agent69
Member of DD Central
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Post by agent69 on Oct 27, 2018 18:21:38 GMT
Had enough of FC, so decided to sell out.
Was a bit surprised that 93.7% of my holding was sold within 30 minutes. I assume the other 6.3% (mixture of bad debt / late / live) will come through in dribbles over the coming weeks / months / years?
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mikeh
Member of DD Central
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Post by mikeh on Oct 27, 2018 18:40:13 GMT
Attempt a Sell say once a week. You should pick up some sales. Bad debt will dribble through as Recoveries.
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jeremy12
Member of DD Central
Everything's frozen
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Post by jeremy12 on Oct 27, 2018 20:59:15 GMT
Clearly there is an active secondary market.
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Post by Badly Drawn Stickman on Oct 27, 2018 21:19:41 GMT
Clearly there is an active secondary market. Not really as it happens. It simply means that the mindless buying machine has funds available. Personally I like it that way.
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Stonk
Stonking
Posts: 735
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Post by Stonk on Oct 27, 2018 23:11:51 GMT
Had enough of FC, so decided to sell out.
Was a bit surprised that 93.7% of my holding was sold within 30 minutes. I assume the other 6.3% (mixture of bad debt / late / live) will come through in dribbles over the coming weeks / months / years?
Some of the loans you were unable to sell might "get better" -- i.e., a loan repays up to date, or stops being downgraded. If so, it will become sellable. You may wish to keep an eye out for this happening because it could go late again on the next payment date and become unsellable again. I have a couple of loans in my portfolio which are consistently paying the previous month's payment manually a couple of days before the next month is due: they are sellable, but only for 2 or 3 days a month!
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Post by df on Oct 27, 2018 23:50:32 GMT
Had enough of FC, so decided to sell out.
Was a bit surprised that 93.7% of my holding was sold within 30 minutes. I assume the other 6.3% (mixture of bad debt / late / live) will come through in dribbles over the coming weeks / months / years?
Interesting, I've done the same recently. Sold in less than 20 minutes and left with 6% in waiting for some possible recoveries. A small number of them are late, so might start repaying if I'm lucky. On a positive note - in 2 years of investing I've earned 3.6% (estimated 10.3%  . It's better than nothing. If I've done it a year ago I would have earned 8% (with smaller list of defaults). This money could've been redeployed into something like LW where you normally get what's promised... Learned the lesson. IMHO - "autobid" without PF is not a good model.
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trevor
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Post by trevor on Nov 2, 2018 15:38:34 GMT
I've actually emailed FC telling them that I believe they have loosened their borrow requirements to chase turnover for the IPO. I am concerned that as lenders we will pay for this further down the road. Hence they are not getting any more of my cash until I believe different. I also asked for the lenders choice option back. I'm sure it will be ignored. There are just to many loans that auto gives me that I would not bid for if I had the choice.
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benaj
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Post by benaj on Nov 2, 2018 16:27:48 GMT
93.7% is absolutely fantastic, considering the time all these transactions are completed in less than 24hrs. The bonus bit, 0 fees. The oldest P2P platform can't even match this kind of performance. Even on a platform with PF, LW, charges 0.6% selling fee.
It took me 3 months to sell 96% on Z, the remaining 4% defaulted within 4 months. I was lucky enough to break even in August with Zopa.
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jcm9000
Member of DD Central
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Post by jcm9000 on Nov 5, 2018 13:46:53 GMT
Wish I had done the same! 39 parts, all late (starting at 215 days up to 781 days). Quite expensive entertainment waiting for updates and then trying to figure out if they are true or not.
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m2btj
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Post by m2btj on Nov 5, 2018 14:30:57 GMT
I long ago got the impression that FC will lend huge sums of our cash to anyone & decided to run down my handpicked portfolio. Defaults after just one or two payments is totally unacceptable by any measure & does not inspire confidence in FC underwriting.
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benaj
Member of DD Central
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Post by benaj on Nov 8, 2018 7:46:49 GMT
I think cashing out 95%+ of "portfolio total" can be achieved
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Stonk
Stonking
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Post by Stonk on Nov 8, 2018 9:17:54 GMT
I can currently cash out 99.6% of the "portfolio total" of my FC ISA. However, it is mostly around 2 months old, and only 1 loan has become unsellable so far. As a portfolio gets older, the sellable percentage is very likely to drop.
Also remember that defaulted loans vanish from the portfolio, so even getting 100% of the "portfolio total" figure back does not necessarily mean you have made a profit.
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p2pete
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Post by p2pete on Nov 13, 2018 12:06:23 GMT
I've had £2K for sale for 48 hours now and it hasn't budged!
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. It's better than nothing. If I've done it a year ago I would have earned 8% (with smaller list of defaults). This money could've been redeployed into something like LW where you normally get what's promised... Learned the lesson.
