criston
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Post by criston on Apr 9, 2019 15:35:52 GMT
Just sold out. Took 36 days from 4/3/19.
As we have further sell orders from 3 other accounts, would appreciate what delay others are experiencing as time goes by.
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corto
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Post by corto on Apr 9, 2019 16:42:38 GMT
Just sold out. Took 36 days from 4/3/19. As we have further withdrawals from 3 other accounts, would appreciate what delay others are experiencing as time goes by. Thanks for the update. I'm currently still in but expect to sell in the next couple of days. Will post.
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Post by gravitykillz on Apr 11, 2019 5:19:26 GMT
The fresh isa money coming in should help reduce the delays in withdrawals.
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corto
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Post by corto on Apr 11, 2019 6:43:18 GMT
Out this morning after about 36 days.
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ashtondav
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Post by ashtondav on Apr 11, 2019 8:39:25 GMT
Hang on, won’t the liquidation of the FC Investment Trust create a lot more supply, and increase selling times, or will their holdings be offlifted to the often mentioned new “institutional investors”. And if those institutional investors are so flush with cash and keen on FC why aren’t they grabbing all the supply posters here are talking about.
Confused!
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criston
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Post by criston on Apr 11, 2019 9:03:06 GMT
If the Investment Trust £300m holdings are up for sale, they should go in the queuing system, like the rest of us. They did say an orderly wind down.
Also Waterfall Asset Management are funding £1 billion over 2 years, so £40 million a month going in, should help.
We have 2 other accounts selling before they announced the liquidation. One on 18/3/19; the other on 24/3/19.
We also have another account with sell orders dated 9/4/19.
That's why I am asking for everyone to post how long they are waiting. We can then get an an idea if the queue is any more stable as time goes by.
We can then judge it more accurately here, rather than asking FC.
Currently it looks to be around 37/38 days.
Hopefully ISA money will help, but when you look at Ratesetter 5 year, it has jumped to £8 million available after 5/4/19, instead of the usual £1 to £2 million before. Very strange.
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Post by bluehorseshoe on Apr 13, 2019 9:45:14 GMT
Finally sold yesterday after 37 days.
I put 20k into the ISA in May last year. I put the lot up for sale last month. So I've now got 18.6k in funds and will have to wait probably months to see anything further, if at all.
And yet my "annualised return" is 5.6%.
What a load of rubbish. Glad I'm out though.
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ashtondav
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Post by ashtondav on Apr 13, 2019 10:03:24 GMT
My tax statement shows about £1,500 net interest on about £30,000 invested so about 5%. Not the 7% I signed up for.
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criston
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Post by criston on Apr 13, 2019 10:40:07 GMT
FC is one out of nine P2P platforms I invest in, But they are the only one I cannot see how my investments stand. Before you hit the sell button it shows how much out your total portfolio is available. All our 4 accounts show about 90% to 95% available,. What you don't know is what proportion of the unavailable 5% to 10% is dodgy.
For that reason I am running my accounts down.
In fairness, they did start off showing 11%. You are advised there is a 1% fee & you expect 3% to 4% defaults. Our 4 accounts show between 5% & 7.6% earnings. That is fair enough, but what about the 5% to 10% you can't get at !!!!!!
They also state 40% default recovery, which can take many years. I am currently showing 1% recovery, but it is early days.
All in all, they may not be that bad, but because of the unknowns I am not prepared to take the chance.
Could do with others keep posting sell waiting times, so we can get a better idea of what is happening.
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ashtondav
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Post by ashtondav on Apr 13, 2019 11:09:07 GMT
Most of the 5% - 10% is dodgy. That’s why you can’t sell it! Anything from one missed payment to a full default. But the returns are quoted after defaults.
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p2pete
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Post by p2pete on Apr 13, 2019 11:32:46 GMT
What you don't know is what proportion of the unavailable 5% to 10% is dodgy. You can click on the loans that aren't sellable and see the repayment history, how many payments were missed, why the risk band was removed, what action is being taken against the borrower etc. In my case all of the unsellable loans eventually defaulted. I'm not defending FC and it is pointless looking at the loan detail or email FC for updates. I'm just saying that further detail is there if you want to look at it.
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criston
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Post by criston on Apr 13, 2019 11:42:52 GMT
You could be right.
This is what FC say -
'You can only sell active loans with no credit issues, and not in the last month of their term. If a monthly repayment is made on a loan before it is sold, the loan will be delisted. You may then need to start the selling process again if you were unable to sell the value you wanted'
I would have thought full defaults are already separated under defaults.
40% default recovery could make a lot of difference to the overall performance, if you can wait long enough.
I have decided their 'Director Guarantees' are not good enough. I note some loans do not have any guarantees.
I am moving to loans secured mostly against property with LTV below 65% with director guarantees on top. A lot of them also have interest retained. OK default recovery could be a long time, but 90% to 100% recovery should be possible. Still the loans need to be studied before investing. There are some I leave alone even with under 40% LTV.
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coogaruk
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Post by coogaruk on Apr 13, 2019 12:44:38 GMT
My tax statement shows about £1,500 net interest on about £30,000 invested so about 5%. Not the 7% I signed up for. No bad debt? You've been extremely lucky!
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ashtondav
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Post by ashtondav on Apr 13, 2019 13:33:02 GMT
Oh, yes, bad debt alright. Gross interest was about £2,800. Fees and bad debt brought down to the £1,500 level
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corto
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Post by corto on Apr 13, 2019 15:16:42 GMT
I'm out with perhaps 50% more in dodgy loans than total returns. So, even with a 40% recovery I may well end up in the minus.
However, that is a somewhat misleading statement, as the money I've out will now earn elsewhere. Had I left it in AC it would have earned returns there (and more defaults for sure). I'm still optimistic though, that on the long run they would have produced positive returns. There were just too many things that evaporated my trust in them. Poof! Gone!
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