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Post by mike88 on Aug 19, 2019 9:52:08 GMT
It looks like the 120 lending time will randomise the selling queue. So within a few weeks, loans will start dropping out due to the 120 day rule and that all loan sales will reach the 120 day mark. Although this will mean that loans will will start to progress up the queue more quickly due to the drop outs. Assuming that those just before the 120 day cut off are next to sell, some of them will. Hence the random element of it. So this is potentially good news for those selling now as they won't have to wait more than 120 days to have some chance of selling. Reading 10.7, not sure if this means you have no choice but to auto-lend when you are kicked out of the queue. That would be very harsh. 10.7. We will notify you when the transfer process has been successfully completed. After the transfer, you will be required to restart the auto-lending tool on your Investor Account to start lending again on the Funding Circle Platform. 10.7 just means they won’t lend your money back out to new borrowers until you turn back on the auto lending tool. Auto lending is paused whilst you are selling. 10.6 is very worrying! Looks like it’s going to be a lottery as to who actually sells unless they address it in the next few weeks
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Post by rjaps on Aug 19, 2019 9:52:09 GMT
It looks like the 120 lending time will randomise the selling queue. So within a few weeks, loans will start dropping out due to the 120 day rule and that all loan sales will reach the 120 day mark. Although this will mean that loans will will start to progress up the queue more quickly due to the drop outs. Assuming that those just before the 120 day cut off are next to sell, some of them will. Hence the random element of it. So this is potentially good news for those selling now as they won't have to wait more than 120 days to have some chance of selling. Reading 10.7, not sure if this means you have no choice but to auto-lend when you are kicked out of the queue. That would be very harsh. 10.7. We will notify you when the transfer process has been successfully completed. After the transfer, you will be required to restart the auto-lending tool on your Investor Account to start lending again on the Funding Circle Platform. I think this means that you have to manually login and and restart the autolend yourself. It won’t be done automatically, as I found after my loans sold. And the 120 days term!? Wow, Plot twist!
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Post by dazp70 on Aug 19, 2019 10:12:31 GMT
The random element will come after waiting 120 days. If you are lucky..... you will sell. If not then tough, you drop out.
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Post by GSV3MIaC on Aug 19, 2019 10:34:39 GMT
Hello all, Has anyone else noticed this in the t&cs? 10.6. There is no guarantee that your Loan Parts will be transferred, nor any assurance as to how long it may take to do so. If a transfer has not been successful within 120 days after you make your request, we will delist the Loan Parts from the secondary market of the Funding Circle Platform. We will notify you if the transfer is not successful and you will continue to be the Investor in respect of the unsold Loan Parts It looks like we are heading towards the 120 day mark...
I think that is left over from the days when you could actually list parts and others could buy them? The model has moved on since then ..
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corto
Member of DD Central
one-syllabistic
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Post by corto on Aug 19, 2019 13:44:37 GMT
.... It looks like we are heading towards the 120 day mark...
I think that is left over from the days when you could actually list parts and others could buy them? The model has moved on since then ..
Can somebody confirm that? Who has copies of all the T&C changes over time? Given the queue slowdown is deliberate by FC, if they enforce this new(?) feature when the queue reaches 120days could cause a s*&tstorm.
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Post by shanghaiscouse on Aug 19, 2019 14:37:36 GMT
let's see if we can get a response from them to this issue on TrustPilot.....
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Post by happyhippy on Aug 19, 2019 18:20:51 GMT
. My sale is around that mark. I can't find these ts and Cs. Can anyone point me to them please?
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Post by happyhippy on Aug 19, 2019 18:27:31 GMT
Found them
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Stonk
Stonking
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Post by Stonk on Aug 19, 2019 20:57:40 GMT
Hello all, Has anyone else noticed this in the t&cs? 10.6. There is no guarantee that your Loan Parts will be transferred, nor any assurance as to how long it may take to do so. If a transfer has not been successful within 120 days after you make your request, we will delist the Loan Parts from the secondary market of the Funding Circle Platform. We will notify you if the transfer is not successful and you will continue to be the Investor in respect of the unsold Loan Parts It looks like we are heading towards the 120 day mark...
I think that is left over from the days when you could actually list parts and others could buy them? The model has moved on since then ..
I also expect this Term is left over from the old days of the manual secondary market. It was probably intended to periodically rid the SM of unrealistically priced (or plain awful) loan parts.
However ... if FC have forgotten to remove it from the T&Cs, then it's perfectly believable that they've also forgotten to disable the software process which implements this policy. Could be some fun ahead.
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ceejay
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Post by ceejay on Aug 20, 2019 7:33:28 GMT
Interesting stuff about the 120 days ... I guess it made sense in the old days!
However, for the optimists among you (are there any?) here is an alternative hypothesis, for which I have precisely no evidence.
Your parts haven't been listed for sale for the last 70 or 80 or 90 days ... you've been in a queue, waiting to be given the opportunity to sell. Remember that we are told that the parts aren't (now) selected for sale until you get to the front of the queue. Once you get to the front, they will be put up for sale, which will only take a very short (relatively) time, so this 120 day issue won't in fact apply.
But they would still need to update their terms!
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criston
Member of DD Central
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Post by criston on Aug 20, 2019 7:44:29 GMT
Interesting stuff about the 120 days ... I guess it made sense in the old days! However, for the optimists among you (are there any?) here is an alternative hypothesis, for which I have precisely no evidence. Your parts haven't been listed for sale for the last 70 or 80 or 90 days ... you've been in a queue, waiting to be given the opportunity to sell. Remember that we are told that the parts aren't (now) selected for sale until you get to the front of the queue. Once you get to the front, they will be put up for sale, which will only take a very short (relatively) time, so this 120 day issue won't in fact apply. But they would still need to update their terms! Excellent point. Click on 'My Portfolio', 'Loan Parts', 'For Sale' in the drop down box: nothing listed
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Post by quantski on Aug 20, 2019 9:23:28 GMT
It says 120 days from the time you make your request not when it gets to the front of the queue....
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blender
Member of DD Central
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Post by blender on Aug 20, 2019 10:02:40 GMT
I think that is left over from the days when you could actually list parts and others could buy them? The model has moved on since then ..
I also expect this Term is left over from the old days of the manual secondary market. It was probably intended to periodically rid the SM of unrealistically priced (or plain awful) loan parts.
However ... if FC have forgotten to remove it from the T&Cs, then it's perfectly believable that they've also forgotten to disable the software process which implements this policy. Could be some fun ahead.
It used to be 14 days when you could list and buy manually. This was automatic, but we were not told when it happened. They have probably changed the setting to 120 days since the black box system, thinking it was a long stop. It would be for the odd loan part which cannot be sold. In present circumstances it needs changing to a higher number. They cannot justify kicking people out of the queue in this way in these circumstances. It would be non-compliant with your instructions.
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Post by geofft on Aug 20, 2019 10:03:43 GMT
"It says 120 days from the time you make your request not when it gets to the front of the queue...."
I guess the optimist would reply that under the current system you're not deemed to have made a request until you get to the front of the queue....?
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Post by quantski on Aug 20, 2019 10:29:35 GMT
Here’s why there are no loan parts “For Sale” even though you’ve made a request...
Funding Circle FAQS
We’ve improved our selling tool!
On 24/6/19 we improved our selling tool to give you the best chance to sell your requested amount.
The tool will now select which loan parts are to be sold when you get to the top of the queue, instead of at the time you requested to sell.
This means that as long as a loan part is ‘live’ when it is time to sell, then it can be sold on to other investors, even if it’s status has changed during the queue time (eg: it had been late or processing, but is now live again).
Due to this change, your downloadable loan parts report will no longer show loan parts with a ‘for sale’ status. Instead, you can check back on the ‘Sell’ tab to check how much you have requested to sell. You will still receive an email when your sale request is successful.
Remember, selling loans is not instant and depends on demand from other investors looking to buy at that time. We cannot guarantee how long it might take for your loan parts to sell, however you can find the latest sell times here.
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