Ratesetter which is better rolling or 1 year

nkb21

Has anyone else fallen foul of only having their initial £1000 on loan for 362 days (as borrower paid up loan 3 days early) and therefore, even if the money is put back on loan for a minimum of 3 days, I'm apparently no longer eligible for the introductory bonus?

soulsaver

nkb21 wrote: »

Has anyone else fallen foul of only having their initial £1000 on loan for 362 days (as borrower paid up loan 3 days early) and therefore, even if the money is put back on loan for a minimum of 3 days, I'm apparently no longer eligible for the introductory bonus?

Had you set it up to be auto reinvested?
If so, I'd argue that all actions taken were outside your control but taken/allowed by RS and you should be paid.

What do the terms say?

nkb21

Well, I'd put the £1000 on loan in the 1 year market and the terms were that repayment was due on the anniversary of the year. Nothing had been repaid 11 months into the loan so rather than have the money auto-reinvested immediately, I'd amended the settings so that the repayment went into my Holding Account. I could then choose if I wanted to loan out again and if so, into which market. Seems that as the loan was paid up 3 days early, the change of settings may be why I'm deemed no longer eligible for the bonus.

The terms say "keep this invested for 365 days". So whilst it doesn't specifically say it has to be 365 consecutive days (which is what the advisor has now told me), it did say "keep", which I suppose could be deemed to imply consecutive.

A bit harsh IMO but you live and learn. Hope others learn from my mistake,

quirkydeptless

nkb21 wrote: »

Has anyone else fallen foul of only having their initial £1000 on loan for 362 days (as borrower paid up loan 3 days early) and therefore, even if the money is put back on loan for a minimum of 3 days, I'm apparently no longer eligible for the introductory bonus?

I had a number of loans repaid early on Ratesetter, had it set on auto-reinvest for the whole year and I got my £100 cash back plus 4.1% interest, so my first little foray into P2P was a happy one!


Dabbling in Growth Street and Kuflink this year. Hope it goes well, but if not, I'll get £300 cash back to cushion the blow.

nkb21

Just thought I'd update......

I contacted Ratesetter about my situation and as a gesture of goodwill, they've agreed to credit mè with the introductory bonus. Probably weren't obliged to and I'm sure £100 to them is nothing but nonetheless, it's good to know there is a human element to at least some of these normally ruthless outfits.

Good on you Ratesetter.

Alexland

I am experiencing a delay in getting my £100 bonus (from a forum referral link) compared to my wife who invested on the same day (a few minutes later using my referral link) last year and received her £100 a couple of weeks ago.

Similar situation where a 1 year loan was repaid a few days early and I reinvested manually in the rolling market on the same day. Looking at the transaction history there is no day in which the money was not fully invested. I gave them a call but they won't investigate until 30 working days has passed which is still a few weeks away.

Alex