corto
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Post by corto on Mar 25, 2020 13:46:57 GMT
Also waiting for my funds to be released (request made 17th May). The funds were held in an Innovative Finance ISA, so I have started an ISA transfer request with my Stocks and Shares provider, who advises it can take 15-30 days.
Is there anyone else going through the same process and do you have a view on how quickly Ratesetter are processing these right now? (I know usually it would take 1-2 weeks)
I'd rather transfer than withdraw the funds, to keep the tax-free benefits, but also don't want to overhold at risk that RateSetter collapses / stops withdrawals.
Not sure what you mean by "your funds released": You can only transfer cash. No other provider would take RS loans. So, you will have to sell first and then transfer. If you have initiated the transfer already, they may only transfer whatever cash you have in your account if they process it.
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Post by magnet22 on Mar 25, 2020 14:31:53 GMT
That's right - so I requested on 16th March to RS to release my investments into cash, and in parallel started the ISA transfer process, with the hope that hopefully by the time the ISA is ready to transfer, all my RS funds will be in the holding account.
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corto
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Post by corto on Mar 25, 2020 14:36:23 GMT
That's right - so I requested on 16th March to RS to release my investments into cash, and in parallel started the ISA transfer process, with the hope that hopefully by the time the ISA is ready to transfer, all my RS funds will be in the holding account. That may be an optimistic schedule. Perhaps you can ask the new provider to stay on hold until you know the money is there?
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Post by tom1 on Mar 25, 2020 15:31:08 GMT
15:24 today - I had one of my RYI requests in Access completed. Unfortunately I don't have a record of when I requested it but I think it was either late on the 9th March or some time on the 10th March. My other requests were around 0800 on the 11th so when I get those it will be more useful. I will let you know when I get those.
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smezz
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Post by smezz on Mar 25, 2020 17:55:16 GMT
All but one of my 10th March Access orders have been released.
Just got one left for £75.
So the queue is moving!
Good luck to everyone - withdrawers and remainers (sounds like an echo of discussions long ago!)
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Post by james91 on Mar 25, 2020 18:09:35 GMT
I feel like a complete idiot - I didn't request the withdrawal until the 16th (it was the email that prompted me). Nearly all my savings (around £15k) are in an access account and I'm desperately following the updates. With hindsight, I obviously shouldn't have had all my money in a ratesetter account, and clearly didn't do enough research when I originally invested. I was referred by a friend, and to be honest, I never really looked very closely at the detail. Obviously I've only got myself to blame for this. I've been feeling sick with worry as I'm self employed (and no longer working) and now really need this money to pay rent etc.
I'm re-assured that withdrawals are being made, but judging by the previous comments on this forum, it seems that most requested their withdrawals a week or so before the 16th (with the 16th being the peak time for requests).
If people can continue to post their withdrawals and date requested, it would be a great comfort. Thank you.
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Post by RateSetter on Mar 25, 2020 18:21:17 GMT
Good evening. We have posted today's update on the RateSetter Noticeboard - we have delivered £1.0m today.
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jlend
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Post by jlend on Mar 25, 2020 18:43:38 GMT
Good evening. We have posted today's update on the RateSetter Noticeboard - we have delivered £1.0m today. A big thank you to the whole of the RS team.
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Post by blueboy on Mar 25, 2020 18:57:58 GMT
I feel like a complete idiot - I didn't request the withdrawal until the 16th (it was the email that prompted me). Nearly all my savings (around £15k) are in an access account and I'm desperately following the updates. With hindsight, I obviously shouldn't have had all my money in a ratesetter account, and clearly didn't do enough research when I originally invested. I was referred by a friend, and to be honest, I never really looked very closely at the detail. Obviously I've only got myself to blame for this. I've been feeling sick with worry as I'm self employed (and no longer working) and now really need this money to pay rent etc. I'm re-assured that withdrawals are being made, but judging by the previous comments on this forum, it seems that most requested their withdrawals a week or so before the 16th (with the 16th being the peak time for requests). If people can continue to post their withdrawals and date requested, it would be a great comfort. Thank you. Looks like RS are doing what they can, but they are still going through the week commencing 9th. Looks like it will be some time in April until the cash is out for 16th. It also depends on people putting new money in. If that’s happening then the process will speed up considerably. I have a request I put through early morning of the 16th around 7am or so. I’ll update here if you like.
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Post by cinereus on Mar 25, 2020 19:25:38 GMT
That's right - so I requested on 16th March to RS to release my investments into cash, and in parallel started the ISA transfer process, with the hope that hopefully by the time the ISA is ready to transfer, all my RS funds will be in the holding account. Assume you mean 17 March not 17 May?
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rhmc
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Post by rhmc on Mar 25, 2020 19:29:56 GMT
This feels a bit touch and go. Those of us who were late to the RYI party will be the ones left holding the baby if/when defaults occur.
The biggest lesson to me is that I didn't get my head around the Access product when it changed. This improved liquidity for Ratesetter but really reduced the ability to "Rate set" every 30 days - i.e. essentially money is locked into longer term loans and the only way out is through an RYI, and if the RYI takes a while (e.g. as per today's current run on P2P platforms) your money will continue to be re-lent at past rates.
In other words, we went from a LIBOR-like market to a long term contract market with a thin secondary market controlled by Ratesetter. This was a complete transfer of control for investors - I should have known better!
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Post by Badly Drawn Stickman on Mar 25, 2020 19:48:30 GMT
This feels a bit touch and go. Those of us who were late to the RYI party will be the ones left holding the baby if/when defaults occur.
The biggest lesson to me is that I didn't get my head around the Access product when it changed. This improved liquidity for Ratesetter but really reduced the ability to "Rate set" every 30 days - i.e. essentially money is locked into longer term loans and the only way out is through an RYI, and if the RYI takes a while (e.g. as per today's current run on P2P platforms) your money will continue to be re-lent at past rates.
In other words, we went from a LIBOR-like market to a long term contract market with a thin secondary market controlled by Ratesetter. This was a complete transfer of control for investors - I should have known better!
Seems you did know better, should always follow your instincts Your own wordsIn fairness RS seem to be handling the problem in a sensible way. I have not chosen to release my funds, i am withdrawing repayments but mainly because they are handling it sensibly and I can not get high enough rates to temp me currently.
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rhmc
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Post by rhmc on Mar 25, 2020 21:08:04 GMT
Seems you did know better, should always follow your instincts Your own wordsIn fairness RS seem to be handling the problem in a sensible way. I have not chosen to release my funds, i am withdrawing repayments but mainly because they are handling it sensibly and I can not get high enough rates to temp me currently. Good memory. Though the market is fickle, and we are a small part of that. Fingers crossed on both of our funds.
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sl75
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Post by sl75 on Mar 25, 2020 21:17:32 GMT
I think I've got the opposite problem to most of the people in this thread...
I've got money waiting to invest in the marketplace (including automatic re-investment offers) - albeit not a huge amount, but the current level of withdrawals seems insufficient to push the rates up to the level at which I'm willing to (re-)invest.
Perhaps rather than disappointing both sets of investors, RateSetter could instead introduce an "emergency liquidation fee" or similar. Those who still want to withdraw despite the fee would then subsidise the higher rates demanded by those willing to invest new money in the marketplace, rather than RateSetter itself being expected to make up the shortfall.
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Post by faraday815 on Mar 25, 2020 22:14:23 GMT
I think I've got the opposite problem to most of the people in this thread...
I've got money waiting to invest in the marketplace (including automatic re-investment offers) - albeit not a huge amount, but the current level of withdrawals seems insufficient to push the rates up to the level at which I'm willing to (re-)invest.
Perhaps rather than disappointing both sets of investors, RateSetter could instead introduce an "emergency liquidation fee" or similar. Those who still want to withdraw despite the fee would then subsidise the higher rates demanded by those willing to invest new money in the marketplace, rather than RateSetter itself being expected to make up the shortfall.
I think that's a sensible idea, and sort of what Assetz theoretically has with their discounted sales. Though I can imagine the product development effort for this system is fairly high.
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