p2p1g1
New Member
Posts: 3
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Post by p2p1g1 on Oct 16, 2019 19:34:35 GMT
Hi everyone,
Let me throw myself in the line. I have two accounts: - personal, £10K+, sale initiated on 06 June 2019 - business, £25K+, sale initiated on 22 July 2019
Hope to see some capital out soon /g\
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ashtondav
Member of DD Central
Posts: 1,805
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Post by ashtondav on Oct 17, 2019 7:40:02 GMT
No sign of FC’s weekly update on average sale times for the last week. It is usually published by now. “ *This data is updated weekly, Wednesday PM” Probably worth waiting at least today for the publication of data before hatching any conspiracy theories and any uptick in panic. Panic. PANIC! We’ve had 78 pages of panic...
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Stonk
Stonking
Posts: 735
Likes: 658
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Post by Stonk on Oct 17, 2019 8:08:17 GMT
You call this panic. You don’t know what panic is. Call me when the thread page length exceeds the sell day queue length!
It's
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Stonk
Stonking
Posts: 735
Likes: 658
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Post by Stonk on Oct 17, 2019 8:08:27 GMT
You call this panic. You don’t know what panic is. Call me when the thread page length exceeds the sell day queue length!
It's
only
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Stonk
Stonking
Posts: 735
Likes: 658
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Post by Stonk on Oct 17, 2019 8:08:37 GMT
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Stonk
Stonking
Posts: 735
Likes: 658
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Post by Stonk on Oct 17, 2019 8:08:47 GMT
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Stonk
Stonking
Posts: 735
Likes: 658
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Post by Stonk on Oct 17, 2019 8:08:59 GMT
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Stonk
Stonking
Posts: 735
Likes: 658
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Post by Stonk on Oct 17, 2019 8:09:51 GMT
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Post by captivator on Oct 17, 2019 8:24:32 GMT
The queue is moving again. I had listed my remaining £31k on June 3rd. Since then, during the wait about £5k had been returned naturally to me and withdrawn. Some time last night my remaining 26k started to sell. I missed the start, but when I logged on at 00:28 am just over 20k had already sold. I issued a withdraw order for the 20k then I watched it for half an hour, during which time another 2k (almost exactly) sold. When I got up this morning I had an email confirming the selling process completed at about 4:30am. I am left with only about £1500 in duds that didn't sell. Good news on the face of it all things considered. My anxiety now is that the 20k I withdrew last night hasn't shown up in my bank, but a hundred quid I withdrew this morning to check out the speed of transfer is showing as already in my bank. So 20k is stuck somewhere in the ether. I won't try and withdraw the other 4k till that has appeared. OK. Money arrived in Bank account this morning. I'm out. Overall, over the last two and a bit years, even if all my remaining £1500 fully default I've done better than leaving the money idle. But not better enough to justify the recent uncertainty around liquidity. More fool me for not anticipating how quickly liquidity in the secondary market would swing with even a small change in market sentiment or a couple of negative news articles. Like most of these things, it is blindingly obvious with hindsight. I think for people for whom liquidity isn't an issue FC may well still be worth a good look, but I'm not one of those. For those of you in the queue behind me - I wish you a speedy rise to the top, and a calm and safe exit. Now that's sorted..... I can turn my attention to crossing my fingers while my Woodford UK Equity holding is unpicked! This year has shown me I am far better at earning money than investing it!
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Post by Deleted on Oct 18, 2019 19:53:37 GMT
....... Now that's sorted..... I can turn my attention to crossing my fingers while my Woodford UK Equity holding is unpicked! This year has shown me I am far better at earning money than investing it!
As long as you weren't relatively heavily invested in Flybe or Interserve like someone ....
I am sure the list of people on here is getting longer, I am still shocked at how long this is now taking compared to the 'olden' days. This must be doing damage to their reputation and causing people to question whether to invest in this at ~4% once you account for bad debt from what people are saying here, when there must be more liquid options out there,
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Post by shanghaiscouse on Oct 18, 2019 22:06:36 GMT
3.5% all-time for me, negative this fiscal year. would have been better off in a tracker ETF. I just had another £1,800 of defaults IN ONE DAY. I have been tracking on a daily basis since august, my defaults are £1,000 more than my interest earned.
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Post by shanghaiscouse on Oct 19, 2019 16:30:42 GMT
You say 50% sold, just the duds left - do you mean the duds are equal to 50% of your total loans? that would be awful!
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sl75
Posts: 2,092
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Post by sl75 on Oct 19, 2019 20:43:30 GMT
You say 50% sold, just the duds left - do you mean the duds are equal to 50% of your total loans? that would be awful! After the final round of sales, the duds are equal to 100% of the total remaining loans... just saying! In fact, as the portfolio total already excludes Defaults, the duds can be rather more than 100%.
Mine are now equal to Infinity% of the total loans, as the total portfolio value is £0.00, but there are still "duds" that are paying money (and which must thus have some value larger than zero!)
For people who are assessing their portfolio return as though all defaults are a total loss, you're substantially underestimating the long-term return on investment... albeit that "long-term" may be rather longer than many investors had originally envisaged.
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ashtondav
Member of DD Central
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Post by ashtondav on Oct 20, 2019 7:37:29 GMT
Yes, as sl75 explained, what I have left is bad debts and late paying loans which I don't anticipate ever becoming sell-able. They are all duds, I think I will get back 2-3% capital at the most over the original term of the remaining loans. Some of the loans are paying back One Pence per month. It will take well over a century to repay the capital with no added interest. I don't think they add any interest to the loans once there is a repayment plan in place but I don't know maybe they do and it will take infinity to pay back. I would be happy to pay 10p in the £ for a portfolio with a “decent” mix of defaults and lates, as a punt. It’s a shame you can’t sell and I can’t buy...
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corto
Member of DD Central
one-syllabistic
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Post by corto on Oct 20, 2019 10:12:16 GMT
If there is any truth in the claimed 40% recovery rate including defaulted loans 10p/£ would indeed be a bargain.
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