Ratesetter Problems - is it just me?

steve_jo

Invested with Ratesetter for several years without any problems but the last 6 months things have started going wrong.

First it was money building up in my holding account when it should have been automatically reinvested. Still happening from time to time.

Now I can't get the system to accept withdrawal requests from the rolling market - customer service don't seem to be able to help - just suggesting to try smaller amounts and keep trying - which is far from acceptable - it's my money I'm trying to access and their system won't let me.

I have complained but only received impersonal and pretty unhelpful responses and at the time of writing there's still money in the rolling market that I can't withdraw.

Is it just me?

george4064

I stopped using RateSetter a while back (Except for some small cash left in the 5 year market), so just speaking from my understanding of how it works.

But you should be aware that RateSetter is not an instant access product, your cash is invested in loans so you will be able to redeem your investments for cash if there are sufficient buyers in the secondary market who will take those loans off your hands.

I think that might explain why RateSetter are suggesting you try in smaller amounts, as it may be (depending on how RateSetter's market is structured) to sell in smaller amounts than in one large amount due to liquidity.

steve_jo

Thanks but surely the system should accept orders for withdrawals even if it can't fulfill them - they just get queued - at least that's what the docs say.

Understand it's not instant access but they don't/won't/can't even give an estimate of when queued withdrawal requests will be actioned.

george4064

steve_jo wrote: »

Thanks but surely the system should accept orders for withdrawals even if it can't fulfill them - they just get queued - at least that's what the docs say.

Understand it's not instant access but they don't/won't/can't even give an estimate of when queued withdrawal requests will be actioned.

Queuing the withdrawals and then getting filled as & when there is sufficient liquidity sounds sensible, it would seem very odd if it didn't work like this.

Ballpark figure, what kind of value redemptions are you trying to make?

Aidanmc

For the Rolling Market Ratesetter states 'access your money anytime with no fee'......seems pretty clear.....so why can you not access your money.

george4064

Aidanmc wrote: »

For the Rolling Market Ratesetter states 'access your money anytime with no fee'......seems pretty clear.....so why can you not access your money.

I think their claim is fine, except with the caveat that your money can only be accessed if there is sufficient liquidity (i.e. if there are willing buyers in the rolling market) to sell the underlying loan(s) to for cash.

steve_jo

The problem is that their system simply will not accept a withdrawal order - it just hangs with a circular animation when I set a withdrawal amount and never gets any further.

Sometimes I get an error screen from Cloudflare saying there is a problem with members.ratesetter.com

The really irritating thing is that customer service know there's a problem - try smaller amounts, try again - but have no way to set a withdrawal order at their end. So I end up wasting loads of time trying to persuade their system to let me access my money.

Needless to say Ratesetter won't be part of my portfolio in the future.

fun4everyone

They have taken a direct debit from me this month (two days ago) and not yet credited it to my account.

People have moaned about slow withdrawals on other forums, my friend had this happen to him as well this last week(received it 48hrs late). Not sure what is going on there.

steve_jo

Here's a link to a recent Cloudflare error screen that comes up a few minutes after the Ratesetter Estimate animation starts

https /flic.kr/p/2gd6237

(You'll have to cut and paste and remove the space to view- I'm not allowed to post with links as a new user)

Have sent this and others to Ratesetter with no acknowledgement so far.

FWIW I think their system can't cope with the volume it is being asked to deal with - they put a notice out in April about upgrading their system - but that's no excuse for not being able order a withdrawal

steve_jo

fun4everyone wrote: »

They have taken a direct debit from me this month (two days ago) and not yet credited it to my account.

People have moaned about slow withdrawals on other forums, my friend had this happen to him as well this last week(received it 48hrs late). Not sure what is going on there.

Thanks for this - nice to know it is not just me.

Please can you point me at 'other forums'?

george4064

steve_jo wrote: »

Thanks for this - nice to know it is not just me.

Please can you point me at 'other forums'?

P2P Independent Forum is probably best place for this kind of stuff: http://p2pindependentforum.com/