|
|
Post by Deleted on Jun 11, 2020 18:22:10 GMT
No, mine in the 1yr before cinerus on the 17th has not been processed, and cinerus's 385160 which has been processed is from the 20th. Something very odd going on - it certainly does not seem like they are being processed in strictly chronological order. RS says it's up to 18 March for the 1 year market so if you requested yours on the 17th, it should definitely have gone through now. If not, something is awry.
|
|
aju
Member of DD Central
Posts: 3,500 
Likes: 924
|
Post by aju on Jun 12, 2020 10:23:23 GMT
Looking at your various comments I reckon I should hibernate for a few months before it reaches any of our early May requests  |
|
|
|
Post by c4dds on Jun 12, 2020 11:03:04 GMT
There is definitely an issue with requests not being processed in order. My request from one year market on the 17th March dissappeared from my account but I was assured that theres an IT glitch, my place in queue has not been lost and it will be processed as normal. My case was referred to the IT dept 2 months ago, email complaint was ignored and I heard nothing.
Yesterday I discover that ratesetter are now processing requests from the 18th March the day after mine. I've just come off the phone to them and cant believe their response. He kept saying I have not lost my place in queue but yet could not answer why mine had been missed from the day before, he refused to transfer me to a manager and just registered another complaint. I wont hold my breath.
I would encourage everyone to check if their requests have dissappeared from your accounts to call them and complain. Dont believe them if they say it wont affect your place in the queue. It does.
|
|
|
|
Post by lingield on Jun 12, 2020 11:13:36 GMT
In order to inject a slightly positive outlook, I think they RS extending a number of the property development loans (as new lending). If you look at the stats they are doing significantly more property lending than they have done in the past and I would be very surprised if they were new rather than existing projects. If RS are doing this properly, they will be charging borrowers appropriately (hopefully increasing the PF as a result) and structuring the transactions to encourage an early exit. The silver lining for RYIs is that when the property market begins to operate with any sense of normality, there could be an avalanche of repayments providing a reasonable supply of liquidity. This is all speculation on my behalf!
|
|
|
|
Post by oppsididitagain on Jun 12, 2020 11:26:18 GMT
In order to inject a slightly positive outlook, I think they RS extending a number of the property development loans (as new lending). If you look at the stats they are doing significantly more property lending than they have done in the past and I would be very surprised if they were new rather than existing projects. If RS are doing this properly, they will be charging borrowers appropriately (hopefully increasing the PF as a result) and structuring the transactions to encourage an early exit. The silver lining for RYIs is that when the property market begins to operate with any sense of normality, there could be an avalanche of repayments providing a reasonable supply of liquidity. This is all speculation on my behalf! I had a property loan paid back early yesterday, so what you are saying would tie in with that. Original loan was 1.245Mil @7.5% APR - I had 2k @ 5% Hopefully more to come, saving on the early term fee's and it releases cash early.
|
|
|
|
Post by c4dds on Jun 12, 2020 15:32:48 GMT
There is definitely an issue with requests not being processed in order. My request from one year market on the 17th March dissappeared from my account but I was assured that theres an IT glitch, my place in queue has not been lost and it will be processed as normal. My case was referred to the IT dept 2 months ago, email complaint was ignored and I heard nothing. Yesterday I discover that ratesetter are now processing requests from the 18th March the day after mine. I've just come off the phone to them and cant believe their response. He kept saying I have not lost my place in queue but yet could not answer why mine had been missed from the day before, he refused to transfer me to a manager and just registered another complaint. I wont hold my breath. I would encourage everyone to check if their requests have dissappeared from your accounts to call them and complain. Dont believe them if they say it wont affect your place in the queue. It does. Update, now being told that even though they can see that my withdrawal request has been missed they can't request the funds until complaints dept has actioned my complaint. Unbelievable they are making me wait even longer.
|
|
|
|
Post by erniec on Jun 12, 2020 16:17:19 GMT
I guess the only acceptable result is your complaint is answered by an immediate placement at the head of the appropriate RYI queue and a reasonable additional goodwill payment.
|
|
aju
Member of DD Central
Posts: 3,500
Likes: 924
|
Post by aju on Jun 12, 2020 17:12:07 GMT
There is definitely an issue with requests not being processed in order. My request from one year market on the 17th March dissappeared from my account but I was assured that theres an IT glitch, my place in queue has not been lost and it will be processed as normal. My case was referred to the IT dept 2 months ago, email complaint was ignored and I heard nothing. Yesterday I discover that ratesetter are now processing requests from the 18th March the day after mine. I've just come off the phone to them and cant believe their response. He kept saying I have not lost my place in queue but yet could not answer why mine had been missed from the day before, he refused to transfer me to a manager and just registered another complaint. I wont hold my breath. I would encourage everyone to check if their requests have dissappeared from your accounts to call them and complain. Dont believe them if they say it wont affect your place in the queue. It does. Update, now being told that even though they can see that my withdrawal request has been missed they can't request the funds until complaints dept has actioned my complaint. Unbelievable they are making me wait even longer. If you have complained then after 8 weeks you can just go straight to the regulator - at this stage I would suggest that if you have complained and 8 weeks has passed just because they see it their way does not mean the regs will not be sympathetic to you if you really feel they are not working in this to your satisfaction. One thing you could do is suggest that this having taken more than 8 weeks - assuming again that it has - then you could suggest to them if they do not escalate this to your satisfaction then you will just pass it all over to the regulators. In other scenarios moving over to a regulator and they accept your case will cost RS way more than you might expect. (You may have to insist that a true regulator is involved as sometimes they try to use preliminary investigations). Of course the above is a tactic, that in the current climate may be fordful its your right and the start of the 8 weeks proces is not just of their choosing so they may take a better look at this. Give them a date you want a satisfactory answer and if they still are not interested then just go to the Regs. (That would be my approach but others may disagree none the less it's your money at stake here if they drag their heels not theirs). PS: The regs forms are very easy to work through online and they will guide you through too so its not onerous - the initial response may suggest they have done all they can and might reject (not uphold your complaint) but its important to realise you can request that your complaint is passed on to full regulator after the initial review. I think its only at this point there will be costs for RS but it's never clear from reg to reg when the costs start to mount for the company. You will NOT pay anything for this service unless its changed in the last 12 months.
|
|
aju
Member of DD Central
Posts: 3,500
Likes: 924
|
Post by aju on Jun 12, 2020 17:24:30 GMT
Think yourself lucky you are actually going to get your money. There a loads of investors who have 1 and 5 year loan release requests made before the 18th March that have not been processed. Yes we accepted less interest for advertised easier access to money, otherwise there is no difference between a 1 year loan in the 1 year market and a 1 year loan in the access market. Well that's us will and truly stuffed having only decided to bail in May  . That said we can't really complain too much as still getting the interest and many are at 3% after the changes so I guess can't complain too much 
|
|
|
|
Post by Deleted on Jun 24, 2020 12:17:15 GMT
There is currently 208k waiting to be processed in Access/Plus/Max and 226k in the 1 year market. Presumably these are RYIs in process, so may give an idea of the split later today when the total is announced.
|
|
|
|
Post by honda2ner on Jun 26, 2020 12:06:27 GMT
Peertopiers graph on the tracking thread is interesting, I expected to see a surge in payments at month end/start when most payments come in but the data doesn't show that.
I wonder if the manual processing of RYI requests are spreading that across the month (deliberately?) or if there is something else involved.
|
|
bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
Posts: 129
Likes: 53
|
Post by bt on Jun 26, 2020 13:26:51 GMT
Peertopiers graph on the tracking thread is interesting, I expected to see a surge in payments at month end/start when most payments come in but the data doesn't show that. I wonder if the manual processing of RYI requests are spreading that across the month (deliberately?) or if there is something else involved. I don't think that graph can show surges as it's limited to jumps of a whole request day.
|
|
robski
Member of DD Central
Posts: 772
Likes: 462
|
Post by robski on Jun 26, 2020 15:38:06 GMT
Also, I am sure these are processed manually
I suspect RS haven't got lots of extra staff on it so there is probably a daily limit they can process.
|
|
|
|
Post by gar on Jul 9, 2020 15:39:15 GMT
Finally had my Access funds returned in full today  : littonowl2 13/03/2020 374496 3 Access Thanks for info, that means that seventy seven RYI's have been cleared since 01/07 up to today. On average 8.5 RYI's per day. Im sure stating this stat is going to upset someone.
|
|
|
|
Post by inquiete on Jul 9, 2020 19:31:56 GMT
Average RYI = £10k? Therefore c£80k per day being released from genuine redemption processing. Balance of the much larger numbers that RateSetter are telling each day is being released (eg today = £1m) is coming from manual withdrawals that individuals (who have served RYIs) are making from their holding accounts.
There is no other plausible explanation.
|
|
. 
: