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Post by jagman on Nov 27, 2019 15:34:47 GMT
Does anyone know how long it takes to get funds out by stopping lending, say 90%, ie excluding bad debt and late loans etc? I have got 18% back in 4 months on one account and 9% over 2 months in another, ie 4.5% per month, so it will take at least 20 months? I assume the rate might reduce over time as funds reduce and the bad loans become a higher proportion, but I don't know how to calculate this!
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Post by dogeared on Nov 27, 2019 16:46:27 GMT
Given the new fee to sell, I’d like to cancel my sale order. Instead I’d like to stop reinvestment, and withdraw available funds a couple of times a month. Is it possible to do this? If I just cancel the sale order, will my income be automatically reinvested? Removed you from list. Judging by the wait time at the moment, FC must have £millions waiting to get out, hence the reason for the new selling tool. I doubt there will be much sold on each round as an individual. So little I guess, it will awkward to differentiate between normal payments into holding account, unless you go into your statement to check which amounts have a 1.25% charge against them. Edit. Unless we get an email. FC say you will get at least one loan part sold on each selling round. My lowest loan part is £2 my highest is £350. I doubt the £350 will not be gone until all the others have. FC have stitched everyone up, making sure no one can pinpoint how long, on average, they have been waiting, selling a trickle at a time, weeks apart. All to avoid media attention. Is it still worth logging repayments as they come in?
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Post by discogod on Nov 27, 2019 17:03:10 GMT
My Sale was requested 12 June. I've not got alot left in there since this is my 3rd round of sales. The sum result of queuing for the last 5 & half months is £0 sold since it's all bad debt/late/processing/risk band removed now. No email received & it's impossible for me to request a sale too ("Active loans available for sale must be greater than 0.0"). I think the 'sale' concluded 2 days ago but can't be sure.
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criston
Member of DD Central
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Post by criston on Nov 27, 2019 17:15:56 GMT
Removed you from list. Judging by the wait time at the moment, FC must have £millions waiting to get out, hence the reason for the new selling tool. I doubt there will be much sold on each round as an individual. So little I guess, it will awkward to differentiate between normal payments into holding account, unless you go into your statement to check which amounts have a 1.25% charge against them. Edit. Unless we get an email. FC say you will get at least one loan part sold on each selling round. My lowest loan part is £2 my highest is £350. I doubt the £350 will not be gone until all the others have. FC have stitched everyone up, making sure no one can pinpoint how long, on average, they have been waiting, selling a trickle at a time, weeks apart. All to avoid media attention. Is it still worth logging repayments as they come in? May as well, if I keep up with it. We will then be able to ascertain how long each rotation takes & what percentage of our total sell order moves each time. I only have dregs, but for anyone trying to sell a large sum, who has been in the queue for 170 odd days & who is complaining to the FCA, they will be able to provide proof, that someone who has been in the queue a lot shorter time, has put them at a disadvantage under their condition 14.1. 14.1. We may make changes to these Borrower Terms and Conditions from time to time without your consent for any of the following reasons:
to make these Borrower Terms and Conditions clearer or easier to understand; to make changes which benefit you or do not disadvantage you;
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Post by dogeared on Nov 27, 2019 19:13:52 GMT
Is it still worth logging repayments as they come in? May as well, if I keep up with it. We will then be able to ascertain how long each rotation takes & what percentage of our total sell order moves each time. I only have dregs, but for anyone trying to sell a large sum, who has been in the queue for 170 odd days & who is complaining to the FCA, they will be able to provide proof, that someone who has been in the queue a lot shorter time, has put them at a disadvantage under their condition 14.1. 14.1. We may make changes to these Borrower Terms and Conditions from time to time without your consent for any of the following reasons:
to make these Borrower Terms and Conditions clearer or easier to understand; to make changes which benefit you or do not disadvantage you; I for one would be grateful if you did continue and I will certainly keep you informed.
I fall into the 170+ category but have not complained, yet - I'm not convinced it will change anything, but I will complain about the 1.25 fee.
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upperdeane
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Post by upperdeane on Nov 27, 2019 23:22:04 GMT
Thanks for your reply.
I haven't actually raised a case yet, I was uncertain of the benefits in doing so.
Whilst I'm obviously unhappy with the time it's taking to withdraw money I guess that is part of the territory.
The fee however is an outrage given the implementation of it during the wait.
I don't see any downside in complaining to the FO. The more of us who do so, the more likely they are to deal with the issue. For me : 31/10 : Complaint to FC 07/11 : Long answer from FC to tell me : "NO - Complain to the FO if you wish" 07/11 : Complaint to FO - Automatic acknowledgement 20/11 : Manual answer from a named person and a case reference, saying they will look into it as soon as they can Hi moutarde My status so far as follows: 22/11/19 : Complaint to FC 25/11/19 : Long answer from FC to tell me : "NO - Complain to the FO if you wish" 27/11/19 : I email back FC informing them i'm not happy with their response to my complaint and informed them I would be raising a complaint to the FO 27/11/19 : I lodge my FO complaint online at www.financial-ombudsman.org.uk/contact-us/complain-online. l also attached a pdf export of my complete email correspondence to FC with the complaint. 27/11/19 : Automatic acknowledgement email from FO Ill update the forum as I hear more. I suspect this will go nowhere, but I feel I have to try.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Nov 28, 2019 11:19:00 GMT
It will be important to find that out tho--because if the sale of loan parts is very slow, charging 1.25% at a time, it might make little difference to the time it takes to get all the investment back by just turning off lending, when the 1.25% will be saved. The key issue will be-- is the payment of 1.25% worth the increased rate of withdrawal? Download all loan parts ( from my portfolio ) into excel ( there is a button on my portfolio to do this ) Sort by status then payment date Scroll to the bottom f the live list and you have the last date on which you should receive a normal repayment, however a late may become live again and change it, and of course recoveries may continue way after that date ( for me at the moment my last loan expires in 4 years, but I have a recovery which will take at least 7 years to pay off , and several where recoveries have yet to start ) you could also do it by downloading all loans ( a somewhat smaller list ) create a new column at the end called last date and use the following formula =EDATE(I2,(F2-1)) ( enter this in first cell and copy down ) in the cells , you may need to reformat to a date.
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Stonk
Stonking
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Post by Stonk on Nov 28, 2019 11:32:32 GMT
Buckingham Palace, London, SW1A 1AA
I am so pleased to know that you are celebrating your one hundredth page.
I send my congratulations and best wishes to you on this special occasion.
Elizabeth R
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upperdeane
Member of DD Central
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Post by upperdeane on Nov 28, 2019 12:45:58 GMT
Buckingham Palace, London, SW1A 1AA
I am so pleased to know that you are celebrating your one hundredth page.
I send my congratulations and best wishes to you on this special occasion.
Elizabeth R
Thanks Liz Would you mind sending your corgis around to Funding Circle head office to sort them out please. Please instruct the corgis to keep yapping constantly until they agree to scrap the 1.25% sales transfer fee please. Much appreciated.
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criston
Member of DD Central
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Post by criston on Nov 28, 2019 13:16:07 GMT
I have now set up the first post to include the new selling tool.
I have listed existing sellers with their original selling dates.
The combined details can be used to assess the total waiting time until the first 120 days is up,
This helps those who are suggesting to the FCA they have been disadvantaged, and does not allow FC to hide the truth.
When we are aware how long each rotation takes, it can be adapted accordingly.
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Post by rweb on Nov 28, 2019 13:42:02 GMT
I have now set up the first post to include the new selling tool. I have listed existing sellers with their original selling dates. The combined details can be used to assess the total waiting time until the first 120 days is up, This helps those who are suggesting to the FCA they have been disadvantaged, and does not allow FC to hide the truth. When we are aware how long each rotation takes, it can be adapted accordingly. Is it worth starting a new thread for the new tool?
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blender
Member of DD Central
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Post by blender on Nov 28, 2019 14:30:53 GMT
Buckingham Palace, London, SW1A 1AA
I am so pleased to know that you are celebrating your one hundredth page.
I send my congratulations and best wishes to you on this special occasion.
Elizabeth R
I am not 100% convinced that this is really from Her Majesty. Stonk is not a convincing username, even though the content has great credibility. I wonder if impersonating Her Majesty is allowed under forum rules? If not it would be good to get the banning in first, before the offender's head is removed for high treason.
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criston
Member of DD Central
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Post by criston on Nov 28, 2019 14:35:16 GMT
I have now set up the first post to include the new selling tool. I have listed existing sellers with their original selling dates. The combined details can be used to assess the total waiting time until the first 120 days is up, This helps those who are suggesting to the FCA they have been disadvantaged, and does not allow FC to hide the truth. When we are aware how long each rotation takes, it can be adapted accordingly. Is it worth starting a new thread for the new tool? If anyone wishes to start a new thread, please feel free.
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Post by rweb on Nov 28, 2019 16:01:16 GMT
Is it worth starting a new thread for the new tool? If anyone wishes to start a new thread, please feel free. I don't see the point in a duplicate thread, but I'll take it from your comment you'd rather see it all in the one thread and that's fine :-)
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sl75
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Post by sl75 on Nov 28, 2019 16:03:52 GMT
... The combined details can be used to assess the total waiting time until the first 120 days is up, There appear to be differing assumptions of how the 120 day rule would be interpreted with the new selling tool.
My assumption was that any sales instructions that were created at least 120 days before the new tool launched would be immediately cancelled, and others would get cancelled on a rolling basis (but of course the sellers in all cases can immediately re-create the sales instruction with no significant penalty).
Your assumption appears to be that all existing sales instructions, when transferred to the new process, would get 120 days from the launch of the new process.
As you say, it can be adapted as new info comes in.
Regarding the suggestion to separate the sales tool into a separate thread - I think archiving off this thread (with a link to it from first post on a new thread) should make maintenance of the first post of that new thread easier... particularly if the new thread info starts to result in getting close to the per-post character limit. Ultimately that's your call though.
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