RateSetter Rolling Queue

anotherperson

Just started dipping my toe in p2p lending...

I put £100 into the rolling market yesterday, the queue said:

3.7% £303.0k
3.7% £100
3.7% £617.4k
3.6% ...

Today i logged in and looked at the queue to see the following:

3.7% £263.9k
3.7% £100
3.7% £1.0m
3.6% ...

So my question is, why is there now £1m ahead of me in the queue, when it was only £617.4k yesterday? I expected the queue to get smaller! :huh:

lisyloo

If the queue works from the top to the bottom (as I'd expect) then it looks to me that it got smaller.
Any reason you're reading from bottom to top? as that seems counter-intuitive to me.

anotherperson

I can't post a screenshot so it's hard to explain. If you look at the rate setter queue there's a 3rd column for Cumulative which to me, show that the table should be read bottom to top.

MarkFromCornwall

anotherperson wrote: »

So my question is, why is there now £1m ahead of me in the queue, when it was only £617.4k yesterday? I expected the queue to get smaller! :huh:

because others can put in money at any rate they choose (or remove it) at any time. Perhaps your confusion is because you are accepting "the rate to lend right now" and haven't spotted the "Are you a RateSetter expert? Set your own rate here." option which allows you to decide where you will join the queue.

anotherperson

Hi Mark, I did select the expert option and set my own rate at 3.7%. Therefore, I have been watching the queue to see what position I'm in, hence the confusion when more capital at the same 3.7% appears before me in the queue.

MarkFromCornwall

OK, I see what you mean, but I don't know the answer!

I'm pretty sure you are right about which direction the queue works. I have two 'bids' in a queue at the same rate but put in on different dates so I can see from this that it's the money below you that is 'ahead' of you. Anyway it makes sense that the money that is ahead of you is by the lower 'bids' and the money that is behind you is by the higher 'bids'.

Mark

anotherperson

Yes, i agree with all of what you say.

I'm going to email RateSetter to clarify what exactly is happening here. It makes sense that those offering a lesser rate are ahead of you. However, someone offering the same rate at a later date and then skipping the queue does not make sense!
Thanks

MarkFromCornwall

Agreed. Please let us know what they say.

Mark

firestone

anotherperson wrote: »

Yes, i agree with all of what you say.

I'm going to email RateSetter to clarify what exactly is happening here. It makes sense that those offering a lesser rate are ahead of you. However, someone offering the same rate at a later date and then skipping the queue does not make sense!
Thanks

Like most things P2P i would recommend the P2P independent forum for the best answers also there is a good blog Financialthing.com which has a guide on Ratesetter and the best way to use it - think MSE also suggest the best way to get the rate on RS in their review (and there is also P2Pblog.co.uk)