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Post by aloanatlast on Mar 27, 2014 20:04:45 GMT
What was at least as likely is that rates would have slipped straight back down below 4.5%. Then, even if my money had been requeued at my 4.5% floor the following night as per your suggestion, it would have missed the only boat and could then be marooned for weeks. But at least your way would work if no floor is set, where the present system doesn't. Possibly due to my having had a splendid lunch, I'm not following you. You seem to be saying that you have consciously set a floor of 4.5%, and were the present market to be operating at below that figure, then you wouldn't lend, and that would be a symptom of the system "not working". But surely that's exactly what your floor has prescribed. Have I misunderstood? I'm saying there was a borrower sat sitting there offering 4.6%, and my auto-reinvested money wasn't being matched. And it might not help to adjust my rate after the borrower had gone away, because there might not be another one.
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Post by aloanatlast on Mar 27, 2014 20:39:05 GMT
I gotta say, I think it's working as it is meant to. Yes. But the scenario is this. I deposit £10K, hang around to see it lent out, turn on auto-reinvest, and go off to collect butterflies in the rainforest for four or five years, thinking everything is taken care of.
When I return, I find that all my money went to one borrower, who paid it back after a fortnight. My money then got queued at a flash-in-the-pan rate, which didn't last long enough for my offer to reach the front of the queue, and was never achieved again, so my money has been stuck in the queue unlent since then.
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Post by westonkevRS on Mar 29, 2014 9:46:03 GMT
Guys, I had hoped to get resolution and potential solution determined by now, but the truth it's been a busy week with other priorities. We've been lending record amounts (#1?), but more importantly the tech team have been making some small but multiple changes to the borrower journey ready for FCA regulated status on 1st April.
Things will get a bit easier after this milestone, so I will get the answer. I just need a little more time to determine a solution, because actually I might owe 'warn' and 'aloanatlast' some humble pie and a lender evening drink...
Kevin
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Post by djia977 on Mar 29, 2014 11:59:42 GMT
Things will get a bit easier after this milestone, so I will get the answer. I just need a little more time to determine a solution, because actually I might owe 'warn' and 'aloanatlast' some humble pie and a lender evening drink... Kevin I feel a 'I'm Spartacus' scenerio coming on
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warn
Member of DD Central
Curmudgeon
Posts: 606
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Post by warn on Apr 26, 2014 7:47:49 GMT
Looks like your wallet is safe, Kevin -- I've just been to register for the event and it's "sold out"
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Post by westonkevRS on Apr 26, 2014 8:15:02 GMT
Shame, because your logic is more or less correct. Although there are good reasons for it's design, it isn't a flaw. Currently trying to find time to determine if to change the system, or just the words....
Perhaps there''ll be lender drink cancellations nearer the time, try a sneaky phone call to plead your case.... Say Kevin said it was OK as an apology!
Kevin.
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Post by aloanatlast on Apr 26, 2014 17:11:40 GMT
I'm still on auto-reinvest at 3-year 4.5%, and I get a reassuring email every few days to say money has been lent. But then I logged in for the first time in a month and found that money had been in a queue at 4.8% for three weeks, having been put there during a spike, but never having reached the front.
I left it and it's gone now.
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Post by GSV3MIaC on May 4, 2014 7:23:25 GMT
I don't think you can really rely on 'market rate' .. It can be off either way. I prefer to reinvest at a rate of my own choosing (based on a month or so average data) and then change it manually if it sticks too long. Yes, some work required, but rather that than ZOPA-ization.
The only wrinkle I could think of would be for auto-invested money which went in at 'market rate' to be reviewed and changed by the system if it stuck or more than X days. Not hard to code.
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