criston
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Post by criston on Sept 14, 2019 6:28:08 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 !!! You will only notice it when you check to see how much is in your holding account. You will then know if it has started or finished by the amount shown.
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Post by shanghaiscouse on Sept 14, 2019 11:17:20 GMT
I am now at 101 days but selling a relatively large amount, let's see..... my all-time figures are pretty bad, this tax year I have defaults well in excess of my interest and a net loss of £2,300 so I imagine a lot of my smelly loans won't sell, so for me the key number is what % of loans sell out of the estimated number they provided me.
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cobi
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Post by cobi on Sept 16, 2019 7:53:11 GMT
Sale finally completed this morning (16/09/2019) which was originally put up for sale on the 29/05/2019. The average rate of sales was approximately £2k per hour.
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criston
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Post by criston on Sept 16, 2019 8:35:10 GMT
We have a sale initiated 3/6/19.
I have emailed FC asking them to assure us that if it gets to 120 days they will not cancel the sale.
Would appreciate others joining us.
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blender
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Post by blender on Sept 16, 2019 8:42:49 GMT
At the same time you could inform them that your instructions and expectations are that they continue with the sale.
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tjtl
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Post by tjtl on Sept 16, 2019 14:37:13 GMT
We have a sale initiated 3/6/19. I have emailed FC asking them to assure us that if it gets to 120 days they will not cancel the sale. Would appreciate others joining us. I have already emailed them, and their CEO, and Headland (their retained PR adviser) to point out that if they enforced the "120 day rule" they would be walking into a "PR sh!t show". I doubt I am the only one on this board who works in the City or in Business Communications and would relish giving Dominic Walsh a call. To be fair to FC their message back (albeit always privately never publicly) is that they have no intention of enforcing the 120 rule, but want to keep it for "flexibility". Their share price is drifting down to £1, their communications with the City has almost dried up, I cannot believe it will be in their interest to be a front page fiasco story. Like many here I regret ever "investing" in this company- and would have no hesitation in going public with my unhappiness. Anyway, let's hope they stand by their word and don't do anything as stupid as cancelling sell orders when they reach 120 days.
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Post by GSV3MIaC on Sept 16, 2019 14:43:33 GMT
Actually don't the t&cs talk about parts on sale, but not sold, for 120 days? The new way of doing it doesn't seem to actually put anything on sale until you reach the front of the queue...
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criston
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Post by criston on Sept 16, 2019 14:44:13 GMT
We have a sale initiated 3/6/19. I have emailed FC asking them to assure us that if it gets to 120 days they will not cancel the sale. Would appreciate others joining us. Received the following reply. 'We’re reviewing the functionality of our secondary market to try to ensure the best possible outcomes for customers. Our terms and conditions state that loan parts put up for sale will be removed from the queue if they don't sell within 120 days, however, we will temporarily pause this condition while that process continues.'Still leaves it wide open !
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benaj
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Post by benaj on Sept 16, 2019 16:32:20 GMT
I expect the selling time might come down at some stage, when there are less investors selling. I guess we are not quite there yet.
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ashtondav
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Post by ashtondav on Sept 16, 2019 17:05:15 GMT
On page 1 of this thread only 8 sellers registered in August and only one so far in September.
It’s slooooooowing, all right, and if this board is representative of the lender base (probably more negative) then the legendary 120 days will not be reached.
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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 16, 2019 18:35:28 GMT
But the big numbers of sellers June & July are still to go through so we are the ones most likely to hit the 120 days, what we don't know is the value of that tranche
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b
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Post by b on Sept 16, 2019 20:04:39 GMT
Hi, I just joined this forum. I placed an order to sell 50% of my holding about 4 days ago, looks like I won’t be selling before Christmas!
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criston
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Post by criston on Sept 16, 2019 20:39:46 GMT
Hi, I just joined this forum. I placed an order to sell 50% of my holding about 4 days ago, looks like I won’t be selling before Christmas! If the queue gets much worse or FC have problems in the future, you may regret not going for the 100%. You could always invest the 50% back in when it is all sold, but at least you will have the choice, rather than regretting it later.
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blender
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Post by blender on Sept 16, 2019 20:48:12 GMT
Hi, I just joined this forum. I placed an order to sell 50% of my holding about 4 days ago, looks like I won’t be selling before Christmas! If the queue gets much worse or FC have problems in the future, you may regret not going for the 100%. You could always invest the 50% back in when it is all sold, but at least you will have the choice, rather than regretting it later. Quite so. And just think, those new loans would be shiny and bright with borrowers who are not going to default - unlike the ones you hold. New loans for old. (Sounds like a panto)
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b
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Post by b on Sept 17, 2019 8:34:01 GMT
I only went 50% because my average return from FC has been 4.8%, which is quite a bit more than most bank accounts.
I hadn’t realised there was a problem with FC until I looked into switching the funds into an ISA, and FC told me I had to sell my regular account loans and buy new ISA loans, I couldn’t just switch. I originally asked to sell £1k and assumed they would be sold in a day or two. When they were still unsold after a week I googled FC selling time and found this thread. That got me concerned so I decided to sell 50%, and not reinvest it in an ISA FC account. I was surprised to find I couldn’t leave my original £1k sale order in place and add a new sale order, to put 50% up for sale I had to cancel (“stop”) my original sale, putting me at the back of what looks like a long queue. I’m reluctant to change my sale order again or I go back to the end of the queue again. It seems odd you can’t add a second sale order, but have to cancel existing sales first.
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