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Post by skint4achange on Nov 23, 2017 11:26:33 GMT
So, having liquidated my entire holding just to prove a point I am now left trying to rebuild my portfolio.
The first 2 days went as expected, 46 loan parts and then all of a sudden, come Wednesday, nothing? Strange thought I, maybe Wednesday was a slow day with no loans formed. WRONG!!
When I checked the loan book this morning, it appears that Wednesday was in fact the busiest day of the week? ?
No worries I thought, I will simply open chat and talk to a real human being. I posed the question about why a 4 figure sum had not been allocated to any of the 86 loans on Wednesday to be replied to with a "Cut and paste" answer from FC's FAQ's. Thee really is nothing more annoying than that in my mind. It's like they believe that you are so stupid that you can't find the FAQ's!!
Sooooooo, I asked for a human answer to which I received a human constructed response......................... "See my answer above!" Feel it may be time to remove the funds in this account and cancel the rather large amount of funds that were due to be allocated to it also.
I told them I would wait and see what the next 24 hours bring. So far, NADA, ZILCH, SQUAT, FA, NOTHING!!!
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coogaruk
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Post by coogaruk on Nov 23, 2017 15:04:48 GMT
So, having liquidated my entire holding just to prove a point I am now left trying to rebuild my portfolio. I'm not sure why you would want to do that? (the latter after doing the former)
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Post by skint4achange on Nov 23, 2017 15:18:22 GMT
So, having liquidated my entire holding just to prove a point I am now left trying to rebuild my portfolio. I'm not sure why you would want to do that? (the latter after doing the former) Because I was proving fluidity of the platform prior to placing a larger sum onto the market.
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blender
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Post by blender on Nov 23, 2017 15:38:50 GMT
So, having liquidated my entire holding just to prove a point I am now left trying to rebuild my portfolio. I'm not sure why you would want to do that? (the latter after doing the former) It's the only way to diversify an existing 'Classic' account. I see the Isa launches at the end of the month, only 20 months later than intended.
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david42
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Post by david42 on Nov 23, 2017 16:26:13 GMT
I'm not sure why you would want to do that? (the latter after doing the former) Because I was proving fluidity of the platform prior to placing a larger sum onto the market. Selling loans is quick, but it took Autobid 4 weeks to get me 100% invested from a standing start. I logged the daily Autobid speed here.
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Post by Badly Drawn Stickman on Nov 23, 2017 17:02:47 GMT
I'm not sure why you would want to do that? (the latter after doing the former) It's the only way to diversify an existing 'Classic' account. I see the Isa launches at the end of the month, only 20 months later than intended.
Just a random throw away thought really, but what would happen in the unlikely event of a downgraded loan in an ISA. Would that effectively tie you to FC? It would be hard to transfer the ISA I would think.
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markr
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Post by markr on Nov 23, 2017 17:14:48 GMT
Just a random throw away thought really, but what would happen in the unlikely event of a downgraded loan in an ISA. Would that effectively tie you to FC? It would be hard to transfer the ISA I would think. Reading between the lines of this bit: "You will be able to transfer your Funding Circle ISA to another ISA provider, although it’s important to remember that loan parts that can’t be sold won’t be transferred and will no longer be eligible for tax-free interest" suggests that downgraded parts will be moved back to your "classic" account and you'll lose that bit of your ISA allowance (but it was effectively lost anyway, so it's no big deal). Edit: well it's a slightly bigger deal as recoveries will be outside the ISA.
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Post by Badly Drawn Stickman on Nov 23, 2017 17:23:43 GMT
Just a random throw away thought really, but what would happen in the unlikely event of a downgraded loan in an ISA. Would that effectively tie you to FC? It would be hard to transfer the ISA I would think. Reading between the lines of this bit: "You will be able to transfer your Funding Circle ISA to another ISA provider, although it’s important to remember that loan parts that can’t be sold won’t be transferred and will no longer be eligible for tax-free interest" suggests that downgraded parts will be moved back to your "classic" account and you'll lose that bit of your ISA allowance (but it was effectively lost anyway, so it's no big deal). Edit: well it's a slightly bigger deal as recoveries will be outside the ISA. That makes sense. Getting recoveries would probably at a spiritual level compensate.
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david42
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Post by david42 on Nov 23, 2017 17:27:25 GMT
Reading between the lines of this bit: "You will be able to transfer your Funding Circle ISA to another ISA provider, although it’s important to remember that loan parts that can’t be sold won’t be transferred and will no longer be eligible for tax-free interest" suggests that downgraded parts will be moved back to your "classic" account and you'll lose that bit of your ISA allowance (but it was effectively lost anyway, so it's no big deal). Edit: well it's a slightly bigger deal as recoveries will be outside the ISA. So the most tax effective approach under their current terms would be to do a partial ISA transfer rather than a full transfer, leaving behind a residual ISA account holding only the unsellable loans. Funding Circle ISA terms do not mention partial ISA transfers, but all the ISA transfers I have made have allowed the option of transferring only part of the ISA.
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blender
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Post by blender on Nov 23, 2017 19:04:27 GMT
Their sorting hat would probably select the defaults as parts to be transferred, and then transfer those parts to your 'classic' account. One thing for sure is that you will not be able to tell them which parts to liquidate.
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Post by Badly Drawn Stickman on Nov 23, 2017 19:18:55 GMT
Their sorting hat would probably select the defaults as parts to be transferred, and then transfer those parts to your 'classic' account. One thing for sure is that you will not be able to tell them which parts to liquidate. I have come up with a work-around for selling chosen parts (as yet untested) I just need to open another 99 accounts then I can try it.
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david42
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Post by david42 on Nov 23, 2017 19:24:28 GMT
Their sorting hat would probably select the defaults as parts to be transferred, and then transfer those parts to your 'classic' account. One thing for sure is that you will not be able to tell them which parts to liquidate. The sorting hat does not get involved in the ISA transfer: Step 1. In your Funding Circle ISA account, tell Autobid to sell everthing. Step 2. Observe how much Autobid has managed to sell. Step 3. Ask you new ISA provider to transfer just that amount of your ISA from Funding Circle. Problems only arise if you ask your new ISA provider to transfer your whole ISA. If instead you transfer only the part of your ISA that you have been able to liquidate, you can leave the unsellable parts in a small residual ISA with Funding Circle.
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blender
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Post by blender on Nov 23, 2017 19:25:56 GMT
Their sorting hat would probably select the defaults as parts to be transferred, and then transfer those parts to your 'classic' account. One thing for sure is that you will not be able to tell them which parts to liquidate. I have come up with a work-around for selling chosen parts (as yet untested) I just need to open another 99 accounts then I can try it. Congratulations on resuming your role as an idiot. I tried out as a komodo dragon but could not handle it. It is best that we know our places.
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blender
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Post by blender on Nov 23, 2017 19:29:45 GMT
Their sorting hat would probably select the defaults as parts to be transferred, and then transfer those parts to your 'classic' account. One thing for sure is that you will not be able to tell them which parts to liquidate. The sorting hat does not get involved in the ISA transfer: Step 1. In your Funding Circle ISA account, tell Autobid to sell everthing. Step 2. Observe how much Autobid has managed to sell. Step 3. Ask you new ISA provider to transfer just that amount of your ISA from Funding Circle. Problems only arise if you ask your new ISA provider to transfer your whole ISA. If instead you transfer only the part of your ISA that you have been able to liquidate, you can leave the unsellable parts in a small residual ISA with Funding Circle. Wow! Clever stuff, and the ISA has not even started yet. I am glad I have controlled my ambition. (The only problem is that the value you ask the new provider to transfer will be the full value of the FC ISA, because the defaulted parts are worth zero. Perhaps transfer the whole sold amount less £1?)
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david42
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Post by david42 on Nov 23, 2017 20:23:25 GMT
(The only problem is that the value you ask the new provider to transfer will be the full value of the FC ISA, because the defaulted parts are worth zero. Perhaps transfer the whole sold amount less £1?)
There is no need to leave £1 behind. I think you are inventing non-existent problems. Have you never transferred an ISA? It is very easy. The value you ask your new provider to transfer is the value of the cash sitting on your Funding Circle ISA after Autobodge has sold what it can. The value that is left behind in Funding Circle is the (unknown) value of the loans that cannot be sold. But there is no requirement to know their value. On the ISA transfer form from you new ISA provider you don't tick the box to transfer the whole ISA. Instead you tick the box to transfer £x, where you choose the £x. Both these options have been available on the ISA transfer forms I have used in the past. The only complicated part that I see is managing the gradual run down of the residual Funding Circle ISA. Personally I would probably let autobodge re-invest cash as it was recovered from default loans, then at occasional intervals I would do a further ISA transfer to move more of those recovered funds to my preferred new ISA home.
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