Ratesetter Problems - is it just me?

Malthusian

george4064 wrote: »

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.

So not anytime then. "Existing investors can only cash out if new investors are putting money in" is not "anytime".

Granted there's no possible other way it could work as there is no market outside RateSetter for the underlying assets, but it's misleading advertising.

Apologies if "I think their claim is fine" was ironic.

tridantri

steve_jo wrote: »

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.

I e-mailed them about this. Apparently reinvestment only happens when there is a minimum of £10 to reinvest.

steve_jo

Yes know about the £10 - I had over £1000 in my holding account on two occasions.

All reinvestment setting were set to automatically reinvest. Ratesetter said they fixed a problem but to be on the safe side I should change all the reinvestment settings and then set them back to what I wanted them to be. Did that.

Couple of months later it happened again - over £1000 sat in my holding account.

Ratesetter is definitely not 'fire and forget' - you have to keep an eye on it.

steve_jo

First withdrawal is finally in my holding account - took two days - 48 hours from ordering the withdrawal to it being in my holding account - and it will take another day before it is in my bank account.

I'm glad I found out the time it can take as previous experience has been minutes (plus day to bank account).

Worth knowing.

aroominyork

I don't think it is low liquidity. Basic rules of supply and demand say that if supply is low, prices go up. Yet lending rates are low - one year is hovering at or below 4%.

Snow_Dog

£1000 invested for the year only it repaid a couple of days early. Had all settings to auto invest in rolling at whatever rate was current, surprise surprise it took several days to auto invest and only did so when rate dropped to 3.1%.


Not impressed, messaged RS to check if the £100 promised bonus would materialise, told wait up to 30 days.


Even less impressed. Will see how long it takes to pull money from rolling back to holding account when/if the bonus appears. Prepared to be totally unimpressed.


Shame, RS was my first foray into P2P and I just dont like the way everything feels like it is gearing to screw the lenders till they bleed.


Way of the world these days I guess.

Deneb

steve_jo wrote: »

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.

I has that issue last week when attempting to withdraw from both mine and Mrs D's accounts. I can't remember now exactly how I got round it but it was either refreshing the page or just clicking next to go to the confirmation screen. On that screen, the full amount requested was showing.


We withdrew our full holdings from the rolling market and received payment within 24 hours, so quite happy on that score.


I've not been that impressed with the interest we were earning, especially considering the risk level. We've more than doubled what we were getting from RS on every one of several funds in the WP part of our portfolios, and whilst past performance is not a guide to the future etc, that's where our RS funds have gone as I'm happier with the allocations and think they'll do better over time.

Snow_Dog

Looking at the trend graphs you can certainly see the effect of the averaging over the past few months, can also see a similar trend to last year. Hopefully will pick up by a % or two next month. Last year it was july when the rates started lifting again, 4% on the 1yr market is just that bit too low for my liking vs risk.