tjtl
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Post by tjtl on Aug 28, 2019 7:30:21 GMT
I put £60,342 for sale on 6th June- so even on their ever increasing selling timelines these may be sold in the next three weeks (and at the end of the three weeks) . Anyone want to place a wager on what percentage will be sold and what percentage will be put in to the recovery process (on the basis of no evidence at all I am expecting an 80/20 split)? I will then be putting the other half (yes, I was so stupid I only put half up for sale for some reason) up for sale with an expected partial sale sometime around Christmas Day I fear.
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Post by Ace on Aug 28, 2019 10:54:22 GMT
I put £60,342 for sale on 6th June- so even on their ever increasing selling timelines these may be sold in the next three weeks (and at the end of the three weeks) . Anyone want to place a wager on what percentage will be sold and what percentage will be put in to the recovery process (on the basis of no evidence at all I am expecting an 80/20 split)? I will then be putting the other half (yes, I was so stupid I only put half up for sale for some reason) up for sale with an expected partial sale sometime around Christmas Day I fear. I'm betting on a 100/0 split, but virtually no chance of the sale happening in the next 3 weeks. The whole £60,342 should sell because the loans to sell are now chosen at the point you reach the head of the queue, so, as long as at least 50% of your total pot is sellable at that time, it will choose £60,342 of sellable loans. Of course this means that the sale of the second half of your pot will be fairly dire, as it will contain a very high percentage of unsellable loans. You'll certainly have a very long time to watch the car crash! One of my accounts is now down to an FC forecasted 0.2% return!
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criston
Member of DD Central
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Post by criston on Aug 28, 2019 11:40:15 GMT
Still no answer to my email of 19/8/19 asking them to confirm 'FC Investment Trust' loans will not be jumping the queue; just an acknowledgement a few days back.
The same email included the 120 day question, which several posters on this thread, would have emailed to them on or after 19/8/19, which FC has replied to, reasonably quickly.
Putting two & two together, with 5/6 days selling extension time for 1 extra sell instruction day, this surely means 'FC Investment Trust' is jumping the queue.
Selling does continue automated over long weekends.
The trust could not have officially set up a sell instruction before 11/6/19, as that was the day the 'orderly wind down' motion was voted for; that's 78 days ago.
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Post by Mr Smith on Aug 28, 2019 12:02:06 GMT
Seems to be a big jump between 20/5 and the 21st
20/5/19 jilla9 94 on 22/8/19
21/5/19 (rookyone) Yet to be sold 99 days reached on 28/8/19
21/5/19 (geosaddler) Yet to be sold 99 days reached on 28/8/19
Bank holiday or has the money run out ?
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Post by horsa on Aug 28, 2019 15:34:28 GMT
I listed my loans for sale on 24/5/19, so 96 days so far, although 92 is the latest estimate. The next rise should come tomorrow
I expect 98 at least. There are listed sellers on the list from 21/5, so they will indicate when my turn may come.
Many thanks to 'criston' for the diligent work, compiling the stats. Hope this helps...
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Post by kcrane on Aug 28, 2019 15:54:07 GMT
I started a sale today, 28th August 2019.
I added the year, in case we click over into 2020 before it sells.
PS - I sold all of my live loans a few months ago, leaving £3,800 in bad debt/risk band removed. I had largely written it off, but was surprised to find I had nearly £1k I could withdraw last week and this week a small loan has returned to 'live' status and I can now sell it.
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Stonk
Stonking
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Post by Stonk on Aug 28, 2019 16:19:31 GMT
With today's update, FC are saying loans sold from 21-27 August took 93 days on average, up from 92 the previous week and 88 the week before that. Were that true, it would represent a slowing of the rate of increase of the waiting time (i.e., it's still getting worse, but not as fast as before).
However, the 93 days reported does not fit at all with experiences being reported on this thread. We saw a wait time of 93 days for mike88 right at the start of the interval, and a lengthening during the interval -- indeed, so much of a lengthening that only 1 other sale has been reported completed despite there being several others for which 93 days is now well passed. 93 days as the average just does not seem possible.
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Post by mike88 on Aug 29, 2019 6:41:49 GMT
Could rookyone and geosaddler please confirm they’re still active on this thread? It’s worrying how long these sell times have jumped and I just want to check you’re both still here? Thanks
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ashtondav
Member of DD Central
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Post by ashtondav on Aug 29, 2019 6:47:41 GMT
With today's update, FC are saying loans sold from 21-27 August took 93 days on average, up from 92 the previous week and 88 the week before that. Were that true, it would represent a slowing of the rate of increase of the waiting time (i.e., it's still getting worse, but not as fast as before).
However, the 93 days reported does not fit at all with experiences being reported on this thread. We saw a wait time of 93 days for mike88 right at the start of the interval, and a lengthening during the interval -- indeed, so much of a lengthening that only 1 other sale has been reported completed despite there being several others for which 93 days is now well passed. 93 days as the average just does not seem possible. SME Credit Realisation queue jumping?
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tjtl
Posts: 232
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Post by tjtl on Aug 29, 2019 6:48:28 GMT
Stonk, I agree with you, I think one of the fundamental problems FundingCircle is facing is just a lack of trust, their numbers look wrong (from the quoted returns, to the bad debt history, to the average days taken to sell). As a Financial Institution, with (at least in theory)a credible non-executive Board, you would have thought they realised that credibility is the most important thing for the institution to possess. The CEO/ Chairman should"fess up" to the issues they face, promise and deliver rigorous transparency, and then they just might see a better attitude towards them. I feel sorry for the staff at the end of their phone line- all seem decent human beings- cannot be fun being abused for the faults of those above them.
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alpha87
New Member
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Post by alpha87 on Aug 29, 2019 7:35:07 GMT
Hi all,
I've instructed a sale on 22/06/2019, still not sold
criston, thanks for all the work you're putting into this!
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Post by Mr Smith on Aug 29, 2019 8:08:01 GMT
Could rookyone and geosaddler please confirm they’re still active on this thread? It’s worrying how long these sell times have jumped and I just want to check you’re both still here? Thanks If you PM someone do they get an email notification to their normal email account ?
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Post by Mr Smith on Aug 29, 2019 8:09:00 GMT
Hi all, I've instructed a sale on 22/06/2019, still not sold criston, thanks for all the work you're putting into this! You'll be looking around November time.
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Post by geosaddler on Aug 29, 2019 8:27:11 GMT
Could rookyone and geosaddler please confirm they’re still active on this thread? It’s worrying how long these sell times have jumped and I just want to check you’re both still here? Thanks Yes I'm still here. Still not sold. 100 days and counting! Just my luck to see a shift like this when mine are due to be sold.
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blender
Member of DD Central
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Post by blender on Aug 29, 2019 9:40:15 GMT
Could rookyone and geosaddler please confirm they’re still active on this thread? It’s worrying how long these sell times have jumped and I just want to check you’re both still here? Thanks Yes I'm still here. Still not sold. 100 days and counting! Just my luck to see a shift like this when mine are due to be sold. Cue for someone to state that this is a five-year investment and nothing is due before that. Utterly disgraceful and shameful performance but, if it is any consolation, nothing compared with the performance for the new share-holders. I suppose they will have a good dividend - no? After three sale cycles I have just one loan which can still be sold in cycle four. However, it has only two payments left and will probably repay before it is sold. But who knows, another moribund loan may flicker into life just at that glorious time when I reach the front of the queue one more time - d.v.
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