djay
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Post by djay on Jun 26, 2019 8:43:17 GMT
Just to confirm that the designation "for sale" on my loan part list now appears to be redundant. All the loan parts that were designated for sale are now designated "live" and hopefully all will sell. I looked at the transactions for another account that has a sell order, I believe the sell order was placed on the 10th May with an outside chance of 9th or 11th
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Post by Mr Smith on Jun 26, 2019 14:11:16 GMT
rweb; Looks like you could be the first to inform us the new system has been applied retrospectively. Then everyone can make plans what to do with up to an extra 50% cash they were not expecting. Good news, my sale went through just now after 60 days. I received 99.96% of what I placed for sale, which was a few hundred loan parts. I'd probably account for the variance in them now selecting loans as close to the original sale value I'd requested under the old selling system.
I consider to have de-risked to a comfortable level and will be keeping my remaining loan parts.
Updated graph for anyone interested. I'd probably not pay too much attention to the trend line at this point.....
Thanks for the update, you've given me a bit of hope. Role on August when my 2nd sale will hopefully go through.
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blender
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Post by blender on Jun 26, 2019 15:39:39 GMT
Yes, it will be seven weeks tomorrow for me, and was expecting about £90 of my £370, which was the third attempt to sell the account. It now looks like ten days plus an extra week or so, but then I am free at last - except for lates and defaults and risk bands removed of course. Better, but still terrible.
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Post by Mr Smith on Jun 26, 2019 17:25:15 GMT
Yes, it will be seven weeks tomorrow for me, and was expecting about £90 of my £370, which was the third attempt to sell the account. It now looks like ten days plus an extra week or so, but then I am free at last - except for lates and defaults and risk bands removed of course. Better, but still terrible. I've had 2 defaults in June and around 26 for the year now, IIRC. That's 24 more than any other year !! Anyone seen this: www.ukbusinessforums.co.uk/articles/government-backed-start-up-loan-default-rates-reach-50.654/As loans go into 2/3/4th year, defaults shooting up towards 50%!!!! Which is what I think I might be experiencing. I'll be glad to get out of it.
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Post by gloos on Jun 26, 2019 21:09:47 GMT
FC updated their turnaround page today, and for once, it's gone from an average of 59 days to 57 days. It's the first decrease I've seen, although it's probably not a trend yet. I expect to sell on Friday or Monday and will update with results.
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criston
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Post by criston on Jun 26, 2019 21:39:34 GMT
FC updated their turnaround page today, and for once, it's gone from an average of 59 days to 57 days. It's the first decrease I've seen, although it's probably not a trend yet. I expect to sell on Friday or Monday and will update with results. It can happen on Saturdays & Sundays as well: their selling system continues over weekends. The trend moved back up to 59 days yesterday.
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Post by kcrane on Jun 28, 2019 8:19:49 GMT
My sale went through today as expected. 77% of what I originally asked for.
BYW I have pulled out of Zopa and Ratesetter as well as Funding Circle. I had £1500 stuck in Zopa as it had gone bad. Yesterday I received an email telling me they had sold some bad debt and to check my holding account. There was £400 I could get out.
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Post by Mr Smith on Jun 28, 2019 9:28:14 GMT
My sale went through today as expected. 77% of what I originally asked for. BYW I have pulled out of Zopa and Ratesetter as well as Funding Circle. I had £1500 stuck in Zopa as it had gone bad. Yesterday I received an email telling me they had sold some bad debt and to check my holding account. There was £400 I could get out. I had that too. Maybe they are having trouble with recoveries and think they'll recoup more this way. Wonder what they sold at, 20p in the £ perhaps ?
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Post by kcrane on Jun 28, 2019 12:15:54 GMT
My sale went through today as expected. 77% of what I originally asked for. BYW I have pulled out of Zopa and Ratesetter as well as Funding Circle. I had £1500 stuck in Zopa as it had gone bad. Yesterday I received an email telling me they had sold some bad debt and to check my holding account. There was £400 I could get out. I had that too. Maybe they are having trouble with recoveries and think they'll recoup more this way. Wonder what they sold at, 20p in the £ perhaps ? I wondered the same, I hope it was higher than 20p, but who knows. We must have signed up to such dramatic treatment in the t&c's
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djay
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Post by djay on Jun 28, 2019 13:01:47 GMT
Still not sold, was expecting it yesterday. It's quite a large account but that shouldn't have a bearing on it, of course there have been some changes in the selling process, again I can't understand how that affects the queue.
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Post by Ace on Jun 28, 2019 18:17:52 GMT
Still not sold, was expecting it yesterday. It's quite a large account but that shouldn't have a bearing on it, of course there have been some changes in the selling process, again I can't understand how that affects the queue. It lengthens the queue because each sale now sells more loans. I.e. Those that would have previously been excluded, due to having been in the processing state, will now be included as long as they've made it back to the Live state.
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criston
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Post by criston on Jun 28, 2019 18:43:00 GMT
Still not sold, was expecting it yesterday. It's quite a large account but that shouldn't have a bearing on it, of course there have been some changes in the selling process, again I can't understand how that affects the queue. Presume you are referring to being out of sequence in the date list in the Ist post. Your place should not change in the queue. The list depends on how accurate everyone's dates are recorded.
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djay
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Post by djay on Jun 28, 2019 19:46:23 GMT
Still not sold, was expecting it yesterday. It's quite a large account but that shouldn't have a bearing on it, of course there have been some changes in the selling process, again I can't understand how that affects the queue. It lengthens the queue because each sale now sells more loans. I.e. Those that would have previously been excluded, due to having been in the processing state, will now be included as long as they've made it back to the Live state. I understand that should lengthen the time to sell, but not by much given I should have been fairly near the front of the queue when the changes were made. We also had the latest FC pronouncement of queue time on Wednesday which was 57 days although this probably does not take into account the recent changes. I was also influenced by the sequence on this thread which puts my sale out of sequence. As suggested by Criston, it is dependent on accurate recording of dates, however I am absolutely certain of the date this set was put on sale as I recorded it immediately on my spreadsheets and also did a "dummy sale" half an hour earlier which resulted in an automated email from FC when I ended the sale process.
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criston
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Post by criston on Jun 29, 2019 6:41:20 GMT
Still not sold, was expecting it yesterday. It's quite a large account but that shouldn't have a bearing on it, of course there have been some changes in the selling process, again I can't understand how that affects the queue. I have a relative (T) two days behind you & still to sell. That is definitely accurate as well. If it beats you, then that's the time to worry. I was expecting sell times to initially extend to between 60 & 70 days after FCs new selling system came into force. If FCs investors remain constant, then with say an additional 50% of sales, it could get very much worse as time goes by.
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Post by badinvestor on Jul 1, 2019 8:32:45 GMT
I've been trying to get out since early February and I've still got £7k stuck:
INTEREST £11,486.42
FEES -£948.64
DEFAULTS -£8,562.45
RECOVERIES £57.42
NET EARNINGS £2,032.75
PORTFOLIO TOTAL £7,482.11 ANNUALISED RETURN 2.1%
Not looking pretty!!!
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