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Post by james91 on May 8, 2020 16:40:23 GMT
Interested in the reasons people decided to request withdraws (if you have). It seems the withdrawals have been stuck on the 12th for a while (for the access market at least), which was the day the FTSE100 fell by nearly 11%. For me, it was the email that was sent on the 16th mentioning the 1 week withdrawal time... I was pretty slow to connect the issues with Coronavirus/stock market, to my ratesetter investment - and the email was I sudden realisation that I had far too much of my money, no longer easily accessible.
I'm guessing the everyone's reasons will vary quite considerably, from Bank of England GDP forecasts to stock market plunges - feel free to share!
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Post by Ace on May 8, 2020 17:30:53 GMT
Because the PF has dropped very substantially in one month, and was dropping fairly rapidly before the crisis. Their defaults are likely to increase substantially, which will likely lead to future capital haircuts. The risk of staying in is far higher than the current cost of getting out, so might as well try to escape. There are much much better p2p platforms out there (higher returns with lower risks).
All IMO. Could be wrong, but you have to back your own opinions.
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jo
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Post by jo on May 8, 2020 17:49:38 GMT
Because, contrary to the popular lie dreamt-up by cynical platforms having cash-flow issues, lenders aren't immune from unexpected apocalypses like the present one.
There is an inevitable knock-on effect on platforms (like RS), whom I would probably be inclined to have more confidence in.
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Post by skidrow on May 8, 2020 18:26:05 GMT
I was spooked by the continuing fall of the provision fund which was well trailed on this forum. Luckily for me, the withdrawal request went in in February but it's a lesson. If in doubt, get out.
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sl75
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Post by sl75 on May 8, 2020 18:52:42 GMT
Because RateSetter are refusing to allow the marketplace to match my preferred interest rate (and if they allow it again, the money will be right back).
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Post by jaycee on May 8, 2020 18:55:00 GMT
Wanted to put the money in shares when the FTSE hit 5,250.
So I'm out £1.3k profit as well as still not having my money back...
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chris1200
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Post by chris1200 on May 8, 2020 19:04:13 GMT
Need the portion I have requested to withdraw for some home improvements that are about to start. I am now going to have to get a loan to pay for it. Haven't been misrepresenting yourself in forum discussions, have you Freddie? (bolding added) Which is why I said "at least some" responsibility, rather than absolute or total responsibility. I definitely didn't suggest a caveat emptor logic should be applied to retail P2P offerings. That statement about 24 hours didn't exist on its own (plenty of other warnings about liquidity are there too) and was relevant information to provide for investors to understand that, while liquidity was required, in normal times this was the sort of length of time to expect. Besides, when you're asked to tick a box saying "do you agree with these terms?", you really should actually be reading those terms when it concerns a load of your money! It's entirely foolish not to. I don't think time will tell on this. This has been a previous issue which the FCA cracked down on as part of awarding permission to operate (which is why 'Saving Stream' became 'Lendy'). I'm not going to get into a legal debate, but if you think "the FCA has not been applying the same standards", that's a different argument. RS only have to follow the regulations that are set and be held to these standards, not invent their own ones or be held to your or someone else's guess at what the rules should be. The tick for those terms that we all did 5+ years ago and have changed considerably since. I'm looking forward to the day where financial institutions have to get acceptance to changes to terms like we do in other industries, rather than the current farce of send an email that you may or may not receive and count that as acceptance. I personally have no financial position with RateSetter, so comments about rage are unjust chris1200
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chris1200
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Post by chris1200 on May 8, 2020 19:20:57 GMT
Am I not allowed to post anywhere without you having something to say chris1200 . Maybe you're problem is that I am female? Do you really have nothing better to do? I think it's important, when people are making claims and trying to influence others on this forum, to highlight when they're the type of person who outright lies to try to support their point. And, worry not, I certainly won't be conversing with such a person again. And what on earth would your sex have to do with anything? How would I even know your sex? If anything I obviously would have guessed that a 'Freddie' was a man. Just bizarre. Edit: After @freddie123 posted, they put a 'female' sign on their profile. Very honest. Edit Edit: Apologies james91 - didn't mean to hijack this. But feel it's important people are aware of this type of thing happening, especially given the number of new members on the board who are worried and looking for accurate information.
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Post by honda2ner on May 8, 2020 19:33:42 GMT
Like Ace & sl75 it was the removal of the ability to set rates that put me into RYI for all loans under 7% last year, then the PF entering its death spiral this year forced me to RYI the 7% loans too as the risk exceeds the 7% return. It would need double figure interest to tempt me back in!
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bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
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Post by bt on May 8, 2020 20:26:47 GMT
I need the money for a house purchase.
I had that week exited the stock market as even though it had fallen I needed certainty. I had always been led to believe that p2p was mid way in risk between stocks and savings. But I was getting a little jittery and knew it could take “up to a month” to get the money, so I withdrew everything.
Little did I know it would be orders of magnitude more difficult to get my money from here than from the shares!
Luckily the purchase is currently stalled as you can’t get a survey, but I bet it will be moving again months (years?) before I get my RYI.
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starfished
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Post by starfished on May 8, 2020 22:34:15 GMT
Money had been drifting out for a while as the rates were not hitting my preferred rates. And then the last update to the site (after covid hit but before the rate reduction), annoyed me enough to think is it worth the effort? Something that used to be less than 5 mins work in a spreadsheet for me, they have now turned into 20mins, if not more.
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starfished
Member of DD Central
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Post by starfished on May 8, 2020 22:44:47 GMT
Haven't been misrepresenting yourself in forum discussions, have you Freddie? (bolding added) Am I not allowed to post anywhere without you having something to say chris1200 . Maybe you're problem is that I am female? Do you really have nothing better to do? That is a low card to play... There have been instances on this board when I do think a poster's perceived female gender has played a factor in the aggressiveness of the response they receive (as it can do in real life). However, here that really was not the case at all.
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Post by scepticalinvestor on May 9, 2020 5:59:53 GMT
1. The steady decline in the PF even prior to covid (background) 2. Covid and the resultant lockdown meant that the interest rate on offer for leaving my money in RS didn't even come close to compensating for the level of risk involved. The precise trigger was my mate telling me that the IT subcontract that a 185 strong team at his employer was working on was severely reduced in scope by the client, leaving just 8 of the 185 needed for the foreseeable future, with the rest furloughed for as long as the CJRS scheme pays out. That kind of drove home the enormity of the situation and spurred me into action. The way I saw it, there was no upside to leaving my money in RS and the best course of action would be to divest, wait on the sidelines and consider reinvesting once the crisis is past and RS is home and dry. Unfortunately, this was only after the 12th so I'm stuck in the queue with everyone else. On the bright side, with RS I at least know that they are steadily plugging away at the RYI queue and my turn should come in the next few weeks so that is something to look forward to.
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Post by danny101 on May 9, 2020 12:21:42 GMT
Unfortunately it will be more than a few weeks, my request was on the 13th and I, ve just been told it would be another 3 months at least.
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Post by bouncycastle on May 9, 2020 12:50:29 GMT
Unfortunately it will be more than a few weeks, my request was on the 13th and I, ve just been told it would be another 3 months at least. Last time I spoke to them they said they couldn’t give a time. Have they actually found you on the list and said as much? I was under the impression they couldn’t give detail on the timings
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