pikestaff
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Post by pikestaff on Feb 24, 2014 8:18:05 GMT
Having followed this thread for a bit I have now switched from automatic to manual.
Does anyone know how the queuing system works if I change my rate? For example, if I offer to reinvest at 5.8% and later change the offer to 5.7%, does any money currently in the queue go to the back of the 5.7% queue or does it keep its original timestamp?
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mike
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Post by mike on Feb 24, 2014 9:34:03 GMT
Your money will go to the back of the 5.7% queue.
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oldgrumpy
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Post by oldgrumpy on Feb 24, 2014 10:35:43 GMT
Your money will go to the back of the 5.7% queue. Standing just behind me  May have to wait a couple of days - maybe till Friday, then reassess. edit: 17:58 Looks like we got our 5.7% match today  No 5.1% for me!
In the meantime: RS say "The rate is set at the level of the Lowest Lender Order, after discounting a small percentage of all the offers...This is done to ensure that the Market Rate is not adversely affected by outlying orders..."
So, £58K at 5.6% .... looks a fair deal.
Is £9K at 5.5% an outlying order? No.
Is £1.8 at 5.4% an outlying order? No.
Is £0.00 at 5.3% an outlying order? No.
Is £10 at 5.2% an outlying order? No.
So, is the 5.1% suggested the market rate being applied to automatic reinvestment of payments here or not? RS please define and apply what market rate actually is.
Edit 11:38 I see that the lending rate box is no longer pre-populated by RS, leaving all lenders who are not on automatic relending at market rate to choose an appropriate level. I think this is best, unless the rules quoted above in blue are adhered to. All we need now is a definitive statement as to what market rate rule is actually applied to auto-reinvestors.
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bugs4me
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Post by bugs4me on Feb 24, 2014 11:37:53 GMT
Your money will go to the back of the 5.7% queue. Standing just behind me May have to wait a couple of days - maybe till Friday, then reassess. In the meantime: RS say "The rate is set at the level of the Lowest Lender Order, after discounting a small percentage of all the offers...This is done to ensure that the Market Rate is not adversely affected by outlying orders..."
So, £58K at 5.6% .... looks a fair deal.
Is £9K at 5.5% an outlying order? No.
Is £1.8 at 5.4% an outlying order? No.
Is £0.00 at 5.3% an outlying order? No.
Is £10 at 5.2% an outlying order? No.
So, is the 5.1% suggested the market rate being applied to automatic reinvestment of payments here or not? RS please define and apply what market rate actually is.
Will be interesting what response they come back with as I'm in the confused.com club over this. Fortunately I set my own rates.
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Post by p2plender on Feb 24, 2014 12:29:24 GMT
if you re-lend say this minute then when does your money start earning interest? Thanks.
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markr
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Post by markr on Feb 24, 2014 12:57:09 GMT
if you re-lend say this minute then when does your money start earning interest? Thanks. Interest accrues from the day the loan is formed, so funds on the market or in your holding account pay no interest.
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Post by p2plender on Feb 24, 2014 13:28:44 GMT
thanks.
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agent69
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Post by agent69 on Feb 24, 2014 18:51:19 GMT
The "bid at" box is now blank again.
Does this mean I bid at 0%?
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Post by westonkevRS on Feb 24, 2014 21:30:07 GMT
Agent69, I do so hope that was a joke.....  |
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Post by westonkevRS on Feb 24, 2014 21:41:33 GMT
A few backs I made a suggestion to pre-populate the lender rate. This was to make the journey as straight forward as possible and to lend with ease, we chose to populate the lending rate 0.1% below the "best lender" offer to ensure money was lent quickly and was the easiest numeric to populate from a systems perspective.
After listening to the feedback on this forum we have decided to remove the pre-populated rate and revert back to the original blank setting. The ability of lenders to set their own rate and for RateSetter to remain neutral from any interference is central to our philosophy.
And just to be clear with regard to automated lending at the Market Rate. This was never impacted by this pre-population. Money re-lent automatically at the Market Rate is calculated once a day when the overnight processing is done - see here on the web page: “The Market Rate is automatically calculated in each market every day. The rate is set at the level of the Lowest Lender Order, after discounting a small percentage of all the offers. This is done to ensure that the Market Rate is not adversely affected by outlying orders. The Lender’s repayment is then submitted to the market as an order. If the order is not matched on that day, it will be updated to the next day’s Market Rate should it be lower”. We don't state what the "small percentage" however it is very stable and isn’t actually that small. I’m sure from forum members' experience you’ll have seen that this auto-lending market rate meets expectations, for example proably averaging around 5.7% in the 5-year market from my personal experience.
P.S. Apologies, the pre-population was my idea. Perhaps Risk people should stay out of user experience initiatives…..
Kevin.
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oldgrumpy
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Post by oldgrumpy on Feb 24, 2014 21:49:29 GMT
"And just to be clear with regard to automated lending at the Market Rate. This was never impacted by this pre-population."
Thank you Kevin. That statement is particularly welcomed. I shall feel happier using auto when I'm on holiday now.
I think we will probably stop bullying you now. (I just managed another 5.7% this afternoon on a day when 5.1% had appeared in that box...so I am still in Ratesetter)
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bugs4me
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Post by bugs4me on Feb 24, 2014 22:49:16 GMT
A few backs I made a suggestion to pre-populate the lender rate. This was to make the journey as straight forward as possible and to lend with ease, we chose to populate the lending rate 0.1% below the "best lender" offer to ensure money was lent quickly and was the easiest numeric to populate from a systems perspective.
After listening to the feedback on this forum we have decided to remove the pre-populated rate and revert back to the original blank setting. The ability of lenders to set their own rate and for RateSetter to remain neutral from any interference is central to our philosophy.
And just to be clear with regard to automated lending at the Market Rate. This was never impacted by this pre-population. Money re-lent automatically at the Market Rate is calculated once a day when the overnight processing is done - see here on the web page: “The Market Rate is automatically calculated in each market every day. The rate is set at the level of the Lowest Lender Order, after discounting a small percentage of all the offers. This is done to ensure that the Market Rate is not adversely affected by outlying orders. The Lender’s repayment is then submitted to the market as an order. If the order is not matched on that day, it will be updated to the next day’s Market Rate should it be lower”. We don't state what the "small percentage" however it is very stable and isn’t actually that small. I’m sure from forum members' experience you’ll have seen that this auto-lending market rate meets expectations, for example proably averaging around 5.7% in the 5-year market from my personal experience.
P.S. Apologies, the pre-population was my idea. Perhaps Risk people should stay out of user experience initiatives…..
Kevin. Thanks for the clarification Kevin. Looking at how the thread has gone it's easy to see how conspiracy theories gain momentum. Last I heard, Elvis was selling cheeseburgers on the moon
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mikes1531
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Post by mikes1531 on Feb 24, 2014 23:06:29 GMT
Last I heard, Elvis was selling cheeseburgers on the moon I've been misinformed again -- I was under the impression they were doner kebabs. 
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bugs4me
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Post by bugs4me on Feb 24, 2014 23:14:01 GMT
Last I heard, Elvis was selling cheeseburgers on the moon I've been misinformed again -- I was under the impression they were doner kebabs. Nope, you are probably correct as my informant told me over an hour ago - things have moved on. Now about JFK 
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mikes1531
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Post by mikes1531 on Feb 24, 2014 23:22:36 GMT
Now about JFK Don't tell me... I can work this one out -- he's hiding out in a quiet place with Marilyn!
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No 5.1% for me!
