djay
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Post by djay on Jun 7, 2019 10:38:45 GMT
Received a sensible answer addressing the issue rather than a stock answer this morning: "Thank you for getting in contact with us.
We are looking at ways of changing the selling process moving forward to avoid situations like this. This may be how we handle processing loans, getting the processing loans added back into the sale request or even looking at when the loans which are to sold are selected."
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ashtondav
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Post by ashtondav on Jun 7, 2019 11:22:12 GMT
That seems to partially address the quantity of loans to be sold. Not the timing. The key issue is reducing an unreasonable 56 days to a more palatable 7 days or less. That hinges on the allocation of lender funds to new or pre-owned loans.
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Stonk
Stonking
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Post by Stonk on Jun 7, 2019 12:56:07 GMT
Received a sensible answer addressing the issue rather than a stock answer this morning: "Thank you for getting in contact with us. We are looking at ways of changing the selling process moving forward to avoid situations like this. This may be how we handle processing loans, getting the processing loans added back into the sale request or even looking at when the loans which are to sold are selected."
Blimey, that reply is bordering on an intelligent, pertinent, and useful!
I suspect Customer Services asked the Dev Team, and then forgot to filter the reply before passing it on to you. That should not happen! Rule 15(c): developers' utterances should never reach customers.
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Post by Ace on Jun 7, 2019 14:03:17 GMT
Received a sensible answer addressing the issue rather than a stock answer this morning: "Thank you for getting in contact with us. We are looking at ways of changing the selling process moving forward to avoid situations like this. This may be how we handle processing loans, getting the processing loans added back into the sale request or even looking at when the loans which are to sold are selected." Nice one djay , I too had a slightly more positive response this time, in as much as they say that they will look into the issue. Let's hope they fix it, it really can't be very difficult. Perhaps it would help if others complained to them too. I appreciate that I signed up to be automatically allocated loans of up to 5 years, and that I could only escape early if there were other lenders that were willing to take on my loans. I'm perfectly happy with that, but currently there are lenders willing to take on the loans. It's currently a lottery as to how long it will take to (almost) escape, depending on how many loans temporarily enter the Processing state. This seems to be largely governed by how many bank holidays occur whilst ones loans are in the sales queue. Two large sales of mine that are due to complete any day now have a large number of loans that have been affected in this way (many loans now Live that were initially For Sale and went Processing temporarily). If I were a buyer I would much prefer to buy second hand loans as they will have had the loans to scammers that never intended to pay back already weeded out, of which there seem to be quite a few on FC. It's mainly FC's poor initial DD that's driving my desire to exit, and also the fact that the lengthening of the sales queue seems to continue unabated. Now for a rather embarrassing apology to FC and forumites. It seems that my assertion that my loans that were in a Processing state for less than 1 day did return to the sales queue is incorrect. FC assure me that, currently, no loans can return to the "For Sale" state once they leave it. Sorry if I have mislead anyone. I'll try and edit by posts above to this effect. It seems I may have confused the stats from my various FC accounts to cause me to believe that this was happening. 😳
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Post by kcrane on Jun 7, 2019 16:54:13 GMT
Just did a quick check. Of the £830 of loans put up for sale on 30th April, only 1/3rd is still being sold.
The £830 is the rump of my FC investments, I think my third run at selling out. My first sale went through quite quickly some months ago.
I am reminded of what at the time was a perplexing question from a school teacher: "If a door is wide open and I close it halfway each time I move it, how many times will I have to move it before it is fully closed?"
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blender
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Post by blender on Jun 7, 2019 18:49:00 GMT
Currently on the third attempt to sell this account. £371 put for sale on 9 May. Only three loans worth £110 have made it to the half way point of the wait. Is there a prize for the smallest percentage actually sold? A good job the numbers are small.
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Post by Ace on Jun 7, 2019 19:05:02 GMT
Currently on the third attempts to sell this account. £371 put for sale on 9 May. Only three loans worth £110 have made it to the half way point of the wait. Is there a prize for the smallest percentage actually sold? A good job the numbers are small. You'll have to do better (or is it worse) than that blender. I had one selling cycle complete after 33 days having sold precisely nothing.
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Post by kcrane on Jun 7, 2019 20:06:53 GMT
Currently on the third attempts to sell this account. £371 put for sale on 9 May. Only three loans worth £110 have made it to the half way point of the wait. Is there a prize for the smallest percentage actually sold? A good job the numbers are small. You'll have to do better (or is it worse) than that blender. I had one selling cycle complete after 33 days having sold precisely nothing. OK, I'll redo my teacher quote "If I have a door that is fully open and I don't move it at all, how long before it is closed?" Sounds quite zen now I think :-)
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blender
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Post by blender on Jun 8, 2019 6:44:24 GMT
I think we have to work on our desire to sell our loan parts. Our suffering is a result of desire for that which can never be achieved. The answer is to meditate upon the unreasonableness and impossibility of our desire to sell, to become content with things as they are, and to help others along the same path. Then we are well on our way to enlightenment. - Karma Chameleon
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Post by kcrane on Jun 8, 2019 9:38:12 GMT
I think we have to work on our desire to sell our loan parts. Our suffering is a result of desire for that which can never be achieved. The answer is to meditate upon the unreasonableness and impossibility of our desire to sell, to become content with things as they are, and to help others along the same path. Then we are well on our way to enlightenment. - Karma Chameleon
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Post by Ace on Jun 10, 2019 18:39:59 GMT
Both of my sales initiated on 13 April 2019 completed today (58 days). One sold 61.0%; the other 52.2%.
Needless to say, two new sales have been initiated.
EDIT: Corrected number of days from 59 to 58.
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Post by rweb on Jun 11, 2019 18:02:53 GMT
I discovered this forum when trying to move some money out of my FC classic account and into my ISA account. After being frustrated at the weeks it was taking I thought I'd search the internet for clues, so thank you for setting up such a useful forum and thread.
I'm appalled at FC - the time to sell was always quoted by them to be a day to around two weeks, subject to investor funds being available of course, but something has changed. Several weeks on I'm wasting my ISA allowance and also see that the chances are when I do sell I'll only get 60% of the sum requested.
For reference, I put mine up for sale on 27th April and am still waiting.
Using the data here I plotted this graph, which a forward forecast based on the increase in selling time:
As you can see, the increase is linear, and this seems to me to be nothing short of a deliberate change in FC's algorithms which allocate funds from investors to new loans or the secondary market.
At the current forecast I'd envisage selling at around 62/63 days.
In principle I don't have an issue with a 60-90 day wait, but this should be clear and any change should have been communicated in advance of the change.
I'm losing faith in FC.....
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criston
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Post by criston on Jun 11, 2019 18:15:17 GMT
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bigknd
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Post by bigknd on Jun 11, 2019 19:16:10 GMT
Put some of mine up for sale on 14.4.19 only sold 58% of original amount today.
Another lot put up for sale today 11.6.19, if it carries on like it is will be waiting over 70 days for a partial pay-out.
Come on Funding Circle stop the rot before it's too late!
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criston
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Post by criston on Jun 11, 2019 19:28:30 GMT
bigknd: Welcome. Added you on the list also.
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