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  • FIRST POST
    • steve_jo
    • By steve_jo 12th Jun 19, 3:32 PM
    • 11Posts
    • 3Thanks
    steve_jo
    Ratesetter Problems - is it just me?
    • #1
    • 12th Jun 19, 3:32 PM
    Ratesetter Problems - is it just me? 12th Jun 19 at 3:32 PM
    Invested with Ratesetter for several years without any problems but the last 6 months things have started going wrong.

    First it was money building up in my holding account when it should have been automatically reinvested. Still happening from time to time.

    Now I can't get the system to accept withdrawal requests from the rolling market - customer service don't seem to be able to help - just suggesting to try smaller amounts and keep trying - which is far from acceptable - it's my money I'm trying to access and their system won't let me.

    I have complained but only received impersonal and pretty unhelpful responses and at the time of writing there's still money in the rolling market that I can't withdraw.

    Is it just me?
Page 1
    • george4064
    • By george4064 12th Jun 19, 3:55 PM
    • 1,312 Posts
    • 1,300 Thanks
    george4064
    • #2
    • 12th Jun 19, 3:55 PM
    • #2
    • 12th Jun 19, 3:55 PM
    I stopped using RateSetter a while back (Except for some small cash left in the 5 year market), so just speaking from my understanding of how it works.

    But you should be aware that RateSetter is not an instant access product, your cash is invested in loans so you will be able to redeem your investments for cash if there are sufficient buyers in the secondary market who will take those loans off your hands.

    I think that might explain why RateSetter are suggesting you try in smaller amounts, as it may be (depending on how RateSetter's market is structured) to sell in smaller amounts than in one large amount due to liquidity.
    "If you arenít willing to own a stock for ten years, donít even think about owning it for ten minutesĒ Warren Buffett

    Save £12k in 2017 - #003 £12,427.51 (104%)
    Save £12k in 2018 - #004 £9,165.94 (46%)
    Save £12k in 2019 - #007 £11,332.36 (94%)
    • steve_jo
    • By steve_jo 12th Jun 19, 3:59 PM
    • 11 Posts
    • 3 Thanks
    steve_jo
    • #3
    • 12th Jun 19, 3:59 PM
    • #3
    • 12th Jun 19, 3:59 PM
    Thanks but surely the system should accept orders for withdrawals even if it can't fulfill them - they just get queued - at least that's what the docs say.

    Understand it's not instant access but they don't/won't/can't even give an estimate of when queued withdrawal requests will be actioned.
    • george4064
    • By george4064 12th Jun 19, 4:05 PM
    • 1,312 Posts
    • 1,300 Thanks
    george4064
    • #4
    • 12th Jun 19, 4:05 PM
    • #4
    • 12th Jun 19, 4:05 PM
    Thanks but surely the system should accept orders for withdrawals even if it can't fulfill them - they just get queued - at least that's what the docs say.

    Understand it's not instant access but they don't/won't/can't even give an estimate of when queued withdrawal requests will be actioned.
    Originally posted by steve_jo
    Queuing the withdrawals and then getting filled as & when there is sufficient liquidity sounds sensible, it would seem very odd if it didn't work like this.

    Ballpark figure, what kind of value redemptions are you trying to make?
    "If you arenít willing to own a stock for ten years, donít even think about owning it for ten minutesĒ Warren Buffett

    Save £12k in 2017 - #003 £12,427.51 (104%)
    Save £12k in 2018 - #004 £9,165.94 (46%)
    Save £12k in 2019 - #007 £11,332.36 (94%)
    • Aidanmc
    • By Aidanmc 12th Jun 19, 4:06 PM
    • 197 Posts
    • 68 Thanks
    Aidanmc
    • #5
    • 12th Jun 19, 4:06 PM
    • #5
    • 12th Jun 19, 4:06 PM
    For the Rolling Market Ratesetter states 'access your money anytime with no fee'......seems pretty clear.....so why can you not access your money.
    • george4064
    • By george4064 12th Jun 19, 4:08 PM
    • 1,312 Posts
    • 1,300 Thanks
    george4064
    • #6
    • 12th Jun 19, 4:08 PM
    • #6
    • 12th Jun 19, 4:08 PM
    For the Rolling Market Ratesetter states 'access your money anytime with no fee'......seems pretty clear.....so why can you not access your money.
    Originally posted by Aidanmc
    I think their claim is fine, except with the caveat that your money can only be accessed if there is sufficient liquidity (i.e. if there are willing buyers in the rolling market) to sell the underlying loan(s) to for cash.
    "If you arenít willing to own a stock for ten years, donít even think about owning it for ten minutesĒ Warren Buffett

    Save £12k in 2017 - #003 £12,427.51 (104%)
    Save £12k in 2018 - #004 £9,165.94 (46%)
    Save £12k in 2019 - #007 £11,332.36 (94%)
    • steve_jo
    • By steve_jo 12th Jun 19, 6:11 PM
    • 11 Posts
    • 3 Thanks
    steve_jo
    • #7
    • 12th Jun 19, 6:11 PM
    • #7
    • 12th Jun 19, 6:11 PM
    The problem is that their system simply will not accept a withdrawal order - it just hangs with a circular animation when I set a withdrawal amount and never gets any further.

    Sometimes I get an error screen from Cloudflare saying there is a problem with members.ratesetter.com

    The really irritating thing is that customer service know there's a problem - try smaller amounts, try again - but have no way to set a withdrawal order at their end. So I end up wasting loads of time trying to persuade their system to let me access my money.

    Needless to say Ratesetter won't be part of my portfolio in the future.
    • fun4everyone
    • By fun4everyone 12th Jun 19, 6:14 PM
    • 1,796 Posts
    • 2,915 Thanks
    fun4everyone
    • #8
    • 12th Jun 19, 6:14 PM
    • #8
    • 12th Jun 19, 6:14 PM
    They have taken a direct debit from me this month (two days ago) and not yet credited it to my account.

    People have moaned about slow withdrawals on other forums, my friend had this happen to him as well this last week(received it 48hrs late). Not sure what is going on there.
    • steve_jo
    • By steve_jo 12th Jun 19, 6:32 PM
    • 11 Posts
    • 3 Thanks
    steve_jo
    • #9
    • 12th Jun 19, 6:32 PM
    • #9
    • 12th Jun 19, 6:32 PM
    Here's a link to a recent Cloudflare error screen that comes up a few minutes after the Ratesetter Estimate animation starts

    https ://flic.kr/p/2gd6237

    (You'll have to cut and paste and remove the space to view- I'm not allowed to post with links as a new user)

    Have sent this and others to Ratesetter with no acknowledgement so far.

    FWIW I think their system can't cope with the volume it is being asked to deal with - they put a notice out in April about upgrading their system - but that's no excuse for not being able order a withdrawal
    • steve_jo
    • By steve_jo 12th Jun 19, 6:34 PM
    • 11 Posts
    • 3 Thanks
    steve_jo
    They have taken a direct debit from me this month (two days ago) and not yet credited it to my account.

    People have moaned about slow withdrawals on other forums, my friend had this happen to him as well this last week(received it 48hrs late). Not sure what is going on there.
    Originally posted by fun4everyone
    Thanks for this - nice to know it is not just me.

    Please can you point me at 'other forums'?
    • george4064
    • By george4064 12th Jun 19, 6:36 PM
    • 1,312 Posts
    • 1,300 Thanks
    george4064
    Thanks for this - nice to know it is not just me.

    Please can you point me at 'other forums'?
    Originally posted by steve_jo
    P2P Independent Forum is probably best place for this kind of stuff: http://p2pindependentforum.com/
    "If you arenít willing to own a stock for ten years, donít even think about owning it for ten minutesĒ Warren Buffett

    Save £12k in 2017 - #003 £12,427.51 (104%)
    Save £12k in 2018 - #004 £9,165.94 (46%)
    Save £12k in 2019 - #007 £11,332.36 (94%)
    • Malthusian
    • By Malthusian 12th Jun 19, 7:50 PM
    • 6,767 Posts
    • 10,963 Thanks
    Malthusian
    I think their claim is fine, except with the caveat that your money can only be accessed if there is sufficient liquidity (i.e. if there are willing buyers in the rolling market) to sell the underlying loan(s) to for cash.
    Originally posted by george4064
    So not anytime then. "Existing investors can only cash out if new investors are putting money in" is not "anytime".

    Granted there's no possible other way it could work as there is no market outside RateSetter for the underlying assets, but it's misleading advertising.

    Apologies if "I think their claim is fine" was ironic.
    • tridantri
    • By tridantri 13th Jun 19, 1:12 PM
    • 8 Posts
    • 2 Thanks
    tridantri
    Invested with Ratesetter for several years without any problems but the last 6 months things have started going wrong.

    First it was money building up in my holding account when it should have been automatically reinvested. Still happening from time to time.
    Originally posted by steve_jo
    I e-mailed them about this. Apparently reinvestment only happens when there is a minimum of £10 to reinvest.
    • steve_jo
    • By steve_jo 13th Jun 19, 3:20 PM
    • 11 Posts
    • 3 Thanks
    steve_jo
    Yes know about the £10 - I had over £1000 in my holding account on two occasions.

    All reinvestment setting were set to automatically reinvest. Ratesetter said they fixed a problem but to be on the safe side I should change all the reinvestment settings and then set them back to what I wanted them to be. Did that.

    Couple of months later it happened again - over £1000 sat in my holding account.

    Ratesetter is definitely not 'fire and forget' - you have to keep an eye on it.
    • steve_jo
    • By steve_jo 13th Jun 19, 3:24 PM
    • 11 Posts
    • 3 Thanks
    steve_jo
    First withdrawal is finally in my holding account - took two days - 48 hours from ordering the withdrawal to it being in my holding account - and it will take another day before it is in my bank account.

    I'm glad I found out the time it can take as previous experience has been minutes (plus day to bank account).

    Worth knowing.
    • aroominyork
    • By aroominyork 13th Jun 19, 7:10 PM
    • 1,031 Posts
    • 359 Thanks
    aroominyork
    I don't think it is low liquidity. Basic rules of supply and demand say that if supply is low, prices go up. Yet lending rates are low - one year is hovering at or below 4%.
    • Snow Dog
    • By Snow Dog 13th Jun 19, 9:46 PM
    • 652 Posts
    • 344 Thanks
    Snow Dog
    £1000 invested for the year only it repaid a couple of days early. Had all settings to auto invest in rolling at whatever rate was current, surprise surprise it took several days to auto invest and only did so when rate dropped to 3.1%.


    Not impressed, messaged RS to check if the £100 promised bonus would materialise, told wait up to 30 days.


    Even less impressed. Will see how long it takes to pull money from rolling back to holding account when/if the bonus appears. Prepared to be totally unimpressed.


    Shame, RS was my first foray into P2P and I just dont like the way everything feels like it is gearing to screw the lenders till they bleed.


    Way of the world these days I guess.
    • Deneb
    • By Deneb 14th Jun 19, 12:09 PM
    • 387 Posts
    • 300 Thanks
    Deneb
    The problem is that their system simply will not accept a withdrawal order - it just hangs with a circular animation when I set a withdrawal amount and never gets any further.
    Originally posted by steve_jo

    I has that issue last week when attempting to withdraw from both mine and Mrs D's accounts. I can't remember now exactly how I got round it but it was either refreshing the page or just clicking next to go to the confirmation screen. On that screen, the full amount requested was showing.


    We withdrew our full holdings from the rolling market and received payment within 24 hours, so quite happy on that score.


    I've not been that impressed with the interest we were earning, especially considering the risk level. We've more than doubled what we were getting from RS on every one of several funds in the WP part of our portfolios, and whilst past performance is not a guide to the future etc, that's where our RS funds have gone as I'm happier with the allocations and think they'll do better over time.
    • Snow Dog
    • By Snow Dog 14th Jun 19, 6:02 PM
    • 652 Posts
    • 344 Thanks
    Snow Dog
    Looking at the trend graphs you can certainly see the effect of the averaging over the past few months, can also see a similar trend to last year. Hopefully will pick up by a % or two next month. Last year it was july when the rates started lifting again, 4% on the 1yr market is just that bit too low for my liking vs risk.
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