mikeh
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Post by mikeh on Mar 4, 2019 23:36:07 GMT
No. The queue is the queue. Quickest way to get it ALL out is to cancel the £1k sale and then sell everything available which should take around 3 weeks. It depends how badly you need the £1k. If ASAP then wait until it sells and then put the rest up for sale. In the mean time turn off auto invest.
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Post by badinvestor on Mar 5, 2019 9:28:13 GMT
Queue seems to be getting longer:
Sell requests made 4th Feb (£5k) and 7th Feb (£300k) took 12 and 14 days respectively.
Sell requests made on 16th Feb (£24k) and 21st Feb (£3.5k) have not happened yet.
Defaults on one account remain at 0 whilst the other seems to pick up one a week.
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p2pete
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Post by p2pete on Mar 5, 2019 16:36:14 GMT
There's also a bug in the selling process somewhere: I put my last two live loan parts up for a sale a couple of weeks ago. At first, they appeared as status "FOR SALE" in the portfolio listing as expected. Now they are showing as "Live" again. (Although the "Sell" tab still shows me as selling their combined value.) So, I'm not sure whether my loans are actually being offered for sale or not. Exactly the same thing happened to me so I also can't tell if my loan is being offered for sale or not. After 20 days in the queue I just got an email to say: Congratulations, your sale of loan parts has finished and your funds are ready to withdraw. Amount sold £0.00. My loan has been kicked out of the queue and not sold. It's not defaulted so I can sell it again but will be at the beginning of the queue! poptart did the same thing happen to you?
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benaj
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Post by benaj on Mar 5, 2019 16:42:20 GMT
Mine was sold yesterday.
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Post by Badly Drawn Stickman on Mar 5, 2019 17:09:12 GMT
Exactly the same thing happened to me so I also can't tell if my loan is being offered for sale or not. After 20 days in the queue I just got an email to say: Congratulations, your sale of loan parts has finished and your funds are ready to withdraw. Amount sold £0.00. My loan has been kicked out of the queue and not sold. It's not defaulted so I can sell it again but will be at the beginning of the queue! poptart did the same thing happen to you? I think the 'system' is struggling emotionally with letting go. Because it is now taking so long, it is encountering unusual events. February has always totally confused FC, just not enough days in it to suit the payment system. It is currently turning loans that have received a payment during the selling period 'live' instead of just recycling them back to selling. I suspect your problem is covered by some part of the above.
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blender
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Post by blender on Mar 5, 2019 19:38:53 GMT
Funny you should say that. Complete ISA put up for sale nearly two weeks ago. Proceeds promised almost as much as was put in. Now about 20% of it is live again. I think that it is time to ask the good people at FunctionallyinCompetent to sort it out.
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Post by poptart on Mar 5, 2019 19:50:23 GMT
Exactly the same thing happened to me so I also can't tell if my loan is being offered for sale or not. After 20 days in the queue I just got an email to say: Congratulations, your sale of loan parts has finished and your funds are ready to withdraw. Amount sold £0.00. My loan has been kicked out of the queue and not sold. It's not defaulted so I can sell it again but will be at the beginning of the queue! poptart did the same thing happen to you? I'm not sure. I recently wrote a complaint to FC explaining the contradiction that my loans appeared both for sale and not for sale (according to where you looked). Curiously, today they sold and my money was liberated.
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Post by bluehorseshoe on Mar 6, 2019 21:27:54 GMT
Looks like FC is completely freezing Selling takes 20 days Buying 3.5 And as by today 15% of my loans are in Processing I can understand selling taking 20 days, but at the same time buying takes 3.5? I'm wondering why this wouldn't be immediate.
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Stonk
Stonking
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Post by Stonk on Mar 7, 2019 0:10:11 GMT
Looks like FC is completely freezing Selling takes 20 days Buying 3.5 And as by today 15% of my loans are in Processing I can understand selling taking 20 days, but at the same time buying takes 3.5? I'm wondering why this wouldn't be immediate.
So, there is a surfeit of loans for sale, with sellers having to wait weeks for the system to match their loan parts to buyers. Simultaneously, buyers are finding it is taking several days to purchase loan parts. Yes - that's a "huh?" moment from me too.
Hmmm. I think what FC needs is some sort of manual secondary market system ... perhaps a list of all the available loan parts (with various filters and sorts), which buyers can browse through and purchase at will ... 
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corto
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Post by corto on Mar 7, 2019 0:39:31 GMT
Looks like FC is completely freezing Selling takes 20 days Buying 3.5 And as by today 15% of my loans are in Processing I can understand selling taking 20 days, but at the same time buying takes 3.5? I'm wondering why this wouldn't be immediate. The 15% 'Processing' loans cleared around the 4th; that was probably a backlog due the short February, and March starting with a weekend? The 3.5 days for buying where 4 or 5 cases in the few weeks before, where loans filled very slowly. Don't know if it's faster now as I am finally also selling out.
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Post by bluehorseshoe on Mar 7, 2019 19:29:51 GMT
I'm selling out too. Net return has been nil over the last 4 months, time to move on.
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benaj
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Post by benaj on Mar 7, 2019 19:39:44 GMT
I'm selling out too. Net return has been nil over the last 4 months, time to move on. One of my 373 days account is returning 5.68% (XIRR), it's lower than the headline rate 7.5% a year ago, but still beats FTSE.
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Stonk
Stonking
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Post by Stonk on Mar 7, 2019 22:15:11 GMT
I'm selling out too. Net return has been nil over the last 4 months, time to move on.
Oddly enough, 4 months is virtually the only timescale you can pick from the last 18 months over which I have made a reasonable profit on FC. I'm up 1.2% in the last 4 months -- albeit on a much-reduced balance from my peak, and 1 new default would wipe it out.
Over the year from March 2018 to February 2019, I am up 0.42%.
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Post by poptart on Mar 11, 2019 20:53:47 GMT
I was concerned that my loan parts seemed to have "fallen off sale", forcing me to return to the beginning of the queue.
Now confirmed by FC:
"If a loan changes status while listed for sale it will be delisted from the sale request which is you had to relist your sale. I can appreciate that this is frustrating when trying to sell a loan however it is the way the system works..."
So, as sale queue increase to weeks, there is an increasing chance that your loan part will go into "processing" state and be dumped off sale.
Presumably when sale time reaches one month, it will finally become Hotel California ("You can check out any time you like, but you can never leave")
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Stonk
Stonking
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Post by Stonk on Mar 11, 2019 21:24:35 GMT
I was concerned that my loan parts seemed to have "fallen off sale", forcing me to return to the beginning of the queue. Now confirmed by FC: " If a loan changes status while listed for sale it will be delisted from the sale request which is you had to relist your sale. I can appreciate that this is frustrating when trying to sell a loan however it is the way the system works..." So, as sale queue increase to weeks, there is an increasing chance that your loan part will go into "processing" state and be dumped off sale. Presumably when sale time reaches one month, it will finally become Hotel California (" You can check out any time you like, but you can never leave")
It's all the more annoying because there are certain events where virtually every loan with a payment due over a period several days long goes into "processing" state.
Recently, at the start of March, all my loans with payments due went to "processing". This was nothing to do with the borrower not paying -- it is because FC's system can't cope with the "missing" days in the short February.
Easter does the same, because there is a public holiday on both sides of a weekend. Typically all payments for about a week go to "processing" before sorting themselves out, for no reason other than FC does not cope correctly with public holidays. Anyone with a sell request in the queue at that time will probably find about 15-20% of their loans get taken off sale.
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