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Post by happyhippy on Aug 22, 2019 16:30:25 GMT
My brother has been on to FC. They say the 120 day condition is switched off and we won't jump out the queue
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tjtl
Posts: 232
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Post by tjtl on Aug 22, 2019 20:22:42 GMT
I also got a reply from my email sent to both the CEO and Customer Services confirming that
"Thank you for taking the time to get in touch with us.
With regards to our Terms and Conditions and the 120 day mark when selling, although this is in our Investor terms and conditions, this internal policy is not currently active on the platform. However it is worth mentioning that the policy might become active in the future, which is why we make investors aware of it.
Please be assured that with the current time frames for selling on the secondary market, we would not want to cancel all investors sale requests, especially if the time frames were to reach 120 days.
I hope this is helpful and has offered some reassurance."
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sl75
Posts: 2,092
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Post by sl75 on Aug 23, 2019 12:29:07 GMT
fundamental reason why FC couldn't just say to themselves "We'll have fewer new loans going onto the retail site for a bit so that we can clear the backlog of unsold loan parts". Their argument is that newer loans have better diligence and giving new investors a bundle made up of second hand old loans would therefore be unfair on them. So if new investors aren't receiving the second-hand old loans, who is?
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Post by jaycee on Aug 23, 2019 13:01:08 GMT
New investors and reinvestors of repayment are receiving the old loans, but in a rationed proportion.
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ashtondav
Member of DD Central
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Post by ashtondav on Aug 23, 2019 16:03:11 GMT
New investors and reinvestors of repayment are receiving the old loans, but in a rationed proportion. Darned right! Why on earth would I want to buy all the loans you guys want to ditch? Maybe I would if I could buy st 50p in the £ but FC don’t give that option. I want the more diligent 2019 loans thanks - mixed with just a dash of the poisoned cohorts.
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Post by GSV3MIaC on Aug 23, 2019 16:44:05 GMT
Ah but what you want bears very little relationship to what FC decide to give you, IM experience, although everyone can get lucky sometimes.
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Post by valerieb on Aug 24, 2019 8:25:20 GMT
Taking a slightly more optimistic view, not all these secondhand loans are necessarily duds. I stopped adding funds and started withdrawing repayments once I could no longer choose my own loans. As I’m reducing my exposure to p2p and have only a small number of tradeable loans left, I’ve decided to cash in. Some of my carefully selected loans aren’t that bad!
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blender
Member of DD Central
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Post by blender on Aug 24, 2019 9:24:08 GMT
I thought that the duds were the ones we cannot sell - I have plenty of those. The ones that have a good payment history, and can be sold, are probably better than the 2019 new improved cohort of borrowers (they would say that but they have no stats). I am finding a steady trickle of recoveries and payments from the duds and those stripped of their risk band, which is good. Nothing new to sell.
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criston
Member of DD Central
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Post by criston on Aug 24, 2019 12:21:16 GMT
We need to keep an eye out to make sure the 'wind down' of FC investment trust does not jump the queue. The shareholders vote to approve the motion was on 11/6/19, so the fund could not have initiated a sale till then at the earliest. The fund is now called SME Credit Realisation Fund (SCRF) On 30/6/19 it had 303.46 million shares in issue with a NAV of 93.67p. So a total of £284.25 million worth of loans with FC. Apart from the normal capital repayments, like the rest of us, if they have not jumped the queue the NAV would only be slightly lower. They did say it would be an orderly 'wind down', so hopefully they did not put the lot up for sale on 11/6/19. If they did put the lot up for sale on 11/6/19 it will be a substantial delay for others, even if sales reach £1 million per day (based on my own sale at £700 per minute) I wonder if they are aware of the 240 day relisting condition, that needs to be removed from the T & Cs, due to revised selling conditions. Further to details above, looking into the assets, 62% is in UK & 8% cash, so £162.1 million worth of loans to sell. I await a reply from an email I sent to FC on 19/8/19 asking them to confirm these loans will not be jumping the queue. However, for those who sold after 11/6/19, even with a gradual sell off, it is still not looking good unless FC change their priorities.
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p2pete
Member of DD Central
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Post by p2pete on Aug 24, 2019 15:46:49 GMT
I submitted a sell on 17/06/19.
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Post by argonaut on Aug 26, 2019 14:38:02 GMT
18/06/2019 ref (argonaut) yet to be sold
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Post by elpasi on Aug 26, 2019 15:41:12 GMT
I decided to take some of this data out into a Google Sheets spreadsheet to visualise it a bit more, and it definitely looks like the delay changed recently. For sales which were initiated from 8th Jan to 4th May, the wait length seemed to go up relatively evenly and gradually. Past 13th May, the number of days to sell diverged quite a lot, although there is no real new trend to make calculations based on. Perhaps it's a short term spike and will recover, but perhaps there's a new normal instead.
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Post by mithrandir on Aug 26, 2019 21:11:49 GMT
Two separate accounts, with two sell instruction submitted on 06 July. Not sold.
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Post by leafkicker on Aug 27, 2019 22:43:32 GMT
I listed my loans for sale 10 August so I'm looking forward to a spring 2020 sale!
Thanks for maintaining this thread criston.
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Post by df on Aug 27, 2019 22:53:06 GMT
I listed my loans for sale 10 August so I'm looking forward to a spring 2020 sale! Thanks for maintaining this thread criston. Some might repay and the rest will enter a very long recovery process. I wouldn't give too much hope for the sale
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