Ratesetter prospects ready months to entry their money
‘It can’t be right for people to wait so long for refunds’
Keith Whittaker, 50, from Somerset, told us he’d invested with Ratesetter last year and tried to withdraw his cash on 9 April. There are still almost 10,000 requests ahead of his in the queue.
He said: “Ratesetter kindly give us an update each week but they were processing claims from 13 March for several weeks. Added to this is the fact that my original rate has been reduced from 4.5% to 4% and could go down again.
“Surely it can’t be right that people have to wait so long for refunds. At this rate it will be next year before I get my money back.”
Another MoneySaver, who asked not to be named, said he had tried to release £3,000 from his Ratesetter account to pay his bills during the pandemic. When he made his original request in early July he was told there were are around 18,000 requests in the queue ahead of him – over three months on, this has reduced to around 17,200.
Unfortunately there’s no obvious quick fix to skip the queue. Some investors with certain types of account, such as Ratesetter’s five-year product, are able to withdraw money gradually by setting their monthly repayments to be paid into a ‘holding account’ – but this won’t speed up your original release request, and won’t help if you want to withdraw a chunk of your money. Let us know if you’ve had success speeding the process up by emailing [email protected]