Ratesetter Release Delays

Prism

granta said:

Carolinemjs said:

granta said:

Carolinemjs said:

I'm so grateful for this advice as I'm a small investor who didn't really appreciate the risks.  Less than 24 hours since following this suggestion and I've already got half of one account being repaid.

wizzards said:

As a lender I have found you can still get some cash back from ratesetter by doing the following.  Set the interest rate at +5% manually above the ratesetter set rate. This is the max you can set it.  I am doing this on the access and 1 year and 5 year options.
Login into ratesetter every morning and evening to withdraw cash thats not matched to lenders.  You can recover in excess of £1K a month.  It really depends also whether the loans you have are amortising or non amortising loans.  Not every repayment you get will be queued because of this.  This is working well for me and I hope to recover a large % of my money long before I reach the end of the lenders withdrawal queue !!

Can i ask what sort of time in the morning and evening do you log on to withdraw the unmatched cash? I never seem to be able to time it right!

If you've done as done as suggested above by wizzards then I can't see how the time of day makes any difference??
It isn't going to be reinvested at

Ok thanks. I have set my rate as high as it allows (8%) but i only manage to get a few pounds out each month this way, but not daily. But maybe i have misunderstood how it works?

You can click on a product such as 'Max' then under On Loan click on Your Money on Loan. You can sort by months remaining to get an idea when each loan repays. However some of them also repay early and that amount you can move straight to your holding account.

granta

Prism said:

granta said:

Carolinemjs said:

granta said:

Carolinemjs said:

I'm so grateful for this advice as I'm a small investor who didn't really appreciate the risks.  Less than 24 hours since following this suggestion and I've already got half of one account being repaid.

wizzards said:

As a lender I have found you can still get some cash back from ratesetter by doing the following.  Set the interest rate at +5% manually above the ratesetter set rate. This is the max you can set it.  I am doing this on the access and 1 year and 5 year options.
Login into ratesetter every morning and evening to withdraw cash thats not matched to lenders.  You can recover in excess of £1K a month.  It really depends also whether the loans you have are amortising or non amortising loans.  Not every repayment you get will be queued because of this.  This is working well for me and I hope to recover a large % of my money long before I reach the end of the lenders withdrawal queue !!

Can i ask what sort of time in the morning and evening do you log on to withdraw the unmatched cash? I never seem to be able to time it right!

If you've done as done as suggested above by wizzards then I can't see how the time of day makes any difference??
It isn't going to be reinvested at

Ok thanks. I have set my rate as high as it allows (8%) but i only manage to get a few pounds out each month this way, but not daily. But maybe i have misunderstood how it works?

You can click on a product such as 'Max' then under On Loan click on Your Money on Loan. You can sort by months remaining to get an idea when each loan repays. However some of them also repay early and that amount you can move straight to your holding account.

Thanks Prism. I only have a small amount in the Access product, and it says it's an amortising loan and it seems to pay on the 20th August. Which must be the date when i have managed to extract a few pounds each month. Sound like i have been doing it right and just need to sit it out. For some reason, i thought some people were managing extract a sum daily but perhaps they have more than one loan whereas it seems i only have the one. 

Carolinemjs

I've had the remaining balance of my access account repaid today which is a massive relief to me.  I'm sure without the work around here it would have been reinvested and I'd still be waiting.  I requested repayment of all my  money on 6th May and didn't receive anything until finding this thread,  Thank you!
I've still got an ISA and there are 14021 ahead of me in the queue, only had a small amount from this.

MARTYM8`

Telegraph have run a story on peer to peer lending today mostly focusing on RateSetter.

https://www.telegraph.co.uk/investing/news/end-party-peer-to-peer-loans-turn-sour-investors-withdraw-millions/

Aceace

MARTYM8` said:

Telegraph have run a story on peer to peer lending today mostly focusing on RateSetter.

https://www.telegraph.co.uk/investing/news/end-party-peer-to-peer-loans-turn-sour-investors-withdraw-millions/

A very one-sided article that lists all of the poorly performing platforms and none of those performing well.

wizzards

Carolinemjs said:

granta said:

Carolinemjs said:

I'm so grateful for this advice as I'm a small investor who didn't really appreciate the risks.  Less than 24 hours since following this suggestion and I've already got half of one account being repaid.

wizzards said:

As a lender I have found you can still get some cash back from ratesetter by doing the following.  Set the interest rate at +5% manually above the ratesetter set rate. This is the max you can set it.  I am doing this on the access and 1 year and 5 year options.
Login into ratesetter every morning and evening to withdraw cash thats not matched to lenders.  You can recover in excess of £1K a month.  It really depends also whether the loans you have are amortising or non amortising loans.  Not every repayment you get will be queued because of this.  This is working well for me and I hope to recover a large % of my money long before I reach the end of the lenders withdrawal queue !!

Can i ask what sort of time in the morning and evening do you log on to withdraw the unmatched cash? I never seem to be able to time it right!

If you've done as done as suggested above by wizzards then I can't see how the time of day makes any difference??
It isn't going to be reinvested at

It can make a difference because it depends when the money is paid back and credited back to the account.  I have withdrawn in the morning and see cash pending in the evening again.  I have also seen some cash thats been queued lent out at 8% once or twice so it's not 100 % true that it can't be reinvested if you don't wizzz it away by withdrawing it.  But the above poster is right its more likely to be queued and just sit there.
It's quite hard to tell if some of your cash is relent at 8% but you can look at the list of transactions and see but you need to understand there are amortising and non amortising loans and what that means to repayments and loans.  I just make a check early in the morning about 7-8 AM when I have breakfast and if I can be bothered sometimes in the evening.  You can see if loans are being processed when the amount on loan and the amount pending release are not equal under "YOUR MONEY"  This does not mean all this cash will be going into your holding account.  It depends on the type of loan.  At the weekend there is no payment activity as far as I can tell.  Obviously everyone doing the above can also make the queues go slower.  I am doing this on both the access and 5 year.   
Obviously the amount you get back using the above method is highly dependent on when the loan is being paid back and the amount lent and when you lent it and what the borrower does like pay it back early for example.  But you can see what loans you have and how and when they are likely to be repaid and get an idea if you likely to get a few pounds or a few hundred or zero.
There are safer things like national savings that provide a similar rate with no risk and no 85K limit but as always if unsure take proper advice.  But if anyone put sums like £85K in ratesetter they either have loads of cash or like risk or don't understand the product.  But for sure there are some people who put 10K or even much more in thinking it was like an access savings account because the way it has been marketed.  I think other than ZOPA and a few others we may see the end of peer to peer at least in the short to medium term.   

Aceace

wizzards said:

...  I am doing this on both the access and 5 year.  ...

I don't think there is any need to do it on the 5 year (or 1 year) account as you can simply set your reinvestment setting to go to your holding account. 

wizzards

Aceace said:

wizzards said:

...  I am doing this on both the access and 5 year.  ...

I don't think there is any need to do it on the 5 year (or 1 year) account as you can simply set your reinvestment setting to go to your holding account. 

Agreed. for 1 Year and 5 Year you can edit your re-investment settings.  I just noticed my 5 Year is set to reinvest to access ? Capital only ?   I don't find an option yet to put the 5 Year in a holding account.  I have a withdrawal pending for the remaining small amount in a queue of about 1000.  By the time I reach the front of the queue there will be very little left and I will probably be at the end of the 5 years.

Aceace

wizzards said:

Aceace said:

wizzards said:

...  I am doing this on both the access and 5 year.  ...

I don't think there is any need to do it on the 5 year (or 1 year) account as you can simply set your reinvestment setting to go to your holding account. 

Agreed. for 1 Year and 5 Year you can edit your re-investment settings.  I just noticed my 5 Year is set to reinvest to access ? Capital only ?   I don't find an option yet to put the 5 Year in a holding account.  I have a withdrawal pending for the remaining small amount in a queue of about 1000.  By the time I reach the front of the queue there will be very little left and I will probably be at the end of the 5 years.

• Go to "My Account"
• Click on "5 Year"
• In the "Summary" box click the "Edit" button next to "Reinvestment Settings". 
• Select "Capital and Interest"
• In the "To" dropdown box select "Holding"
• Select "Confirm"

wizzards

Thanks.  I had it set to "Capital" not "Capital and Interest"   The Holding option doesn't show then of course.     Soon I will be rid of this company.  Its made me some money but its future with the wobbly loss leading metro bank doesn't look too great especially when you look at reviews of metro bank online by customers.

Long term I am not sure the provision fund can really cope in the end but I am not actuary or specialist in peer to peer lending.  Looking at people (some of them experts) that have written about peer 2 peer lending like ratesetter.  In good times they said it was great and now the same persons some of them condemn it.   I got mildly burnt by Lendy but it wasn't money I couldn't afford to lose.  As long as I make profit overall that's the way investments go !