Question about Ratesetter bonus

jennyjj

HawkE wrote: »

Thanks, that was the gist of my query with them.....
........and they have just come back apologising for a technical error on their side and that the bonus will be credited to my account

I reckon that is part of their business model : Fail to pay stated bonuses 12 months after agreeing to and then only paying out to those investors that chase them. That would be horrendous if true.
Can anyone assert otherwise?
Does anyone concur?

Zanderman

HawkE wrote: »

I also currently have a query open with Ratesetter about sign up bonus. In my case I did lend on the 1 year fixed market but after about 8 months the loan got repaid early. The settings I had on my account meant the money was immediately re-lent on the rolling market and ever since then has been simply been left on the rolling market...so it has never been sat in my account waiting to be lent.

It is now well over a year since I signed up and the bonus payment (which at the time was £100 for investing £1000 or more for at least 12 months) has not been credited to my account.

Has anyone else experienced this issue and, if so, how was it rectified?

Yes. Discussed on another thread here (possibly within the general p2p thread, can't remember exactly). I and a friend I referred failed to get bonus at 12 months. Both of us complained and both got the bonus.
Their rather lame, and very worrying, explanation was that their procedures hadn't picked up that we should get the bonus. Although they clearly knew, from our account history, that we should.
I am deeply suspicious about this - as the implication (several others reported the same problem) is that RateSetter's systems are, in effect, mis-selling the referral process and doing people out of £100. How many are affected and haven't noticed, or can't be bothered to complain? RateSetter may simply be being incompetent - but it is, unless and until resolved for all, a nice little earner for them...

Lomcevak

My account has been saying

RateSetter Welcome Bonus £100
Congratulations, you have qualified for this offer. We are processing your bonus and it should be paid into your account within 1 week.

for the last ten days, any idea if it'll eventually be paid automatically, or do I need to chase now?

(edit: this was the older offer of invest £1,000 and keep invested for a year, so slightly different to the OP)

msallen

My year was up a few months ago now, but it was paid into my account (placed on the rolling market) automatically the day after.

That marked the beginning of the end of my dealings with Ratesetter, as I withdrew everything soon afterwards. If they're now stalling on paying the bonus it doesn't bode well, so I'm glad I did!