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Post by captaincodeman on May 13, 2020 13:53:12 GMT
I think that is poor advice. No one owes RS anything, and certainly nothing to other lenders. It seems wrong, and slightly self serving if anything, to tell people that they shouldn't request their own funds and whatever their reason for requesting their own money is of no concern to anyone else or worthy of any criticism IMO.
No one should feel bad or be accused of being selfish, fearful or panicking for simply withdrawing their own money - that's the point of RS after all isn't it, to make money and take it out?
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
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Post by beagle on May 13, 2020 16:59:58 GMT
I think that is poor advice. No one owes RS anything, and certainly nothing to other lenders. It seems wrong, and slightly self serving if anything, to tell people that they shouldn't request their own funds and whatever their reason for requesting their own money is of no concern to anyone else or worthy of any criticism IMO. No one should feel bad or be accused of being selfish, fearful or panicking for simply withdrawing their own money - that's the point of RS after all isn't it, to make money and take it out? agree, we owe nothing as the risk we took was on us, not more. However, the ultimate truth is that he is right. Lending is the long term solution. Those at the back of the queue will need to hope they lend their way out. those at the front, hold fast and wait in line.
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crazi
Posts: 41 
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Post by crazi on May 13, 2020 19:22:16 GMT
Can you see where you are in the queue? Mine just says "queueing"...
I just don't like the fact they are charging me 50% to lend my capital when it is my capital at risk. Not worth it for "half"... RS is still making 100% like before. Don't see them cutting their profits!
I also don't like the way they changed the 30 Day rolling account to ACCESS. I liked the 30 Day type one for a certain amount of capital that I knew I could get my hands on quickly or at worst within 30 Days. Now you have to queue and God knows how long it might take when you need some quick cash.
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crazi
Posts: 41
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Post by crazi on May 13, 2020 19:29:06 GMT
I may be missing something incredibly obvious here - but if it's a capital repayment, then... surely it should be available to withdraw? Not on Access I'm afraid, as it continues to be reinvested at the prevailing rate for the duration of the loan. I had the same complaint so phoned them. I was told your capital may have been loaned on a 2 year deal (even if it's your ACCESS account) and so the capital is rolled over automatically and you get the interest paid. If you want your capital you have to "withdraw" and queue up and pay their fee where applicable... The change in Ts&Cs start becoming more apparent!!!!
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bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
Posts: 129
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Post by bt on May 13, 2020 20:26:56 GMT
I also don't like the way they changed the 30 Day rolling account to ACCESS. I liked the 30 Day type one for a certain amount of capital that I knew I could get my hands on quickly or at worst within 30 Days. Now you have to queue and God knows how long it might take when you need some quick cash. OK, I should have been a more savvy investor. I should have kept an eye on things, and been in control. But things had ticked along happily with Ratsetter for years, and I could get easy access to my 30 day account if I needed it. I had a lot going on in my life. I had gazillions of emails from Ratesetter about matched orders and parts paid back early, which became background noise. Then, in the midst of this was an email. A single email. One email in the mass that changed everything. 30 day was becoming Access. And I didn't see it. I didn't opt out in time. And I didn't find out till it was too late. I was still blissfully unaware that I was unable to withdraw the money I needed in a short timescale. Surely a change this important should have been communicated loudly, fully, and IN WRITING, so there was no possibility of it getting overlooked?
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Post by captaincodeman on May 13, 2020 20:28:36 GMT
The "Access" loans I currently have are at 14%+ to the borrowers, while I get 1.5% and am unable to withdraw the money. It feels like I'm the one taking the risk and not getting the reward for it.
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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 May 13, 2020 21:10:03 GMT
To be fair to ratesetter they made all of this noise last year and was published too. We did get new terms and time to accept or not.I can't say I love the product but when it comes to my investments I do check what comes through email wise. we don't have to like them but we did get warning we can't blame them for that one.
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spiral
Member of DD Central
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Post by spiral on May 14, 2020 6:27:28 GMT
And to confirm again, in this situation, the old product would still have been as illiquid as this one and would not have been available to withdraw regardless of what appeared to be in your holding account.
RS could not let people withdraw funds that were still lent out to borrowers which would have been the case.
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