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Post by ratetart666 on Mar 1, 2018 19:32:40 GMT
After FCs abysmal recent performance, and the new lending regime, I decided to liquidate my investment, and like many investors, am left with a rump of dodgy/potentially dodgy loans. My account today says there are £0.00 loan parts available to sell, however applying a filter based on FC's sale rules, there should be >£200 available for sale. I suspect that FC are holding these back for their own cash flow reasons, or to wait until they, in turn, go rancid. I have emailed FC today requesting reasons, or release of funds. I will keep investors posted with their reply - I anticipate 'Nacht und Nebel' or a generous serving of Porky Pies. Maybe they will come clean, and release the funds.
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Post by GSV3MIaC on Mar 1, 2018 20:02:57 GMT
ratetart666I seriously doubt FC could be bothered to fiddle anything for less than 7 figures .. are you sure you applied all the constraints .. i.e. NOT less than a month to run, NOT currently 'processing' or 'late', NOT 'RBR', etc? Maybe if you posted a suitably redacted list of the loans/parts you are 'stuck with' we could tell you why you can't sell them.. I assume you have your lawyer on standby in case Feeling Cross decide they don't like your use of the word 'scam' in connection with 'another' (even the '?' won't get you off that hook).
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markr
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Post by markr on Mar 1, 2018 21:46:34 GMT
Yes I'm sure that, in the preparation for their £1bn flotation, they are desperate to hold on to your 200 quid. IT cock up I could believe. Conspiracy, nahh.
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blender
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Post by blender on Mar 1, 2018 22:35:21 GMT
I think it's personal. ratetart666 is considered so important to FC that the CEO has ordered the minions to find any possible way of keeping him with some live loans. So that during the IPO they can tell the world that ratetart666 really wants to be with FC. (well it's an equally plausible explanation)
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Post by GSV3MIaC on Mar 2, 2018 8:25:55 GMT
I changed the thread title, since the OP hadn't taken the hint. I can easily justify ' another foul up', the problem being which of a dozen to quote as the earlier example. I'd still like to see these unsaleable parts .. I too can believe the new autosell algorithm is broken.
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ceejay
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Post by ceejay on Mar 2, 2018 9:37:55 GMT
After FCs abysmal recent performance, and the new lending regime, I decided to liquidate my investment, and like many investors, am left with a rump of dodgy/potentially dodgy loans. My account today says there are £0.00 loan parts available to sell, however applying a filter based on FC's sale rules, there should be >£200 available for sale. I suspect that FC are holding these back for their own cash flow reasons, or to wait until they, in turn, go rancid. I have emailed FC today requesting reasons, or release of funds. I will keep investors posted with their reply - I anticipate 'Nacht und Nebel' or a generous serving of Porky Pies. Maybe they will come clean, and release the funds. Maybe it has something to do with this: "Investors may notice an increase in the number of ‘Processing’ loan parts at the beginning of March, due to February being a shorter month. Loan repayments are collected by direct debit 5 calendar days before the payment is due and because February has fewer days, payments for late February/early March will be delayed. These delays will resolve after a few days, once payments have been processed and distributed. Please don't hesitate to get in touch if you have any questions."
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blender
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Post by blender on Mar 2, 2018 10:25:53 GMT
Yes very likely, but ratetart666 has checked all the rules and knows that parts processing cannot be sold. February has become a traditional problem for FC's 'overnight' processing of repayments due on the last day of short months. I have created a new portfolio of 400 mostly-new loans and have been surprised to log in at 10am and to note that the transactions have hardly started. For newbies, the reason for the long overnight task is that this is not simply internal to FC's system, but involves the client accounting system which, for obvious reasons, is hosted by a separate specialist service provider on computers which are distant from FC. So that for each repaying loan part there is a need to communicate account information and to reconcile accounts. This now seems to eat well into the morning, and if you have to do extra days' worth it's a problem. At least that's how I understand it works. I suppose it is better to be dealing with the problems of success. Or of course it could just be that FiddlingCheats have it in for ratetart666.
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ceejay
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Post by ceejay on Mar 2, 2018 12:13:12 GMT
Another possible explanation is that OP may be relying on the "Loan Status" column of the downloaded loans report. I find this to be unreliable. For example, in my remaining rump I have a loan which is described as "downgraded" in the loan status commentary, but which is listed as "Live" in my downloaded loans report. I'm pretty sure that when I had a lot more loans, there were quite a few similar instances.
Reasons for this happening include the usual IT errors, but also for example where a loan has been downgraded due to some external event (like a CCJ or administration) but a payment hasn't been missed yet.
It may be worth cross checking to see if there are any loans like that.
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Post by ratetart666 on Mar 2, 2018 17:45:52 GMT
Thanks to GSV3MIaC for censoring my post, at least he/she also suspects that the autosell algorhythm is 'broken'. Not prepared to share specific loan details as this would make me identifiable by FC. SCAM is an acronym, standing for Simply Crazy About Money. Yes, I applied all the elements of the 'rules' into the filter, including the processing loans. FC's response made very little sense, and did nothing to reassure me. Thanks to all for the advice.
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Post by GSV3MIaC on Mar 2, 2018 18:27:14 GMT
I sincerely doubt FC would bother to try to ID you - if they wanted to then they already have the 'tried to sell out of everything on date X' so they probably could. You need only provide a couple of the unsaleable loan details (loan numbers, not even amounts) for someoneto advise you whether there is actually a reason they won't sell (or jsut another FC software glitch) .. and if you think you are the only holder of those loans, and thus identifiable, you are dreaming. First thing to do, of course, is wait 3-4 days and try to sell again.
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markr
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Post by markr on Mar 2, 2018 20:02:36 GMT
Indeed, I think emailing FC to ask them a very specific question, then posting on a forum saying "I emailed FC to ask them this very specific question", has already blown your cover I'm afraid.
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ashtondav
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Post by ashtondav on Mar 2, 2018 20:40:04 GMT
Zzzzzzzzzzzzzzzz.....
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Post by ratetart666 on Mar 18, 2018 8:58:32 GMT
Thanks to GSV3MIaC for censoring my post, at least he/she also suspects that the autosell algorhythm is 'broken'. Not prepared to share specific loan details as this would make me identifiable by FC. SCAM is an acronym, standing for Simply Crazy About Money. Yes, I applied all the elements of the 'rules' into the filter, including the processing loans. FC's response made very little sense, and did nothing to reassure me. Thanks to all for the advice. Update: FC have now released the funds in question, their response to my enquiry making little sense. My original intent in posting the issue was not to ask for help interpreting my spreadsheets, but to warn others. Interesting to note that moderators routinely censor posts even where the content does not offend against forum rules - what legal qualifications, if any, do they have?. I will stick to my original title for the post, striking a blow for freedom of speech for which our forefathers (and myself) fought. If FC are offended by this, good luck to them! and now to quote Ashtondav (a most apposite comment): Zzzzzzzzzzzzzzzz.....
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Post by skint4achange on Mar 18, 2018 10:28:03 GMT
Come on guys, the naughty step is not a nice place. It is a cold and hard place. TRUST ME ON THIS!!  |
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