upperdeane
Member of DD Central
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Post by upperdeane on Feb 11, 2020 16:22:57 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 Sure, about £39k and Conservative FC lender type. Why do you ask as a matter of interest?
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Post by robdmarh on Feb 11, 2020 17:38:54 GMT
And how is your selling progressing generally? I'm just trying to find out how others are finding the experience of trying to get out of FC (if that is what you're trying to do). My experience is summarized above. I don't envisage getting out with more than about 75% of my original stake but I don't know if this optimistic or pessimistic. But somehow I think there are plenty more defaults to come on my loans and I don't see FC actually lifting a finger to do anything about it. They've changed tack and our looking for institutional investors now and have thrown the retail investors to the lions! CEO has recently resigned, hasn't he? (....not that he gives a monkeys presumably having made a fortune out of the business long ago).
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Post by Ace on Feb 11, 2020 22:08:15 GMT
And how is your selling progressing generally? I'm just trying to find out how others are finding the experience of trying to get out of FC (if that is what you're trying to do). My experience is summarized above. I don't envisage getting out with more than about 75% of my original stake but I don't know if this optimistic or pessimistic. But somehow I think there are plenty more defaults to come on my loans and I don't see FC actually lifting a finger to do anything about it. They've changed tack and our looking for institutional investors now and have thrown the retail investors to the lions! CEO has recently resigned, hasn't he? (....not that he gives a monkeys presumably having made a fortune out of the business long ago). Wow, I'm pretty down on FC due to their incompetence, but I'd be amazed if you didn't eventually get more that 75% of your original stake back. The accounts that I've sold out of look like they will end up with a small profit, some will be less than I could have achieved in an FSCS protected account, but a profit none the less. I haven't seen any reports of investors ending up with 25% losses.
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Post by robdmarh on Feb 11, 2020 22:26:43 GMT
Well that sounds pretty optimistic to me. I've seen B grade loans turn bad on my account let alone C,D and E. A lot of my loans have plenty more months to go bad and why should Funding Circle be that concerned about trying to recover them? They don't really have any skin in the game as they say, the investments are not covered by the FSCS, the FCA are turning a blind eye to the whole p2p industry and we the lenders are left hung out to dry. The whole industry as conducted by the likes of FC is a race to the bottom with the kind of unscrupulous lending that they practice. So can I ask you, since you pushed the sell button in September of last year how much have you recovered in total of your 39k?
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tc94
New Member
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Post by tc94 on Feb 11, 2020 22:33:01 GMT
I requested to sell on the 13/06/19. Sadly my loans did not sell before the new system was implemented. I have since recuperated 45% of my total portfolio. Any idea when the next round of selling will be?
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Post by bernythedolt on Feb 12, 2020 0:51:55 GMT
tc94 Anywhere between 9 and 14 days. See the pattern on page 1 of this thread.
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Post by bernythedolt on Feb 12, 2020 1:02:51 GMT
And how is your selling progressing generally? I'm just trying to find out how others are finding the experience of trying to get out of FC (if that is what you're trying to do). My experience is summarized above. I don't envisage getting out with more than about 75% of my original stake but I don't know if this optimistic or pessimistic. But somehow I think there are plenty more defaults to come on my loans and I don't see FC actually lifting a finger to do anything about it. They've changed tack and our looking for institutional investors now and have thrown the retail investors to the lions! CEO has recently resigned, hasn't he? (....not that he gives a monkeys presumably having made a fortune out of the business long ago). 75% ? FC's UK MD would have us believe, " even if losses doubled, our investors would still make money". 😉 Link here.
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Post by moutarde on Feb 12, 2020 1:32:08 GMT
12/09 => 11/02 (14 days since prev cycle) 17/09 => 11/02 (14 days since prev cycle)
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p2pstephan
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Post by p2pstephan on Feb 12, 2020 9:31:06 GMT
Sale today 12/02/2020 Date requested: 04/10/2019
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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 12, 2020 14:31:22 GMT
Well that sounds pretty optimistic to me. I've seen B grade loans turn bad on my account let alone C,D and E. A lot of my loans have plenty more months to go bad and why should Funding Circle be that concerned about trying to recover them? They don't really have any skin in the game as they say, the investments are not covered by the FSCS, the FCA are turning a blind eye to the whole p2p industry and we the lenders are left hung out to dry. The whole industry as conducted by the likes of FC is a race to the bottom with the kind of unscrupulous lending that they practice. So can I ask you, since you pushed the sell button in September of last year how much have you recovered in total of your 39k? Wow, my experience is pretty good compared to what you expect Since April 19 I've had just under 4% by value go bad and 5% by number of loans even allowing for that I'm still making 5% return I've also got 3% of defaults now recovered in same period although in my experience recovery payments seem to start within 3 months or not at all As to the Loan rating on a quick look A+ and A seem to be going bad as often as others, ironically and it must be a statistical glitch I can't see any C's at a quick look
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Post by dogeared on Feb 12, 2020 19:16:20 GMT
And how is your selling progressing generally? I'm just trying to find out how others are finding the experience of trying to get out of FC (if that is what you're trying to do). My experience is summarized above. I don't envisage getting out with more than about 75% of my original stake but I don't know if this optimistic or pessimistic. But somehow I think there are plenty more defaults to come on my loans and I don't see FC actually lifting a finger to do anything about it. They've changed tack and our looking for institutional investors now and have thrown the retail investors to the lions! CEO has recently resigned, hasn't he? (....not that he gives a monkeys presumably having made a fortune out of the business long ago). Wow, I'm pretty down on FC due to their incompetence, but I'd be amazed if you didn't eventually get more that 75% of your original stake back. The accounts that I've sold out of look like they will end up with a small profit, some will be less than I could have achieved in an FSCS protected account, but a profit none the less. I haven't seen any reports of investors ending up with 25% losses. Not sure I see any evidence of incompetence with FC.
Plenty of malpractice, lying and cheating however. But I guess it's just business.
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Post by robdmarh on Feb 13, 2020 14:27:43 GMT
Well that sounds pretty optimistic to me. I've seen B grade loans turn bad on my account let alone C,D and E. A lot of my loans have plenty more months to go bad and why should Funding Circle be that concerned about trying to recover them? They don't really have any skin in the game as they say, the investments are not covered by the FSCS, the FCA are turning a blind eye to the whole p2p industry and we the lenders are left hung out to dry. The whole industry as conducted by the likes of FC is a race to the bottom with the kind of unscrupulous lending that they practice. So can I ask you, since you pushed the sell button in September of last year how much have you recovered in total of your 39k? Wow, my experience is pretty good compared to what you expect Since April 19 I've had just under 4% by value go bad and 5% by number of loans even allowing for that I'm still making 5% return I've also got 3% of defaults now recovered in same period although in my experience recovery payments seem to start within 3 months or not at all As to the Loan rating on a quick look A+ and A seem to be going bad as often as others, ironically and it must be a statistical glitch I can't see any C's at a quick look What?! Of my original investment of £11,250 in March 2018 I've had £1,500 in defaults so far with just £25 in recoveries! My return according (even according to their own optimistic and inexplicable calculations) is between 2.4 and 2.6%. I've got more than £700 tied up in late, processing or ungraded loans and the loans I'm selling on the secondary market have all but ground to a halt. Is it any wonder why I'm not that chuffed with Funding Circle? I'm sure others have had it a lot worse too in their dealings with these loan sharks with MBAs!
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Post by robdmarh on Feb 13, 2020 14:30:46 GMT
Can I ask Keitha, if you wouldn't mind, what are your numbers with your FC investment and whether you are in the conservative or balanced bracket?
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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 13, 2020 16:52:54 GMT
Can I ask Keitha, if you wouldn't mind, what are your numbers with your FC investment and whether you are in the conservative or balanced bracket? Balanced investment £25K 500 Loans £900 of bad debt (22 loans ) £28 recoveries net earnings since April £1300
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Post by robdmarh on Feb 13, 2020 18:01:11 GMT
I don't want to pour cold water on your relatively positive outlook with FC but have you thought about what would happen if you tried to liquidate your investment? I'm sure that first of all, like me, the amount of your investment available to sell would be minus a big chunk of your £25k. This would be tied up in late and "processing" loans. Then there is the question of the liquidity of of the market which basically has severe constipation and shows no signs of being relieved any time soon. I had a previous investment with FC from 2013 to 2028 which went well, but it was a different market then, different macro economic conditions and I think they were basically better managed. I've noticed a change for the worse I'm afraid.
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