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Post by danielbird193 on Jan 30, 2019 12:09:54 GMT
I created a sell request on about £1,500 worth of loans on Monday this week. In the past when I have sold this sort of size chunk the funds have always been available for withdrawal relatively quickly (say within 24 hours). However we're now 48 hours later and no loan part appear to have been sold yet.
Does anyone have any recent experience of selling loan parts and is able to comment on how long I should be expecting to wait before funds are available for withdrawal?
Thanks.
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benaj
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Post by benaj on Jan 30, 2019 12:21:40 GMT
Transferring available funds back to bank account takes 1-3 working days.
Selling on the other hand may take longer than what we used to. Recently the matching algorithm focuses on PM loans earlier this January on my other account, I've joined the queue to transfer my "unloved" loan parts to potential investors last Friday, nothing sold yet.
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Stonk
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Post by Stonk on Jan 30, 2019 13:56:40 GMT
It seems the queue to sell is growing. Recently, it has been around 3 days -- from the time of requesting a sale, to the time when it got executed. If benaj has been in the queue since Friday (without leaving it), then it's more like 4 or 5 days now. Eeek. |
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Post by GSV3MIaC on Jan 30, 2019 14:27:11 GMT
You used to be able to look at 'loans for sale' (back when you could manually buy/sell them) but I guess that has disappeared into the blackness of the box now. Afaict there is now B*all that you can actually peer at, as far as the bigger picture is concerned.
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Post by df on Jan 30, 2019 19:42:09 GMT
You used to be able to look at 'loans for sale' (back when you could manually buy/sell them) but I guess that has disappeared into the blackness of the box now. Afaict there is now B*all that you can actually peer at, as far as the bigger picture is concerned. Disappeared on 18 Sept 2017. I should have left FC then with relatively small amount of defaults (lack of wisdom  . I generally like automated accounts, those with smaller return and functioning PF worked well for me so far, but accepting this one was a big mistake. Unsecured SME loans without any protection should have self-select option imo.
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Post by Badly Drawn Stickman on Jan 30, 2019 20:40:54 GMT
It seems the queue to sell is growing. Recently, it has been around 3 days -- from the time of requesting a sale, to the time when it got executed. If benaj has been in the queue since Friday (without leaving it), then it's more like 4 or 5 days now. Eeek. I suppose it depends a little bit how the queue actually works, if it is just a simple queue as in one sale has to complete before the next one starts we may have a problem. It would however explain why the queue is so slow as one seller with large loan parts could grind the system to a halt. If it is as I would have expected but now suspect not the case, two queues filtering through each other matching as they go, the newish £10 minimum loan level may be slowing down sales of older loan parts above that level and creating a backlog. It is also quite possible that the queue is not allowed anywhere near available funds if upcoming new loans have a buffer maintained. Ignore me I am just thinking out loud, I know full well its shortage of new funds, Edit. I suppose the fairly obvious thing that I ignored is a Brexit factor, there would be a good deal of sense in not being invested in FC businesses until the dust settles. So there could well be a lot of people who reached that conclusion quicker than me selling out.
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Post by danielbird193 on Jan 31, 2019 9:24:57 GMT
Thanks for the responses. It seems 3-5 days is not unusual so I shouldn't expect funds to be available until next week. All in all I suppose that's unsurprising, but it's just a stark contrast to the almost instant secondary market sales I have been used to in the past.
I suppose it reflects increased competition in the P2P space as well as interest rates slowly rising on FSCS-backed deposit accounts. I have 6 months' mortgage payments in an instant-access account for emergencies so I'm happy to have other spare funds tied up in P2P, but doubt I will be increasing my allocation to FC any time soon.
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benaj
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Post by benaj on Jan 31, 2019 10:04:03 GMT
It's deja vu for me. I hope FC not turning into Z mark II. It took me 1.5 months to sell most of the Z+ portfolio (90%) back in Nov '17, and sold my last loans in Mar '18, almost 4 months.
My parts are still in the queue.
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david42
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Post by david42 on Jan 31, 2019 14:46:56 GMT
Selling loan parts on Funding circle has not been working since 21st January.
I regularly make small sales but none of the sales I requested on or after 21st January have completed. My last successful sales were on 16th Jan when sales were taking less than a day.
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Post by jonathan on Jan 31, 2019 18:13:16 GMT
Is there any way to find a list of whats for sale?
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Post by Badly Drawn Stickman on Jan 31, 2019 18:36:02 GMT
Is there any way to find a list of whats for sale?
I am pretty sure the answer is no, in fact I think they are only reluctantly letting us know what we have purchased.
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david42
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Post by david42 on Jan 31, 2019 20:04:18 GMT
While sales are taking so long you can tell which of your own loans parts are on sale by downloading your loan parts from the My Portfolio tab. Any loan part that is on sale has a status of "For Sale"
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Post by danielbird193 on Feb 1, 2019 9:32:31 GMT
Selling loan parts on Funding circle has not been working since 21st January.
I regularly make small sales but none of the sales I requested on or after 21st January have completed. My last successful sales were on 16th Jan when sales were taking less than a day.
Quite worrying... Any sense of whether this is a temporary thing or whether it is a reflection of permanently reduced liquidity on the platform?
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Post by jonathan on Feb 1, 2019 11:38:48 GMT
Whether or not there is a problem with selling atm, in normal circumstances do sales still take place over the weekend or do they pause until the following Monday? Pretty sure I've bought part loans over the weekend before. But don't think new loans get put up over the weekend.
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Post by jonathan on Feb 2, 2019 10:18:04 GMT
Has anyone sold anything since 16th Jan?
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. I generally like automated accounts, those with smaller return and functioning PF worked well for me so far, but accepting this one was a big mistake. Unsecured SME loans without any protection should have self-select option imo.
