|
Post by rweb on Apr 7, 2020 11:15:26 GMT
6 days, no reported sales ðŸ˜
|
|
|
Post by cedarrophie on Apr 7, 2020 11:50:47 GMT
I contacted FC to see what was happening due to the lack of sales and got the below reply.
"Whilst I fully appreciate your position here, selling speeds are dependent on the supply and demand from other investors on the platform. As it is a continuously fluctuating market we will see selling times decrease as well as increase at various points. Where we have less demand from investors on the platform and/ or higher volumes of loan parts listed for sale it will take longer for loan parts to sell. It has slowed down recently but sales are still continuing on the platform.
Just to confirm the sales are worked out according to the original amount you initially requested."
Sounds like they are still trying to sell but noone is there to buy, based on the lack of progress.
|
|
richv
Posts: 42
Likes: 11
|
Post by richv on Apr 7, 2020 14:33:02 GMT
I contacted FC to see what was happening due to the lack of sales and got the below reply. "Whilst I fully appreciate your position here, selling speeds are dependent on the supply and demand from other investors on the platform. As it is a continuously fluctuating market we will see selling times decrease as well as increase at various points. Where we have less demand from investors on the platform and/ or higher volumes of loan parts listed for sale it will take longer for loan parts to sell. It has slowed down recently but sales are still continuing on the platform. Just to confirm the sales are worked out according to the original amount you initially requested." Sounds like they are still trying to sell but noone is there to buy, based on the lack of progress. Thanks for that update, did they indicate if they are still initiating new loans? I would assume that there is no or (vertchaly no) new money coming on to the platform, but there may be some investors who have not switched off reinvest, so should be available to buy loans for sale, if there are no new loans starting.
|
|
|
Post by dogeared on Apr 8, 2020 7:24:16 GMT
I contacted FC to see what was happening due to the lack of sales and got the below reply. "Whilst I fully appreciate your position here, selling speeds are dependent on the supply and demand from other investors on the platform. As it is a continuously fluctuating market we will see selling times decrease as well as increase at various points. Where we have less demand from investors on the platform and/ or higher volumes of loan parts listed for sale it will take longer for loan parts to sell. It has slowed down recently but sales are still continuing on the platform. Just to confirm the sales are worked out according to the original amount you initially requested." Sounds like they are still trying to sell but noone is there to buy, based on the lack of progress. Thanks for that update, did they indicate if they are still initiating new loans? I would assume that there is no or (vertchaly no) new money coming on to the platform, but there may be some investors who have not switched off reinvest, so should be available to buy loans for sale, if there are no new loans starting. I note they are getting involved in the Coronavirus Business Interruption Loan Scheme.
|
|
|
Post by natasha1 on Apr 8, 2020 8:26:27 GMT
Thanks for that update, did they indicate if they are still initiating new loans? I would assume that there is no or (vertchaly no) new money coming on to the platform, but there may be some investors who have not switched off reinvest, so should be available to buy loans for sale, if there are no new loans starting. I note they are getting involved in the Coronavirus Business Interruption Loan Scheme. Yes, abling the businesses you and I lend to, to borrow further to repay other loans/expenses they have...
|
|
|
Post by natasha1 on Apr 8, 2020 17:39:10 GMT
I make from this read here that an increase in the Transfer Payment is imminent. Don't you?
|
|
lewis
Posts: 22
Likes: 17
|
Post by lewis on Apr 9, 2020 9:13:58 GMT
I reset on 8/4/20
|
|
benaj
Member of DD Central
Posts: 4,908
Likes: 1,610
|
Post by benaj on Apr 9, 2020 10:09:05 GMT
It's now PAUSED. 😶
|
|
|
Post by dazp70 on Apr 9, 2020 10:15:31 GMT
I think we can close this thread now. But I'm grateful that the closure of the secondary market will protect our returns. Clearly better to re-direct those investors that have not switched off re-investing to FC's new crop of loans.
|
|
|
Post by keaney53 on Apr 9, 2020 10:23:03 GMT
Just had this via email.
As part of our ongoing measures to protect investor returns, we have taken the decision to pause the secondary market while we continue to evaluate the potential impact of Covid-19.
This forms part of a number of measures introduced recently. Over the last few weeks, we have tightened our credit risk parameters for new loans. We have also strengthened our Collections and Recoveries capabilities, to support the businesses you are already lending to with maintaining their payments over the term of the loan. As a regulated platform, we also want to ensure that loans bought and sold by investors on the secondary market are priced fairly. This means taking into account the wider economy and how it might impact small businesses.
The businesses you have lent to are good, creditworthy businesses and we expect returns to remain resilient over the coming period. However, given the current environment we have decided to be prudent and pause all loan part sales on the secondary market. This does not affect your ability to access funds from the monthly repayments you receive from borrowers. If your lending is turned off you will typically receive 3-5% back of your outstanding portfolio every month.
As you are currently selling your loans, pausing the secondary market means no further loan parts will be sold, and your loans will be delisted over the next week.
As we have more clarity over the coming months, we hope to be in a position to resume the secondary market.
|
|
|
Post by dogeared on Apr 9, 2020 10:51:32 GMT
Finally admit it then three weeks later
|
|
dorset
Member of DD Central
Posts: 281
Likes: 187
|
Post by dorset on Apr 9, 2020 11:50:09 GMT
Last lifeboat now gone.
Just find a deckchair on the promenade deck and enjoy the music.
|
|
|
Post by dogeared on Apr 9, 2020 12:42:30 GMT
I think we can close this thread now. But I'm grateful that the closure of the secondary market will protect our returns. Clearly better to re-direct those investors that have not switched off re-investing to FC's new crop of loans. No need to close the thread, monitoring of the situation by the community is still valid.
|
|
|
Post by dogeared on Apr 9, 2020 12:43:53 GMT
Last lifeboat now gone. Just find a deckchair on the promenade deck and enjoy the music. Hope the band can keep playing for the next 3-4 years.
|
|
|
Post by hostile17 on Apr 9, 2020 13:04:59 GMT
Finally admit it then three weeks later Entirely my thought. Evidence here is that they've not been selling for ages. It also makes little sense to me. If "businesses you have lent to are good, creditworthy businesses and we expect returns to remain resilient" then why does suspending sales of them "protect investor returns"? These are contradictary.
|
|