sherb
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Post by sherb on May 31, 2019 4:49:33 GMT
Hi criston, I received an email this morning confirming that my funds are ready to withdraw - amount sold being 68.7% of amount requested for sale, but I've also been able to transfer out interest that's accumulated in the meantime.
Than you again for the clarity and reassurance provided by this thread!
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baldpate
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Post by baldpate on May 31, 2019 8:18:29 GMT
received my 'sold email' this morning 31st May, for sales initiated 7th April. Amount sold was just 53% of the original requested (although the real true percentage would be a bit higher, since I've received 50 days-worth of capital repayments in the meantime) Amount still sellable is 31% of the original requested (same caveat as above), which gives an idea just how large a percentage, of sales were lost due to 'processings' over the three intervening bank holidays!
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criston
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Post by criston on May 31, 2019 10:58:38 GMT
Thanks for all the selling updates.
Don't forget to let me know if you also started another sell order & the date you did it on, so that I can add you to the first post list, page 1.
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Post by Ace on May 31, 2019 16:02:54 GMT
Doesn't reference the mean concern of loans going into processing whilst up for sale. They need to solve the so called 'hotel California issue' that never existed whilst loans sold quickly, it's now become a major concern, hence this thread by Criston. I've asked FC why the ridiculous state change from "For sale" to "Processing" to "Live". Will report back if they answer. FC replied with a general stock answer related to selling loans that didn't address the question asked. I've asked them to try again.
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baldpate
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Post by baldpate on May 31, 2019 18:30:30 GMT
criston Hi again - I've just launched my second attempt to sell out the residue that didn't go on the previous attempt. Will post when it sells. Thanks for your efforts in tracking this issue.
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Post by kowalski on Jun 1, 2019 6:38:34 GMT
Finally my loans sold out last night just before midnight. I received 41% of the total requested and have immediately put the rest up for sale.
When I get a chance I will be raising a (likely ignored) complaint to FC not only about the time it takes to sell but also about the "processing" joke. I had 35 loan payments due on 30/5 and all of them went into processing state and were removed from the sales process. I can't see how all of them, which are now back to live, had problems so its clearly an FC IT issue.
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Post by geofft on Jun 1, 2019 8:22:01 GMT
geofft; I have added you to my first post on page 1. Keep us updated please. Doubt you will see it sold for at least another 2 to 4 days. When it starts the process, it happens quickly. criston, your prediction has proved correct and I have this morning received my sold email. Received just 45.5% of the amount requested. I'm a complete newby to this selling loans lark and must admit I didn't realise that you would actually receive so little of the amount requested. Reading through this thread this seems to be a 'normal' result, I think I've got some more reading to do to fully understand this process. Anyway thanks for creating and maintaining this thread, it's been a better source of info on selling loans 'issues' than anything that FC have to offer...
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Post by geofft on Jun 1, 2019 14:24:11 GMT
criston,
...just to let you know that I have just placed the remainder of my loans in my Classic a/c up for sale.
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Post by valerieb on Jun 2, 2019 9:10:16 GMT
Just put in a request to sell all my ‘available’ loan parts. Am assuming I won’t get to leave completely in my lifetime!
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Post by Ace on Jun 2, 2019 10:19:07 GMT
Just put in a request to sell all my ‘available’ loan parts. Am assuming I won’t get to leave completely in my lifetime! With current selling cycle completion at 54 days, and extending by roughly one every two days, I predict that your first cycle will complete in a little over 100 days time, and will probably return about 25% of your requested total!!! If this pattern continues then you won't be able to sell all of your performing loans before the end of their 5 year term. Then there's the recoveries from the bad loans to wait for... One small crum of comfort is that you will still receive some interest and capital repayments along the way. One of my selling cycles is nearing the end and has returned over 7% of the requested total in payments during that time. FC: Financially Chained.
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criston
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Post by criston on Jun 2, 2019 10:50:04 GMT
valerieb: Welcome. I will add you to the First post, Page 1 list, where you can track further developments.
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ashtondav
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Post by ashtondav on Jun 2, 2019 10:56:45 GMT
Lets not forget it is a five year product.
You are asking other lenders to buy something you would not buy. Let’s face it, it’s not surprising it ain’t quick! When NR and Halifax hit the sh*t you couldn’t withdraw Nada. Think yourself lucky there are punters prepared to buy your cast offs - even if it does take a few months.
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Post by GSV3MIaC on Jun 2, 2019 11:26:09 GMT
The punters are not involved in deciding to buy the cast offs anymore, it's all down to FC deciding what to do with the investment cash pile (interest, repayments, and anything else joe public doesn't withdraw asap).
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Post by Ace on Jun 2, 2019 11:47:20 GMT
Since punters are only able to buy the performing castoffs, one could argue that they'd be getting a better mix than if no-one was selling! Ok, in the interest of disclosure, that's my attempt to drum up business you get my loans sold quicker
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ashtondav
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Post by ashtondav on Jun 2, 2019 12:38:44 GMT
Is that factually correct? In other words when I deposit £1,000 there is a FC geek who decides whether 10% or 90% is allocated to new loans first, or buying second hand loans. HTF does that work? I’m guessing you think/know that FC allocate new funds to new loans they need to fill first, rather than second hand loans their dissatisfied lenders are ditching and where there is no financial advantage for FC. Correct?
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