bramhall17
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Post by bramhall17 on Sept 12, 2019 15:30:03 GMT
Over the last two years, since I decided to reduce my exposure to P2P substantially, I have managed down my FC from £30k to now some £1600 after my May sale closed out.
This is now around a third of my total net interest received, so I would be relaxed to switch on lending again. Except I don't want to get landed with a set of pre-IPO dud loans.
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ashtondav
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Post by ashtondav on Sept 12, 2019 16:06:08 GMT
Over the last two years, since I decided to reduce my exposure to P2P substantially, I have managed down my FC from £30k to now some £1600 after my May sale closed out.
This is now around a third of my total net interest received, so I would be relaxed to switch on lending again. Except I don't want to get landed with a set of pre-IPO dud loans.
You probably wouldn’t. They’re being very careful not to land new lenders with the smelly cohorts folks here are selling. Selling takes a long time because the same reason people are selling out (fear of duds) is the same reason new lenders aren’t being allocated many of them. Thankfully not many new lenders are members of this forum, because after reading 50 pages of this thread they wouldn’t join up and the loans would NEVER sell.
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blender
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Post by blender on Sept 12, 2019 16:45:56 GMT
Over the last two years, since I decided to reduce my exposure to P2P substantially, I have managed down my FC from £30k to now some £1600 after my May sale closed out.
This is now around a third of my total net interest received, so I would be relaxed to switch on lending again. Except I don't want to get landed with a set of pre-IPO dud loans.
I've sold mine and so am totally unbiassed. Yes the cohorts were smelly, which is why we sold. But we are not able to sell the numerous ones which are defaulted or late or RBR, which means that we are left with the smelliest ones and the ones sold will be the best ones, which have all made many payments and are up to date. What makes you think that the 2019 cohort smells of roses? Now I wonder what did they said about the projected results of the smelly cohort at the same stage? Best not to switch on lending at all.
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mrk
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Post by mrk on Sept 12, 2019 17:51:43 GMT
Just seen this thread. You are currently selling your loan parts... We will email you when the selling process is complete. Date requested: May 31, 2019
It's been so long I can't even remember exactly how much I was trying to sell.
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Post by shanghaiscouse on Sept 12, 2019 19:51:38 GMT
It tells you on the sell screen how much you requested to sell....
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trevor
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Post by trevor on Sept 12, 2019 20:11:00 GMT
I placed my sell instruction on Aug 14
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Sept 12, 2019 21:06:35 GMT
I can do FORTRAN and COBOL !
What would I charge FC ? trying to think of a formula that says X but means y
What should I charge you lot to make you sales jump up queue
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Sept 12, 2019 21:07:49 GMT
FC e-mail last night 11/09 @ 22:12 . Selling £913.38 Sold £ 912.83. So a virtually full sale -- cannot complain about that. and how much in repayments etc did you get in the mean time...
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criston
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Post by criston on Sept 13, 2019 10:53:20 GMT
Morning Star 3/9/19.
"A representative for Funding Circle said: "The businesses that investors lend to through Funding Circle pay back part of their loan plus interest each month, so investors are able to regularly withdraw part of their portfolio as standard.
"While we also provide the additional option to access funds more quickly by selling loans to other investors at no extra cost, it is not guaranteed that loans will sell in a certain timeframe as this depends on supply and demand on the platform."
The process is also likely to have been slowed down by Funding Circle's system for investor portfolios, which ensures that old loans are evenly balanced with new ones.
Investors are also facing the possibility of being unable to re-sell their loan parts at all, due to Funding Circle conditions which state that any loans which do not sell on the secondary market after 120 days will be removed from resale.
Funding Circle declined to comment on whether terms and conditions would change."
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Sept 13, 2019 11:46:48 GMT
Anyone know if they will Do one of their promotions to get in more investors? If so it might help move along some of the sales only to a degree would it help as they won't want to give me investors the smelly loans, looking back I think when I started the majority of what I got were new loans. I have never been on the non black box system. My first shock when I started to get older loans as part of my reinvestment was one that went bang 2 days after I got it ( with no previous bad comments ) I queried it as I checked on the company and they'd applied to liquidate a month before I was given it. The answer I got on querying it was " it's to be expected when loaning funds to SME"
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r00lish67
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Post by r00lish67 on Sept 13, 2019 12:00:13 GMT
Anyone know if they will Do one of their promotions to get in more investors? If so it might help move along some of the sales only to a degree would it help as they won't want to give me investors the smelly loans, looking back I think when I started the majority of what I got were new loans. I have never been on the non black box system. My first shock when I started to get older loans as part of my reinvestment was one that went bang 2 days after I got it ( with no previous bad comments ) I queried it as I checked on the company and they'd applied to liquidate a month before I was given it. The answer I got on querying it was " it's to be expected when loaning funds to SME" re: this reoccurring notion that 2019 loans are superior to their previous 'smelly' loans - is there any evidence of this? Anyone inspected the loan descriptions/financials (if indeed they're still available) of 2019 cohort loans to see if anything looks better?
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mrk
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Post by mrk on Sept 13, 2019 12:16:59 GMT
It tells you on the sell screen how much you requested to sell.... Is that what the Estimated funds from sale figure means? That seemed odd because I'm pretty sure I would have requested a round number not something ending in ...7.34.
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Post by Badly Drawn Stickman on Sept 13, 2019 12:21:14 GMT
It tells you on the sell screen how much you requested to sell.... Is that what the Estimated funds from sale figure means? That seemed odd because I'm pretty sure I would have requested a round number not something ending in ...7.34. You probably did, but unless you had loans exactly matching that round figure the system would round up/down to the nearest holding.
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lewis
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Post by lewis on Sept 13, 2019 21:32:14 GMT
Hi, I placed an instruction to sell some of my loans on 28th June. Hoping it will go through by mid/end of October.
Thanks for keeping this running. Seems selling time may just be starting to stabilise at around 106 days.
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Post by Southwestpete on Sept 13, 2019 22:28:09 GMT
I appear to be next on the forum's list, 107 days as of tomorrow and nothing as yet
Hi criston, where would I be looking to see the sales per hr that you have asked for ?
Fingers crossed this end !!!
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