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Post by ohlala on Jun 28, 2020 14:35:44 GMT
I could actually , but it might be a waste of time right now!
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Post by diversifier on Jun 28, 2020 14:52:10 GMT
Sent a letter in asking whats going on but they have us all over a barrel. I know 100% I didn't cancel I am so careful in that way. I only log in on desktop PC and just view only. Some people on here defend everything Ratesetter do. They dig deep into T and Cs and defend. To me it's pretty straight forward now not in normal market conditions. 5 year investments and 1 year investments have to wait the full term unless a surplus of funds. Access given priority first in date order. So investors that recognised that the new access accounts were stinking turds need to be penalised so that the not so bright can be rewarded. If that isn't rewarding people for failure then what is? Sensible investors never put a penny in the new accounts and are not bound by the new accounts terms and conditions. It's bad enough that 1yr and 5yr investors are suffering an interest rate cut to help out the new accounts investors that are desperate to flee but they are not demanding Access investors give us all their money. Of course money brings out the worst in people, shown by the number of people that are happy to trample others that have nothing to do with their mistakes. Other investors wishing for borrowers to default and fall into misery so they can suck the PF dry just to get their couple of quid is truly sickening. No.... My declaration of interest is that I have a 5yr, and accidentally ended up with a relatively small amount in Access (which I treated like Rolling). 5yr I’m continuing, Access I have successfully RYI’d. Firstly, 1yr and 5yr investors aren’t having rate cut due to Access holders. It’s because the underlying loans have higher than previously expected default rate; the account Ts and Cs are irrelevant, and the underlying loans are expecting similar increased default rates across account types. Even the liquidity issue is also separated between account types. Secondly, you can’t blame Access holders - most simply were never given the option to have a 1yr or 5yr. It was Access or Nothing. Blame RS for withdrawing the 1yr and 5yr to new investors. Thirdly, I haven’t seen anyone wishing borrowers to default, to release liquidity funds from the PF. If anyone does think that, they are delusional. The PF only contains £8m cash balance, about 1% of total loans, and equates to just a single weeks flow of normal repayments; the remainder is a call on future interest flows. As we can all see, a weeks worth of loan repayments doesn’t fund very much RYI at all.
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Post by David B on Jul 3, 2020 17:26:34 GMT
Just to let you all know my withdraw request that vanished has now reappeared, thank you RATESETTER.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
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Post by littleoldlady on Aug 4, 2020 21:31:29 GMT
My problem is different but with some similarity. I set my own rate in the access account to 8% so that returning funds would not be reinvested but a few days later it had gone back to the default rate and several new loans had been made with returns from borrowers. There is no cancel button to press by mistake, it would need editing. If anyone else has set their own rate I suggest they log on and make sure it's still set.
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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 Aug 4, 2020 21:33:54 GMT
My problem is different but with some similarity. I set my own rate in the access account to 8% so that returning funds would not be reinvested but a few days later it had gone back to the default rate and several new loans had been made with returns from borrowers. There is no cancel button to press by mistake, it would need editing. If anyone else has set their own rate I suggest they log on and make sure it's still set. This is purely you original rate still on loan and any new rate will be matched when the current ones mature. there is no technical issue. if in doubt give them a call
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