will find that this £85 on market has disappeared as it will have been re-allocated to the original loan. Ratesetter can't you do something about how the system displays this monthly rolling of loans? It causes great confusion amongst lenders and gives the mistaken impression that they are somehow being forcibly reinvested into loans.
Maybe RS prefer to do it this way so they can continue to make the claim "The vast majority of RateSetter investors continue to invest."
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Post by ruralres66 on Apr 1, 2020 11:45:58 GMT
Why did they refuse to give this indication when I asked.......
I also think the time might be wildly different for different products.
I did may RYI in the 16th from the 1 year ( I take it, mainly property loans?). Will this make a material difference or not?
As they no longer inform by email. Why not?
I really think they should be more discretely helpful to us so we could forward plan....... If that is the time frame they are working on- TELL US please!
It would stop us agonising and anxiously checking over and over again each day .........
Or is this something too much to ask....?
Its difficult for them to tell you a date, it would be a guess based on how many RYI's they can release each day. The best thing to do is monitor this forum where you can see people who have received their RYI's providing details of when they submitted them. Ratesetter also send out a daily update and have informed us that the peak day for RYI's was the 16th and it dropped off after that. I understand that, but they first suggested a couple of weeks, now it appears to be a couple of months... at least.... A pattern now seems to be emerging and I think they now should have the decency to be more upfront to us and give us some indication... at least if there is a wildly different time frame for different markets.
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alanh
Posts: 556
Likes: 560
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Post by alanh on Apr 1, 2020 11:54:26 GMT
Its difficult for them to tell you a date, it would be a guess based on how many RYI's they can release each day. The best thing to do is monitor this forum where you can see people who have received their RYI's providing details of when they submitted them. Ratesetter also send out a daily update and have informed us that the peak day for RYI's was the 16th and it dropped off after that. I understand that, but they first suggested a couple of weeks, now it appears to be a couple of months... at least.... A pattern now seems to be emerging and I think they now should have the decency to be more upfront to us and give us some indication... at least if there is a wildly different time frame for different markets. Its all dependent on when the RYI went in. The couple of months estimate is for an RYI on the 17th which is after the big redemption day on the 16th (that was the day of the huge stock market collapse), so that sounds like the day which will take a bit of working through.
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Post by Companion Cube on Apr 10, 2020 9:43:39 GMT
Is anyone else having trouble stopping their money being reinvested. Having been in the queue for several weeks and since 1 April having several thousands of pounds of capital repayments, they are just re-investing my money on the same day. I have set my re-investment level to 8% but they are just re-investing it straight away at 2.9%. The site is called Ratesetter, is this legal?
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star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
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Post by star dust on Apr 10, 2020 11:07:11 GMT
<snip> The site is called Rate setter, is this legal? I don’t know whether this is the case here because you haven’t given enough information, but there seem to be an awful lot of people making this complaint who simply don’t seem to understand the product they’ve invested in. In the access accounts – access, plus and max – your initial funds are matched to loans at your chosen rate, lets say 7.2% (my access average). However, if you look at the detail of what you have matched to you will find the underlying loan/s have a term from 1-61 months, and a repayment date in around a months’ time for amortising loans, let’s keep it simple and assume they are all amortising. Come the repayment date in around a month if the loan term is more than 1 month you will receive the months interest, and a small amount of amortised capital repayment. The remaining capital payment will go straight back on the market at the rate you lent at, and although you may see it as 'on the market' on screen you won’t be able to cancel it, and you won’t see the rate it is at. When there are more than £10 worth of amortised capital repayments accumulated in your account, they will go on the market at your rate i.e. 8% in your case, and you will be able to cancel those and get your money out if you so wish. When you look at your transaction history you will see three entries per loan – interest payment (amortised) capital repayment and relent capital of the underlying loan. Look at your details again and there will be slightly smaller amount loaned (initial capital less months amortised capital) at a term of one month less than beforehand. All access loans maintain their loan number throughout their underlying term, but their contract numbers change every month so you might be led to believe they are new loans. They are not and neither will the initial rate you lent at have changed. A real life example from one of my access loans Loan Number | Contract | Contract Date | Months Remaining | Outstanding Capital |
| Rate | Next Repayment | Interest Due | As at 02/03/2020 |
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| L703998487745 | C1026711038270 | 02/03/2020 | 28 | £74.17 |
| 7.00% | 01/04/2020 | £0.41 | As at 01/04/2020 |
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| L703998487745 | C1088914599956 | 01/04/2020 | 27 | £71.89 |
| 7.00% | 01/05/2020 | £0.40 |
1 April Repayment of 41 pence interest and £2.28 amortised capital repayment remaining capital re-loaned at 7.0% The £2.28+0.41 = £2.69 is withdraw-able from your account.
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Post by Deleted on Apr 10, 2020 12:36:17 GMT
Could the post above not be added as a 'sticky' - this question is asked at least once a week.
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Post by p2plender on Apr 10, 2020 13:04:55 GMT
After this farce among most of the P2Pers, perhaps it is time they re-labelled things?
RS may as well just have one lending market. This 'access', 'plus', 'max' etc is just a cover. Click on 'money on loan' in your access to see exactly what I mean. Many on here have been saying for years, RS have been 'tricking' investors into thinking they're lending at instant, 1 year and 5 year.
If RS can get through this with investors getting what they request returned then they may just have a chance of a future. Unfortunately their 'trickery' has come back to bite them big time with the average investor suddenly realising they've been 'gamed'. All works until something crops up and those '1 month loans' may well be 3/4/5 years.
Credit so far to RS getting some returned. Sadly for founders, FCs disastrous IPO and terrible loan book has put paid to a glorious float, hence their looking for a way out to private equity.
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Post by gravitykillz on Apr 10, 2020 15:44:15 GMT
I dont get why investment rates are so low right now. If anyone did wish to invest under these circumstances. If 5 year rates were 8% I might have a punt and maybe others would. This may provide a certain level of liquidity for those wishing to withdraw.
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Post by gravitykillz on Apr 10, 2020 16:01:47 GMT
I dont get why investment rates are so low right now. If anyone did wish to invest under these circumstances. If 5 year rates were 8% I might have a punt and maybe others would. This may provide a certain level of liquidity for those wishing to withdraw. At your present rate of mellowing You will be happily paying them in a fortnights time. Nothing is certain. Ratesetter may survive this yet. It depends on wether or not it can adapt fast enough to this new environment. Or alas it may go the way of Woolworths.
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Post by Companion Cube on Apr 10, 2020 16:21:21 GMT
<snip> The site is called Rate setter, is this legal? I don’t know whether this is the case here because you haven’t given enough information, but there seem to be an awful lot of people making this complaint who simply don’t seem to understand the product they’ve invested in. In the access accounts – access, plus and max – your initial funds are matched to loans at your chosen rate, lets say 7.2% (my access average). However, if you look at the detail of what you have matched to you will find the underlying loan/s have a term from 1-61 months, and a repayment date in around a months’ time for amortising loans, let’s keep it simple and assume they are all amortising. Come the repayment date in around a month if the loan term is more than 1 month you will receive the months interest, and a small amount of amortised capital repayment. The remaining capital payment will go straight back on the market at the rate you lent at, and although you may see it as 'on the market' on screen you won’t be able to cancel it, and you won’t see the rate it is at. When there are more than £10 worth of amortised capital repayments accumulated in your account, they will go on the market at your rate i.e. 8% in your case, and you will be able to cancel those and get your money out if you so wish. When you look at your transaction history you will see three entries per loan – interest payment (amortised) capital repayment and relent capital of the underlying loan. Look at your details again and there will be slightly smaller amount loaned (initial capital less months amortised capital) at a term of one month less than beforehand. All access loans maintain their loan number throughout their underlying term, but their contract numbers change every month so you might be led to believe they are new loans. They are not and neither will the initial rate you lent at have changed. A real life example from one of my access loans Loan Number | Contract | Contract Date | Months Remaining | Outstanding Capital |
| Rate | Next Repayment | Interest Due | As at 02/03/2020 |
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| L703998487745 | C1026711038270 | 02/03/2020 | 28 | £74.17 |
| 7.00% | 01/04/2020 | £0.41 | As at 01/04/2020 |
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| L703998487745 | C1088914599956 | 01/04/2020 | 27 | £71.89 |
| 7.00% | 01/05/2020 | £0.40 |
1 April Repayment of 41 pence interest and £2.28 amortised capital repayment remaining capital re-loaned at 7.0% The £2.28+0.41 = £2.69 is withdraw-able from your account. Thank you Star Dust, It is as you describe it. I was looking at the transactions list which doesn't show the loan ID and I didn't allow for the possibility of amortising. I feel a little stupid for going off half cocked but in my defence, I am scarred from being a victim of when the Lendy loan DFL005 repaid some time ago now and some of the repayment money was automatically lent to DFL019 (the same lender) rather than consulting me first. This caused me to jump to the wrong conclusion, assuming that Ratesetter were funding new loans with repayments. Thank you for taking the time to explain this, I am very grateful to you and your reply was a comfort to me. At least amortising loans will relinquish a little of my capital each month independently of my position in any queue.
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sd2
Member of DD Central
Posts: 621
Likes: 224
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Post by sd2 on Apr 14, 2020 13:18:16 GMT
I expect you already do this but regarding auto re-investment (access) I set my lend rate automatically high so that it sits at the back of the queue. When I log in I just cancel the lend order.... funds go to holding account and then withdraw to bank account as usual. That's all I have to offer i'm afraid. I tried to cancel a reinvestment order in access . I thought that by setting it at 8% I wouldn't get any reinvestments. But it appears that's not the case as £26.31p appears to have been reinvested at 8%? And cancel isn't available? I am down queued for withdrawal of everything. Can I change to withdrawal of some loans, leaving loans that have high interest rates on loan? I assumed that wasn't possible?
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Post by gravitykillz on Apr 14, 2020 14:07:17 GMT
I expect you already do this but regarding auto re-investment (access) I set my lend rate automatically high so that it sits at the back of the queue. When I log in I just cancel the lend order.... funds go to holding account and then withdraw to bank account as usual. That's all I have to offer i'm afraid. I tried to cancel a reinvestment order in access . I thought that by setting it at 8% I wouldn't get any reinvestments. But it appears that's not the case as £26.31p appears to have been reinvested at 8%? And cancel isn't available? I am down queued for withdrawal of everything. Can I change to withdrawal of some loans, leaving loans that have high interest rates on loan? I assumed that wasn't possible? Lol. Wow. 8% is worth it. I wouldn't worry about it.
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Post by oppsididitagain on Apr 15, 2020 23:38:02 GMT
The confusion arose when Ratesetter changed the way it processed loans in access about 2 years ago. Historically , in the beginning .... you lent money at your chosen rate for 30days. At the end of that period RS paid you back all your money + interest and you were free to do what you wanted with it. You could withdraw all of it, reinvest it straight away at your chosen rate, or wait - say 5 days and then lend money again at your chosen rate for another 30 days. The more experienced investor would pick and choose when to invest -wait until rates went up (supply/demand) and decided when to invest. Basically you funded RS and they behind the scenes/in the background funded the loans. The difference between your lending rate to RS and the rate agreed with the borrower would constantly be changing, this was absorbed by RS. This only happened in the old access market. When RS decided to change this 30day account into the access account, they couldn't reprogram their system to run as the 3yr( now closed) and the 5yrs. Standard amortising loans. If you notice, you are able to see a repayment schedule for 5yr loans. You are not able to see this on access loans. Access shows you the money being completely repaid and you re-lending to the same borrower/same rate /term Also if you speak to RS customer service, they will tell you the borrower will repay the loan and then you relend it back to the same borrower. Obviously this doesn't happen in the real world.
The latest 'improvement ' to the RS platform last year restricted the withdrawal of funds. Along with the levels at which you could set your own rate. They wanted/encouraged you to reinvest the capital and interest- I presume to keep rates down.
So the 'fix' to this is .. Set your reinvestment rate very high, when the system goes through the repayment process you will be left with some money in the holding account and on market at your chosen rate. Hopefully its high enough not to be matched, before you can manually go and cancel these orders to bring all your money back to the holding account. Then you can withdraw the funds. Your accounts will look very confusing when RS has to process lot of repayments, Usually at the EOM, or after a long weekend etc. You will see money on market but you can't cancel these orders. This is RS processing the repayments of access loans and relending them (to the same borrower) I hope this helps you understand how the access account works. Personally I preferred the original 30 day account.
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one21
Member of DD Central
Posts: 398
Likes: 265
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Post by one21 on Apr 16, 2020 12:35:44 GMT
I don’t know whether this is the case here because you haven’t given enough information, but there seem to be an awful lot of people making this complaint who simply don’t seem to understand the product they’ve invested in. In the access accounts – access, plus and max – your initial funds are matched to loans at your chosen rate, lets say 7.2% (my access average). However, if you look at the detail of what you have matched to you will find the underlying loan/s have a term from 1-61 months, and a repayment date in around a months’ time for amortising loans, let’s keep it simple and assume they are all amortising. Come the repayment date in around a month if the loan term is more than 1 month you will receive the months interest, and a small amount of amortised capital repayment. The remaining capital payment will go straight back on the market at the rate you lent at, and although you may see it as 'on the market' on screen you won’t be able to cancel it, and you won’t see the rate it is at. When there are more than £10 worth of amortised capital repayments accumulated in your account, they will go on the market at your rate i.e. 8% in your case, and you will be able to cancel those and get your money out if you so wish. When you look at your transaction history you will see three entries per loan – interest payment (amortised) capital repayment and relent capital of the underlying loan. Look at your details again and there will be slightly smaller amount loaned (initial capital less months amortised capital) at a term of one month less than beforehand. All access loans maintain their loan number throughout their underlying term, but their contract numbers change every month so you might be led to believe they are new loans. They are not and neither will the initial rate you lent at have changed. A real life example from one of my access loans Loan Number | Contract | Contract Date | Months Remaining | Outstanding Capital |
| Rate | Next Repayment | Interest Due | As at 02/03/2020 |
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| L703998487745 | C1026711038270 | 02/03/2020 | 28 | £74.17 |
| 7.00% | 01/04/2020 | £0.41 | As at 01/04/2020 |
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| L703998487745 | C1088914599956 | 01/04/2020 | 27 | £71.89 |
| 7.00% | 01/05/2020 | £0.40 |
1 April Repayment of 41 pence interest and £2.28 amortised capital repayment remaining capital re-loaned at 7.0% The £2.28+0.41 = £2.69 is withdraw-able from your account. Thank you Star Dust, It is as you describe it. I was looking at the transactions list which doesn't show the loan ID and I didn't allow for the possibility of amortising. I feel a little stupid for going off half cocked but in my defence, I am scarred from being a victim of when the Lendy loan DFL005 repaid some time ago now and some of the repayment money was automatically lent to DFL019 (the same lender) rather than consulting me first. This caused me to jump to the wrong conclusion, assuming that Ratesetter were funding new loans with repayments. Thank you for taking the time to explain this, I am very grateful to you and your reply was a comfort to me. At least amortising loans will relinquish a little of my capital each month independently of my position in any queue. I have deleted my previous post on this subject after checking the transaction page all is ok and makes sense. I think the lockdowm must be getting to me! Punishment zone: Must check facts before posting do not jump to wrong conclusions (it could damage platform) Must check facts before posting do not jump to wrong conclusions (it could damage platform) Must check facts before posting do not jump to wrong conclusions (it could damage platform) Must check facts before posting do not jump to wrong conclusions (it could damage platform)
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