wapping35
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Post by wapping35 on Oct 18, 2014 9:46:59 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. Hi OldGrumpy, I am now £35,300 up from the back of the queue. So yes about £34k has come in this morning. I was tempted to do what you are. i.e. not reset to prove to RS what the problem was. However as I called them, showed them and told them on Friday morning. I kind of think for my case at least they have their burden proof. I am still following up on Monday since clearly there has been an idle money loss even "if" I get matched today. And I am concerned that this "glitch" will recur. W35
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Post by westonkevRS on Oct 18, 2014 17:03:55 GMT
When people post about possible issues could they confirm if they are also using the Your Rate functionality. I don't like this functionality because it can cause money to get stranded when it is used a floor rather that to catch spikes.
Customer Services will respond Monday I am sure about this thread, and hopefully then I can post a simple explanation.
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mike
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Post by mike on Oct 18, 2014 17:40:27 GMT
Kevin westonkevRS , Thanks for your reply. I've been lending on RS for a year and it's been pretty much a positive experience. I like the simplicity and transparency. Therefore it's very important to keep on top of any perceived or indeed actual anomalies. Have a good weekend and let's see those 5 yr rates back over 6% Mike
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oldgrumpy
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Post by oldgrumpy on Oct 18, 2014 17:45:06 GMT
I used "my rate" at 5.9% on Tuesday evening to tell RS to put my repayments in at 5.9% on Wednesday. This it duly did. Since then despite 5.9% being the market rate and money being matched at 5.9% for most of three days, my order (and others) remains at the back while other people's later orders have moved forward and been matched. I fully expect now that with over £100K still to go, all new repayment orders Monday morning will also be put at the front of the queue. I will be ready to take the screen shot to record it! Kevin said, "When people post about possible issues could they confirm if they are also using the Your Rate functionality. I don't like this functionality because it can cause money to get stranded when it is used a floor rather that to catch spikes."
I see how money deposited in that way can get stranded at a higher rate if market rate goes down. That is the investor's own fault. My money here should only get stranded if the matching is at 5.8% or lower. I do not accept that "my rate" causes money to get stranded "within an interest band" when used as a floor. When an order is matched in 5.9% all others within the 5.9% pot should move forward by one. Simples. Several hundreds of thousands of pounds have been matched at 5.9% since Wednesday morning. A tranche of 5.9% orders has not moved forward while that has been happening. Your system is putting new orders before existing ones, and has been doing that since at least Tuesday. People are getting fed up with my repetition of this platform failure. That is what should have been fixed on Friday morning as soon as it was reported. Putting new orders in front of old ones within an interest band. It's not just Grumpy who is feeling grumpy; other people are getting grumpy with Grumpy for being grumpy on and on Signed Grumpy! PS it's not Kev I'm grumpy with!
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Post by westonkevRS on Oct 18, 2014 17:59:57 GMT
Grumpy, if you remove the YR (unsure if you'll have to resubmit the money) then your money will move forward through the queue. I'll try to provide a fuller explanation Monday when I fully understand the implications. But I do suspect that anyone impacted by their money not seemingly moving forward in the queue will be using YR with a floor set. Might I suggest that you either just use the standard Market Rate functionality, or you simply place orders ad-hoc at the rate you want. As a lender (not with my RateSetter hat on), the YR acts in a different way to how people expect, and I personally don't like it at all. it catches spikes rather than acts as a floor. Unfortunately with YR money can be stranded within a single 0.1% band.
Kevin.
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oldgrumpy
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Post by oldgrumpy on Oct 18, 2014 18:10:15 GMT
Well, another £10K has just gone in, pushing me back to £117K. I'm going to leave it so RS can see it there to deal with on Monday and find out what they say. There must be quite a few other people (I reckoned about £7K worth) who don't even know this is happening. It only involves me in a few p in interest. (My orders of Thurs and Fri have long been lent out). If "your rate" doesn't work properly, as it isn't here (I've been using it for many many months and it hasn't gone wrong until last week), it should be disabled completely until repaired. You deserve a pint or three, so switch off now
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wapping35
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Post by wapping35 on Oct 18, 2014 18:17:10 GMT
Well I used setting my own rate to correct this IT glitch. So I certainly would not want it removed.
I am now close to being matched. Only £21,600 from the front and £96,100 behind me. Versus stuck £1,100 from the back...
It was only by having the ability to set my own rate that I could correct this problem myself, rather than having to wait until Monday. I would be "very grumpy" otherwise...
Kevin the issue is a problem with the queue IT. When I called Customer Services on Friday (9am) they said your development team / technical team needed to look at it, it was clearly a problem not a result of setting my own rate. I have never had this problem before and always used the set my our rate.
I really don't like the market rate function since from what I have seen it cuts rates, when a cut is not needed. But as long as I can opt out this is fine and I invariably get matched within 1-2 days.
I really would not be happy if the set my own rate function was removed. I hate to say it but in my opinion that would be a bit "ZOPA ish".
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oldgrumpy
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Post by oldgrumpy on Oct 18, 2014 19:58:18 GMT
"....I am now close to being matched. Only £21,600 from the front and £96,100 behind me. Versus stuck £1,100 from the back..."
Keep it going, Wappers! I'm still almost at the back of the queue at 91K (an hour later than your post) ... waiting for Monday as explained above. When Monday morning comes I might even be able to lend out my Monday's repayments before the RS technogurus even tackle the problem.
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wapping35
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Post by wapping35 on Oct 18, 2014 20:22:10 GMT
Okay it has been matched at 8.12pm.
" This email is to confirm that your order O166677850675 for £102.51 at 5.9% in the 5 Year market has been matched." (From the RS email…)
So yes the "set my own rate" self help has solved the problem in under 11 hours. Shame RS did not tell me to do that on Friday really...
Look forward to talking to RS on Monday about the underlying IT issue.
And Grumpy I admire your tenacity…..! Sorry from being behind you at 9am this morning, my queue jumping has worked...
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wapping35
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Post by wapping35 on Oct 18, 2014 20:26:11 GMT
p.s. I am glad I did not take Kev's advice and cut my rate to 5.8%. Sorry Kev...
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oldgrumpy
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Post by oldgrumpy on Oct 19, 2014 19:16:41 GMT
Curses! All the 5.9% has now been matched this afternoon, so when the techies take a look on Monday they will say, "there's nothing wrong now."
I'VE STILL GOT THREE DAYS OF SCREEN SHOTS TO PROVE IT, GUYS - WANNA HAVE A LOOK?
We shall have to start reporting it all over again when it recurs!! I shall still ask "why were 16/17/18 Oct monies in 5.9% lent out before 15 Oct monies?"
There is quite a simple way of checking whether the system starts playing up in this way again. Do what I did last Tuesday causing me to notice the anomaly in the first place. Manually place an order at whatever rate you choose, and check immediately that your order shows at (or very close to) the back of the relevant queue. If it is, all is well - probably. Last Tuesday I dolloped in a 5.9% order when the queue was about £495K and looked immediately to find my order plonked near the front of the queue at £57K). That was when I first mentioned it on another thread. It was quite quickly lent out, while existing funds already there were not, as we have observed.
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gnasher
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Post by gnasher on Oct 20, 2014 7:50:22 GMT
I have been confused about the reference in this thread to the fact that new money you add to a queue joins your earlier money if some is sitting higher up. I have never seen this happen. Today I added some to the 6.0 queue, and it did not join my earlier money. My unmatched money now looks like this: 20/10/2014 £163. 00 6.0% £396.2k 16/10/2014 £215. 00 6.0% £62.2k See, my £163 did not join my £215 from 4 days ago. So westonkevRS, please explain your previous statements on this subject. Does it ever happen, or are there specific conditions that need to be met, e.g. placed on the same day or something like that.
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oldgrumpy
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Post by oldgrumpy on Oct 20, 2014 8:21:20 GMT
gnasher I've never seen it. Whenever I add money to a rate it is a new and independent order and shows as such at the end of the queue. I've never has any money combined to an existing order. Today we must both watch to see that all extra money in 6% pops in behind our existing orders. The amount behind us in the queue must increase. If it doesn't ... (I am currently at £65K from the back of the 6% pot. There is £340K in front of me in that pot - there have been no matches yet today in 5 year. Grumpy is watching!) 10:00 It appears the system is working correctly this morning. I am now £106K from the back of the 6% queue. The amount in front is unchanged ... apart from those gypsies who are offering 5.8/5.9%, may their tongues turn green!!
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spiral
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Post by spiral on Oct 20, 2014 9:42:31 GMT
Grumpy, if you remove the YR (unsure if you'll have to resubmit the money) then your money will move forward through the queue. Kevin. WK, are you implying there are 2 queues within a queue i.e. that which is placed by MR and that which is placed by YR such that MR money is always in front of YR money even if in the same x.x% queue?
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wapping35
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Post by wapping35 on Oct 20, 2014 14:20:53 GMT
An update.
I have just called RS's Customer Services (Joe) for an update (really to ensure I get a reply since the underlying issue has gone away due to the market rate moving to 6.0% from 5.9% on Sunday).
They tell me an email will be sent shortly on the matter to explain what happened / went wrong. I was told it was the first time it had happened and it seemed to be an unexpected result of the wall of money arriving due to the advertising campaign.
They hope the email will be sent today.
I am sure Kev will update this thread when the email is sent , but if I receive the email beforehand I will copy / paste.
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