ahowlin
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Post by ahowlin on May 24, 2018 15:05:41 GMT
I recently moved all funds from the rolling market to the 5 year market because I still want to control the rate used after the recent changes to this market. Rather than move the funds into my holding account first via the reinvestment settings screen, I asked for the funds to be reinvested directly from rolling to 5 years. My rolling market rate was set at an optimistic 4% and the 5 year rate and extremely optimistic 6%. This allows me to intervene and set the rate for unmatched funds. The funds were duly moved across however the rate used was the rolling market rate! As this is substantially below the 5 year rate the funds were immediately lent out. I have raised this with Customer Services but their position is this is correct processing.
Has anyone else had this problem, if so what was the outcome?
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jlend
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Post by jlend on May 24, 2018 15:22:38 GMT
I recently moved all funds from the rolling market to the 5 year market because I still want to control the rate used after the recent changes to this market. Rather than move the funds into my holding account first via the reinvestment settings screen, I asked for the funds to be reinvested directly from rolling to 5 years. My rolling market rate was set at an optimistic 4% and the 5 year rate and extremely optimistic 6%. This allows me to intervene and set the rate for unmatched funds. The funds were duly moved across however the rate used was the rolling market rate! As this is substantially below the 5 year rate the funds were immediately lent out. I have raised this with Customer Services but their position is this is correct processing. Has anyone else had this problem, if so what was the outcome? Did you do it via the reinvestment settings screen or some other way? You can do it via the reinvestment screen. For the rolling market row: 1. Setting should be "5 Year Income" 2. Reinvestment "All" 3. Your rate "6.0". Perhaps you didn't change this? 4. Click "Update" I am guessing this will change in June with the changes to the Rolling Market.
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ahowlin
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Post by ahowlin on May 24, 2018 15:38:41 GMT
Correct, I didn’t change the rate. It never occurred to me the same rate could at one moment apply to the rolling market and next moment the 5 year market. In fact I still think this makes no logical sense.
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jlend
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Post by jlend on May 24, 2018 16:07:25 GMT
Correct, I didn’t change the rate. It never occurred to me the same rate could at one moment apply to the rolling market and next moment the 5 year market. In fact I still think this makes no logical sense. Agree. It is confusing to me as well. It is not obvious unless you know. You could try putting in an official complaint via their complaint process to get them to re consider changing your loans. Nothing to loose in doing that by the sound of things.
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ahowlin
Member of DD Central
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Post by ahowlin on May 25, 2018 7:06:09 GMT
Thanks jlend, I shall try that.
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