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Post by marlin on Jun 11, 2019 21:20:52 GMT
bigknd: Welcome. Added you on the list also. You could also add mine, which were put up for sale on 04/05/19. Still waiting.
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Post by rweb on Jun 12, 2019 9:26:55 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! If it carries on like this, you'll be waiting 88 days for a partial pay-out of approx 55-65% of your originally requested amount....
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Post by Mr Smith on Jun 13, 2019 9:35:20 GMT
I'm here to share my tale of woe !!!
Started selling on or around the 18/4/2019, approx £10K, finally sold 59% of my holding on the 11/6/2019, so around 53/54 days.
So, my reason for selling was that I started getting an inkling something was wrong a few months ago when I started getting offers from FC like "deposit £50K, get something". This made me a bit suspicious that they needed money.
I resolved to sell my holding and kicked it off in April, thinking I'd get the money out fairly quickly, the time scale for selling then was approx 33 days IIRC, then I watched the time grow and grow and grow to around 57 days then I got the email saying my sale had completed.
I logged in to move my cash out and lo and behold they'd not sold my holding, they'd sold 59% of it.
I contacted FC to query this and they basically said tough, that's the way it works!!!
I've now put the remainder up for sale again.
As the time scales have grown I started looking into my loan book and the defaults have gone from pretty much 0 in 2014, 2015, 2016, 2017, to 10 in 2018 and 30 in 2019 !!!
I dug deeper into the defaults and a lot of the companies should never, as far as I am concerned, been lent money, looks like a lot of property or property related stuff.
I then came across the trust pilot reviews with loads of borrowers very happy and getting money and lots of lenders not very happy about returns/defaults.
Alarm bells were quietly ringing before but now they'd turned to full blown air raid sirens !!!!
I then came across this forum and noticed your individual stories echo my own.
I knew investing in FC was a risk but looking at some of the loans being made it seems to me, at least, that risk is not being managed.
I dont expect to see much of my £4K back to be honest and the panic to get your money out will increase and the people putting money in will dry up.
I feel If I get one more round of sales then I'll be lucky ( due around start of August at present )
Will FC survive...it's a hard one that, because of the lending model I dont see that you can get a "run" on FC so the loans will just default and/or run down over time. If you need your money out then this is a pain but it's not the end of the world. If deposits dry up, which given the sale time jump it's a fair bet that they have slowed considerably, then I suspect they are doomed. We'll then see our poor returns hit further admin fees from whomever manages the loans.
I think this is a precursor to a big recession in the UK, it's reflecting what is really going on in the country before it's noticed/reported to the masses.
I've started removing from a couple of other sites now too. It's high risk all round.
Good luck folks and thanks to the person who started this forum. I was dismayed to read FC had stopped their own forum. People with secrets to hide are not trustworthy in my book.
Only wish I'd seen this a bit earlier as I'd not be completing my second sell off by now.
The FC sell off mechanism seems to me to be designed to lock your capital in if it all goes pare shaped as you'll struggle to get to the point where the interest earned if every returned, instead eat up by losses.
Sneaky.
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Stonk
Stonking
Posts: 735
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Post by Stonk on Jun 13, 2019 9:41:55 GMT
I'm here to share my tale of woe !!! Started selling on or around the 18/4/2019, approx £10K, finally sold 59% of my holding on the 11/6/2019, so around 53/54 days.
An increasingly familiar tale, unfortunately.
Is it possible you are mistaken by a few days on the date of your request? I've got an outstanding sale initiated on 19/4/2019, but I am still waiting, and FC's own admission on the Sell page is now 57 days for loans sold between 5/6 and 11/6.
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Post by greggaton on Jun 13, 2019 9:45:39 GMT
Update:
I put my latest batch of loans up for sale on 16 April. Was notified this morning that they have sold. I make that 58 days.
The punchline: I listed £875 worth of loans (all I could, out of a portfolio of around £2k). Only £36 sold! 4% of what I listed!!
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Stonk
Stonking
Posts: 735
Likes: 658
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Post by Stonk on Jun 13, 2019 9:57:41 GMT
Update: I put my latest batch of loans up for sale on 16 April. Was notified this morning that they have sold. I make that 58 days. The punchline: I listed £875 worth of loans (all I could, out of a portfolio of around £2k). Only £36 sold! 4% of what I listed!!
Woah, that's quite an insult!
How much of the remainder are you able to put up for sale right now? Because that (plus the £36) is a reasonably good measure of how much FC ought to have been able to sell ... if their sell process wasn't a complete shambles.
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Post by Mr Smith on Jun 13, 2019 10:01:32 GMT
Update: I put my latest batch of loans up for sale on 16 April. Was notified this morning that they have sold. I make that 58 days. The punchline: I listed £875 worth of loans (all I could, out of a portfolio of around £2k). Only £36 sold! 4% of what I listed!! Yes, not 100% sure could be a couple of days out. I initially started selling just a couple of £K and then decided to sell the rest but I couldnt do it in 2 batches so had to stop the 1st one ( took too long ) then restart with the whole amount. It shouldn't be this difficult which makes me very suspicious. There must be plenty of people out there totally unaware of the situation, like myself a couple of weeks ago. I'm hoping it's just a new financial year thing but I suspect not. Share price seems to be holding steady now so lets hope this is an aberration and all is well.
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Post by Mr Smith on Jun 13, 2019 10:04:17 GMT
Update: I put my latest batch of loans up for sale on 16 April. Was notified this morning that they have sold. I make that 58 days. The punchline: I listed £875 worth of loans (all I could, out of a portfolio of around £2k). Only £36 sold! 4% of what I listed!! As I said above, it looks like their removal system is designed to make it increasingly difficult to get out if loads of people want out. Put it down to experience, hope you get most back in the end, I dont see what else we can do.
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criston
Member of DD Central
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Post by criston on Jun 13, 2019 10:04:26 GMT
gregation; I will add you in on the first post. We need information like that.
Making us wait is one thing, but the reduction while waiting adds insult to injury
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bg
Member of DD Central
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Post by bg on Jun 13, 2019 11:26:07 GMT
I knew investing in FC was a risk but looking at some of the loans being made it seems to me, at least, that risk is not being managed. I dont expect to see much of my £4K back to be honest and the panic to get your money out will increase and the people putting money in will dry up. While I started liquidating my (almost 7 figure) FC around 18 months ago and am now out (save a small residual balance), I don't think the situation is as dire as you might think. Yes, you may not be able to sell your holdings (as FC will prioritise new loans when it comes to allocating new cash) but you will receive cash as the loans repay along with interest payments every month. What you need to be more concerned about are loans that you can't actually sell (ie loans that are late/distressed). It's likely that a big portion (50-60%) of these will be defaulted in time (although this could be rising) and of those defaults I would expect 40-50% recover over many years. I would expect that over a period of years you will get all your money back with a small profit, although significantly lower than the FC published target rates. This is one of the perils of black box investing. It's all great when there is excess demand, you can liquidate when you wish. When supply outstrips demand so people can't sell it sets alarm bells ringing as it's impossible to know if this is just a liquidity issue (most likely), a change in FC policy or something more sinister. If people are allowed to manage their own loan book then there is much more transparency. You put something for sale and you can see how much others are selling and its easy to understand that someone needs to choose that loan part. With a black box though frustration and anxiety will just grow.
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Post by Mr Smith on Jun 13, 2019 11:33:31 GMT
Agree with all of that.
Happy to let my investment run down over 5 years.
I will keep relisting to sell and move money out as and when it appears in my holding account.
Have to say, you were a brave man putting in a 7 figure sum but at 6% return and a good exit strategy it was a good investment. Well done. Some win, many lose.
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criston
Member of DD Central
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Post by criston on Jun 13, 2019 11:57:17 GMT
Nobody knows. It's all a guessing game.
See how many permutations you can make from this.
Too many new borrowers.
Too many new investors.
Too many defaults tying up investors money.
Too few default recoveries.
More existing investors reinvesting.
Less reinvesting by investors.
Not enough new borrowers.
Not enough new investors.
Too many existing investors selling out.
FC making it difficult to sell out.
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Post by Mr Smith on Jun 13, 2019 13:19:42 GMT
When it comes to money, trust no one.
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Post by greggaton on Jun 13, 2019 13:50:30 GMT
Update: I put my latest batch of loans up for sale on 16 April. Was notified this morning that they have sold. I make that 58 days. The punchline: I listed £875 worth of loans (all I could, out of a portfolio of around £2k). Only £36 sold! 4% of what I listed!!
Woah, that's quite an insult!
How much of the remainder are you able to put up for sale right now? Because that (plus the £36) is a reasonably good measure of how much FC ought to have been able to sell ... if their sell process wasn't a complete shambles.
I've been able to list around £465 for sale. That leaves £1320 stuck in purgatory. I am highly unlikely to break even, despite first investing around 2.5 years ago. Just wish I had known more about other investment options (i.e. OEICs) before giving my cash to these jokers. Lesson learned.
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ashtondav
Member of DD Central
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Post by ashtondav on Jun 13, 2019 14:19:48 GMT
Take my word, Greggers, you can lose a lot more in OEICs - a lot more!
i remain of the view that if you keep invested in FC you are unlikely to lose money over the full (5 year cycle), which is after all why major institutional investors are investing. Can you earn more with other p2p platforms? Yes, even the AC access accounts are more competitive.
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