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Post by aroominyork on Jan 31, 2018 12:24:13 GMT
I have two lots of funds on the one year market, one at a good rate and one at a poor rate. I want to release the poor one (paying the 0.3% release fee) to reinvest at a higher rate. But Ratesetter told me (by phone) that if I put in a sell order the better rate will be sold first. I do not see this explained on the Money Out page, nor on Release Your Investment, nor in FAQs. I reckon this has caught out people who unintentionally sell their good rate and keeping the poor one. I have asked Ratesetter to make this clear on the site.
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Post by fiatlender on Jan 31, 2018 12:59:09 GMT
Interesting. I have four different loans in the 1yr and assumed they would be sold the same way as the rolling market, most recent first, not by rate.
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smezz
Posts: 180 
Likes: 73
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Post by smezz on Jan 31, 2018 16:32:48 GMT
I got caught out with this - luckily with a small order.
I put in the exact value to sell of the lower interest order (something like £20.42 @4.0%) but it took that amount off the best order (6.1% I think).
I was not impressed!
I've not seen it mentioned anywhere else so this might be a good warning for new investors - along with not investing automatically at the market rate which is where the dud order came from.
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Post by aroominyork on Feb 9, 2018 9:27:34 GMT
So I wrote about this to Ratesetter who replied that the head of department is carrying out a full review into the sellout process and they'll keep me posted... and I'll keep the forum posted.
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scc
Member of DD Central
Posts: 214
Likes: 163
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Post by scc on Feb 28, 2018 12:14:53 GMT
I guess their current way around maximises the chance of getting your cash back quickly. After all, I know (and I suspect I'm not alone here), I would be cashing out low interest loans for better rates pretty regularly otherwise.
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