corto
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one-syllabistic
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Post by corto on Jun 19, 2019 17:01:41 GMT
corto: Apart from any future defaulted loans to set against gains, are you able to ascertain where defaulted loans since April 6th, up to the transfer date, end up. Are you still able to see the ISA account, in which case do existing defaulted loans show there. If not, do they show in the Tax Statement of the new Classic account. Good questions The account looks the same as before other than that it is not flagged ISA anymore, as for example, the indicator showing remaining ISA allowance is gone. I also can download a tax statement now for the previous tax year which shows the losses and interest in that year.
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criston
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Post by criston on Jun 19, 2019 17:55:53 GMT
corto: Apart from any future defaulted loans to set against gains, are you able to ascertain where defaulted loans since April 6th, up to the transfer date, end up. Are you still able to see the ISA account, in which case do existing defaulted loans show there. If not, do they show in the Tax Statement of the new Classic account. Good questions The account looks the same as before other than that it is not flagged ISA anymore, as for example, the indicator showing remaining ISA allowance is gone. I also can download a tax statement now for the previous tax year which shows the losses and interest in that year. When you go to Tax Statement, you can change the date to, from 6/4/19 until say end of June. This should show defaulted loans for the current year. Of course any recoveries will be set against those. But it is interesting all the same.
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Post by filippo on Jun 20, 2019 8:58:31 GMT
Hi all,
I have been following the thread for a couple of weeks now. My loan parts were sold yesterday 19/06 in the morning. My sale instruction was made on 22/04 which was a Bank holiday, that might explain why it is only 58 days. Unfortunately I only sold 56% due to the "processing issue".
Thanks everyone for the posts. They have been very useful as we would have been in the dark otherwise.
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Post by indexwrangler on Jun 20, 2019 9:07:21 GMT
Mine just sold out this morning, sold 63% and relisted a sale once again
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criston
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Post by criston on Jun 20, 2019 9:22:05 GMT
Interesting pull back on the last two sell outs.
Could it be FC do not have enough loans for new investors, so are having to provide them with loans from the secondary market.
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Post by indexwrangler on Jun 20, 2019 9:26:04 GMT
I guess we'll know more once ace's sells out in the next 48 hours
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Post by finchyboy on Jun 20, 2019 15:22:41 GMT
Initiated sale 22 April. Sold 51% on 19th June.
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Post by Ace on Jun 21, 2019 15:36:10 GMT
I guess we'll know more once ace's sells out in the next 48 hours Just sold after 56 days. Technically 100% of what I was able to sell as only 2 of the 17 remaining loans in that account were saleable and both sold. 2 more of the remaining 15 are now saleable, so they are now in the queue. Looks like the selling queue has peaked.
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plepi
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Post by plepi on Jun 22, 2019 17:01:41 GMT
Hi all
Thanks for this thread, really good to know what's been going on. Thought I would join in the fun - sell instruction dated 17 May 2019, 234 of 254 still up for sale.
Cheers
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criston
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Post by criston on Jun 22, 2019 17:11:15 GMT
Hi all Thanks for this thread, really good to know what's been going on. Thought I would join in the fun - sell instruction dated 17 May 2019, 234 of 254 still up for sale. Cheers Thanks. Added you into '1st Post' list. Nicely filled a 4 day gap.
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benaj
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Post by benaj on Jun 24, 2019 14:31:31 GMT
An update on my FC selling experience: The account that I reported on earlier in this thread, where I started selling all on April 13th (47 days ago) now looks like this: - For sale 258 (55.9%)
- Live 144 (31.1%)
- Processing 12 (2.6%)
- Late 20 (4.3%)
- Bad debt 19 (4.1%)
- Repaid early 10 (2.2%)
Another account that I manage for a relative, where I also started selling all on the same day, looks like this: - For sale 236 (46.6%)
- Live 162 (32.0%)
- Processing 60 (11.9%)
- Late 27 (5.3%)
- Bad debt 11 (2.2%)
- Repaid early 10 (2.0%)
Doesn't look good for getting 100% of initially invested capital back any time soon, if ever. What I really don't understand is, why do loans return to Live status after being in Processing for more than a day? Whereas loans that are in Processing for less than a day return to For Sale status. Has anyone had this explained by FC, as it seems totally unreasonable to me? If this system error was fixed, these accounts would have well over 80% for sale still, assuming some of those currently in processing will get sorted, and could be virtually 90%. This would seem much more reasonable. I'm guessing that FC are well aware of this, but are unwilling to fix it for fear of running short of investor funds!!! EDIT: crossed out text appears to be incorrect. Sorry if this mislead. Logged in my FC account to check sold loans and discovered similar experience like Ace . I don't really understand why these 'live' loans not sold even they were repaid on time according to repayment schedule. For sale 21 loans Live 3 loans Processing 2 loans Late 7 loans Bad debt 11 loans Sold recently 190 loans Annualised return on the dashboard: 5.4% Any one got an official answer from FC regarding this?
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djay
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Post by djay on Jun 24, 2019 14:42:43 GMT
An update on my FC selling experience: The account that I reported on earlier in this thread, where I started selling all on April 13th (47 days ago) now looks like this: - For sale 258 (55.9%)
- Live 144 (31.1%)
- Processing 12 (2.6%)
- Late 20 (4.3%)
- Bad debt 19 (4.1%)
- Repaid early 10 (2.2%)
Another account that I manage for a relative, where I also started selling all on the same day, looks like this: - For sale 236 (46.6%)
- Live 162 (32.0%)
- Processing 60 (11.9%)
- Late 27 (5.3%)
- Bad debt 11 (2.2%)
- Repaid early 10 (2.0%)
Doesn't look good for getting 100% of initially invested capital back any time soon, if ever. What I really don't understand is, why do loans return to Live status after being in Processing for more than a day? Whereas loans that are in Processing for less than a day return to For Sale status. Has anyone had this explained by FC, as it seems totally unreasonable to me? If this system error was fixed, these accounts would have well over 80% for sale still, assuming some of those currently in processing will get sorted, and could be virtually 90%. This would seem much more reasonable. I'm guessing that FC are well aware of this, but are unwilling to fix it for fear of running short of investor funds!!! EDIT: crossed out text appears to be incorrect. Sorry if this mislead. Logged in my FC account to check sold loans and discovered similar experience like Ace . I don't really understand why these 'live' loans not sold even they were repaid on time according to repayment schedule. For sale 21 loans Live 3 loans Processing 2 loans Late 7 loans Bad debt 11 loans Sold recently 190 loans Annualised return on the dashboard: 5.4% Any one got an official answer from FC regarding this? I posted a response earlier in this thread from FC after complaining about it. It seems the finally reached a point of recognising the issue and doing something about it rather than the usual waffle many received about protecting investors. The response was "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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benaj
Member of DD Central
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Post by benaj on Jun 24, 2019 14:58:27 GMT
Logged in my FC account to check sold loans and discovered similar experience like Ace . I don't really understand why these 'live' loans not sold even they were repaid on time according to repayment schedule. For sale 21 loans Live 3 loans Processing 2 loans Late 7 loans Bad debt 11 loans Sold recently 190 loans Annualised return on the dashboard: 5.4% Any one got an official answer from FC regarding this? I posted a response earlier in this thread from FC after complaining about it. It seems the finally reached a point of recognising the issue and doing something about it rather than the usual waffle many received about protecting investors. The response was "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." Got a callback from FC and now I understand why these live loans not sold even when repayments are up to date: 1. only 1 repayment left 2. risk band removed: such as winding up petition / CCJ registered.
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Post by texrichman on Jun 25, 2019 7:56:31 GMT
I am 28 days into a sale queue and had 156 loans for sale yesterday. Today, according to the 'my portfolio' tab, all my loans have now gone back to being live etc. Has anybody else had this?
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Post by Badly Drawn Stickman on Jun 25, 2019 8:32:13 GMT
I am 28 days into a sale queue and had 156 loans for sale yesterday. Today, according to the 'my portfolio' tab, all my loans have now gone back to being live etc. Has anybody else had this? It has happened over my accounts as well, although they are still showing as for sale in the 'selling amount'. Might be a system problem and resolve itself, but I have sent a message querying it. If they have lost the records, I will state here for the record that all of mine were due to sell today (If they haven't, ah well it was worth a try).
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