How long will it take to get out of FS

Hey ozboy, don't be cryptic. I guess it's to do with defaults and communications. But FS seem to me to be a good solid platform, with a solid team behind them, and an increasing loan book. In the early days when I was investing tiny amounts, I did end up with a few defaults, which still haven't been resolved, but since then I've developed a different strategy, and only one loan part has gone into default. I've also advised my son to move all his money out of Lendy and into FS.
The problem is, with money to invest, and only a limited number of places to put it, you have to trust someone. At least with FS and their large number of loans, you can spread your risk pretty widely if you wish to. I'd like to put more into Ablrate, but they don't have many new loans, and you often have to buy on the SM at a premium.

Thanks for the info r00lish67. I wasn't in any of those loans you mention, and it's bad if FS didn't handle them well. But hopefully they will have learned from their mistakes, and we can expect better handling in the future. Bad experiences with a platform can make a big impact on how one thinks about them, and so I can understand people feeling unhappy and leaving. But for myself, it's been ok.

It's nice to hear someone else being positive about FS. I do try to be very selective with them, and in a way, if people are a bit suspicious of them right now, it probably helps to keep them humble, and that is no bad thing. I feel that Lendy got a bit above themselves at the point where they were everyone's favourite platform, and things went downhill from there. It's also true what you say about the good secondary market on FS - being able to discount in order to sell makes a big difference, although with loans expiring automatically after six months, and being able to opt out of renewing, I don't sell out nearly as much as I do on other platforms.

I would love to get out but am left with a number of loans which are unredeemed or unsellable.  Currently I am sitting on an overall loss, and of the many P2P companies that I have invested with this is the ONLY one that has lost me money....as for Lendy, I have made considerable gains and so far avoided being left in any defaulted loans.

Just read the updates on South Wales Property (1442701959) from the bottom up. Two years of incompetence or worse. The guide price on this property has now been reduced to £350k and they won't get that as it is essentially derelict and worth only the land value which is next to nothing in that location. I would love to sell my loan part for 50% if you are interested as this is my last on this pathetic platform, the only one of 10 where my losses exceed all time interest earned..

I have moved all the money I can out of double figures interest into the 3-5% range in the (probably naiive) hope that losses are less likely. 

Sometimes under the mattress IMO. I no longer feel the need to invest just for the sake of it. Not suggesting this applies to yourself.

But I do feel the loan quality has deteriorated over time as many platforms are addicted to listing anything just to keep the wheels moving and many lenders also feel the need to be involved.

I was guilty of 'piling' into loans, that 12% headline figure grabbing my attention. Fortunately I managed to move out of several of these before the you know what hit the fan. Looking at the history of these still active and/or defaulted loans it would have resulted in nothing more than a loss.

I have been trying to run down naturally since October last. I have had an FS account for over two years and have generally increased my holdings over that period.  However the last financial year I would have done better with the money in one of the low risk Zopa accounts. This year is shaping up to be marginally worse with losses eating up most of the gains. As I find this account needs a lot of effort to run I am having second thoughts.

My strategy had been to go in for most loans (No second charges / unsecured / really daft proposals). I avoid over exposure to a single borrower with multiple tranches etc as far as possible. My DD is probably quite average.  My biggest loans should be less than 1% with most much less than that.  I am probably over exposed to some of the old trains / memorabilia defaulted loans but I look at the potential supply of disasters in the property loans that
I hold that have been running well over 6 months and feel that there are plenty of others to replace my current problem loans. You dont need many losses to reduce your overall returns substantially.

I have not given up with FS , as with Lendy there is no point in panic but I feel it prudent to reduce and watch what happens. They may improve as FS review their business over time.  I think that the FS website is probably one of the best to use in the p2p sector.

However its all about losses really for me and how they are handled. Unlike equity markets there will not be 'a bit more' somewhere to cover the actual failures. And here diversity has not really protected me. If I had spent a lot more time on the DD (if I could) it would for me start to make it too much effort for the actual return. I find it hard to believe that there are not lots more in the same position as me with FS.