Ratesetter Release Delays

Aceace

Exiled_Tyke said:

I've also noticed that the queue is moving quicker. Could it be that the request releases made on the weekend of the 14th March are all individual savers/investors with small sums to reclaim whereas up to now it's been big institutions with sometimes huge sums so the queue has been much slower?  So hopefully it will keep moving quickly while the weekend's requests are dealt with? 

Is possible that could be one factor. The queue is moving quickest in the 1 year market. So, another factor might be due to the fact that a high percentage of 1 year loans started before March will have already completed. 

Exiled_Tyke

The Access queue seems to have gone down about 50 places in the last 24hours! Is this a record? Does it mean that the requests of the weekend of the 14th March are indeed all personal investors with relatively small amounts?  Is there a chance we may get our money back sometime this year? 

Aceace

Exiled_Tyke said:

The Access queue seems to have gone down about 50 places in the last 24hours! Is this a record? Does it mean that the requests of the weekend of the 14th March are indeed all personal investors with relatively small amounts?  Is there a chance we may get our money back sometime this year? 

All things are possible, but only RS know the answers to your questions and they're not telling.

You've got to feel sorry for those that are unaware that they're probably going to be left with an ever concentrated risk due to an ever depleted PF, so aren't even in the exit queue. And even more sorry for those that are funding the releases. Presumably, many have blindly left their settings to automatically reinvest.

We should get the latest PF figures any day now! 

Prism

Aceace said:

Exiled_Tyke said:

The Access queue seems to have gone down about 50 places in the last 24hours! Is this a record? Does it mean that the requests of the weekend of the 14th March are indeed all personal investors with relatively small amounts?  Is there a chance we may get our money back sometime this year? 

All things are possible, but only RS know the answers to your questions and they're not telling.

You've got to feel sorry for those that are unaware that they're probably going to be left with an ever concentrated risk due to an ever depleted PF, so aren't even in the exit queue. And even more sorry for those that are funding the releases. Presumably, many have blindly left their settings to automatically reinvest.

We should get the latest PF figures any day now! 

You never know. They could be the ones looking back in a couple of years time happy with their 2.5% return having been paid all of their capital back.

I have two accounts, one is in the queue and the other I have still got invested, although I have set my reinvestment setting high on it.

Aceace

Prism said:

Aceace said:

Exiled_Tyke said:

The Access queue seems to have gone down about 50 places in the last 24hours! Is this a record? Does it mean that the requests of the weekend of the 14th March are indeed all personal investors with relatively small amounts?  Is there a chance we may get our money back sometime this year? 

All things are possible, but only RS know the answers to your questions and they're not telling.

You've got to feel sorry for those that are unaware that they're probably going to be left with an ever concentrated risk due to an ever depleted PF, so aren't even in the exit queue. And even more sorry for those that are funding the releases. Presumably, many have blindly left their settings to automatically reinvest.

We should get the latest PF figures any day now! 

You never know. They could be the ones looking back in a couple of years time happy with their 2.5% return having been paid all of their capital back.

I have two accounts, one is in the queue and the other I have still got invested, although I have set my reinvestment setting high on it.

Yes, that is a possibility. Personally I feel that there are better rates available for much lower risk. Time will tell. This week's PF figures should give us a clue. Unless they have made a big step towards restoring the Interest Coverage Ratio to 100%, surely they will be forced to admit that their forecasts are unrealistic. 

Aceace

There's a fresh article about RS on MSE here.

It's a poor article IMO, but there's a much more informative one in the comments below from Michael. 

wizzards

Ratesetter just asked me to confirm my investor type otherwise I would not be able to make new investments.  If I skip that does that mean they can't invest any of my money anymore ?  Surely if I have not made a declaration then investing stops ?  I am slowly withdrawing my funds daily.  I have withdrawn about a 1/3 of the total sum.  I hope by end of year to have got most of it out of the so called "ACCESS" account.

Aceace

wizzards said:

Ratesetter just asked me to confirm my investor type otherwise I would not be able to make new investments.  If I skip that does that mean they can't invest any of my money anymore ?  Surely if I have not made a declaration then investing stops ?  I am slowly withdrawing my funds daily.  I have withdrawn about a 1/3 of the total sum.  I hope by end of year to have got most of it out of the so called "ACCESS" account.

Sadly not. I think it just means you won't be able to invest any newly added cash. They will still reinvest existing cash. 

wizzards

Aceace said:

wizzards said:

Ratesetter just asked me to confirm my investor type otherwise I would not be able to make new investments.  If I skip that does that mean they can't invest any of my money anymore ?  Surely if I have not made a declaration then investing stops ?  I am slowly withdrawing my funds daily.  I have withdrawn about a 1/3 of the total sum.  I hope by end of year to have got most of it out of the so called "ACCESS" account.

Sadly not. I think it just means you won't be able to invest any newly added cash. They will still reinvest existing cash. 

But interest is not existing cash ?    How does that work then ?  This is where I would need someone to give a legal opinion.  Overall by using the workaround of setting the rate high the cash is coming out at a few hundred a week and I am about position 4000 in the queue now.  The sum I have entered to withdraw is more than I have left but originally I put in a request for a fixed sum and then a second request for all the funds so either way I should get the cash back before they go bust or wind it up.  I just can't see it being sustainable longer term to leave the cash in.  The risk is no longer worth 1.5 % or whatever it is I get after paying tax etc.

Aceace

wizzards said:

Aceace said:

wizzards said:

Ratesetter just asked me to confirm my investor type otherwise I would not be able to make new investments.  If I skip that does that mean they can't invest any of my money anymore ?  Surely if I have not made a declaration then investing stops ?  I am slowly withdrawing my funds daily.  I have withdrawn about a 1/3 of the total sum.  I hope by end of year to have got most of it out of the so called "ACCESS" account.

Sadly not. I think it just means you won't be able to invest any newly added cash. They will still reinvest existing cash. 

But interest is not existing cash ?    How does that work then ?  This is where I would need someone to give a legal opinion.  Overall by using the workaround of setting the rate high the cash is coming out at a few hundred a week and I am about position 4000 in the queue now.  The sum I have entered to withdraw is more than I have left but originally I put in a request for a fixed sum and then a second request for all the funds so either way I should get the cash back before they go bust or wind it up.  I just can't see it being sustainable longer term to leave the cash in.  The risk is no longer worth 1.5 % or whatever it is I get after paying tax etc.

I completely agree with everything you've said, but it seems that RS see it differently. Regardless of legal opinion, unless you're a whale of an investor you're probably not going to take them to court over reinvesting the tiny amount of interest that they're paying. At least you're in the queue. I feel sorry for those that don't realise the risk they're taking for the pathetically low return. There are much better P2P options paying higher rates for lower risk IMO.