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Post by guillermo on Sept 4, 2017 19:10:47 GMT
In 10 days, I'm due to receive my £100 bonus after leaving £1k in the rolling market for almost a year. As per my understanding, I will be able to withdraw all of the funds free of charge once the current contract is up (as long as I divert repayments to the holding account).
However, given some of the current rates on offer for 1 or 5 years, I'm thinking of putting the admittedly small sum in these markets.
My question is - if I put it away for a year on the 1 year market, will fees be charged for its removal once the year period has passed? Or are the fees just for quick-selling (e.g. midway through a contract)?
Thanks!
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Post by stevepn on Sept 4, 2017 19:35:45 GMT
There will be no fees after the year is up but make sure you get the money put into the holding account otherwise it will get invested for another year.
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star dust
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Post by star dust on Sept 4, 2017 19:36:51 GMT
Unless it's changed radically since I last used it, the fees are just for selling out any of the contracts early. Also you should be aware that just because it says a year, it may not last that long. Early repayments were quite common when I lent there.
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Post by guillermo on Sept 4, 2017 19:39:27 GMT
There will be no fees after the year is up but make sure you get the money put into the holding account otherwise it will get invested for another year. Ah, thank you for your help. So will that year count down from the moment I drop it into the 1 year market?
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jonah
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Post by jonah on Sept 4, 2017 20:14:14 GMT
There will be no fees after the year is up but make sure you get the money put into the holding account otherwise it will get invested for another year. Ah, thank you for your help. So will that year count down from the moment I drop it into the 1 year market? Not quite. The time starts from when the loan is matched. Depending on the rate you set it at that could be instantly, same day or several days later.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 4, 2017 20:29:13 GMT
As a side note. Remember the 1 year loans are non amortising, interest at term so different to the monthly & 5 yr markets where you get regular capital & interest payments.
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dandy
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Post by dandy on Sept 14, 2017 13:30:43 GMT
early sales as per their website are
"3.03% Average Sell Out fee for 1 and 5 year markets. No fees for withdrawing from Rolling market"
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Post by GSV3MIaC on Sept 14, 2017 16:52:51 GMT
I strongly advise you to 'attempt' a sellout of your own (but don't go through with it) before leaping to any conclusion .. when I had a look at mine (before the fee free option) it was 'somewhat higher'. Oh, it might have averaged 3% of what I ORIGINALLY invested, but as a %age of what I was trying to withdraw if was rather larger (an extra digit IIRC). The problem is that the fee goes up as the loan gets older (and thus smaller).
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