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Post by stevepn on Jul 25, 2015 13:54:21 GMT
This is my first post so please be kind. I have money in a 5 year account which I re-invest every month. My question is, does each monthly interest last for 5 year or does it last till the end of the 5 years of the original investment?
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Post by stevepn on Jul 25, 2015 14:38:22 GMT
How do I change it from 5 yrs to 3yrs?
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Post by stevepn on Jul 25, 2015 15:40:10 GMT
The automatic way is via the re-investment link on the left hand side under 'instructions'. That screen shows what you have invested in all the markets and the re-investment instructions for each market. You can set the 5yr to reinvest in the either the 5yr/3yr/1yr or monthly markets and how much - either All or Capital only. Thanks pepperpot.
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Post by GSV3MIaC on Jul 25, 2015 23:02:30 GMT
Also remember, iirc, '5 year' matches can be for 4 or 5 years, and can also be (often are) paid back early. Makes sorting out a definite end date rather challenging. 8>.
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Post by westonkevRS on Jul 26, 2015 10:22:03 GMT
24% of 5-year loan customers make an over-payment at some point in the loan term, with as an average the payments being more than half of the outstanding balance (i.e. quite a lot of the 24% pay of the loan early) I did the stats a while back as a few customers had asked about it, and it might have made a nice blog (I thought). But it didn't happen. Funnily enough the "benefit" of this is debatable. Some lenders like early repayment so that the average term reduces and they can then make an active decision on what do do. Others prefer the money to be tied away and not have to think, especially if they were on a higher rate than currently available. @ westonkevRS. link.ratesetter.com/8Ls46js www.linkedin.com/profile/view?id=19236219
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Post by oldnick on Jul 27, 2015 5:28:51 GMT
... Some lenders like early repayment so that the average term reduces and they can then make an active decision on what do do. Others prefer the money to be tied away and not have to think, especially if they were on a higher rate than currently available. @ westonkevRS. link.ratesetter.com/8Ls46js www.linkedin.com/profile/view?id=19236219Is there an option to choose to be at the front or back of a 'queue' to receive early repayments? That way both groups might be happier.
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Post by westonkevRS on Jul 27, 2015 7:03:58 GMT
... Some lenders like early repayment so that the average term reduces and they can then make an active decision on what do do. Others prefer the money to be tied away and not have to think, especially if they were on a higher rate than currently available. @ westonkevRS. link.ratesetter.com/8Ls46js www.linkedin.com/profile/view?id=19236219Is there an option to choose to be at the front or back of a 'queue' to receive early repayments? That way both groups might be happier. Ha, interesting. But no there isn't that option. I'll be honest, it won't get put in either as the platform objective is to be simple. This option might be cool for the aficionados but to others it just adds unwanted additional choice to be confused by. And many find the concept of the markets confusing already! @ westonkevRS
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