criston
Member of DD Central
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Post by criston on Feb 9, 2020 17:27:54 GMT
My apologies if I'm not staying fully on topic here, but I would like to report my stats here too. Except I don't fully understand the 1st round, 2nd round, 3rd round reporting system. Details below: Date requested: 18/09/2019 (Days since instruction 144 days)Amount requested: £1,779.XX Amount received: £291.XX (Amount from selling: £130.XX, remainder is from repayments)
The access funds page says "Any loan parts not sold within 120 days will be delisted". However the original instruction is still in progress and I don't appear to have had my loans delisted. It doesn't give me any information about cycles. Have I been dumped on the old tool, and I'll be better off cancelling and re-executing my instruction? Thanks for your help. Looks as if you are still selling OK. Go to your summary page scroll down & click on transaction statements & look for transactions showing the 1.25% fee at the end. You should be able to go back on average 10 days each time & find all your selling transactions, around 7 or 8 in total. Go to page 1 of this thread which should explain everything.
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Post by Ace on Feb 9, 2020 17:43:31 GMT
My apologies if I'm not staying fully on topic here, but I would like to report my stats here too. Except I don't fully understand the 1st round, 2nd round, 3rd round reporting system. Details below: Date requested: 18/09/2019 (Days since instruction 144 days)Amount requested: £1,779.XX Amount received: £291.XX (Amount from selling: £130.XX, remainder is from repayments) The access funds page says "Any loan parts not sold within 120 days will be delisted". However the original instruction is still in progress and I don't appear to have had my loans delisted. It doesn't give me any information about cycles. Have I been dumped on the old tool, and I'll be better off cancelling and re-executing my instruction? Thanks for your help. Looks as if you are still selling OK. Go to your summary page scroll down & click on transaction statements & look for transactions showing the 1.25% fee at the end. You should be able to go back on average 10 days each time & find all your selling transactions, around 7 or 8 in total. Go to page 1 of this thread which should explain everything. Your 120 day sale period will have reset on 2/12/2019 when the new sales tool started.
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Post by rweb on Feb 9, 2020 20:42:35 GMT
<snip>
Comparing exit strategies
If we focus on actual principal repayments only, the results are below:
</snip> A really interesting piece of analysis jochietoch.
However, I can't get my read around how if FC removed the 120 listing limit the number of sell days would half from 1034 to 574.
Surely after 120 days people will simply re-list their loans for sale. Even if this takes them a few days (FC will email when loan parts are de-listed so people will get a prompt), I can't see how this causes such a large variation in total selling days?
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Feb 9, 2020 23:49:48 GMT
A really interesting piece of analysis jochietoch .
However, I can't get my read around how if FC removed the 120 listing limit the number of sell days would half from 1034 to 574.
Surely after 120 days people will simply re-list their loans for sale. Even if this takes them a few days (FC will email when loan parts are de-listed so people will get a prompt), I can't see how this causes such a large variation in total selling days? Variation is because lets say over the 120 day period you sell 10% and you start with £10,000 First 120 days you sell £1000 leaving £9000 on the second 120 days you sell 10% but of the £9,000 so £900 on the 3rd pass you start with £8100, So sell £810 And so on
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Post by Mr Smith on Feb 10, 2020 11:59:51 GMT
After selling out I had a few loans left amounting to a couple of hunder quid or so. I think there was approx 11 or 12 live loans and more bad debts/late. I'm down to 3 live loans now and 25 bad debts/late. Vindicates my decision to sell up. I'll report back when it's 28/0
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llew
Posts: 11
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Post by llew on Feb 10, 2020 17:44:28 GMT
Thanks for your help Ace and Criston!
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ashtondav
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Post by ashtondav on Feb 10, 2020 18:27:53 GMT
Blimey. At 1034 days you're not far away from just withdrawing repayments...
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Post by dogeared on Feb 10, 2020 19:15:40 GMT
A really interesting piece of analysis jochietoch .
However, I can't get my read around how if FC removed the 120 listing limit the number of sell days would half from 1034 to 574.
Surely after 120 days people will simply re-list their loans for sale. Even if this takes them a few days (FC will email when loan parts are de-listed so people will get a prompt), I can't see how this causes such a large variation in total selling days? Variation is because lets say over the 120 day period you sell 10% and you start with £10,000 First 120 days you sell £1000 leaving £9000 on the second 120 days you sell 10% but of the £9,000 so £900 on the 3rd pass you start with £8100, So sell £810 And so on Yeah, diminishing returns, when looking back at people who sold smaller amounts however they reported payments in the region of 50-70%, so I'm not sure it would turn out this way.
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Post by jochietoch on Feb 10, 2020 21:54:57 GMT
However, I can't get my read around how if FC removed the 120 listing limit the number of sell days would half from 1034 to 574.
Variation is because lets say over the 120 day period you sell 10% and you start with £10,000 First 120 days you sell £1000 leaving £9000 on the second 120 days you sell 10% but of the £9,000 so £900 on the 3rd pass you start with £8100, So sell £810 And so on
Yes, that's why the sale takes so much longer in the simulation. Of course this assumes the cycle stays of the same duration all the way through. As others have pointed out, the delisting could have the effect that some of the less determined sellers take some time before they relist or perhaps don't relist at all. If enough do that, or even just a couple of really large sellers, the cycle could suddenly get much shorter in April.
On the other hand, delisting it could also give some sellers who haven't been paying close attention quite a shock as they after 120 days they get an e-mail saying they've managed to sell only about 20%. The cycle is also likely to get longer before that, as more sellers join the queue.
In the end what is needed for the queue to resolve is fewer sellers, or more investors, which Funding Circle point out correctly they don't have much control over; or tighter lending standards, which they consistently forget to mention they do control.
I suspect their strategy is now basically "Uber, but for loans" - corner the market for small business loans by throwing other people's money at it; then, once they're unavoidable, become the middle man between institutional investors and small business borrowers and collect nice fees. Interesting as they started out touting "disintermediation".
Who knows, they might even like having a well-filled sellers queue as it makes it easier for them to match supply and demand, so long as you don't care too much what the sellers think.
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Post by moutarde on Feb 10, 2020 23:05:04 GMT
15/08 => 10/02 15 days since previous cycle
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Post by robdmarh on Feb 11, 2020 11:57:41 GMT
Hi everyone I'm new to the forum, but I'm glad I've found you. Funding Circle is almost a closed shop as far as information is concerned and seems to be quite a different business to the one I first invested in in 2013, or at least they've changed tack and the current economic environment has brought out their dodgier side.
After a reasonable if not spectacular rate of return from my original £7,000 investment from 2013 to 2018 on the old autobid system I cashed in in March of that year and reinvested about £11,000 in an ISA as a "balanced" or in other words higher risk level investor. There were plenty of warnings about the dangers of p2p and liquidity problems around then but I hadn't been paying attention so paid them no heed. Anyway, in the autumn of 2019 I woke up to the fact that I was getting a net return of 2.4% instead of the predicted 6.5%, loans were defaulting all over the place and read that the selling times on the secondary market were taking an average of 100 days and that if I wanted to sell I'd lose a further 1.25% of loan parts sold in "transfer payments" to the buyer (FC generous to a fault to the new lambs for slaughter!)
So December 31st of 2019 I decided to pull the plug and hit the sell everything button. I requested the sale of £10,904.32 of loan parts, the other £7,000 or so of my investment being taken up by late paying, downgraded or processing loans. Anyway, results so far have been the following:
Amount requested: £10,904.32; Amount received:£1,177.55; Amount from selling: £461.04; Amount from repayments: £716.51
Reading here this looks to be about normal when comparing with other people's experiences or maybe even a bit faster. What I don't understand are these cycles, or "rounds" of selling that people are talking about here and how some of you clever people have worked out how to play their system to try and speed things up. Sorry if I'm asking questions that have already been answered earlier in this thread.
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criston
Member of DD Central
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Post by criston on Feb 11, 2020 12:11:25 GMT
Hi everyone I'm new to the forum, but I'm glad I've found you. Funding Circle is almost a closed shop as far as information is concerned and seems to be quite a different business to the one I first invested in in 2013, or at least they've changed tack and the current economic environment has brought out their dodgier side. After a reasonable if not spectacular rate of return from my original £7,000 investment from 2013 to 2018 on the old autobid system I cashed in in March of that year and reinvested about £11,000 in an ISA as a "balanced" or in other words higher risk level investor. There were plenty of warnings about the dangers of p2p and liquidity problems around then but I hadn't been paying attention so paid them no heed. Anyway, in the autumn of 2019 I woke up to the fact that I was getting a net return of 2.4% instead of the predicted 6.5%, loans were defaulting all over the place and read that the selling times on the secondary market were taking an average of 100 days and that if I wanted to sell I'd lose a further 1.25% of loan parts sold in "transfer payments" to the buyer (FC generous to a fault to the new lambs for slaughter!) So December 31st of 2019 I decided to pull the plug and hit the sell everything button. I requested the sale of £10,904.32 of loan parts, the other £7,000 or so of my investment being taken up by late paying, downgraded or processing loans. Anyway, results so far have been the following: Amount requested: £10,904.32; Amount received:£1,177.55; Amount from selling: £461.04; Amount from repayments: £716.51
Reading here this looks to be about normal when comparing with other people's experiences or maybe even a bit faster. What I don't understand are these cycles, or "rounds" of selling that people are talking about here and how some of you clever people have worked out how to play their system to try and speed things up. Sorry if I'm asking questions that have already been answered earlier in this thread. Page 1 of this thread will explain cycles. Page 130 post at 10.36pm will explain the remainder.
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upperdeane
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Post by upperdeane on Feb 11, 2020 13:33:34 GMT
8th round sale for me today.
1.04% today sold of the original amount requested on 26/9/19.
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Post by robdmarh on Feb 11, 2020 16:07:10 GMT
Thanks for the reply. Anybody else of the opinion that Funding Circle has changed over the years and become less transparent and more underhand? In the old days there were far more stats on risk and return and I believe there was even a members' forum which they got rid of claiming that people were asking too many technical questions which were better dealt with by emailing "the team". The team these days seems to be teenagers on their year out (sounds like that anyway when you talk to them) who I suppose are much cheaper to employ.
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Post by robdmarh on Feb 11, 2020 16:09:34 GMT
8th round sale for me today. 1.04% today sold of the original amount requested on 26/9/19. Hi there upperdeane can I ask you how much you requested to be sold on the above date and what risk category of lender were you? Cheers Rob
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