robbo1
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Post by robbo1 on Mar 13, 2019 20:18:57 GMT
I put my loans up for sale 21st feb. Have not sold yet. Phone FC today and was told now 25 day wait.
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Post by poptart on Mar 13, 2019 20:31:38 GMT
I put my loans up for sale 21st feb. Have not sold yet. Phone FC today and was told now 25 day wait. Keep an eye on them to see if they get delisted. Obviously you don't want to de-list the whole lot unnecessarily, however I can see that as the sale queue approaches 1 month the whole process could become a bit of a lottery. Strategy may be required to establish the optimum time to start a sale.
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Post by df on Mar 13, 2019 20:50:05 GMT
I put my loans up for sale 21st feb. Have not sold yet. Phone FC today and was told now 25 day wait. My last sale took several days, that was few months ago. Earlier it was less than 20 minutes. Not surprised that it's 25 days now and the queue is very likely to grow. It can be a big disappointment for those who delay their withdrawal decisions. There is a good reason for Stephen Findlay to reassure investors that BM doesn't have any loans with FC and Ly in BM thread...
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benaj
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Post by benaj on Mar 13, 2019 20:52:26 GMT
I put my loans up for sale 21st feb. Have not sold yet. Phone FC today and was told now 25 day wait. At least they are honest and being realist about the speed.
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Post by befuddled on Mar 14, 2019 9:32:53 GMT
-as above - I am expressing displeasure - been about 2 weeks now, so hoping something happens soon, but the opacity of the process is very annoying Maybe irritating but not opaque. If there’s buyers you sell, if not you don’t. Simples! By "opaque" I meant having no visibility about the size of queue, or where one stands in it, I can't even find the actual date I clicked to sell out, I know it was about 4 weeks ago now ...(or am I missing something)
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Post by Badly Drawn Stickman on Mar 14, 2019 9:52:42 GMT
Maybe irritating but not opaque. If there’s buyers you sell, if not you don’t. Simples! By "opaque" I meant having no visibility about the size of queue, or where one stands in it, I can't even find the actual date I clicked to sell out, I know it was about 4 weeks ago now ...(or am I missing something) Its always important to realise that this situation can and does happen on platforms, the lack of any obvious queue information on FC is because it has never been a problem with FC before. Its possible its the new normal, or it may be a temporary thing. Either way treat it as a wake up call, that it is usually a lot easier to put money on a platform than to guarantee getting it back out when desired Platforms only ever seem to have two states, can't get money in or can't get money out. Sometimes a brief sweet spot occurs.
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blender
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Post by blender on Mar 14, 2019 10:39:43 GMT
I put my loans up for sale 21st feb. Have not sold yet. Phone FC today and was told now 25 day wait. We also put up an account for sale on 21 Feb. FC confirmed on 12th that it is still for sale, and that it is taking 'around three weeks', which is today. It's going to get worse, imo, as people review the performance of their FC ISAs for 2018/9. Next there will be a different delay due to the large volume of transfer requests.
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Post by badinvestor on Mar 14, 2019 12:15:19 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. 16th Feb (£24k) just got to the front of the queue and took about 30 mins to sell after 26 days of queuing. Defaults are steadily growing on both accounts now.
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Stonk
Stonking
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Post by Stonk on Mar 14, 2019 13:39:26 GMT
I had a sale complete this morning, 14 March, that I initiated sometime on 16 February. So that's 25 to 26 days. And in conjunction with the information in the previous post, it would appear to be a nice orderly queue.
At least in this matter, FC are Fairly Candid.
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benaj
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Post by benaj on Mar 14, 2019 13:41:44 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. 16th Feb (£24k) just got to the front of the queue and took about 30 mins to sell after 26 days of queuing. Defaults are steadily growing on both accounts now. That's 0% fee for selling over 300k+ investment, not many platforms offer this. Did you get the £cashback + iPad assuming 0 default on your newish account?
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Post by gregwill on Mar 15, 2019 11:02:16 GMT
I also requested a sale around 21 Feb and am disappointed by the length of time it’s taking compared with previous sales.
I think FC now need to publish current sale times on their website/app to allow customers to plan accordingly. I won’t feel confident about making any future investments without this.
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ashtondav
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Post by ashtondav on Mar 15, 2019 11:21:02 GMT
It’s a five year product, why would you expect to sell within a month? If you want instant access there are many BS accounts offering 1% or so. You are getting 6%ish.
If there are are no buyers for your loans you are in for five years.
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Post by badinvestor on Mar 15, 2019 11:36:42 GMT
16th Feb (£24k) just got to the front of the queue and took about 30 mins to sell after 26 days of queuing. Defaults are steadily growing on both accounts now. That's 0% fee for selling over 300k+ investment, not many platforms offer this. Did you get the £cashback + iPad assuming 0 default on your newish account? My reason for exiting FC is this new lack of liquidity: I can get 7.4% with much better liquidity elsewhere. Naively, given my previous FC selling experiences, I had assumed that I could use my FC account like a current account with the added bonus that it dished out iPads at Christmas. As soon as I realised in early February that selling requests were not being fulfilled in a matter of hours I decided to fully divest as FC no longer suited my needs and also I was getting a little spooked by the default rate not to mention the FC Investment Trust's reports. It's actually the newer account that has the highest number of defaults. The account was setup Oct/Nov 18: Total funds invested: 300,000 Current Portfolio total: 16,702 Interest: 11,181.86 Fees: -925.63 Defaults: -3411.74 Recoveries: 14.55 iPads: 1 Older account was setup April 18: Total funds invested Apr-Nov: 31,000 Current Portfolio total: 3,094.07 Interest: 1,506.17 Fees: -137.84 Defaults: -14.46 Recoveries: 0 iPads: 1
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ashtondav
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Post by ashtondav on Mar 15, 2019 12:10:18 GMT
7.4% with high liquidity sounds good. Is that an established robust platform. If so which one?
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Post by badinvestor on Mar 15, 2019 13:44:21 GMT
7.4% with high liquidity sounds good. Is that an established robust platform. If so which one? I'm out of P2P for now unless you count Buy2LetCars where greed has got the better of me. 7.4% is dividend income from a basket of investment trusts with high market cap. I'm aiming to hold for at least 5 years but trading volume is there to allow me to dip in and out if needed in normal market conditions. After the December crash plenty of IT's were trading at abnormal discounts so it seemed like a good entry point.
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