bigfoot12
Member of DD Central
Posts: 1,817
Likes: 816
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Post by bigfoot12 on Dec 10, 2017 12:41:51 GMT
Yep, that's the history of autobodge ... however (not obvious from the end of your post) EVERYONE is using it now, it is no longer an option to 'put in the effort'. Thanks for the correction I shouldn't post late at night; but I am going to correct you, because I am not using it, and IIRC you are not using it either. I sold everything whilst I still could, about half at a tiny premium, so the Autobiddies can't whinge. I have 2 Live, but RBR, loans; 3 Late (at least one since 2014) and 22 in default. FC was fun while I thought I could dodge the worst looking loans, but not for me now.
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Post by misterp2p on Dec 10, 2017 13:24:40 GMT
I was new to p2p when I started out with FC in early 2013. I sought their advice and did as they recommended, lending the minimum% across all risk bands using autobid. I questioned FC as to whether using autobid was a good idea due to the belief that i'd pick up 'the rubbish' but was assured that i'd be unlikely to be worse off than someone manually selecting loans due to the good work of FCs DD and credit checking system. Today when I look at my all time earnings I see that I have earned just over £8500 with fees of £880 and losses of £3520 with my annualised return after fees and bad debt being just 4.8%. I haven't lent anything for just under a year and have been withdrawing my funds. I rang FC to complain that I believed i'd been given bad advice by them regarding autobid and that I was disappointed with my returns. They stated that 40% of my losses have been this year and that only 10% of my losses had been recovered so i'm hoping that figure will improve as i'm sure it will as much of the loss is recent. At the end of the day I only have myself to blame as it was I who ultimately chose to use autobid. Hindsight and all that..... Can the sage of the forum confirm whether i've been unlucky with this amount of bad debt or whether I deserve it for being so gullible? If there's any info I've omitted let me know. I've been in just over a year Autobid, now classic. My Annualised return is 9.5% with £37 losses off £1730. My wife has an annualised return of 12.3% on c£2500 and no losses (autobid/classic) So I'm pretty happy with Autobid. I'd be OK with 4.8% though..
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