r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
|
Post by r00lish67 on Sept 17, 2019 8:58:35 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. <snip> That actually quite sounds high in the context. Is that 4.8% inclusive or exclusive of any 'downgraded' loans that haven't yet been defaulted? NB: these wouldn't show up in the FC stats on the summary page.
|
|
b
Posts: 16
Likes: 6
|
Post by b on Sept 17, 2019 9:24:25 GMT
That’s from the front page of the iPad app. Where can I see the total downgraded loans?
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Sept 17, 2019 9:27:14 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 as 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. I need to remind new viewers on this thread to look at the list on Page 1, of this thread. I would not advise changing your sell order if your were 50 days into your sell, but just 5 days is well worth it. At current trend you could be waiting over 6 months & then if you decide to sell the other 50% who knows how long. You will still get interest & repayments during that period, so there is nothing to lose & you will have peace of mind.
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Sept 17, 2019 9:32:58 GMT
That’s from the front page of the iPad app. Where can I see the total downgraded loans? The difference between what is in your account & what you can sell is a good guide, but you cannot do that if you have a sale in place. Otherwise go to My Portfolio & open the drop down Status box. It's a bit of a trawl though if you have a lot of loans.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Sept 17, 2019 10:32:57 GMT
An easier way to estimate would be to look at the summary figures of amount lent and number of borrowers. Then go to the portfolio and count the number of live and processing loan parts (you can order the table). The ratio of live and processing loan parts to total number of borrowers will give you the proportion of the amount lent which is undamaged. [You may need to correct if you have multiple loan parts per borrower, and you may wish to remove those which are live but risk-band-removed]
Good here isn't it? FC have grown up to be like the really arrogant bankers that they first wished to challenge with revolutionary zeal. They have learned to walk on two legs.
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Sept 17, 2019 10:42:51 GMT
An easier way to estimate would be to look at the summary figures of amount lent and number of borrowers. Then go to the portfolio and count the number of live and processing loan parts (you can order the table). The ratio of live and processing loan parts to total number of borrowers will give you the proportion of the amount lent which is undamaged. [You may need to correct if you have multiple loan parts per borrower, and you may wish to remove those which are live but risk-band-removed]
Good here isn't it? FC have grown up to be like the really arrogant bankers that they first wished to challenge with revolutionary zeal. They have learned to walk on two legs. Not forgetting you cannot sell the 'live loans' with 'risk band removed'
|
|
r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
|
Post by r00lish67 on Sept 17, 2019 10:47:01 GMT
An easier way to estimate would be to look at the summary figures of amount lent and number of borrowers. Then go to the portfolio and count the number of live and processing loan parts (you can order the table). The ratio of live and processing loan parts to total number of borrowers will give you the proportion of the amount lent which is undamaged. [You may need to correct if you have multiple loan parts per borrower, and you may wish to remove those which are live but risk-band-removed]
Good here isn't it? FC have grown up to be like the really arrogant bankers that they first wished to challenge with revolutionary zeal. They have learned to walk on two legs. That FC don't clearly summarise loans that have been downgraded, which can be a pretty substantial portion of a portfolio in some cases, absolutely stinks. It is quite clear that some lenders are understandably completely unaware that they have a % of their loans that a) they can't withdraw and b) a significant portion of which will inevitably hit their bottom line.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Sept 17, 2019 12:10:55 GMT
and c). has no effect on the figure for annualised return presented by FC.
|
|
upland
Member of DD Central
Posts: 478
Likes: 175
|
Post by upland on Sept 17, 2019 12:17:11 GMT
Forgive me , I am sure this will have been asked before but I have put some loans into the queue to be sold and I would now like to sell a little bit more. It looks like I am blocked from selling until the current loans have sold ?
Is that correct ?
|
|
corto
Member of DD Central
one-syllabistic
Posts: 851
Likes: 356
|
Post by corto on Sept 17, 2019 12:27:27 GMT
Forgive me , I am sure this will have been asked before but I have put some loans into the queue to be sold and I would now like to sell a little bit more. It looks like I am blocked from selling until the current loans have sold ? Is that correct ? You can cancel the current sale and restart
|
|
upland
Member of DD Central
Posts: 478
Likes: 175
|
Post by upland on Sept 17, 2019 12:52:15 GMT
Forgive me , I am sure this will have been asked before but I have put some loans into the queue to be sold and I would now like to sell a little bit more. It looks like I am blocked from selling until the current loans have sold ? Is that correct ? You can cancel the current sale and restart Many thanks corto , I have done that. Very sad , I have for several years made between 5 or 6 % PA here on varying amounts of capital but last year it was sub 3%. Financial year to date its pretty well nothing. I dont like it when the firm makes it awkward for the lender and it seems is happening. Their support response time is now 10 days so I suppose that there are other unhappy lenders. Another firm to put on the back burner I think. I am in debt to you all on this thread for your illuminating posts.
|
|
b
Posts: 16
Likes: 6
|
Post by b on Sept 17, 2019 12:56:59 GMT
Forgive me , I am sure this will have been asked before but I have put some loans into the queue to be sold and I would now like to sell a little bit more. It looks like I am blocked from selling until the current loans have sold ? Is that correct ? You can cancel the current sale and restart It seems so. I already went back to the start of the queue to change from selling £1k to 50%, so I’m going to keep my place in the queue now. In the meantime, whilst it is laborious, I’m opening my iPad once a day and withdrawing all available funds. It’s a bit under 0.1% a day it seems, but for the 120+ days I’m likely to be in the queue that’s another 10% of my holding sold.
|
|
corto
Member of DD Central
one-syllabistic
Posts: 851
Likes: 356
|
Post by corto on Sept 17, 2019 13:27:22 GMT
You can cancel the current sale and restart Many thanks corto , I have done that. Very sad , I have for several years made between 5 or 6 % PA here on varying amounts of capital but last year it was sub 3%. Financial year to date its pretty well nothing. I dont like it when the firm makes it awkward for the lender and it seems is happening. Their support response time is now 10 days so I suppose that there are other unhappy lenders. Another firm to put on the back burner I think. I am in debt to you all on this thread for your illuminating posts. Rumour has it that they had a few years of bad due diligence which knocked the rates down, and that they have changed procedures to improve again. There hasn't been evidence for an improvement on this forum. However, if one trusts their own statistics one can take it as support for the hypothesis, www.fundingcircle.com/uk/statistics/The lower right plot on the Returns page shows awkward default rates for 16/17 (the curves may level at around 10% in a few years); 2018 doesn't have much data yet, but as a trend looks much better. Your remaining 50% may not be wasted, who knows. Anyway, I am (mostly) out of FC for now for various reasons; may reconsider in a couple of years.
|
|
keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,867
Likes: 2,308
|
Post by keitha on Sept 17, 2019 15:09:04 GMT
You can cancel the current sale and restart It seems so. I already went back to the start of the queue to change from selling £1k to 50%, so I’m going to keep my place in the queue now. In the meantime, whilst it is laborious, I’m opening my iPad once a day and withdrawing all available funds. It’s a bit under 0.1% a day it seems, but for the 120+ days I’m likely to be in the queue that’s another 10% of my holding sold. why bother every day I'm ? unless you think they may go under, i let mine build up and take £100 or £200 a time. since setting up my sale on 28 july I've got 6.5% of my total back so by the time my sale goes through I think 13% back in the normal flow of returns.
|
|
b
Posts: 16
Likes: 6
|
Post by b on Sept 17, 2019 15:46:37 GMT
It seems so. I already went back to the start of the queue to change from selling £1k to 50%, so I’m going to keep my place in the queue now. In the meantime, whilst it is laborious, I’m opening my iPad once a day and withdrawing all available funds. It’s a bit under 0.1% a day it seems, but for the 120+ days I’m likely to be in the queue that’s another 10% of my holding sold. why bother every day I'm ? unless you think they may go under, i let mine build up and take £100 or £200 a time. since setting up my sale on 28 july I've got 6.5% of my total back so by the time my sale goes through I think 13% back in the normal flow of returns. I do it every day so they don’t use the available funds to buy new loans that I’ll be stuck with. I don’t know the level of available funds before they lend it again. Is there an option to stop them lending out available cash?
|
|