Peer-to-peer lending: ‘I’m 19,050th in the queue to get my savings back’

A surge of requests to withdraw funds amid the Covid pandemic has led to a huge backlog

A saver who has been trying to get her money out of the UK’s biggest “peer-to-peer” (P2P) website since August has been told her request is 19,050th in the queue for withdrawals.

Michelle Johnson* signed up with RateSetter in 2019 and invested a total of £1,000. After changes at the firm in the summer, she asked to withdraw her money – but months later she is still trying to get hold of the bulk of her cash.

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