Ratesetter Returning All Loans

TonyMo_2

This morning I received an email from Ratesetter.
This says that Metro Bank has purchased all their loans and will be returning all loans on 2nd April 2021.
It seems like the end of their involvement in Peer 2 Peer Lending.

kilted_barbarian

Is this even legal? I may have completely misunderstood, but surely we invested into RateSetter for a set period over so many years. If I am not willing to sell my loan parts to Metro, why should I? 

Aceace

kilted_barbarian said:

Is this even legal? I may have completely misunderstood, but surely we invested into RateSetter for a set period over so many years. If I am not willing to sell my loan parts to Metro, why should I? 

I guess they consider that clause 16.1 of the Ts&Cs that we agreed to cover it: 

16.1. We can end our agreement with you, close or suspend your RateSetter account and stop providing any services by giving you at least two months’ notice.

It's not really clear to me whether it does, but I doubt there's much point fighting it. 

Dazed_and_C0nfused

Statement here,
https://www.ratesetter.com/blog/ratesetter-announces-that-metro-bank-is-purchasing-the-loan-portfolio

CharllieSays

I figured this may happen once they were bought out by Metro Bank last year. Switching all my money to LendInvest, as they have higher return % anyway. A lot of the other P2P platforms I've used seem to have either closed or barred any new accounts, which is sad as P2P has been a nice regular income over the last few years (especially with the rates so low elsewhere). Trying to get 6-7% on a regular savings account is impossible.