Ratesetter: "Your investment completed early" will I still be able to claim the bonus?
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Stuart788
Posts: 915 Forumite
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?
"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?
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Comments
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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?0 -
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.0 -
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.0 -
Thanks, I put it in at 5.2% for a year.0
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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.0 -
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"0 -
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="]Sorry – how do you do ‘[/FONT][FONT="]adjust your "Reinvestment" settings so that your capital is not returned to your holding account within the 365 day period’.
[/FONT]
[FONT="]
[/FONT]
[FONT="]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]0 -
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.0
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[FONT="]Sorry – how do you do ‘[/FONT][FONT="]adjust your "Reinvestment" settings so that your capital is not returned to your holding account within the 365 day period’.
[/FONT]
[FONT="]
[/FONT]
[FONT="]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]0 -
[FONT="]Sorry – how do you do ‘[/FONT][FONT="]adjust your "Reinvestment" settings so that your capital is not returned to your holding account within the 365 day period’.
[FONT="]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]0
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