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Ratesetter: "Your investment completed early" will I still be able to claim the bonus?

Stuart788
Stuart788 Posts: 915 Forumite
in Savings & investments
I signed up to Ratesetter when they offered a £100 bonus the conditions were:

"2. You will qualify for a:
a) £100 bonus if you invest and put on loan a minimum of £1,000 within 8 weeks post registration and keep this invested for 365 days"

However, the one year loan was paid back early which meant my money was returned to my holding account.

I've tried contacting ratesetter but I haven't received a reply. Does anyone know if I will still be able to claim the bonus or should I just call it quits now before reinvesting?

Comments

  • firestone
    firestone Posts: 520 Forumite
    500 Posts Third Anniversary Name Dropper
    Stuart788 wrote: »
    I signed up to Ratesetter when they offered a £100 bonus the conditions were:

    "2. You will qualify for a:
    a) £100 bonus if you invest and put on loan a minimum of £1,000 within 8 weeks post registration and keep this invested for 365 days"

    However, the one year loan was paid back early which meant my money was returned to my holding account.

    I've tried contacting ratesetter but I haven't received a reply. Does anyone know if I will still be able to claim the bonus or should I just call it quits now before reinvesting?
    its a problem with 1 year repaying early.You need to keep the money on the platform for a year (not sure cash counts) you could reinvest for a year and pay the small fee to get out early assuming there is a buyer or the easy way is to invest in the Rolling market
  • soulsaver
    soulsaver Posts: 6,911 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Lend it out again - either in the 5 year at c6.0% and cash it after the accumulated 365 days at 1.3% reduction would give you a year at 4.7%.

    Or reinvest it at c5.0% in the one year and set it to reinvest at that level until you accumulate 365 days invested which may take 380 or so, when out of the market waiting for reinvestment.

    Same risk for 5 year - peeps repay early.
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  • bxboards
    bxboards Posts: 1,711 Forumite
    The early repayment message means either:

    a) The borrower repaid earlier
    b) The borrower defaulted, and the provision fund paid you

    No way of knowing which - in any event, just put it back into either Rolling or 1 year or 5 year if over 6%. Your bonus isn't at risk.
  • Stuart788
    Stuart788 Posts: 915 Forumite
    Thanks, I put it in at 5.2% for a year.
  • masonic
    masonic Posts: 29,094 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    The terms state "invest and put on loan a minimum of £1,000 within 8 weeks post registration and keep this invested for 365 days"

    Therefore it is important to adjust your "Reinvestment" settings so that your capital is not returned to your holding account within the 365 day period.
  • Stuart788
    Stuart788 Posts: 915 Forumite
    Supposedly they're not going to pay the bonus.

    "Thank you for your email.

    I can confirm that since the loans were not on loan for more than a 24 hour period (In this case 5 days between the 8th of Feb to 13th of Feb), you will not be eligible for the bonus.

    If you have any further questions, please do not hesitate to ask.

    Kind Regards,
    Can

    RateSetter Customer Service"
  • Rich2808
    Rich2808 Posts: 1,438 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    masonic wrote: »
    The terms state "invest and put on loan a minimum of £1,000 within 8 weeks post registration and keep this invested for 365 days"

    Therefore it is important to adjust your "Reinvestment" settings so that your capital is not returned to your holding account within the 365 day period.


    [FONT=&quot]Sorry – how do you do ‘[/FONT][FONT=&quot]adjust your "Reinvestment" settings so that your capital is not returned to your holding account within the 365 day period’.
    [/FONT]
    [FONT=&quot]
    [/FONT]
    [FONT=&quot]In other words avoid the problem which Stuart 788 has faced (i.e. your loan is repaid early) and therefore miss out on the bonus? Its not exactly easily explained on the ratesetter site or in their FAQs at all.[/FONT]
  • Alexland
    Alexland Posts: 10,561 Forumite
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    edited 19 February 2019 at 5:14PM
    Sorry for your loss. I did suspect this might be a problem so ensured mine was set to reinvest (it's buried deep in the account settings somewhere, sorry not at computer right now). I assume provided the money is in the market even if they cannot match it to a borrower it should be fine. Unless perhaps you set such an ambitious rate it would never get matched.
  • firestone
    firestone Posts: 520 Forumite
    500 Posts Third Anniversary Name Dropper
    Rich2808 wrote: »
    [FONT=&quot]Sorry – how do you do ‘[/FONT][FONT=&quot]adjust your "Reinvestment" settings so that your capital is not returned to your holding account within the 365 day period’.
    [/FONT]
    [FONT=&quot]
    [/FONT]
    [FONT=&quot]In other words avoid the problem which Stuart 788 has faced (i.e. your loan is repaid early) and therefore miss out on the bonus? Its not exactly easily explained on the ratesetter site or in their FAQs at all.[/FONT]
    on your account page where it shows your investment in your chosen product/s you should see reinvestments click to make your choices of rates/market/capital etc
  • masonic
    masonic Posts: 29,094 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Rich2808 wrote: »
    [FONT=&quot]Sorry – how do you do ‘[/FONT][FONT=&quot]adjust your "Reinvestment" settings so that your capital is not returned to your holding account within the 365 day period’.
    [FONT=&quot]In other words avoid the problem which Stuart 788 has faced (i.e. your loan is repaid early) and therefore miss out on the bonus? Its not exactly easily explained on the ratesetter site or in their FAQs at all.[/FONT]
    When you log in, just go to the Reinvestment column of the Your Portfolio table and change it from Holding Account to anything else. The default is Rolling market, so I don't think this is a problem unless you specifically turn off reinvestment.
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