blender
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Post by blender on May 10, 2019 11:55:15 GMT
I had started the third cycle of selling an ISA, just a few days ago, but then three of the twelve loans went processing, including a bigger one which meant that 25% of the cash would not be sold after 40 days. So I have stopped and started again today 9 May, now that eleven loans are live. But there is going to be a fourth ever-decreasing cycle. You can check out but you can never leave. I'm in almost exactly the same situation. Bank holiday, loan goes into processing, go back to square one, do not collect £200. Also, I asked it to cancel the (pointless) sale yesterday and it took nearly a day simply to stop it and send the email advising that I had £0 to withdraw. Faulty Computing. I think we might have to start a support group for those unable to complete the Final Countdown. They might point people to it on the sell page - or the 'try to sell if you can - ha ha ha' page.
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david42
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Post by david42 on May 10, 2019 21:25:21 GMT
Thank you for collecting together the data criston . I can contribute the data for the accounts I have been tracking. This includes some earlier data points.
requested | sold | days to sell | 26-Dec-18 | 03-Jan-19 | 8 | 31-Dec-18 | 03-Jan-19 | 3 | 01-Jan-19 | 03-Jan-19 | 2 | 03-Jan-19 | 07-Jan-19 | 4 | 03-Jan-19 | 07-Jan-19 | 4 | 07-Jan-19 | 08-Jan-19 | 1 | 07-Jan-19 | 08-Jan-19 | 1 | 07-Jan-19 | 08-Jan-19 | 1 | 07-Jan-19 | 08-Jan-19 | 1 | 08-Jan-19 | 11-Jan-19 | 3 | 08-Jan-19 | 11-Jan-19 | 3 | 08-Jan-19 | 11-Jan-19 | 3 | 08-Jan-19 | 11-Jan-19 | 3 | 11-Jan-19 | 13-Jan-19 | 2 | 11-Jan-19 | 13-Jan-19 | 2 | 13-Jan-19 | 14-Jan-19 | 1 | 13-Jan-19 | 14-Jan-19 | 1 | 14-Jan-19 | 15-Jan-19 | 1 | 14-Jan-19 | 15-Jan-19 | 1 | 14-Jan-19 | 15-Jan-19 | 1 | 15-Jan-19 | 16-Jan-19 | 1 | 15-Jan-19 | 16-Jan-19 | 1 | 16-Jan-19 | 16-Jan-19 | 0 | 16-Jan-19 | 16-Jan-19 | 0 | 16-Jan-19 | 16-Jan-19 | 0 | 16-Jan-19 | 16-Jan-19 | 0 | 16-Jan-19 | 16-Jan-19 | 0 | 16-Jan-19 | 16-Jan-19 | 0 | 16-Jan-19 | 16-Jan-19 | 0 | 16-Jan-19 | 16-Jan-19 | 0 | 21-Jan-19 | 30-Jan-19 | 9 | 22-Jan-19 | 31-Jan-19 | 9 | 22-Jan-19 | 31-Jan-19 | 9 | 22-Jan-19 | 01-Feb-19 | 9 | 24-Jan-19 | 04-Feb-19 | 11 | 01-Feb-19 | 12-Feb-19 | 11 | 01-Feb-19 | 12-Feb-19 | 11 | 04-Feb-19 | 16-Feb-19 | 12 | 04-Feb-19 | 16-Feb-19 | 12 | 13-Feb-19 | 07-Mar-19 | 22 | 13-Feb-19 | 07-Mar-19 | 22 | 13-Feb-19 | 07-Mar-19 | 22 | 16-Feb-19 | 14-Mar-19 | 26 | 16-Feb-19 | 14-Mar-19 | 26 | 25-Feb-19 | 25-Mar-19 | 28 | 07-Mar-19 | 13-Apr-19 | 37 | 08-Mar-19 | 15-Apr-19 | 38 | 08-Mar-19 | 15-Apr-19 | 38 | 16-Mar-19 | 28-Apr-19 | 43 | 14-Apr-19 | yet to be sold |
| 03-May-19 | yet to be sold |
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From my data my conclusion is the selling delays fall into two batches. The first batch of selling delays starting sometime in late 2018. Then between 16 Jan and 21 Jan the current batch of selling delays started.
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Post by gravitykillz on May 12, 2019 7:16:33 GMT
Liquidity is an issue everywhere except ratesetter and lending works. Been in a selling queue for over a week on land bay.
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Post by johnr on May 13, 2019 8:43:41 GMT
I'm not sure the exact date I listed my loan parts for sale but it was towards the end of the last week of March (28th to 31st). In that time parts for sale have reduced by 26.3% (199 out of 270 still for sale).
I also noted that FC have reportedly increased their new lending by 23% in the first quarter of this year. It's pretty clear that FC are diverting new money and money repaid by existing creditors into new lending at the expense of the secondary market. You've also got to wonder about the quality of these new loans. The bad debt rate is already up significantly and this year FC has either suddenly been able to attract a lot of credit worthy businesses or it is taking greater risks with investors' money to line its own pockets.
Whilst I'm fine with a 50 to 60 day wait time for loan sales in principle, it is a long term investment after all, it 1) should be made clear up front that this is the typical wait time especially when the wait time has previously been measured in days not months, and 2) most importantly, it is unacceptable that 20% to 30% of loans in good standing are removed from the queue during the waiting period. Loans should only not be sold if they are not sellable at the time they reach the front of the queue. And if they are only temporarily unsellable (i.e. processing/late) they should return to the front of the queue when they are once again sellable.
Personally I have lost trust in this platform and will be exiting as soon as possible.
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Post by rjaps on May 13, 2019 10:02:10 GMT
Good morning.
I think they have finally started selling today with large amounts of money being available to transfer out (about 50% so far). But selling screen still says £0 sold. I am transferring out for the second time today.
I will keep you posted.
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Post by rjaps on May 13, 2019 13:47:45 GMT
Okay so selling completed, only 66% sold. (£30k original request).
2nd selling cycle started today! See you in 50 days! >:-(
I don’t understand how they can offer zero explanation for not selling a third of your loans??
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criston
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Post by criston on May 13, 2019 14:19:34 GMT
They got us ‘Done Up Like a Kipper’
In theory if it takes 4 months to sell, you end up with very little sold.
This system must have been worked out years ago, as a way of avoiding mass selling.
All it does is makes people try & sell everything, even though they don’t want to.
On average, currently the sell time extends 1.5 days for every extra day, so if your sell date was 10 days after the last selling date, at around 5/4/19, you could be looking at waiting 63 days until 7/6/19 (unless FC changes anything or circumstances change)
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Post by befuddled on May 13, 2019 14:58:14 GMT
They got us ‘Done Up Like a Kipper’ All it does is makes people try & sell everything, even though they don’t want to. I'm in this category, but now on third attempt to sell out, (with only a small amount left) I feel I got (getting) out relatively unscathed, and with rates down to 4.8%, and sinking, and the illiquidity - FC does not suit my purposes any more. I suppose the enforced and ever lengthening wait does prevent a "run" if people do buy into the negative sentiment, but hard to see this policy working for them long term....
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Post by johnr on May 15, 2019 11:07:45 GMT
Just to update you my loan parts have sold today which is something between 48 days and 44 days; only 73.3% of the original sale request was honoured. Sorry I can't be more precise about the start date but I have re-listed the excess today.
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Post by rookyone on May 16, 2019 9:47:21 GMT
Their website stated on the 16/05/19 "...loan parts sold between 08/05/19 and 14/05/19 took on average 46 days to sell...". I'm on day 46 and nothing has sold so far.
The way things are going it will not be too much longer before it will be like being locked into one of those 90 day access accounts, only by stealth and not necessarily something you would have entered into had you realised the consequences of doing so...
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mikeh
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Post by mikeh on May 16, 2019 10:04:40 GMT
Their website stated on the 16/05/19 "...loan parts sold between 08/05/19 and 14/05/19 took on average 46 days to sell...". I'm on day 46 on nothing has sold so far.
The way things are going it will not be too much longer before it will be like being locked into one of those 90 day access accounts, only by stealth and not necessarily something you would have entered into had you realised the consequences of doing so... I think it's already worse than that. Three 46-day sell cycles to get back almost certainly less than you put in.
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Post by Ace on May 16, 2019 10:14:38 GMT
Their website stated on the 16/05/19 "...loan parts sold between 08/05/19 and 14/05/19 took on average 46 days to sell...". I'm on day 46 on nothing has sold so far.
The way things are going it will not be too much longer before it will be like being locked into one of those 90 day access accounts, only by stealth and not necessarily something you would have entered into had you realised the consequences of doing so... I think it's already worse than that. Three 46-day sell cycles to get back almost certainly less than you put in. The current sale time is 48 days, so yours should get sold by the end of Monday.
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Post by texrichman on May 17, 2019 8:28:43 GMT
There has now been website maintenance scheduled for 10pm this evening, I assume this will not cancel our sale queues? Does anybody know for sure?
Thanks,
Tex
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baldpate
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Post by baldpate on May 17, 2019 9:11:15 GMT
There has now been website maintenance scheduled for 10pm this evening, I assume this will not cancel our sale queues? Does anybody know for sure?
Thanks,
Tex
I phoned them & they confirmed that it will have no effect on the sales queue, either on position or content - the reason given was that it is only website access which is being diabled, the backend will continue to run as normal.
I'll still be checking when it comes back up, all the same!
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Post by texrichman on May 17, 2019 10:14:44 GMT
Perfect, thank you. Yes, I think I will double check too, I'm 42 days in!
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