Ratesetter

bugbyte_2

To quote: RateSetter announced on 4 May a temporary reduction in interest for the remainder of the year. During this time, investors will receive only 50% of their interest with the other 50% going to the Provision Fund, for the protection of all investors. Also, since the outbreak, the time it is taking investors to release their investments is currently longer than normal. 

As I can get nearly the same 1.5% interest in my Beehive and Marcus accounts with protection I'm out. Other considerations were their Provision fund health page is no longer available so I do not know what the state of play with it is, and they are still advertising £100 bonus sign ups which is a little off if they are cutting interest to the rest of us. I have been invested for over a year but did not get the bonus - it has not appeared on my summary page. Luckily I invest in the 'Access' market so hopefully funds will be available as they mature this month. I appreciate that if all investors pull out then this will cause a run on the company but they are being less than clear about their financial health.

grumiofoundation

bugbyte_2 

 Luckily I invest in the 'Access' market so hopefully funds will be available as they mature this month. 

I wouldn't hold your breath.

bugbyte_2

I put my interest rate up to 8% so my funds become allocated on the monthly lend cycle so hopefully will then be available for withdrawal. I have managed to release £80 today by this method. 

Aidanmc

Has anyone who initially invested 12 months ago received the £100 bonus for being referred?

My year will be up next month, unfortunately at the time I decided to invested in the 5year market. Guess i'm stuck there for a while then!

TheLastMongoose

I was happy to sit tight as I have only a small amount in RS but after todays news I'd rather just close the account and not have to bother keepings tabs on it. Like others I have also upped my reinvestment rate to 8% but I am wondering what the effect of this will be as the markets are no longer defined by loan length like they used to be. Is it therefore impossible to predict what will be repaid and when? For example, money invested in access can be invested in 5 year loans?

masonic

TheLastMongoose said:

I was happy to sit tight as I have only a small amount in RS but after todays news I'd rather just close the account and not have to bother keepings tabs on it. Like others I have also upped my reinvestment rate to 8% but I am wondering what the effect of this will be as the markets are no longer defined by loan length like they used to be. Is it therefore impossible to predict what will be repaid and when? For example, money invested in access can be invested in 5 year loans?

You should be able to see exactly which loans your money is invested in, and what will be repaid each month. As you say, this will tend to be loans with anything up to 5 years until they fully repay, but most loans are amortising and therefore either they, or the provision fund, will make some repayment of capital each month.

masonic

bluenun said:

 I just want my money out and applied to withdraw funds on 22nd march.

You also tried to use the 8% trick, I seem to remember, so @bugbyte_2 might be interested in how that worked out for you.

Aidanmc

bluenun said:

Aidanmc said:

Has anyone who initially invested 12 months ago received the £100 bonus for being referred?

No, after initially being told that I qualified for the bonus in March 2020, I am getting nowhere with customer services and even one of the 4 different customer service representatives I have had to deal with felt I had been treated unfairly and referred my case to the complaints department, the complaints department e-mailed me telling me they have made their decision and wont change their mind so suggested I used the Ombudsman. They did not want to hear my side, just made the decision from what one of the ill informed CS rep told them. I just want my money out and applied to withdraw funds on 22nd march.

Did they have a specific reason for not paying the bonus? Was some of the funds out of the market for a while!

masonic

Aidanmc said:

bluenun said:

Aidanmc said:

Has anyone who initially invested 12 months ago received the £100 bonus for being referred?

No, after initially being told that I qualified for the bonus in March 2020, I am getting nowhere with customer services and even one of the 4 different customer service representatives I have had to deal with felt I had been treated unfairly and referred my case to the complaints department, the complaints department e-mailed me telling me they have made their decision and wont change their mind so suggested I used the Ombudsman. They did not want to hear my side, just made the decision from what one of the ill informed CS rep told them. I just want my money out and applied to withdraw funds on 22nd march.

Did they have a specific reason for not paying the bonus? Was some of the funds out of the market for a while!

On the contrary, they agreed the bonus was payable. They just haven't paid it.

https://forums.moneysavingexpert.com/discussion/comment/77054292#Comment_77054292

Aidanmc

bluenun said:

Aidanmc said:

bluenun said:

Aidanmc said:

Has anyone who initially invested 12 months ago received the £100 bonus for being referred?

No, after initially being told that I qualified for the bonus in March 2020, I am getting nowhere with customer services and even one of the 4 different customer service representatives I have had to deal with felt I had been treated unfairly and referred my case to the complaints department, the complaints department e-mailed me telling me they have made their decision and wont change their mind so suggested I used the Ombudsman. They did not want to hear my side, just made the decision from what one of the ill informed CS rep told them. I just want my money out and applied to withdraw funds on 22nd march.

Did they have a specific reason for not paying the bonus? Was some of the funds out of the market for a while!

No, I invested the funds and left it there without making any withdrawals or adjusting any settings for 13 months.
Having to deal with a different CS person with each reply makes thing difficult too.
I was told "I have escalated your bonus query to the relevant team and once they respond I will get back you". 
Of course I never did hear back so 7 days later I chased it up again. 
After another back and forth I was told.
"The £50 bonus has now been credited to your Everyday account holding account balance. If you wish you can withdraw the funds to your nominated bank account or invest in a product of your choice."

That was a lie, £50 was not credited to my account. Then my emails are sent to a different CS person. So I am going round in circles.

That's pathetic service from ratesetter. Quite disappointing really as many of us only invested as there was a bonus.