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Post by westonkevRS on Apr 18, 2016 11:42:03 GMT
Has the Monthly Market been replaced by the Rolling Market ? Yes, but it's only a name change. A month back there were some positive changes around getting your money back easier without fees and highlighting the risks/where the money is used. But nothing else has changed. Kevin.
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Post by webbski9 on Apr 18, 2016 12:05:11 GMT
Thank you Kevin.But are saying that I can still choose to lend for 1 month only? If I so wish? In my opinion your website doesn't suggest that. Best Regards David
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warn
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Post by warn on Apr 18, 2016 14:21:42 GMT
Well, I've been trying to "Sellout" a few hundred from Rolling for the last 7+ hours, with no success. Stuck in "Pending". Is there any WD-40 handy?
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spiral
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Post by spiral on Apr 18, 2016 16:44:15 GMT
Well, I've been trying to "Sellout" a few hundred from Rolling for the last 7+ hours, with no success. Stuck in "Pending". Is there any WD-40 handy? Is this because the rate you are trying to sell is less than current market rate (currently 2.9%)?
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warn
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Post by warn on Apr 19, 2016 7:14:45 GMT
Well, I've been trying to "Sellout" a few hundred from Rolling for the last 7+ hours, with no success. Stuck in "Pending". Is there any WD-40 handy? Is this because the rate you are trying to sell is less than current market rate (currently 2.9%)? I don't think I've ever invested at less than 3.5% in MonRolling. In any event, it went at about 4:15pm, so 8 hours and change. Usually it's as near instant as dammit, so perhaps I did have a low-interest smidgeon in there somewhere...
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Post by westonkevRS on Apr 19, 2016 7:48:44 GMT
Thank you Kevin.But are saying that I can still choose to lend for 1 month only? If I so wish? In my opinion your website doesn't suggest that. Best Regards David Apologies if the web site infers otherwise, and I can certainly ask them to re-word if that's the impression. But setting your reinvestment for the rolling market to 'Holding', then your monies will be automatically returned at the end of the contract. The contract will typically be around 30 days, but can vary depending on the loan it's been attached to and when he lender's next payment is scheduled. This anomaly was the prime driver for renaming 'monthly (which technically it never was) to the more vague 'rolling' Kevin.
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alender
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Post by alender on Apr 19, 2016 8:15:34 GMT
Kevin, does that mean you can still be given very short contracts? This year in the old monthly market I have been allocated one contact for 3 days and one for 4 days. I was told this was the result of the new sell out feature.
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Post by westonkevRS on Apr 19, 2016 18:33:42 GMT
Kevin, does that mean you can still be given very short contracts? This year in the old monthly market I have been allocated one contact for 3 days and one for 4 days. I was told this was the result of the new sell out feature. I believe some work has been done to minimise non-monthly contracts, but it will still happen yes. The best way to think of it is that you'll join a loan with a contract until it's next payment date. That Will typically be one month but could be less, for example if you are taking over someone else's contract on the loan (perhaps they sold out). Or a redemption or over payment will cancel the contract even if it was a month originally. That's why, in my opinion, reinvestment is the best option for the rolling market. Trying to grab a higher rate is dangerous because you can be out of lending for a period of time killing returns and your wait could end up with a short contract. Kevin.
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oik
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Post by oik on Apr 21, 2016 13:23:54 GMT
Yes, but it's only a name change. Once it was described as "Monthly" only for lenders to find that their money had been lent not for a month but for anything between a couple of days to five weeks or more. Now it's called "Rolling" which seems to be even more completely meaningless as, unless you opt to lend at an unknown rate for an unknown period and instead want to specify the minimum rate you'll accept, then there won't be any "rolling". What's more there now seems to be no indication of the period you're agreeing to lend for. Nothing to say whether your money will be lent for day or for years at that rate. Once lent, despite the much vaunted "sellout" feature, you can, according to Ratesetter, only get your money out earlier "subject to availability of funds" and "at RateSetter's discretion". It seems that Ratesetter are trying to give themselves as many options as they can by making the terms deliberately meaningless. If they want to be trusted, which is probably a good plan if they intend to stick around, then shouldn't they begin to make their terms as clear, transparent and honest as possible? They are currently a very long way from that. At the very least they should make it transparently clear what lending on "Rolling" means and exactly what the minimum and maximum investment terms lenders are being asked to lend for are. Those details are vital and should be clearly presented on the Rolling invest page and not buried amongst all the spiel.
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Post by closetotheedge on Apr 22, 2016 8:22:24 GMT
I have used the monthly market for some time and despite all the moaning about it, I cannot see what all the problem is. My money gets lent out every day with an average of 3.5%. The contracts are usually for about a month but if longer then I could use the sellout function, which I have used many times and works perfectly with the money arriving next day into my HSBC account. If the contract happens to be shorter then it just goes back into the pot the same day it matures. As long as there continues to be the level of demand that there is for my money then what is not to like? Ratesetter can call it what they like for anyone who has bothered to read the basic summary will understand how it works. Compared to the Santander 123 account which seems to have so many fans on this forum it is surely a picture of clarity.
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jo
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Post by jo on May 23, 2016 17:52:26 GMT
After 2 years of transferring out of Zopa into RS, mainly to take advantage of the 30 day market, it looks like my direction of funds might reverse.
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ashtondav
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Post by ashtondav on May 24, 2016 9:00:23 GMT
What! Why do that? You can sell immediately at RS for no fee in the rolling market. And in the 5 year you get 6% to 6.5%, covered by PF.
Why go back to ZOPA? I use them for diversification purposes.
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