aju
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Post by aju on Apr 10, 2021 16:42:19 GMT
Payment arrived albeit late but hey ho. Looking forward to receiving my "apology" from RS.. i.e. "We are Very very very.... sorry but it is all nasty Barclays fault not RateSetter nor Metro Bank." =============== Edit apology arrived... Your RateSetter withdrawal should now be in your bank account Dear XXXX, We are sorry that your recent withdrawal request took longer than usual to reach your bank account. We sent out the payments from RateSetter on Tuesday, but they were held up by a technical issue with our payments processing provider. (That is nasty Barclays ...boo hiss not RateSetters fault at all, for using Barclays.. And let's not name them as Barclays this time just in case Barclays get upset with us naming and complaining about them)
The issue was fixed this morning and your money should have now arrived in your bank account. Withdrawal requests are back to normal speeds, with delivery the next working day. The RateSetter Team Oh just stop moaning about every little thing. It was blimin tiresome when I was there and had to react to the constant nit picking. They returned lenders up to 6% per annum for 10 years. You got every penny back. And now you want an apology because the final payment was a day late, when they are processing near a billion quid to tens of thousands of lenders. Rather than moan and demand an apology, maybe you stand back and simply say "thank you". Kevin. Oh dear, so despite i know who you are Kevin and know you have been very helpful to many of us, my first instinct was "oops wonder how many people those comments might endear potential lenders to your current platform"!. I think there is a lot more consolidation of P2P lenders to come who knows who will hit the dust over the next few months or years but. I'll no doubt be back when the dust has settled, althgouh we probably have another 2 years to wait with our Zopa stuff. I do agree RS was one of the better players for most of the time myself and Mrs Aju were with them - Mrs aju forced me to take the easy option of bailing out with fees despite my protestations . The rates were the best I had experienced since the very early days of zopa when we were able to pick and choose there too. We came rather late to the RS party but it didn't stop us from making a very good profit from adventurous rate setting over the last 3 odd years. If we had held our nerve then we might have made more if not for very moderate fees to bail. Sadly the bankers moved in with profit uppermost in their minds i'm sure and they won;t be the last to fall either.
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adrianc
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Post by adrianc on Apr 11, 2021 9:06:29 GMT
I do agree RS was one of the better players ... The rates were the best I had experienced ... We came rather late to the RS party but it didn't stop us from making a very good profit from adventurous rate setting over the last 3 odd years. If we had held our nerve then we might have made more if not for very moderate fees to bail. OK, but how do you square that with...? Because... isn't that exactly the same reason you "moved in" to RS?
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aju
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Post by aju on Apr 11, 2021 10:33:39 GMT
I do agree RS was one of the better players ... The rates were the best I had experienced ... We came rather late to the RS party but it didn't stop us from making a very good profit from adventurous rate setting over the last 3 odd years. If we had held our nerve then we might have made more if not for very moderate fees to bail. OK, but how do you square that with...? Because... isn't that exactly the same reason you "moved in" to RS? Yes you are right but i was looking at this from my perspective not the bankers. I'm pretty sure you understand that perspective, no?
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gg
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Post by gg on Apr 11, 2021 11:04:47 GMT
We ALL came to RS to make money. We all knew there was a risk that we could lose some or all of our investment.
I’m sure we all did rather well and, collectively, we mourn the loss of RS.
No point being bitter. It could have been a whole lot worse even though I spent £1k getting my money released early and it then earned pretty much nothing. It was a decision that was right (for me) at the time.
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Greenwood2
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Post by Greenwood2 on Apr 11, 2021 11:58:08 GMT
Payment arrived albeit late but hey ho. Looking forward to receiving my "apology" from RS.. i.e. "We are Very very very.... sorry but it is all nasty Barclays fault not RateSetter nor Metro Bank." =============== Edit apology arrived... Your RateSetter withdrawal should now be in your bank account Dear XXXX, We are sorry that your recent withdrawal request took longer than usual to reach your bank account. We sent out the payments from RateSetter on Tuesday, but they were held up by a technical issue with our payments processing provider. (That is nasty Barclays ...boo hiss not RateSetters fault at all, for using Barclays.. And let's not name them as Barclays this time just in case Barclays get upset with us naming and complaining about them)
The issue was fixed this morning and your money should have now arrived in your bank account. Withdrawal requests are back to normal speeds, with delivery the next working day. The RateSetter Team Oh just stop moaning about every little thing. It was blimin tiresome when I was there and had to react to the constant nit picking. They returned lenders up to 6% per annum for 10 years. You got every penny back. And now you want an apology because the final payment was a day late, when they are processing near a billion quid to tens of thousands of lenders. Rather than moan and demand an apology, maybe you stand back and simply say "thank you". Kevin. When are we going to get the money back from your current platform? Or at least write the loans off that haven't paid anything for years! More moaning I know.
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voss
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Post by voss on Apr 13, 2021 10:38:11 GMT
Westonkev is so clueless and dismissive that he'll probably get a job in banking.
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Post by oppsididitagain on Apr 13, 2021 15:52:15 GMT
Well that's the end of an era. And just like the marketing slogan than many of you more cynical (or prudent) lenders constantly challenged, "Every Lender, Every Penny". I worked hard to make sure that happened, and now it's gone I think we should all be a little sad. But I'm proud of what was achieved (until they went off their rails). I know there were quibbles, and jeez you lot certainly know how to moan about the smallest inconsequential things, but perhaps we could have appreciated that 6% AER when we had it. Because now it's gone. Kevin. Agreed, It was interesting to see how RS changed/developed over the years. For me 2012-15 where the best when you got all your money back monthly, and you could pick and choose when you wanted to re-invest on monthly basis.. It always seemed to be about then 24th of the month I fixed the best returns. I still think if we ALL hadn't put a run on RS a year ago, by demanding all of our cash back maybe it would still be here. Who knows, no point in dwelling on the past.
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Post by WestonKevTMP on Apr 13, 2021 16:07:39 GMT
Westonkev is so clueless and dismissive that he'll probably get a job in banking. Ha ha, perhaps. But for those that have been on here since the early days, most will know I was very active on this forum as a representative of RateSetter (even before that had such a tag). I'd like to think I helped provide reassurance to many lenders, or just dismiss one of the thousands of conspiracy theories that was constant flying around. Or Propman's constant warnings of doom and gloom about the Provision Fund. Or constant moans about market manipulation, or why someone else nabbed their 6.1%..... It was NEVER ENDING. Thing is, as a banker life is/was so much easier. As CRO of RateSetter my bad debt numbers were published online for all to see (I'm responsible for 2013-2016), I was lending real peoples money and it was clear who I was personally. My LinkedIN profile was public and there was no hiding. It was a career risk to have ones performance so publicly available. Life in banking was much easier, a bad month or year was easily hidden and unknown outside of the banks walls. Grab a bonus no matter what, secure pension and never have to deal with individuals. I tweaked portfolios with the shift of a score or data variable, never reviewing an individuals single application. However, It's lucky that I'm rock hard. As this level of transparency could cause extreme stress and there are not many "bankers" willing to put themselves in the open like this. Life in the bank was certainly much easier, just not as much fun... Kevin.
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alanh
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Post by alanh on Apr 13, 2021 17:24:19 GMT
Oh just stop moaning about every little thing. It was blimin tiresome when I was there and had to react to the constant nit picking. They returned lenders up to 6% per annum for 10 years. You got every penny back. And now you want an apology because the final payment was a day late, when they are processing near a billion quid to tens of thousands of lenders. Rather than moan and demand an apology, maybe you stand back and simply say "thank you". Kevin.
Most of were in the 3% band but that's irrelevant. They sold us out, stole our interest over the covid period intended to cover loses when they were obviously far into talks to sell our loans to metro bank against our will and made millions if not billions from people like us putting our money at risk and then after ***king us all they pick a bank holiday weekend then fail to deliver our money back for over TWO days not one and after that you want to thank them? there's a word for people like you but its probably banned on the forum lol.
If you don't want to listen to people moaning about it then do one.
Hahaaaa. Bloody hell. I assume you aren't in platforms such as fundingsecure, collateral, assetz capital, moneything and so on. Waiting 2 days extra to get your money back would be the least of your worries. As far as I can see Ratesetter have done a better job of winding down in an orderly fashion than anyone.
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adrianc
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Post by adrianc on Apr 13, 2021 19:03:29 GMT
I still think if we ALL hadn't put a run on RS a year ago, by demanding all of our cash back maybe it would still be here. Who knows, no point in dwelling on the past. You're right, no point. But, no, I don't think the run was the deciding factor. Remember what started that run... Metro's takeover, then the haircut. I suspect the haircut was deliberate to try to get as much money back as possible minus the early redemption... I suspect this was Metro's aim all along, and we were always an inconvenience.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Apr 13, 2021 21:24:02 GMT
I still think if we ALL hadn't put a run on RS a year ago, by demanding all of our cash back maybe it would still be here. Who knows, no point in dwelling on the past. You're right, no point. But, no, I don't think the run was the deciding factor. Remember what started that run... Metro's takeover, then the haircut. I suspect the haircut was deliberate to try to get as much money back as possible minus the early redemption... I suspect this was Metro's aim all along, and we were always an inconvenience. except the haircut started before the metro buyout. the haircut prevented us losing capital.
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Post by oppsididitagain on Apr 13, 2021 23:19:25 GMT
You're right, no point. But, no, I don't think the run was the deciding factor. Remember what started that run... Metro's takeover, then the haircut. I suspect the haircut was deliberate to try to get as much money back as possible minus the early redemption... I suspect this was Metro's aim all along, and we were always an inconvenience. except the haircut started before the metro buyout. the haircut prevented us losing capital. And the 'Run' started before the haircut :-). Im talking about the withdrawals that RS woke up too on March 16 That was the start of the end. Thats why a haircut on interest was put in place a few months later to divert funds to the PF to stop capital losses.
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coogaruk
Hello everyone! Anyone remember me?
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Post by coogaruk on Apr 14, 2021 17:50:43 GMT
It all started to unravel for RS when they got into vehicle leasing/financing and other silly stuff that caused them huge financial woes. Some on here are happy to see Covid as a scapegoat but truth is the rot had begun to set in long before then.
MB saw an opportunity and seized upon it.
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voss
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Post by voss on Apr 22, 2021 7:57:34 GMT
Westonkev is so clueless and dismissive that he'll probably get a job in banking. Ha ha, perhaps. But for those that have been on here since the early days, most will know I was very active on this forum as a representative of RateSetter (even before that had such a tag). I'd like to think I helped provide reassurance to many lenders, or just dismiss one of the thousands of conspiracy theories that was constant flying around. Or Propman's constant warnings of doom and gloom about the Provision Fund. Or constant moans about market manipulation, or why someone else nabbed their 6.1%..... It was NEVER ENDING. Thing is, as a banker life is/was so much easier. As CRO of RateSetter my bad debt numbers were published online for all to see (I'm responsible for 2013-2016), I was lending real peoples money and it was clear who I was personally. My LinkedIN profile was public and there was no hiding. It was a career risk to have ones performance so publicly available. Life in banking was much easier, a bad month or year was easily hidden and unknown outside of the banks walls. Grab a bonus no matter what, secure pension and never have to deal with individuals. I tweaked portfolios with the shift of a score or data variable, never reviewing an individuals single application. However, It's lucky that I'm rock hard. As this level of transparency could cause extreme stress and there are not many "bankers" willing to put themselves in the open like this. Life in the bank was certainly much easier, just not as much fun... Kevin. Wow - will have to add defensive to 'clueless and dismissive'! And that 'However, it's lucky that I'm rock hard' adds pretentious!
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