wapping35
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Post by wapping35 on Oct 17, 2014 17:03:08 GMT
Well have not had a call back from RS on this problem. They close at 6pm so assume I may have to wait until Monday now.
Just tried a few times to call them (5pm ish) and all lines are busy. Great..
Money is still super glued £1,100 from the bottom of the 5.9% queue.
All todays repayments lent.
But that Wednesday morning repayment has now £239k in front of it.
Really do not understand what the problem is and I am tempted to just withdraw it ?
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oldgrumpy
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Post by oldgrumpy on Oct 17, 2014 20:57:48 GMT
Well, RS have seen fit to carry on matching loans all day according to their obviously broken order list. Thursday and Fridays orders all going out. Wednesdays still stuck (but maybe they'll be on to them before Mondays big repayments stash comes). I suggest RS pays the interest we would have received if all orders had been lent out correctly, then reinstate the queue correctly. So we have been ignored and RS have continued with the error. I am not too grumpy about the system having a blip - it's only pence of interest so far for me, but some people may have dropped in a four figure amount on Wednesday morning and that's stuck too; I am very grumpy about the fact RS have not even acknowledged the problem, and appear to be leaving it until next week. westonkevRS has gone very quiet....though to be fair, as long as he has told RS of the problem as described here, that's all he could actually do himself. wapping35 said "Really do not understand what the problem is and I am tempted to just withdraw it?" I'm leaving mine (only £180) in so I can screenshot its existence at the bottom of the list for the whole time it shouldn't be there. B*gger the bananas - I'm off for some ale!!
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wapping35
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Post by wapping35 on Oct 17, 2014 21:52:37 GMT
For the record my super glued money stuck at the back of the 5.9% queue comes to £102.51, so it is not too much but v annoying.
That said I guess it is "only" 2p in lost interest each day it stays stuck at the back.
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Post by westonkevRS on Oct 17, 2014 22:47:54 GMT
Guys,
I have asked if there is a problem, as I wasn't aware of one before reading the forum comments. But I know that some forum members have also called Customer Services who I think are investigating, and have raised this internally. I expect being the weekend we might not have an answer (or fix, if required) before Monday. But I will feed back if I hear back anything beforehand.
I guess it doesn't help, but rather than withdraw your cash it does sound like if you drop the offer by 0.1% your money will fly out. Although I appreciate if things are working as expected you shouldn't have to do this, you would just need to wait.
Kevin.
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mike
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Post by mike on Oct 17, 2014 23:04:06 GMT
westonkevRS Is the queuing system supposed to be FIFO or not?
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wapping35
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Post by wapping35 on Oct 18, 2014 7:59:25 GMT
Guys, I have asked if there is a problem, as I wasn't aware of one before reading the forum comments. But I know that some forum members have also called Customer Services who I think are investigating, and have raised this internally. I expect being the weekend we might not have an answer (or fix, if required) before Monday. But I will feed back if I hear back anything beforehand. I guess it doesn't help, but rather than withdraw your cash it does sound like if you drop the offer by 0.1% your money will fly out. Although I appreciate if things are working as expected you shouldn't have to do this, you would just need to wait. Kevin. Kevin, Thanks for the reply. I am actually wondering if I withdraw the offer @ 5.9% to the Holding Account (so not actually out of RS) and then re-invest it at 5.9% it will then remove me from the stagnant morning of Oct 15th offer position.(I have just checked it is still stuck £1,100 from the back of the 5.9% queue, 8.45am Oct 18th). As mentioned above my 5.9% offers on Oct 16th were matched on Oct 16th and the same for my two Oct 17th offers (on Oct17). When I spoke to Customer Services on Friday morning (Jordan) he confirmed this should not happen (he was looking at my account at the time). I will stick with it until Monday, but it is v frustrating. It is possible that all 5.9% money is matched over the weekend and rates go to 6.0% and then I guess my money will be lent. Since I assume £1,1k at the end of the 5.9% queue is still treated as a priority over 6.0% offers.? But since it is an IT "glitch" who knows (the rules of FIFO, clearly do not apply for this offer). Anyway thanks again for the reply. W35
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wapping35
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Post by wapping35 on Oct 18, 2014 8:34:16 GMT
As an update I decided to try what I proposed. i.e. Move the Oct 15th offer to Holding and then reinvest at 5.9%. And yes magically I moved £500 up the queue (sorry to the £500 I jumped). Not much but something. Now I will see if my Oct 15 (now Oct 18th) addition actually moves up the queue as money is added behind me (which was not happening before). Given how little I moved up the queue I assume not many are impacted.
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wapping35
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Post by wapping35 on Oct 18, 2014 8:42:31 GMT
I have checked again and it is working..
Before I reset my offer I was stuck £1,100 from the back of the queue.
When I reset I moved to £1,600 from the back of the queue.
Now (20 mins on) I am £7,200 from the back of the queue. (i.e. money has been added behind me).
I guess this is a self help solution, but clearly RS need to fix the underlying problem.
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Post by westonkevRS on Oct 18, 2014 8:46:08 GMT
westonkevRS Is the queuing system supposed to be FIFO or not? Mike, The general principal is definitely FIFO, unless you jump the entire queue by lowering your rate. The are some anomalies in that if you already have some money in the queue, new money can join your existing money nearer the front of the queue. But generally and 99% of the time (don't quote me on that, and presuming no technical errors) it is FIFO. On Monday when I'm in the office I'll provide the details of the anomalies but these are a distraction, it's FIFO. No money is more important or takes priority over anyone else's. £10 new money = £100,000 old money. It doesn't depend on Amounts on offer, length of customer relationship, lord almighty algorithms, etc. It should be simples. Anything else wouldn't be fair, not transparent, and unfair. Kevin.
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wapping35
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Post by wapping35 on Oct 18, 2014 8:52:06 GMT
I am now £20,200 from the back of the queue. So "resetting" is definitely working. FIFO is back. All I need now is to see some borrowers.
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oldgrumpy
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Post by oldgrumpy on Oct 18, 2014 8:55:14 GMT
I have been a couple of thousand from the back of the queue for days! Now I am £900 from the back of the queue, so you've jumped me and some others have gone too. Looks like you've gone to the front of the 15 Oct queue but NOT the back of the 5.9% queue which a new order should have done. You will be at the back of the 18 October 5.9% queue. All this suggests that about £7000 of 15 October is stranded and will not be lent until rates are about to go up to 6%. RS should have attended to it Friday when Kev told them.
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Post by westonkevRS on Oct 18, 2014 9:05:12 GMT
westonkevRS Is the queuing system supposed to be FIFO or not? Mike, The general principal is definitely FIFO, unless you jump the entire queue by lowering your rate. The are some anomalies in that if you already have some money in the queue, new money can join your existing money nearer the front of the queue. But generally and 99% of the time (don't quote me on that, and presuming no technical errors) it is FIFO. On Monday when I'm in the office I'll provide the details of the anomalies but these are a distraction, it's FIFO. No money is more important or takes priority over anyone else's. £10 new money = £100,000 old money. It doesn't depend on Amounts on offer, length of customer relationship, lord almighty algorithms, etc. It should be simples. Anything else wouldn't be fair, not transparent, and unfair. Kevin. Oh, and in your members area you can see exactly where you sit in the queue. So you know how much money is ahead of you in your interest rate, and the money sitting ahead on lower interest rates. So in theory if all is working, as long as no "same customer" money joins existing money ahead of you, you'll move forward to the front of the queue. Completely transparent. Usually lent within 24 hours if your money is at the Market Rate or 0.1% lower. Kevin.
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Post by westonkevRS on Oct 18, 2014 9:06:00 GMT
I am now £20,200 from the back of the queue. So "resetting" is definitely working. FIFO is back. All I need now is to see some borrowers. My weekend underwriters are in, I'll tell them to be overly generous to our borrowers this morning.....
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oldgrumpy
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Post by oldgrumpy on Oct 18, 2014 9:22:43 GMT
I'm leaving mine exactly where it is to find out how long it will take RS to match my order which was market rate on Wednesday and remains at the back of the queue on Saturday while much of the time there has been nothing on offer at a lower rate.
If you have gone £20K up the queue this morning, that means £20K or so has gone in to the pot behind you today already ... but still in front of me (and others) from 15 October. I'm on £216.7 in the queue at present.
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Oct 18, 2014 9:30:06 GMT
westonkevRS Is the queuing system supposed to be FIFO or not? The general principal is definitely FIFO, unless you jump the entire queue by lowering your rate. The are some anomalies in that if you already have some money in the queue, new money can join your existing money nearer the front of the queue. But generally and 99% of the time (don't quote me on that, and presuming no technical errors) it is FIFO. I don't do much on RS, so not an expert here, but I've read many times here that some lenders drip their money in at intervals of £' x' K in order to try and ensure their money gets diversified across different borrowers. Wouldn't the above mean that this strategy can't work, because the 'drips' would get aggregated into a 'puddle' in any case? Those lenders would appear to be wasting their time. Actually, I think I've read of some puzzlement from lenders doing this who then find their money went to the same person; it's led them to think there must be mega-loans, whereas it turns out that the system doesn't quite work the way they thought.
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