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Post by skint4achange on Nov 19, 2017 11:21:50 GMT
I do find it quite strange how most of the people on this thread are moaning about FC and how it's new "Bidding" system has screwed up their portfolio, yet in the next sentence claim that they are having lots of defaults on their "Cherry Picked" dead cert C, D and E loans?? The new system has not even had time to create any defaults yet, so any loses you are suffering, I am afraid, are of your own doing by picking Lemons.
Like a few others (FC have loaned £231m since the new system so not everybody has jumped ship) I will hang around a bit and see before mounting a mutiny on a ship that has made many investors on here a lot more money than they have lost. 
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david42
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Post by david42 on Nov 19, 2017 12:29:24 GMT
The new system has not even had time to create any defaults yet, so any loses you are suffering, I am afraid, are of your own doing by picking Lemons.
Not true. I started my account after the latest changes, and three of the loans Autobid bought for me are already risk band removed. Those loans were created before the new rules came in but Autobid managed to buy them for me from the secondary market.
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Post by skint4achange on Nov 19, 2017 13:57:40 GMT
The new system has not even had time to create any defaults yet, so any loses you are suffering, I am afraid, are of your own doing by picking Lemons.
Not true. I started my account after the latest changes, and three of the loans Autobid bought for me are already risk band removed. Those loans were created before the new rules came in but Autobid managed to buy them for me from the secondary market. Did these parts come to you with the risk band already removed? If so, that should not be possible and you should raise a complaint.
If these loans became risk band removed after you had purchased them (Well not you, but autobid), then I would suggest you have been very unlucky. Unless you believe (And can prove) that someone, somehow knew that these loans were going to default before they were sold to you, in which case you have a case to present to the FCA.
I know that there will always be winners and there will always be losers, but that is the nature of what we do.
If you have only just opened your account, you really are not in a position to say that the new system has failed or not. To gauge the success or failure of the new system you would need to wait at least a year or 2. As was pointed out when you signed up for the account, there will always be defaults, that is the nature of lending, P2P or otherwise. Do you believe that banks get back every penny they lend out??
To my mind, if after 2 months of investing in FC and you have a couple of defaults (On a fully diverse portfolio of 200 loan parts you can expect at least 5 in a year) you feel that strongly that the platform will underperform and implode, cash out. I will however give it a bit of time (And maybe some of my hard earned money) to see what happens in the longer term.
I am not saying this to be argumentative, I am just trying to engage in conversation. But, if I listened to everyone on this forum (Across all P2P lenders, not just FC) I would by now be too frightened to do anything other than put my money under my mattress and sleep on it all day with one eye open and a gun in my hands! Thinking about it................might not be a bad idea!!!
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david42
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Post by david42 on Nov 19, 2017 14:30:36 GMT
Not true. I started my account after the latest changes, and three of the loans Autobid bought for me are already risk band removed. Those loans were created before the new rules came in but Autobid managed to buy them for me from the secondary market. Did these parts come to you with the risk band already removed?
No. The risk band was removed a couple of weeks after Autobid purchased each loan part.
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Post by skint4achange on Nov 19, 2017 14:35:48 GMT
That sucks.
I may well find out the hard way once my loan parts start to age or I start to buy from the SM, but I am expecting to have a fair few defaults over the next few months, especially as cash flow for most SME's dries up over the Xmas period.
Hopefully, I can still make in excess of 6%. If I can, I will be happy (Ish).
Hopefully you have no more for a LONG LONG time.
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Post by GSV3MIaC on Nov 19, 2017 19:04:31 GMT
Did these parts come to you with the risk band already removed?
No. The risk band was removed a couple of weeks after Autobid purchased each loan part. That's a well known feature of autobodge of course .. it'll buy anything, and canny investors will be doing their best to sell whatever looks dodgy, or (if all else fails) just sell everything every 6 months, rinse and repeat. skint4achange .. nope, "someone who wants to make money by investing in a business/asset for short/long term gain?" is probably just an investor, or even a venture capitalist (FC already had those some time since). I am one (very trivial share holder in AC). You'll know a proper vulture capitalist when you meet one (count your fingers, you'll be a few short).
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Post by skint4achange on Nov 19, 2017 20:02:27 GMT
The trouble is with "Autobodge" (I like that saying....May well keep using it!) is that you also can't choose which order you want to get rid of unless it is a totally different size to all of your other orders. Or, you would have to request a sell off and hope that the loan part that you do not want is included in the sale. But you may end up disposing of other parts that you wanted to keep.
TBH, I think no matter which P2P platform you are on, someone will always be unhappy with one or more aspects of the platform. If we could roll all the good bits into one platform and make it perfect, all of a sudden everyone would use it, most people wouldn't be able to get a slice of the action and we would be back to square one with people complaining!! 
Think I am going to just go and sit in my attic and play with my TCR racing set!!
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SteveT
Member of DD Central
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Post by SteveT on Nov 20, 2017 10:16:39 GMT
Indeed it does. I stuck £4k into my old (empty of Live loans) account to watch how the new system worked. After 2 weeks it had bought me 200 parts, but my predicted annualised return was just 7.1% (not the advertised 7.5%). When I requested to sell the lot, just days later, only 199 of those parts were sell-able, the other already being RBR...
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Post by skint4achange on Nov 20, 2017 10:26:15 GMT
That must have been an SM loan part. If it was just days later (As I am sure you know), a new loan would not have had time to have any events attached to it. When my account was set up I watched all of the loan parts come in (Sad I know, but hey how I really don't have a life!!). If any of the parts that came in were SM I paused lending and sold the part that I had purchased from the SM just in case someone knew something about the loan part that I couldn't see.
My approach to FC is working at the moment and I have a return of just over 8.67% provided I don't end up being conned into buying something that I really don't want to keep. Fingers crossed.
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SteveT
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Post by SteveT on Nov 20, 2017 10:41:41 GMT
That must have been an SM loan part. If it was just days later (As I am sure you know), a new loan would not have had time to have any events attached to it. When my account was set up I watched all of the loan parts come in (Sad I know, but hey how I really don't have a life!!). If any of the parts that came in were SM I paused lending and sold the part that I had purchased from the SM just in case someone knew something about the loan part that I couldn't see.
My approach to FC is working at the moment and I have a return of just over 8.67% provided I don't end up being conned into buying something that I really don't want to keep. Fingers crossed.
Life is too short for that sort of mucking about, IMO. I'll stick with my ISA stake in the FCIF investment trust. Much simpler and I don't get to see all the stupid stuff!
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justme
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Post by justme on Nov 20, 2017 10:46:44 GMT
That must have been an SM loan part. If it was just days later (As I am sure you know), a new loan would not have had time to have any events attached to it. When my account was set up I watched all of the loan parts come in (Sad I know, but hey how I really don't have a life!!). If any of the parts that came in were SM I paused lending and sold the part that I had purchased from the SM just in case someone knew something about the loan part that I couldn't see.
My approach to FC is working at the moment and I have a return of just over 8.67% provided I don't end up being conned into buying something that I really don't want to keep. Fingers crossed.
how did you manage to sell a precise loan part ?
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Post by skint4achange on Nov 20, 2017 11:22:40 GMT
All I did was put the exact amount of the loan I did not want up for sale. This will only work for loan parts that you have got from the SM, but then again, why would you want sell a loan part that has only just been formed?
There is no real lots of messing about. Once all the loans have been added to your portfolio, just go in, check if you have any from the SM and sell them off. Takes about 20 minutes to do.
As an experiment, I liquidated my whole portfolio just to see how fast I could get out. For those that are interested, 120 loan parts (Only £20 each) were sold on the SM in 37 minutes. Now have to wait another 4 to 5 days to get that back together again now!!  Oh well, I only have to do that once a year to confirm liquidity.
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Post by debaser on Dec 1, 2017 20:26:41 GMT
I manually chose every company that I invested in based on the figures they provided and the info about the business. The trouble is, that information was often sparse or misleading.
The last 3 months I have had so many defaults. If they carry on at this rate, I'm not even sure I will break even. It's mostly the As and Bs that are defaulting as well! Glad I stopped putting any more money in.
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Post by grahamreeds on Dec 1, 2017 22:13:29 GMT
I manually chose every company that I invested in based on the figures they provided and the info about the business. The trouble is, that information was often sparse or misleading. The last 3 months I have had so many defaults. If they carry on at this rate, I'm not even sure I will break even. It's mostly the As and Bs that are defaulting as well! Glad I stopped putting any more money in. How much did you put in and how many companies did you lend to? I put 25k in and was lending to 900 firms across 1300 loan parts.
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Post by mrwilliams on Dec 6, 2017 19:03:47 GMT
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Oh well, I only have to do that once a year to confirm liquidity.