Ratesetter Release Delays

wizzards

mikb said:

wizzards said:

mikb said:

MinuteNoodles said:

mikb said:

I'm sure Ratesetter's legal team would be as fascinated as I am to hear what evidence you have for them running a "pyramid selling scheme" ?

You can't get your money out until others put money in. Robbing Peter to pay Paul. Literally how ponzi and pyramid schemes function.

And no I don't have money in Ratesetter because I'm not an idiot ...

Well, I'm glad you have the courage to stand by your wrong opinion, factually incorrect and libellous as it is.


I'm able to withdraw money each month from Ratesetter. The loans Ratesetter made are being repaid, with interest (albeit reduced), and that money can be withdrawn.


As to your final comment, I'll leave others to decide your status on that one.

I don't think that applies to the Access account ? 

Agreed -- I was only ever in the 3 and 5 year pyramids markets of "Classic Ratesetter" before the new products came along -- I didn't want to play the new game they were offering

One other thing to notice is that on Trustpilot as soon as Ratesetter have a few negative comments they appear to invite a load of borrowers to give reviews to keep their score at 4.3 and push the negative reviews to the bottom of the list.  They also offering a £100 pound bonus for introducing a friend to lend and were giving £100 bonus to new lenders if you registered between 00:00 on 6th March 2020 and 23:59 on 3rd May 2020  
The bonus is credited to your ACCESS account   So you won't be enjoying it too quickly
On their website for their "Innovative Finance ISA" they show a graph comparing it to Instant access savings and FTSE 100 like it's the same kind of product.   Underneath they put trustpilot reviews which are from people getting "LOANS" not lending which kind of gives an impression every person is happy.  I won't complain too loudly that they invite new lenders and push access account as it will mean I can get my cash out but I feel they are being misled in the current climate.

ZeroSum

wizzards said:

mikb said:

wizzards said:

mikb said:

MinuteNoodles said:

mikb said:

I'm sure Ratesetter's legal team would be as fascinated as I am to hear what evidence you have for them running a "pyramid selling scheme" ?

You can't get your money out until others put money in. Robbing Peter to pay Paul. Literally how ponzi and pyramid schemes function.

And no I don't have money in Ratesetter because I'm not an idiot ...

Well, I'm glad you have the courage to stand by your wrong opinion, factually incorrect and libellous as it is.


I'm able to withdraw money each month from Ratesetter. The loans Ratesetter made are being repaid, with interest (albeit reduced), and that money can be withdrawn.


As to your final comment, I'll leave others to decide your status on that one.

I don't think that applies to the Access account ? 

Agreed -- I was only ever in the 3 and 5 year pyramids markets of "Classic Ratesetter" before the new products came along -- I didn't want to play the new game they were offering

One other thing to notice is that on Trustpilot as soon as Ratesetter have a few negative comments they appear to invite a load of borrowers to give reviews to keep their score at 4.3 and push the negative reviews to the bottom of the list.  They also offering a £100 pound bonus for introducing a friend to lend and were giving £100 bonus to new lenders if you registered between 00:00 on 6th March 2020 and 23:59 on 3rd May 2020  
The bonus is credited to your ACCESS account   So you won't be enjoying it too quickly
On their website for their "Innovative Finance ISA" they show a graph comparing it to Instant access savings and FTSE 100 like it's the same kind of product.   Underneath they put trustpilot reviews which are from people getting "LOANS" not lending which kind of gives an impression every person is happy.  I won't complain too loudly that they invite new lenders and push access account as it will mean I can get my cash out but I feel they are being misled in the current climate.

When I got my £50 bonus, they said it would be paid to access, but as I have it set to 8% it didn't get lent out, and was able to withdraw straight away

JenniferK

wizzards said:

One other thing to notice is that on Trustpilot as soon as Ratesetter have a few negative comments they appear to invite a load of borrowers to give reviews to keep their score at 4.3 and push the negative reviews to the bottom of the list.  They also offering a £100 pound bonus for introducing a friend to lend and were giving £100 bonus to new lenders if you registered between 00:00 on 6th March 2020 and 23:59 on 3rd May 2020  
The bonus is credited to your ACCESS account   So you won't be enjoying it too quickly
On their website for their "Innovative Finance ISA" they show a graph comparing it to Instant access savings and FTSE 100 like it's the same kind of product.   Underneath they put trustpilot reviews which are from people getting "LOANS" not lending which kind of gives an impression every person is happy.  I won't complain too loudly that they invite new lenders and push access account as it will mean I can get my cash out but I feel they are being misled in the current climate.

Problem is that is that Ratesetter are currently not allowing new investors.

MinuteNoodles

mikb said:

MinuteNoodles said:

You can't get your money out until others put money in. Robbing Peter to pay Paul. Literally how ponzi and pyramid schemes function.

And no I don't have money in Ratesetter because I'm not an idiot ...

Well, I'm glad you have the courage to stand by your wrong opinion, factually incorrect and libellous as it is.
I'm able to withdraw money each month from Ratesetter. The loans Ratesetter made are being repaid, with interest (albeit reduced), and that money can be withdrawn.

You're only able to withdraw a bit of your money because you've used a workaround to ensure you grab it before Ratesetter lend it out to someone else or repay someone else who was using the same workaround. Had you not used that workaround you'd be getting nothing. Several Ratesetter investors have posted you have to do this and if you have Access you're seeing nothing so are they all wrong?

mikb

MinuteNoodles said:

mikb said:

MinuteNoodles said:

You can't get your money out until others put money in. Robbing Peter to pay Paul. Literally how ponzi and pyramid schemes function.

And no I don't have money in Ratesetter because I'm not an idiot ...

Well, I'm glad you have the courage to stand by your wrong opinion, factually incorrect and libellous as it is.
I'm able to withdraw money each month from Ratesetter. The loans Ratesetter made are being repaid, with interest (albeit reduced), and that money can be withdrawn.

You're only able to withdraw a bit of your money because you've used a workaround to ensure you grab it before Ratesetter lend it out to someone else or repay someone else who was using the same workaround. Had you not used that workaround you'd be getting nothing. Several Ratesetter investors have posted you have to do this and if you have Access you're seeing nothing so are they all wrong?

So much wrong there it's hard to know where to start.

I haven't used a workaround. You don't understand Ratesetter at all. Ratesetter can't lend it out to someone else as I have no active lending offers at the moment. I would be getting something, as I have been doing for months. I never said "they" were all wrong, just you. And it's still not a pyramid scheme/Ponzi scheme as you repeatedly allege.

wizzards

mikb said:

MinuteNoodles said:

mikb said:

MinuteNoodles said:

You can't get your money out until others put money in. Robbing Peter to pay Paul. Literally how ponzi and pyramid schemes function.

And no I don't have money in Ratesetter because I'm not an idiot ...

Well, I'm glad you have the courage to stand by your wrong opinion, factually incorrect and libellous as it is.
I'm able to withdraw money each month from Ratesetter. The loans Ratesetter made are being repaid, with interest (albeit reduced), and that money can be withdrawn.

You're only able to withdraw a bit of your money because you've used a workaround to ensure you grab it before Ratesetter lend it out to someone else or repay someone else who was using the same workaround. Had you not used that workaround you'd be getting nothing. Several Ratesetter investors have posted you have to do this and if you have Access you're seeing nothing so are they all wrong?

So much wrong there it's hard to know where to start.

I haven't used a workaround. You don't understand Ratesetter at all. Ratesetter can't lend it out to someone else as I have no active lending offers at the moment. I would be getting something, as I have been doing for months. I never said "they" were all wrong, just you. And it's still not a pyramid scheme/Ponzi scheme as you repeatedly allege.

I would say the ACCESS account is a complex investment product however the way it was sold compares it to a normal savings account but with an element of risk. 

The key aspects being from an Investors perspective ONLY:-
1.  The product is called "Access" and it's not always accessible. 
2.  Loans in the access account are paid back with interest but the persons whose money is lent cannot automatically get that money back at the point in the time the money is paid back.
3.  Persons wanting their money and interest back from the Access account cannot obtain a clear date when they might get that money back.
4.  Money that's paid back from loans in the access accounts is being re-lent to new customers.  Only a proportion of money being paid back is paid back to investors (waiting in a giant queue) along with contributions to the provision fund. 
5.  The point at which money is paid back to investors depends on where they are in the queue.  For the ACCESS account the queue is around 18000 - 20000 persons waiting or possibly more.
6.  If the COVID virus hadn't struck people would probably not be in a huge queue and would get their money in a few days.

bowlhead99

RolandFlagg said:

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

They have gone ahead with it, announced this morning before market open.  Buying the RateSetter business except for RateSetter's holdings in RS Australia.
https://investegate.co.uk/metro-bank-plc--mtro-/rns/acquisition-of-ratesetter/202008030710289011U/
Metrobank shares up a few percent this morning (though like most UK banks is still lower than it was a week ago).

wizzards

bowlhead99 said:

RolandFlagg said:

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

They have gone ahead with it, announced this morning before market open.  Buying the RateSetter business except for RateSetter's holdings in RS Australia.
https://investegate.co.uk/metro-bank-plc--mtro-/rns/acquisition-of-ratesetter/202008030710289011U/
Metrobank shares up a few percent this morning (though like most UK banks is still lower than it was a week ago).

Looks like they are getting it for a knock down bargain price if the deal goes through ! 

bowlhead99

wizzards said:

bowlhead99 said:

RolandFlagg said:

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

They have gone ahead with it, announced this morning before market open.  Buying the RateSetter business except for RateSetter's holdings in RS Australia.
https://investegate.co.uk/metro-bank-plc--mtro-/rns/acquisition-of-ratesetter/202008030710289011U/
Metrobank shares up a few percent this morning (though like most UK banks is still lower than it was a week ago).

Looks like they are getting it for a knock down bargain price if the deal goes through ! 

Assuming enough of the remaining RS shareholders go for it and the regulators go for it (which they probably would as it's not in the regulator's interest to have the business go bust if it could be rescued as a going concern by someone with more resources) then it is pretty much a done deal. But whether it's a 'bargain' or not will depend on how much profit can be made from it after absorbing it into their operation.

coyrls

Given that:

Following completion, Metro Bank will use its deposit base to fund all new unsecured personal loans originated via the RateSetter platform

I assume that's the end of RateSetter as a peer to peer business and that the existing loans will just be run down.  Not a huge incentive for Metro Bank to protect the interests of existing lenders.