corto
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one-syllabistic
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Post by corto on Mar 30, 2019 17:00:58 GMT
The question seems to me whether "how the system works is how it goes" is legal.
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Stonk
Stonking
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Post by Stonk on Mar 30, 2019 19:24:27 GMT
This is what has now happened. I have tried several times to sell out but due to the length of the queue, the loans get delisted and after 30 days the sale process completes but nothing has sold. FC support confirmed that this is how it works and loans get delisted from the queue if a payment occurs before the sale. It looks like we are trapped in FC now until the queue shortens.
That is not my experience, either. I sold about 180 loan parts recently. They took 25-26 days to sell, during which time the majority of them received scheduled payments. They sold without a problem. Only 1 part failed to sell, the reason for which I haven't determined, but I suspect it went late temporarily while I wasn't watching, and got delisted.
FC admits changes of status causes failure to sell. Normal scheduled payments do not seem to cause a problem, not for most of us anyway! I think they need to look more closely at the problem you are having, rather than rattling off a stock reply.
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delboy
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Post by delboy on Apr 1, 2019 16:49:55 GMT
Today’s response from FC ref current selling times:
“Whilst loan part sale times cannot be guaranteed, currently loan parts are taking between 30-33 days for loan parts to sell.”
Seems to be getting longer by the day. Perhaps the new financial year with many ISA transfers into the platform will improve liquidity for those of us on the way out....
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Post by befuddled on Apr 2, 2019 9:57:42 GMT
MS Edge shows it, too in Windows 10 I also saw a (new to me) advertisement on the entrance page. On Chrome I am running an Ad-blocker. Am I going mad, Win10/Edge - the small black tab on right is "let us know your thoughts". I have no adblocker on Edge (don't use Edge normally). These are loans that "fell off" a larger sell off.....My annualised return has fallen to 5.4%, that, with the worsening liquidity - make this no longer an interesting place for me to be... I used the "balanced" setting with now current projected return 5.5 to 6.5 (was higher when I invested) - so FC have come in well below their expectations (and mine !) ![]() 
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corto
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Post by corto on Apr 2, 2019 10:50:37 GMT
I also don't use edge often but double checked. The note about selling times does pop up "sometimes" when I go on the Sell page. I am not sure if there is actually a deterministic way to bring the pop-up up. Seem to remember that a few weeks ago there was some feature to click on the left side? Just another experience with FC...
More disappointed that the selling time has grown to more than 30 days. Perhaps fresh ISA money can soon change that?
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delboy
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Post by delboy on Apr 2, 2019 17:18:22 GMT
My last post (about 30-33 days selling time) was taken from an email response I received from FC and not from their popup. In fact, I haven’t seen the pop up for a while now (I use Chrome btw) and always used to every time I clicked on “sell”. Perhaps they’ve realised it’s a potentially harmful addition to their website while the number of days keeps creeping up!
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Post by poptart on Apr 2, 2019 18:19:02 GMT
This is what has now happened. I have tried several times to sell out but due to the length of the queue, the loans get delisted and after 30 days the sale process completes but nothing has sold. FC support confirmed that this is how it works and loans get delisted from the queue if a payment occurs before the sale. It looks like we are trapped in FC now until the queue shortens.
That is not my experience, either. I sold about 180 loan parts recently. They took 25-26 days to sell, during which time the majority of them received scheduled payments. They sold without a problem. Only 1 part failed to sell, the reason for which I haven't determined, but I suspect it went late temporarily while I wasn't watching, and got delisted.
FC admits changes of status causes failure to sell. Normal scheduled payments do not seem to cause a problem, not for most of us anyway! I think they need to look more closely at the problem you are having, rather than rattling off a stock reply.
"Change of status" must be the key here. If a loan payment is received on time and goes through immediately then it presumably remains on sale. It's contrary to what FC actually told me; they evidently do not understand it themselves.
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Post by trilby on Apr 2, 2019 21:07:22 GMT
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Post by 2naphish on Apr 4, 2019 8:36:07 GMT
I received an email reply from FC saying that the queue is now "4 and a half weeks" (I interpret that as 32 days) so I won't get my money out in time to put it into this year's ISA, which is irritating.
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criston
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Post by criston on Apr 5, 2019 12:51:05 GMT
I am on day 32 today. Lets see what happens.
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Post by gravitykillz on Apr 5, 2019 15:22:12 GMT
I am on day 32 today. Lets see what happens. Day 32 ? Wow i left fc in early 2017 and got my funds within an hour. Guess back then there wasnt as much competition as there is now. More people are prob withdrawing from fc as they are depositing.
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daveb
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Post by daveb on Apr 7, 2019 20:44:30 GMT
Just sold some more, took just over 5 weeks, and some of the loans deteriorated and were removed from the selling queue during that time.The investors seem to have jumped ship
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criston
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Post by criston on Apr 8, 2019 7:57:49 GMT
I am up to 35 days now, still waiting patiently. It may not just be a lack of investors. It could be many more borrowers. Not sure what gets prioritised; does new money go into funding for borrowers, or investors selling out.
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corto
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Post by corto on Apr 8, 2019 10:53:58 GMT
Just sold some more, took just over 5 weeks, and some of the loans deteriorated and were removed from the selling queue during that time.The investors seem to have jumped ship Good to hear that there are actually still sales, because at the moment the queuing time seems to grow one day per day. When I sold 5/3 it was 20 days (or so); still waiting; getting close to the 35 currently announced. This may imply that the time they tell is not the expected sell-out time for those that queue in at the end (which is what I had assumed), but the actual time it took those that pop out at the front. If that is correct the sales rate (at the front of the queue) has about halved in the last 4 weeks. Why would that be? The increasing time would not immediately imply the queue gets longer as we don't know how many get out and how many get in. However, if the queuing time really grows 1 day per day, the queue would practically be stuck. As I said, lucky to see there are still sales. Curious now, what happens in the next few days with my loans.
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criston
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Post by criston on Apr 8, 2019 17:10:30 GMT
corto I am 1 day in front of you, selling on 4 3 19. Will post here if & when it goes through. If you beat me to it, the queuing system is flawed.
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