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Post by gracieg on Sept 25, 2017 11:42:29 GMT
I only have a small amount invested in FC and usually because I mostly dabbled in high risk, Ds and Es (I like living on the edge!), I was mostly only able to pick them up on the secondary market - so I used to dip in infrequently, have a nosey around and take a punt on the ones I liked the look of. I probably logged in once a week or so, but recently I've been busy and I haven't really bothered.
I am horrified at what I found when I logged in yesterday. I moved away from Zopa because I had no control over who got my money and now I find, it's the same in FC.
I'm taking my available funds immediately and will just let the others naturally finish (or go up in a puff of smoke depending on how risky they really were).
Am I the only one, who enjoyed poking about in businesses accounts, viewing their websites, doing a bit of investigation and getting a feel for the people who were to receive my money? For me it was the most important part of the lending - doing my own little due diligence. But now this has been taken away from me.
I don't have enough faith in the diligence of FC's vetting procedure to blindly and totally put my trust in the system. Besides if I wanted to give my money away to random folks, I'd stand in the local High Street and hand out tenners, to passers by.
Surely I can't be the only one who feels like this?
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ahowlin
Member of DD Central
Posts: 68 
Likes: 12
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Post by ahowlin on Sept 25, 2017 11:58:00 GMT
Hi GracieG,
You are far from the only one. I have been slowly winding down my position for the past year, with the odd loan in respect of a property deal if I saw one I liked. Now I am purely winding down, with no interest in investing more. It feels like for the past couple of years FC have been making changes against the lenders interests and exactly as you say I don't trust their DD enough to use Autobid. I will let the remaining deals I have lent run through to maturity but then that is it.
Regards Arthur
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ashtondav
Member of DD Central
Posts: 1,814
Likes: 1,092
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Post by ashtondav on Sept 25, 2017 12:05:16 GMT
You are part of an educated, interested minority. The majority simply want a fire and forget account that delivers 7.5%.
The issue of course, is whether it does deliver 7.5%!
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Post by GSV3MIaC on Sept 25, 2017 14:29:44 GMT
A quick read through recent threads here will reveal quite a few of us of similar opinion.
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al
Posts: 49
Likes: 13
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Post by al on Sept 25, 2017 14:52:31 GMT
Am I the only one, who enjoyed poking about in businesses accounts, viewing their websites, doing a bit of investigation and getting a feel for the people who were to receive my money? For me it was the most important part of the lending - doing my own little due diligence. But now this has been taken away from me. No, I enjoyed it too (though I only had a week of that mode - came to P2P very recently). But it was fun lending to a dive company on Mull, a florist in Kent, a Dentist in High Wycombe ... On the downside, my due diligence wasn't all it could have been, since I took on a loan for a company whose website has been suspended because its sole-trader owner has been taken seriously ill. I would have seen that before it defaulted, had I bothered to look. But I have more patience, knowing the circumstances, and knowing that, for good or ill, it was my choice to invest.
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blender
Member of DD Central
Posts: 5,719
Likes: 4,272
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Post by blender on Sept 25, 2017 15:43:30 GMT
FC don't want you, gracieg, they just want your money to lend with no questions asked. There are other sites where you can choose on the basis of your investigation and assessment of the borrower. For excitement try Ablrate. There are not many loans, but masses of information and discussion, with the opportunity to spend many happy hours on initial due diligence and then monitoring progress, selling and buying. You only need £1 to play.
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jimbo
Posts: 234
Likes: 42
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Post by jimbo on Sept 25, 2017 17:58:31 GMT
I'm disgusted by the change - my biggest grievance being that it is no longer possible to choose which loan parts to sell! I dumped a third of my remaining FC loan portfolio today in order to attempt to exit the remnants of my property loans (this worked, fortunately). I'm leaving everything else to run off at a yield of 12.8% (ex defaults, obviously), but I'm now done completely with the FC Platform. They sacrificed a promising start in favour of growth at any cost and have now gone full-blown passive, as we all know. Without even a cursory active investment option, I'm not even vaguely interested in continuing with them. I'm sure Samir and Co have done very well out of this and don't begrudge them their success. However, I have a horrible feeling that FC could turn out to be Ground Zero for negative P2B press during the next recession.
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Post by albermarle on Sept 25, 2017 21:24:42 GMT
I only have a small amount invested in FC and usually because I mostly dabbled in high risk, Ds and Es (I like living on the edge!), I was mostly only able to pick them up on the secondary market - so I used to dip in infrequently, have a nosey around and take a punt on the ones I liked the look of. I probably logged in once a week or so, but recently I've been busy and I haven't really bothered. I am horrified at what I found when I logged in yesterday. I moved away from Zopa because I had no control over who got my money and now I find, it's the same in FC. I'm taking my available funds immediately and will just let the others naturally finish (or go up in a puff of smoke depending on how risky they really were). Am I the only one, who enjoyed poking about in businesses accounts, viewing their websites, doing a bit of investigation and getting a feel for the people who were to receive my money? For me it was the most important part of the lending - doing my own little due diligence. But now this has been taken away from me. I don't have enough faith in the diligence of FC's vetting procedure to blindly and totally put my trust in the system. Besides if I wanted to give my money away to random folks, I'd stand in the local High Street and hand out tenners, to passers by. Surely I can't be the only one who feels like this?
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Post by albermarle on Sept 25, 2017 21:35:24 GMT
There are other sites that allow you to still have the 'joy'
to pick your own loans and do your own own DD ( to varying extents)
One of my P2P investments is with LendingCrowd, which is a kind of mini Funding Circle .
If you check the LC board , you will see plenty of negative comments about past defaults and zero recovery rates.
However this is not unique for unsecured P2P loans and if you bid only on new loans, you can get high rates to compensate.
They also have a ' fire and forget' account but you can still self select if you want.
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