loadsahope
Member of DD Central
Posts: 76 
Likes: 36
|
Post by loadsahope on Jan 14, 2018 18:33:39 GMT
Hi All
Is there any way of selling out a specific loan. I recently got a £50 bonus for a referral which got invested at 2.1% rolling while I was flying across the Atlantic. I'd ideally like to sell it, and then re-loan it for a bit more - I know, I know, pennies, but its the principle. But I can't find a way of specifying which loan from my portfolio I'd like to dispose of.
Cheers
Loadsa
|
|
|
|
Post by df on Jan 14, 2018 19:57:58 GMT
Hi All Is there any way of selling out a specific loan. I recently got a £50 bonus for a referral which got invested at 2.1% rolling while I was flying across the Atlantic. I'd ideally like to sell it, and then re-loan it for a bit more - I know, I know, pennies, but its the principle. But I can't find a way of specifying which loan from my portfolio I'd like to dispose of. Cheers Loadsa I'm not entirely sure, but I don't think you can sell a specific loan unless this is the only one you have. You will probably be better off waiting for a month or whenever it is due and reinvest then. However, it looks like the rates are on decline again. I'm now withdrawing my monthly returns until Rolling is back to 4%.
|
|
robski
Member of DD Central
Posts: 772
Likes: 462
|
Post by robski on Jan 14, 2018 20:56:44 GMT
You always sell the newest loan (apart from those made in the current day)
So you would have to look at your loans and see if its worth selling all those made since
|
|
loadsahope
Member of DD Central
Posts: 76
Likes: 36
|
Post by loadsahope on Jan 15, 2018 12:46:00 GMT
Thanks Robski - much appreciated
|
|
TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
Likes: 190
|
Post by TheDriver on Aug 14, 2018 8:14:35 GMT
You always sell the newest loan (apart from those made in the current day)
So you would have to look at your loans and see if its worth selling all those made since That's what I understood, and if you sell a part of a loan the remaining contract gets reissued for that day. I have successfully used that factor to selectively sell a particular older loan since the new Rolling policy was implemented, by sacrificing £10 of more recent contracts which blocks them from another attempt to sell that day, and allows the older one to be cancelled. However, when trying that on the 5 year this week the system insisted on selling more of the newer contract, even tho it was showing that day's date! Obviously in hindsight I should have sold the old ones before buying at the higher rate, but I wasn't sitting watching the market that closely. I'm not expecting any meaningful response from RS, but wondered if anyone else had any similar experiences?
|
|
|
|
Post by fiatlender on Aug 14, 2018 9:29:11 GMT
That's what I understood, and if you sell a part of a loan the remaining contract gets reissued for that day. I have successfully used that factor to selectively sell a particular older loan since the new Rolling policy was implemented, by sacrificing £10 of more recent contracts which blocks them from another attempt to sell that day, and allows the older one to be cancelled.
Just to add, if you have multiple loans on the same day, the system chooses loans with the most amount of money first.
So for example, loans of £100, £200, & £300 on the same day, the order to cash out will be £300, £200 & £100.
|
|
rscal
Posts: 914
Likes: 503
|
Post by rscal on Aug 14, 2018 13:33:54 GMT
That's what I understood, and if you sell a part of a loan the remaining contract gets reissued for that day. I have successfully used that factor to selectively sell a particular older loan since the new Rolling policy was implemented, by sacrificing £10 of more recent contracts which blocks them from another attempt to sell that day, and allows the older one to be cancelled.
Just to add, if you have multiple loans on the same day, the system chooses loans with the most amount of money first.
So for example, loans of £100, £200, & £300 on the same day, the order to cash out will be £300, £200 & £100.
I didn't experience this yesterday, they took a smaller loan in whole (at higher % rate) plus part of a larger loan. (The smaller loan was in the 'lifo' position ajudged by contract number)
[So is the advice to do a £10 reduction of the first placed loan resetting it against further reduction and then a second request for the day somewhat later on which sweeps only the next-placed one(s) at the lower rates?]
|
|
|
|
Post by fiatlender on Aug 14, 2018 15:58:37 GMT
I didn't experience this yesterday, they took a smaller loan in whole (at higher % rate) plus part of a larger loan. (The smaller loan was in the 'lifo' position ajudged by contract number)
[So is the advice to do a £10 reduction of the first placed loan resetting it against further reduction and then a second request for the day somewhat later on which sweeps only the next-placed one(s) at the lower rates?] I'm not sure if it's different on the 5yr, but it definitely works this way (largest loan first) on the rolling and 1 yr.
On your second point, just make sure the £10 has definitely reset the loan date, then you can proceed to the next loan. On weekdays, RS don't seem to release morning loans until around 11:30am.
|
|
TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
Likes: 190
|
Post by TheDriver on Aug 14, 2018 22:25:21 GMT
Just to add, if you have multiple loans on the same day, the system chooses loans with the most amount of money first.
So for example, loans of £100, £200, & £300 on the same day, the order to cash out will be £300, £200 & £100.
I didn't experience this yesterday, they took a smaller loan in whole (at higher % rate) plus part of a larger loan. (The smaller loan was in the 'lifo' position ajudged by contract number)
[So is the advice to do a £10 reduction of the first placed loan resetting it against further reduction and then a second request for the day somewhat later on which sweeps only the next-placed one(s) at the lower rates?] I understoood that it was LIFO by date, then highest rate first if more than one that day, and from experience largest loan first if both other criteria were the same. I have used the £10 ruse successfully on Rolling, but on 5 year it selected the same contract for a second bite, although the date had reset! HtH
|
|
|
|
Post by fiatlender on Aug 14, 2018 22:49:21 GMT
I will give a real life example of RYI on rolling I did at the beginning of the month, with approximate figures:
1/8/18 £548 @ 3.9% 1/8/18 £2203 @ 3.1%
1/8/18 £2453 @ 3.1%
1/8/18 £172 @ 3.7%
1/8/18 £25 @ 3.9%
The following day (2/8/18) I did a RYI for £4656. My 2 largest (and lowest rate  ) loans were cashed out. The 3 other loans (£548 @ 3.9%, £172 @ 3.7% & £25 @ 3.9%) remained untouched.
|
|
rscal
Posts: 914
Likes: 503
|
Post by rscal on Aug 16, 2018 5:03:13 GMT
I will give a real life example of RYI on rolling I did at the beginning of the month, with approximate figures:
1/8/18 £548 @ 3.9% 1/8/18 £2203 @ 3.1%
1/8/18 £2453 @ 3.1%
1/8/18 £172 @ 3.7%
1/8/18 £25 @ 3.9%
The following day (2/8/18) I did a RYI for £4656. My 2 largest (and lowest rate ) loans were cashed out. The 3 other loans (£548 @ 3.9%, £172 @ 3.7% & £25 @ 3.9%) remained untouched.
I agree with that experience having taken £10 out yesterday and it plumped for the lower rate loan rather than the one at the top (highest contract #) BUT that's not what RS Investor Terms (before they change them again!) say:
(Their example doesn't assume more than one loan per date however) This is why I am drawing it all out gradually, btw. I don't want to have any 3% locked-in rates by the time 5th September comes around.
|
|
|
|
Post by fiatlender on Aug 16, 2018 8:20:12 GMT
Aug 16, 2018 6:03:13 GMT 1 rscal said:
6.2 In order to release your investment, your Matched Loans will be sold on a “last in, first out basis”, i.e. starting with the most recent contract, regardless of rate
(Their example doesn't assume more than one loan per date however) This is why I am drawing it all out gradually, btw. I don't want to have any 3% locked-in rates by the time 5th September comes around.
-----------------------------------------------------------------
I guess it should be more like:
"....your Matched Loans will be sold on a “last in, first out basis by date". If you have multiple loans on the same date, the highest value loan will be sold first."
|
|
) loans were cashed out. The 3 other loans (£548 @ 3.9%, £172 @ 3.7% & £25 @ 3.9%) remained untouched.