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  • FIRST POST
    • Pizza Man
    • By Pizza Man 24th Jul 17, 10:05 PM
    • 10Posts
    • 0Thanks
    Pizza Man
    RATESETTER latest
    • #1
    • 24th Jul 17, 10:05 PM
    RATESETTER latest 24th Jul 17 at 10:05 PM
    RATESETTER just offered investors a chance to sell out without penalties. Confused.
Page 2
    • Deneb
    • By Deneb 19th Aug 17, 5:17 PM
    • 249 Posts
    • 186 Thanks
    Deneb
    The 'announcement' was about the three companies it has taken onto its books. What does that have to do with contravening P2PFA operating principles of not being transparent? The lack of clarity in the explanation is at best clumsy, but more likely is concerning.
    Originally posted by aroominyork
    http://www.p2pfinancenews.co.uk/2017/08/18/ratesetter-withdraws-from-p2pfa/

    RATESETTER has said that it is leaving the Peer-to-Peer Finance Association (P2PFA) after breaching the trade body’s rules.

    “Membership requires adherence to the P2PFA Operating Principles including transparency,” said the ‘big three’ peer-to-peer lender in a blog post on its website on Friday. “No customer has experienced any loss from our actions but we recognise that our actions breached the principles of the Association.”

    RateSetter was one of the founding members of the P2PFA.


    RateSetter’s transparency came under the spotlight last month, after it told investors that it had made
    “interventions” on some of its former wholesale lending partners. The firm had been winding down that segment of its business since last December. Then in February of this year, the Financial Conduct Authority (FCA) confirmed that it was unhappy with the practice.

    Detailing the interventions, RateSetter said it purchased the operating subsidiaries of the Vehicle Trading Group in May after the company went into administration because it had taken on too much debt.

    The company revealed last month that it had taken ownership of Adpod, an advertising company that borrowed £12m from Vehicle Trading Group in 2015 but got into financial difficulty and still owes £8.5m. The company said it would absorb any losses as opposed to using the provision fund.

    RateSetter had not disclosed the Adpod transaction at the time.

    “We understand the reasons why RateSetter has withdrawn from the P2PFA membership and respect their decision,” said Robert Pettigrew, director at the P2PFA.

    RateSetter is the last of the ‘big three’ platforms to receive
    full authorisation from the FCA. It is thought that RateSetter has notified the regulator of its decision to leave the trade body.
    • The Hornet
    • By The Hornet 19th Aug 17, 6:05 PM
    • 73 Posts
    • 65 Thanks
    The Hornet
    So far, I've managed to nibble about half my loaned funds out to my holding accounts. Later, I hope to extract them completely. Their 'Faster Payments' withdrawals seem to take days!
    Originally posted by jennyjj
    Based on this I've been trying to withdraw various amounts but I've yet to get anything. I'll keep trying.

    FYI My loans are in the Rolling Market and that's where RS support said the problem was. Has anyone tried (and succeeded) to sellout from the longer term markets?
    • StarShapedPeg
    • By StarShapedPeg 19th Aug 17, 6:17 PM
    • 61 Posts
    • 262 Thanks
    StarShapedPeg
    I've just managed to get some out of my 5 year contract with no problem.
    #138 - The "Save 12k in 2017" challenge
    • The Hornet
    • By The Hornet 19th Aug 17, 10:25 PM
    • 73 Posts
    • 65 Thanks
    The Hornet
    Well well, I've finally managed to sellout a good chunk of my funds which I've now scheduled for transfer to my bank account. Fingers crossed it'll turn up on Monday.
    • jennyjj
    • By jennyjj 19th Aug 17, 10:26 PM
    • 224 Posts
    • 341 Thanks
    jennyjj
    Based on this I've been trying to withdraw various amounts but I've yet to get anything. I'll keep trying.

    FYI My loans are in the Rolling Market and that's where RS support said the problem was. Has anyone tried (and succeeded) to sellout from the longer term markets?
    Originally posted by The Hornet
    Sell out option seems to have started to work again now. My confidence in the organisation and its platform is severely dented, so most of my funds from there are now looking for a new home.
    • The Hornet
    • By The Hornet 21st Aug 17, 6:14 PM
    • 73 Posts
    • 65 Thanks
    The Hornet
    I've managed to sellout what I wanted and the money has transferred to my current account without further problems. Mind you, as expected I never got the promised phone call with a situation update.
    • Zanderman
    • By Zanderman 27th Nov 17, 2:25 PM
    • 1,313 Posts
    • 3,742 Thanks
    Zanderman
    I left my initial investment in RateSetter to get the promised £100 bonus after 12 months. The 12 months expired 3 weeks ago, but no sign of any bonus payout yet.

    I haven't yet written to them, but plan to do so later today. I'd also be interested in other people's experience -has anyone actually received their bonus - and if so how long did it take to be paid?

    I'm contacting them this afternoon- I'll report back...
    • Temrael
    • By Temrael 27th Nov 17, 2:35 PM
    • 330 Posts
    • 70 Thanks
    Temrael
    Hiya, my bonus wasn't showing on my account last year when I initially signed up and deposited my £1k, so I emailed them and they manually added it for me (after confirming who had referred me). It then sat on the dashboard with a countdown telling me when it would be paid. Same with my wife's account (it didn't track the referal for some reason).

    The bonus was then automatically paid straight into my Ratesetter account (on the day it should have been) and I was able to withdraw it all.

    Get in touch with them I guess.
    Temrael

    Don't use a long word when a diminutive one will suffice.
    • ChesterDog
    • By ChesterDog 27th Nov 17, 3:06 PM
    • 808 Posts
    • 1,475 Thanks
    ChesterDog
    My wife's worked exactly as expected, with a countdown shown on the dashboard until it was paid.
    I am one of the "Dogs of the Index".
    • Zanderman
    • By Zanderman 27th Nov 17, 4:27 PM
    • 1,313 Posts
    • 3,742 Thanks
    Zanderman
    I've never had a countdown at all... But I was referred successfully - I know that as the referee was paid. I'll follow up my initial enquiry with the referee info...
    • gingercordial
    • By gingercordial 27th Nov 17, 6:21 PM
    • 1,041 Posts
    • 1,026 Thanks
    gingercordial
    I had the kind where it was not due to a referral but just a new customer offer for "keep £1,000 invested for a year and get £100". All year I had a countdown showing as to how many days I needed to keep my money in to get the £100, and it appeared promptly within a day or two of the year being up (I didn't check on the day itself). I would chase them up as it sounds like it hasn't been applied correctly to your account.
    • StarShapedPeg
    • By StarShapedPeg 27th Nov 17, 7:56 PM
    • 61 Posts
    • 262 Thanks
    StarShapedPeg
    Yes i had a normal countdown on my dashboard for the year and the day it was due it was paid into my account and placed on the rolling contract at the market rate.

    Hope you get it sorted, they’re usually quite good on the phone, but i’ve only rung them once!
    #138 - The "Save 12k in 2017" challenge
    • Zanderman
    • By Zanderman 28th Nov 17, 9:48 AM
    • 1,313 Posts
    • 3,742 Thanks
    Zanderman
    Am now aware of another person who invested via a referral and yet has had no bonus and no countdown, so I'm not alone.

    I've also found this brief thread from last December http://forums.moneysavingexpert.com/showthread.php?t=5575928
    which states
    hi.
    New referred Ratesetter accounts are NOT displaying the message stating you are entitled to £100 bonus if you keep your money invested for another x days. Helpdesk have acknowledged it but they are taking weeks to fix it in the account.
    Originally posted by thejaminthecity
    It would seem the problem was known about last year and they've never fully fixed it (despite saying they would)

    This could mean a lot of other people are affected too.

    So far all I've had from RateSetter is auto-replies.
    • Temrael
    • By Temrael 28th Nov 17, 10:48 AM
    • 330 Posts
    • 70 Thanks
    Temrael
    As I say, I contacted Ratesetter as soon as I saw the countdown wasn't there (October last year). If the referrals weren't tracking then they could only fix it/honour it for people who let them know, I guess.

    Hopefully they will be good sports and sort it for you, maybe give them a call?
    Temrael

    Don't use a long word when a diminutive one will suffice.
    • Zanderman
    • By Zanderman 28th Nov 17, 10:58 AM
    • 1,313 Posts
    • 3,742 Thanks
    Zanderman
    Well, the good news (so far) is that my friend (not me yet!) has had their bonus added - no explanation, no apology, not even a reply to their query, it just appeared today. But would it have appeared if they hadn't enquired? They had no countdown and the normal payment period had elapsed. It looks like a response to the prompt.

    I don't think being 'good sports' comes into it. We know (and therefore so do they) that the referral was made - as they paid the referee. So they must have a record of it. They just don't seem to have set the payment to happen without prompting. If that's the case (I'm happy to be wrong - maybe it would have happened eventually countdown or not) it could affect others who don't have the countdown and don't know they should have one.
    • darkidoe
    • By darkidoe 29th Nov 17, 3:54 AM
    • 896 Posts
    • 1,022 Thanks
    darkidoe
    I left my initial investment in RateSetter to get the promised £100 bonus after 12 months. The 12 months expired 3 weeks ago, but no sign of any bonus payout yet.

    I haven't yet written to them, but plan to do so later today. I'd also be interested in other people's experience -has anyone actually received their bonus - and if so how long did it take to be paid?

    I'm contacting them this afternoon- I'll report back...
    Originally posted by Zanderman
    I got my £100 bonus after 12 months lending of £1000 late last month. It was paid into the holding account.

    Save 12K in 2017 # 9 £11,119.65/15 000 (74%)
    Save 12K in 2016 # 8 £19 721.58/12 000 (164.35%) Achieved!
    • marcusjr
    • By marcusjr 29th Nov 17, 4:07 AM
    • 4 Posts
    • 8 Thanks
    marcusjr
    What is the mounting evidence?
    • Superscrooge
    • By Superscrooge 29th Nov 17, 9:34 PM
    • 916 Posts
    • 633 Thanks
    Superscrooge
    I received my £100 bonus exactly 12 months after opening my account. No prompting required. So can't fault them.
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