johnt
Investing in Ratesetter, Zopa and Assetz Capital since 2013
Posts: 127
Likes: 71
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Post by johnt on Dec 23, 2020 9:06:14 GMT
Normally a withdrawal made Friday - Sunday would be credited to my bank account by 4pm Monday. It's now after 4pm on Tuesday so gave them another ring. They advised that all withdrawals are processed manually and the sheer volume of withdrawals made over the weekend has caused problems not just as a backlog but also caused other issues as well. They've advised that as far as they know, they've now caught up and to wait until tomorrow now and ring back in the morning if it hasn't arrived by then. I'm gobsmacked that a company like Ratesetter manually processes withdrawals in this day of age. What kind of archaic infrastructure are they working on? Excel spreadsheets and VB databases?! it depends on who processes them and how the data is transferred. ratesetter don't hold the funds but a third party. banks are always like this. I wouldnt be gobsmacked. AFAIK they use Barclays and they process faster payments just fine so the bottleneck is definitely on Ratesetter's side. The payment finally cleared when I checked at 10pm last night.
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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 Dec 23, 2020 11:22:42 GMT
it depends on who processes them and how the data is transferred. ratesetter don't hold the funds but a third party. banks are always like this. I wouldnt be gobsmacked. AFAIK they use Barclays and they process faster payments just fine so the bottleneck is definitely on Ratesetter's side. The payment finally cleared when I checked at 10pm last night. perhaps but banks have issues too. I'm giving them slack. almost all my money back and other than communication issues nothing but praise for them.
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Post by Deleted on Dec 23, 2020 12:01:03 GMT
AFAIK they use Barclays and they process faster payments just fine so the bottleneck is definitely on Ratesetter's side. The payment finally cleared when I checked at 10pm last night. perhaps but banks have issues too. I'm giving them slack. almost all my money back and other than communication issues nothing but praise for them. It's been confirmed in another thread that RS has had issues processing payments. They have previously paid me compensation for various delays so surely that confirms they were to blame. I still believe a capital haircut is likely as the loan book winds down, but that's another issue.
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tjtl
Posts: 232
Likes: 351
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Post by tjtl on Dec 23, 2020 12:08:46 GMT
AFAIK they use Barclays and they process faster payments just fine so the bottleneck is definitely on Ratesetter's side. The payment finally cleared when I checked at 10pm last night. perhaps but banks have issues too. I'm giving them slack. almost all my money back and other than communication issues nothing but praise for them. Agree entirely. Got circa £150k back today- given the state of the economy, the impact of Covid, all the rest of the sh!t we are dealing with, I think getting all of the capital back, with no capital hair-cut, is a great result. I know there are some who find it impossible to give RS credit ( be it because RS are poor communicators, or the (what turned out to be entirely appropriate) interest rate hair-cut), but in my book they deserve a lot of praise- the capital repayments have been of a magnitude, and carried out in a time-scale, that I didn't think possible.
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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 Dec 23, 2020 12:35:52 GMT
perhaps but banks have issues too. I'm giving them slack. almost all my money back and other than communication issues nothing but praise for them. It's been confirmed in another thread that RS has had issues processing payments. They have previously paid me compensation for various delays so surely that confirms they were to blame. I still believe a capital haircut is likely as the loan book winds down, but that's another issue. maybe so. but a delay of a day in my book does not warrant compensation. people are working from home. that's my opinion
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aju
Member of DD Central
Posts: 3,484
Likes: 917
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Post by aju on Dec 23, 2020 17:25:06 GMT
It's been confirmed in another thread that RS has had issues processing payments. They have previously paid me compensation for various delays so surely that confirms they were to blame. I still believe a capital haircut is likely as the loan book winds down, but that's another issue. maybe so. but a delay of a day in my book does not warrant compensation. people are working from home. that's my opinion I'm not sure my old employer, a comms company with famous 80's adverts about an 'ologies etc, would have been that happy when I worked from home back in the mid 2000's. If I suddenly said to them oh yeah I was working from home so my targets should are be expected to be a couple of days late!. No problems though I'll get to it eventually after I've done the housework!.
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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 Dec 23, 2020 17:26:58 GMT
maybe so. but a delay of a day in my book does not warrant compensation. people are working from home. that's my opinion I'm not sure my old employer, a comms company with famous 80's adverts about an 'ologies etc, would have been that happy when I worked from home back in the mid 2000's. If I suddenly said to them oh yeah I was working from home so my targets should are be expected to be a couple of days late!. No problems though I'll get to it eventually after I've done the housework!. indeed so, however a pinch of salt is required during a pandemic I would say.
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trevor
Member of DD Central
Posts: 556
Likes: 379
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Post by trevor on Dec 23, 2020 17:46:45 GMT
I made a withdrawal on Monday morning and the money was in my bank Tuesday pm
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Post by Deleted on Dec 23, 2020 18:07:32 GMT
I'm not sure my old employer, a comms company with famous 80's adverts about an 'ologies etc, would have been that happy when I worked from home back in the mid 2000's. If I suddenly said to them oh yeah I was working from home so my targets should are be expected to be a couple of days late!. No problems though I'll get to it eventually after I've done the housework!. indeed so, however a pinch of salt is required during a pandemic I would say. 9 months into the pandemic we can, and should, expect better service than RS is giving on very basic features like withdrawals.
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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 Dec 23, 2020 18:31:27 GMT
indeed so, however a pinch of salt is required during a pandemic I would say. 9 months into the pandemic we can, and should, expect better service than RS is giving on very basic features like withdrawals. each to their own. but given they nearly collapsed I disagree
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coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
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Post by coogaruk on Dec 23, 2020 18:51:10 GMT
indeed so, however a pinch of salt is required during a pandemic I would say. 9 months into the pandemic we can, and should, expect better service than RS is giving on very basic features like withdrawals. I'm sure the same could be said about NS&I around the time of their recent interest rate cuts (annihilation) and they are a huge Government Dept.
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Post by Deleted on Dec 23, 2020 18:57:27 GMT
9 months into the pandemic we can, and should, expect better service than RS is giving on very basic features like withdrawals. I'm sure the same could be said about NS&I around the time of their recent interest rate cuts (annihilation) and they are a huge Government Dept. Agreed and the Treasury Committee want assurances about that. It doesn't make RS any better.
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aju
Member of DD Central
Posts: 3,484
Likes: 917
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Post by aju on Dec 23, 2020 19:45:18 GMT
We've not had any issues with RS withdrawals but there is time for delays to get to us I guess. To be fair not much really left to withdraw. Zopa on the hand is delivering £200+ every couple of weeks across our 4 accounts. They are slightly slower to deliver but not experienced any delays there either. On Zopa the release time is a 2/3 days (very old school rather than faster payments)
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gmd78
Posts: 57
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Post by gmd78 on Dec 24, 2020 6:39:08 GMT
TBH.....my money is still on tap, I've withdrawn circa 25k so far in dribs & drabs over the past few months.
In the current financial climate I'm more than pleased to be extracting anything at all. I'm not one for going overboard on praise, but praise where it's due, yes. A little plug for RS now and again? Yep, it's Christmas, the season of goodwill.
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