Ratesetter Release Delays

macman

Does anyone have any experience of the above please? I'm trying to release funds from a Ratesetter IF ISA and am being told that they are still processing funds from requests made on 12/3, and have been for the last week. Release requests however peaked on 16/3, which indicates that it will take them weeks, if not months, to clear the backlog? 

grumiofoundation

The last 4 weekly update emails I have got have all said they are processing funds from requests made on 12/3 so it is going to be a while... 

Prism

I have asked for a release of a portion of my Ratesetter funds. I am working under the assumption I will get these funds sometime by the end of the year, but even that might not happen. 

Sailtheworld

The slow run continues by the looks of it. The cash just isn't there to meet everyone's demands. 

Delay payments out at all costs is the order of the day whilst hoping for net inflows soon enough that they avoid insolvency.

Prism

To allow you to cash in your investments requires new investors willing to take on those loans. As the interest rate is currently halved then it could be a very slow process attracting new people

Sailtheworld

The T&Cs make it clear that a full cash in requires new investors or the loans to be repaid. From what I gather though (EDIT: from the P2P thread) is the P2P companies are limiting access to cash which is already due. I'm sure many of the loans will be repaid but I doubt some of the P2P companies will make it to those maturity dates.

JenniferK

I requested release on the 16th March.  Considering that Ratesetter are not taking on new investors I doubt it will be actioned until next year.

jennyjj

macman said:

Does anyone have any experience of the above please? I'm trying to release funds from a Ratesetter IF ISA and am being told that they are still processing funds from requests made on 12/3, and have been for the last week. Release requests however peaked on 16/3, which indicates that it will take them weeks, if not months, to clear the backlog? 

Hi,
They have been processing requests from 12th March since at least 31st of March and they haven't even got close to starting to process requests from the peak of 16 March.
So that's taken 68 days to NOT process ONE day's worth of requests and that ONE day was not the peak day for RYI's.
At my most optimistic, assuming that they start processing 13th March tomorrow and that takes only 69 days and then they start on 14th March and that takes 69 days.... Well, it's not hard to see that any request from, say, April, will not be processed in the foreseeable future.
Your best hope is to increase your lending rate to the max 8% and pull capital repayments out of your holding account daily, until they withdraw that facility.
Reasonable best case scenario is that you get your capital out over the course of the next 5 years.
Stuff will happen before then. Let's hope there is some good stuff.

drphila

jennyjj said:

macman said:

Does anyone have any experience of the above please? I'm trying to release funds from a Ratesetter IF ISA and am being told that they are still processing funds from requests made on 12/3, and have been for the last week. Release requests however peaked on 16/3, which indicates that it will take them weeks, if not months, to clear the backlog? 

Hi,
They have been processing requests from 12th March since at least 31st of March and they haven't even got close to starting to process requests from the peak of 16 March.

Actually, they were still processing requests from the 11th March on April 15th (Access Product - the 1 and 5 yr legacy products are releasing much more quickly).

I agree, though, that April requests are going to take a long time.

hyperhypo

I've just cancelled my request to remove what is a relatively very small amount of my overall savings. They can keep it ..i'd rather not wait five years wondering if it was going to turn up. I'd echo Jennyjj's comment ...Let's hope there is some good stuff too

RolandFlagg

Reports that Metro Bank are in advanced talks to buy RS.