MSE News: Ratesetter investors furious as 'technical issue' delays withdrawals after account closure

coyrls

Alexland said:

dunstonh said:

Furious because of a day's delay?   That is very Daily Mail of you.

I'm now really angry about this even though we are unaffected. It really spoilt my day to hear this news! The guy in the article photo looks pretty chilled although the girl in the background seems worried - maybe she hasn't told him the ratesetter money is delayed? He was relying on that money to buy a nicer kitchen...

They certainly seem to have communication issues, it looks like he is reading a letter from her and texting a reply back.  Don't people talk nowadays?

Thrugelmir

Even MSE should know that there's no banking activity on either weekends or bank holidays. 

masonic

I for one am absolutely appalled that RateSetter has returned my £19.10 a WHOLE WORKING DAY LATER THAN THEY SAID. It's almost as bad as the days before Faster Payments when we all had to wait a full THREE WORKING DAYS to move money between accounts with a different bank and consequently nobody ever opened a savings account other than with their main bank.

Peer to Peer loans are supposed to be like an instant access savings account, so being able to cash out on a specific date is an essential feature of the product. I think this is possibly the first time a P2P firm has failed to deliver on a promise in such a serious manner. It will just erode confidence in the sector and might make people fearful that there may be scenarios in which they could be waiting even longer to get their money out.

ctdctd

I've had a bit of a think about this whilst walking the dogs and have decided that, given I am supposed to be furious about this delay, I don't have the words to describe my feelings about Collateral, Lendy and MoneyThing! 

MarkCarnage

Sad if this is what gets them furious......wonder what the adjective is when it is fraudulent 'mini bonds' etc?

Ratesetter had sent a regular stream of emails advising what was going to happen. I then forgot that I actually had to log in to activate the payment. I did it yesterday and got the cash today. As others have said, if I'd remembered on Tuesday, it would have been a whole day late. 

My first and only experience of P2P lending, and it wasn't a bad one. The return wasn't that exciting, but I found their admin pretty good on the whole, and at least the Metrobank buy in of the loan book guaranteed exit liquidity. I could have done a lot worse. Glad I went that route though unlike some others. 

Whoever wrote this story badly needs to get a life. 

Alexland

masonic said:

I think this is possibly the first time a P2P firm has failed to deliver on a promise in such a serious manner.

I am pretty sure you won't be giving them any more of your money now....

ZeroSum

It was 2 working days late not the one.

Reading some of the Twitter comments, it appears to have created some cashflow problems for some having paid money out expecting it to come in 2 days earlier than it did as promised 

DireEmblem

masonic said:

Peer to Peer loans are supposed to be like an instant access savings account

Huh?  First I've heard that.  My understanding is that its still a relatively new product, and withdrawals can take days, as you need someone willing to essentially buy out the remainder of your loans.  Similarly you do have a risk of losing 100% of your investment, whereas savings accounts generally have FSCS protection.  In return, you may get a higher rate of interest/return.

ZeroSum

DireEmblem said:

masonic said:

Peer to Peer loans are supposed to be like an instant access savings account

Huh?  First I've heard that.  My understanding is that its still a relatively new product, and withdrawals can take days, as you need someone willing to essentially buy out the remainder of your loans.  Similarly you do have a risk of losing 100% of your investment, whereas savings accounts generally have FSCS protection.  In return, you may get a higher rate of interest/return.

It was sarcasm, like the rest of the post

dunstonh

I initially thought Masonic was having a brain fart but got the joke by the end.

Reading some of the Twitter comments, it appears to have created some cashflow problems for some having paid money out expecting it to come in 2 days earlier than it did as promised 

In that case, you have to ask what they are doing with P2P in the first place.