Peer to Peer Lending - Anyone managed to get Money Out?

Hagar_uk

Just a quick update, still waiting to get the money out, but having done some research it appears to be taking just over a month at present times. so fingers crossed in within a few weeks, will have my money out. 

bowlhead99

Hagar_uk said:

Just a quick update, still waiting to get the money out, but having done some research it appears to be taking just over a month at present times. 

Ratesetter's next update is due to be published today, according to (https://www.ratesetter.com/investment-release-requests). But it's only likely to be an update of the stats of how many millions they released over the last week and a 'helpful' reminder that you can cancel your release request if you want (which would help them out).

I just have about £100 or so in there on the Access market - the bonus from the time I first set it up, the actual main ISA investment being removed some time ago. My request was made 'just over a month' ago, on 19 March. I don't have much planned for it, am only withdrawing it to save the admin of having a small amount of money in an account that needs a password remembering.

so fingers crossed in within a few weeks, will have my money out.  

And looking on the bright side, if you don't have it back out within a few weeks, they'll probably be saying it'll only be a few weeks from then instead   

Malthusian

bowlhead99 said:

But it's only likely to be an update of the stats of how many millions they released over the last week and a 'helpful' reminder that you can cancel your release request if you want (which would help them out).

Wonderful. Do you at least get a badge for giving up your place in the queue and letting someone else withdraw your money? Or perhaps a spot on a memorial to those who gave up their savings for the cause of financial innovation?

JenniferK

Given current circumstances then if you put in a withdrawal request at Ratesetter and you will be lucky if its paid within a year.

firestone

not sure about their other markets but if it helps give an idea i put a request in on the 12th March from the 1 year for small 4 figure sum & just received this week

JenniferK

firestone said:

not sure about their other markets but if it helps give an idea i put a request in on the 12th March from the 1 year for small 4 figure sum & just received this week

But people that put in requests to Ratesetter after the 20th March are being told that they will have to wait many months. 

firestone

JenniferK said:

firestone said:

not sure about their other markets but if it helps give an idea i put a request in on the 12th March from the 1 year for small 4 figure sum & just received this week

But people that put in requests to Ratesetter after the 20th March are being told that they will have to wait many months. 

Hopefully for people concerned that's not the case the only email notice i had was the 13th April which said about a month & with Easter in the middle turned out about right
On the p2p indie forum RS post daily updates with approx 5m returned weekly for a total of about 30 - 35 mil so far with people then trying to work out the time using date/ref no of people being paid which might give a reasonable guide

JenniferK

firestone said:

JenniferK said:

firestone said:

not sure about their other markets but if it helps give an idea i put a request in on the 12th March from the 1 year for small 4 figure sum & just received this week

But people that put in requests to Ratesetter after the 20th March are being told that they will have to wait many months. 

Hopefully for people concerned that's not the case the only email notice i had was the 13th April which said about a month & with Easter in the middle turned out about right
On the p2p indie forum RS post daily updates with approx 5m returned weekly for a total of about 30 - 35 mil so far with people then trying to work out the time using date/ref no of people being paid which might give a reasonable guide

And looking on the same p2p forum it has been extrapolated that anyone putting in a request today could end up waiting a year for the request to be fulfilled.  I myself put in a request on the 20th March.  It has been extrapolated that I wont receive my funds until September 2020.  They are just starting to honour requests made on the 12th March for the Access Account.

Hagar_uk

JenniferK said:

firestone said:

JenniferK said:

firestone said:

not sure about their other markets but if it helps give an idea i put a request in on the 12th March from the 1 year for small 4 figure sum & just received this week

But people that put in requests to Ratesetter after the 20th March are being told that they will have to wait many months. 

Hopefully for people concerned that's not the case the only email notice i had was the 13th April which said about a month & with Easter in the middle turned out about right
On the p2p indie forum RS post daily updates with approx 5m returned weekly for a total of about 30 - 35 mil so far with people then trying to work out the time using date/ref no of people being paid which might give a reasonable guide

And looking on the same p2p forum it has been extrapolated that anyone putting in a request today could end up waiting a year for the request to be fulfilled.  I myself put in a request on the 20th March.  It has been extrapolated that I wont receive my funds until September 2020.  They are just starting to honour requests made on the 12th March for the Access Account.

I placed my request on the 17th march, still waiting, but looks like I have a chance of getting money back at some stage. I wonder if we reach a stage where ratesetter starts to struggle that they dump there existing investors looking to leave to save it self.

With the cost of end users borrowing shooting up, They could very easily offer new products for investors with much higher % returns, which would bring more investment. This would bring more revenue/profit for RS, but also make the current RS investers limited to waiting for their lending to mature, rather than selling on early.

Malthusian

Hagar_uk said:

With the cost of end users borrowing shooting up, They could very easily offer new products for investors with much higher % returns, which would bring more investment. This would bring more revenue/profit for RS, but also make the current RS investers limited to waiting for their lending to mature, rather than selling on early.

The cost of lending is shooting up for a reason. It will only bring in profit for RS to pay off their investors with if the people borrowing money at sky-high rates pay it back at a time when insolvency is set to become a hot new trend. Bear in mind we are talking about borrowers who not only can't get conventional loans but don't qualify for government-guaranteed bounceback loans and the like.