Peer-to-peer lending sites: MSE guide discussion

masonic

bluenun said:

Oh, is that correct? I cannot find the terms and conditions from when I made the deposit.
Have you started the withdrawal process yet?

Here are the terms of the £50 RAF offer (now expired), I don't think much has changed since you took up the offer:

https://www.ratesetter.com/mgm-terms

soulsaver

masonic said:

bluenun said:

Oh, is that correct? I cannot find the terms and conditions from when I made the deposit.
Have you started the withdrawal process yet?

Here are the terms of the £50 RAF offer (now expired), I don't think much has changed since you took up the offer:

https://www.ratesetter.com/mgm-terms

Well if those were the terms at the time (correct as I recall) bluenun ain't getting a bonus on their £500 investment.

masonic

soulsaver said:

masonic said:

bluenun said:

Oh, is that correct? I cannot find the terms and conditions from when I made the deposit.
Have you started the withdrawal process yet?

Here are the terms of the £50 RAF offer (now expired), I don't think much has changed since you took up the offer:

https://www.ratesetter.com/mgm-terms

Well if those were the terms at the time (correct as I recall) bluenun ain't getting a bonus on their £500 investment.

As far as I can tell, there were two offers available around this time last year. One was £100 for a £1000 investment direct from the RS website (as can be seen here, wait for page to fully load), and the RAF offer which at that point was £100 for £1000 also, as can be seen from posts around the time from the referrer's board and the Monevator weekly newsletter. So I think you are right.

keyboardworrier

There's mention of a £500/£50 bonus on one of those referral websites from March last year so it's not completely outside the realms of possibility that was the offer...

"RateSetter is currently offering an incentive to new investors on its website. People who invest £500 or more for a year will receive a £50 bonus, while those who invest £10,000 or more for a year will receive a £150 bonus."

I'm surprised they haven't got even more generous offers at the moment, it might help their liquidity issues.

masonic

This just goes to highlight the importance of keeping a copy of relevant T&Cs when taking up an offer, as they can be impossible to find a year later. That offer probably was available, but it wasn't advertised by banner on the homepage like the previous one, and few here would have taken that up over the RAF offer with a more generous overall return (than the £500 investment, I can't imagine many thought £150 for £10k was worth it).

soulsaver

If people had withdrawn significant sums, say £40k, from their RS ifisa with the intention of cycling it April 5th to 6th and w/d again to retain the allowance, what would you advise? 
Too risky for the gain just to retain?

I reckon the gov/hmrc should look at the rules to allow retention without putting cash at risk in the current climate.
Maybe MSE should lead a campaign  

And while they're at it have a shout about the £3800 pension allowance for non earners.. 20 years old and still the same  allowance, no increase for inflation.

masonic

bluenun said:

I have received a reply from customer services
"I can see that your funds were first matched on the 24th February 2019 and have remained on loan for 365 days. As the terms and conditions have been met, the £50 bonus will be credited to your account within 30 working days after the 24th February 2020. This will then be invested into the Access product at the Going rate."

So the bonus should arrive by 4th April 2020.
But I think I can start the withdrawal process now with my current funds without affecting the bonus.

Your reply from customer services confirms you've met the terms of the offer, so yes you can start the withdrawal process.

gowgowuk

bluenun said:

I requested to make a withdrawal from Ratesetter 5 days ago, 

I did mine 10 days ago, still pending too. Exactly same thing with Zopa.

soulsaver

bluenun said:

I requested to make a withdrawal from Ratesetter 5 days ago, I know because of the current situation there will be a delay and it still says pending. There were some funds in the holding account but that has been lent out again since the withdrawal request. Loans are being paid back and my funds are being lent out again. I thought that the funds that were repaid would go into my holding account and not be lent out again.

Not a huge concern but I am self employed and have lost a big part of my earnings because of camp site closures (I am a window cleaner of 2 years).

Funds withdrawn from loans go to your holding account, don't they? 
Sounds like your holding ac settings are set to lend it out again.  
So you need to set/change that instruction to tell it what to do with the funds when they land in your holding ac.

If you want to w/d back to your bank, then you need to make the w/d from the holding ac.

gowgowuk

also, I've just seen this message on Ratesetter website (message dated yesterday 26/3):
"The requests are being delivered in chronological order, within our different markets.  We are currently delivering requests from the week commencing Monday 9 March. We will continue to keep you updated."