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Post by baronhardup on Aug 8, 2016 10:06:11 GMT
I've got 15K in the 3 year most with about 2 years to run. What will Ratesetter do with it? Will they allow it run it's course or will it be just dumped back into my holding account? And why have I not been contacted directly by Ratesetter about the moving goalposts? Not happy.
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hendragon
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Post by hendragon on Aug 8, 2016 11:54:42 GMT
all it means is that there will be no new investment, or re-investment. Your 3 year loan portfolio will continue to repay in the usual way. Or at least that is what is stated in Ratesetter's transitional arrangements blog.
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DeafEater
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Post by DeafEater on Aug 8, 2016 11:54:53 GMT
I've got 15K in the 3 year most with about 2 years to run. What will Ratesetter do with it? Will they allow it run it's course or will it be just dumped back into my holding account? And why have I not been contacted directly by Ratesetter about the moving goalposts? Not happy. They did tell you about it but it was towards the end of your monthly interest email so was easy to overlook.
What happens to existing 3 year investments has already been explained in this thread but it was spread over several answers so in summary:
If your reinvestment settings on the 3 year market are set such that either capital or capital + interest go back into the 3 year market, then after 5th October, that money will be returned to your holding account instead. If you don't want this to happen then BEFORE 5th October, change your 3 year market reinvestment settings to point at different market.
Your existing 3 year loans will continue until either the end of their term or until the borrower repays early or defaults.
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Post by baronhardup on Aug 8, 2016 17:24:04 GMT
Thanks deafeater for your response. I tend not to read the monthly interest email (too much stuff in my inbox anyway). However, I do read AltFi News and picked up this link from today's newsletter altfi.com/article/2162_ratesetter_to_close_3_year_marketBoth you and it make the future of my 3 year investments clear. Thank again, Andrew
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Post by westonkevRS on Aug 8, 2016 17:40:11 GMT
I've got 15K in the 3 year most with about 2 years to run. What will Ratesetter do with it? Will they allow it run it's course or will it be just dumped back into my holding account? And why have I not been contacted directly by Ratesetter about the moving goalposts? Not happy. The money will be allowed to run, so this change will have no impact on your existing investments. RateSetter won't be doing anything with your money, returns will be reinvested as per your settings. Which could be to your holding, auto-withdraw or to another market. Totally your choice. We blogged about it, tweeted it, posted it here and communicated in the July monthly email that you should have got depending on your notification settings. Nearer the time there will be other reminders, although these are not defined yet. To be blunt, I'm not sure what more we could have done. It's true we haven't personally called everyone... Kevin.
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Post by westonkevRS on Aug 8, 2016 17:43:54 GMT
Not happy. They did tell you about it but it was towards the end of your monthly interest email... It was actually the first news item after the details of interest earned. Also it doesn't happen until October, so there is plenty of time and more notifications planned. Probably aimed at those that have money remaining there as opposed to blanket emails. Kevin.
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adrianc
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Post by adrianc on Aug 8, 2016 17:57:56 GMT
To be blunt, I'm not sure what more we could have done. It's true we haven't personally called everyone... Answered your own question there, didn't you? You could also have popped round to personally explain it over a cuppa - leaving RS mugs, of course. Sheesh.
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DeafEater
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Post by DeafEater on Aug 8, 2016 20:40:51 GMT
They did tell you about it but it was towards the end of your monthly interest email... It was actually the first news item after the details of interest earned. Sorry Kevin I stand corrected. In fact the first I heard about it was on this thread because for years I've been receiving the monthly statement and taking the subject line at face value. When I see a subject of 'Your July Statement' and the email contains a big purple banner at the top saying 'Your July Statement', my natural inclination is to look no further than the table that fills the screen and makes up my July statement. Now I've belatedly realised that scrolling down will reveal news stories I will read them.
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Post by baronhardup on Aug 9, 2016 6:29:27 GMT
I've got 15K in the 3 year most with about 2 years to run. What will Ratesetter do with it? Will they allow it run it's course or will it be just dumped back into my holding account? And why have I not been contacted directly by Ratesetter about the moving goalposts? Not happy. To be blunt, I'm not sure what more we could have done. It's true we haven't personally called everyone... Kevin. Actually, Kevin, call me old fashioned, but you could have sent us 3-year investors an email. You have our email addresses - write one message - click one button - job done. Afterall, you do manage to send us all a monthly statement! I don't read the monthly interest statements beyond checking the interest earned. As deafeater says, there is no clue on the subject heading and the email banner that it contains anything else. I don't tweet, I have more blogs than I can keep up with, and I don't follow this forum as often as perhaps I should. A personal email would have got my attention. Furthermore, you Alternative Finance guys like to keep banging on about TRUST. Well let me tell you that good quality COMMUNICATION is a key component in trust building. Bombarding you investors with marketing messages is not good quality communication. But frank, open, honest and up-front communication is. Be a good communicator and you will have good customers. Pass it on! Andrew
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Post by westonkevRS on Aug 9, 2016 7:07:50 GMT
There is 2 months left before the market closes. It's more effective to provide blanket communication across a number of channels (web site blog, monthly email, forums and social media), and then as the volumes of lenders remain on the market we can perform more targeted 1-2-1 comms.
It hasn't been decided yet the specific format of the 1-2-1 comms, but it is planned.
Kevin.
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Post by graham34 on Aug 9, 2016 7:30:21 GMT
To be blunt, I'm not sure what more we could have done. It's true we haven't personally called everyone... An obvious thing to do is to have a short note on 3 year income screen and nearer the time a line on the front page (for those logged in of course)? I looked at the Rate Setter Notices (also the Notice Board buried in the Help Centre) and there is nothing there.
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Post by baronhardup on Aug 9, 2016 15:23:14 GMT
There is 2 months left before the market closes. It's more effective to provide blanket communication across a number of channels (web site blog, monthly email, forums and social media), and then as the volumes of lenders remain on the market we can perform more targeted 1-2-1 comms. It hasn't been decided yet the specific format of the 1-2-1 comms, but it is planned. Kevin. Sorry, Kevin, but 'blanket communication' clearly isn't "more effective" because deafeater and I didn't pick it up. As I said previously, you could have just sent us an email. You have all you lenders on a database/mailing list - you email us once a month anyway - compose one email, click one button, job done. What is so hard about that? You see, Kevin, it's my money that's at risk so perhaps I'm a little touchy about what happens to it! Ratesetter may be a great company, an' all that but I don't know for sure that you are a rock solid company. I don't yet know how well the alternative finance industry will function in a downturn or a recession. You are not a Bank so I cannot see the government baling you out in a crisis or guaranteeing my deposit. So I NEED to know what you are up to. So OK, you haven't worked out all the details - but I would still like to know what's on the horizon BEFORE it just lands in my lap. Furthermore, the various AltFi companies like to repackage their products and 'refresh' their platforms - regarded by me as 'moving the goalposts' - and it can feel to me like 'what do you care, it's not YOUR money'. Well it is mine. All I am asking is a little care and consideration because it is MY money and I feel the need to be cautious with it. Andrew
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adrianc
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Post by adrianc on Aug 9, 2016 16:36:44 GMT
You see, Kevin, it's my money that's at risk so perhaps I'm a little touchy about what happens to it! I think you might have misunderstood what Kev said. Money in the three-year will stay in the three-year loans until they pay back. In a few months time, you won't be able to lend any more money to the three-year market. Given how mediocre the 3yr rates have been, I'm not sure why there's even any excitement about this.
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Post by westonkevRS on Aug 9, 2016 17:34:34 GMT
There is 2 months left before the market closes. It's more effective to provide blanket communication across a number of channels (web site blog, monthly email, forums and social media), and then as the volumes of lenders remain on the market we can perform more targeted 1-2-1 comms. It hasn't been decided yet the specific format of the 1-2-1 comms, but it is planned. Kevin. Sorry, Kevin, but 'blanket communication' clearly isn't "more effective" because deafeater and I didn't pick it up. As I said previously, you could have just sent us an email. You have all you lenders on a database/mailing list - you email us once a month anyway - compose one email, click one button, job done. What is so hard about that? You see, Kevin, it's my money that's at risk so perhaps I'm a little touchy about what happens to it! Ratesetter may be a great company, an' all that but I don't know for sure that you are a rock solid company. I don't yet know how well the alternative finance industry will function in a downturn or a recession. You are not a Bank so I cannot see the government baling you out in a crisis or guaranteeing my deposit. So I NEED to know what you are up to. So OK, you haven't worked out all the details - but I would still like to know what's on the horizon BEFORE it just lands in my lap. Furthermore, the various AltFi companies like to repackage their products and 'refresh' their platforms - regarded by me as 'moving the goalposts' - and it can feel to me like 'what do you care, it's not YOUR money'. Well it is mine. All I am asking is a little care and consideration because it is MY money and I feel the need to be cautious with it. Andrew Andrew, We both might be missing the ironic logic here, but are you complaining about not knowing something 2-months before it happens? When clearly the message did get through by one of these methods... Agreed a personalised email hasn't been sent. But a generic one was, it was tweeted, blogged, release by web affiliates (e.g. AltFi) and here on the forum. One of these messages clearly worked! And we still have plenty of time for the personal touch, perhaps I'll call our remaining lenders on the market! Kevin.
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Liz
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Post by Liz on Aug 9, 2016 18:18:40 GMT
Sorry, Kevin, but 'blanket communication' clearly isn't "more effective" because deafeater and I didn't pick it up. As I said previously, you could have just sent us an email. You have all you lenders on a database/mailing list - you email us once a month anyway - compose one email, click one button, job done. What is so hard about that? You see, Kevin, it's my money that's at risk so perhaps I'm a little touchy about what happens to it! Ratesetter may be a great company, an' all that but I don't know for sure that you are a rock solid company. I don't yet know how well the alternative finance industry will function in a downturn or a recession. You are not a Bank so I cannot see the government baling you out in a crisis or guaranteeing my deposit. So I NEED to know what you are up to. So OK, you haven't worked out all the details - but I would still like to know what's on the horizon BEFORE it just lands in my lap. Furthermore, the various AltFi companies like to repackage their products and 'refresh' their platforms - regarded by me as 'moving the goalposts' - and it can feel to me like 'what do you care, it's not YOUR money'. Well it is mine. All I am asking is a little care and consideration because it is MY money and I feel the need to be cautious with it. Andrew Andrew, We both might be missing the ironic logic here, but are you complaining about not knowing something 2-months before it happens? When clearly the message did get through by one of these methods... Agreed a personalised email hasn't been sent. But a generic one was, it was tweeted, blogged, release by web affiliates (e.g. AltFi) and here on the forum. One of these messages clearly worked! And we still have plenty of time for the personal touch, perhaps I'll call our remaining lenders on the market! Kevin. Call them! I demand a personal visit
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