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Post by kowalski on May 22, 2019 21:09:28 GMT
I put a sell order in on 7/4 and am still waiting. Have around 65% of the amount requested still "for sale" and still got a few more days and a bank holiday to go so expect this to drop.
With bad debt on the rise I don't see interest payments covering the losses so will be exiting FC and going elsewhere.
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ashtondav
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Post by ashtondav on May 23, 2019 8:18:28 GMT
Not surprised it takes so long if the punters read this thread!
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Post by geosaddler on May 23, 2019 8:50:42 GMT
geosaddler: I will add you into the list on my opening post. 62% is rough !!!!!! Did you sell out on 20/5/19 which is 49 days or 21/5/19 which is 50 days. Thanks Criston. Sold out on 20/5/19 so 49 days. I think 'rough' is a polite understatement!
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criston
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Post by criston on May 23, 2019 14:36:34 GMT
At least by starting this thread, we have forced FC to 'bite the bullet' & they now acknowledge on their sell page, how long it really takes to sell:
If they really didn't have a clue, which is hard to believe, they only need to keep up to date here.
This it what they say 'loan parts sold between 15/05/19 and 21/05/19 took an average 49 days to sell'
To Funding Circle. There's no hiding from the truth now. Start clearing some of the backlog or it won't do your name any good. You know it's just a matter of changing priorities.
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Post by texrichman on May 28, 2019 7:11:27 GMT
Day 53, no sales yet.
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Post by investor1925 on May 28, 2019 9:16:42 GMT
An added delay is that all of us who are selling loans have also turned off the re-investment switch, so any returns on good performing loans won't help to ease the backlog.
I'm trying to sell some, not because I'm exiting FC, I'm just re-balancing my overall investments & reducing what I have here.
Can't remember how long it's taking, but it's months, not days.
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Post by kowalski on May 28, 2019 9:28:17 GMT
Still waiting, now down to 63% of the requested amount still "for sale"...
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criston
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Post by criston on May 28, 2019 10:30:48 GMT
investor1925; It shouldn't be months. Take a look at my opening post on this thread, which I keep amending.
You will be in a queue & a few days back it was 50 days & gradually extending; now to least 53 days.
You will be lucky to get over 70% of your requested amount.
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Post by kcrane on May 28, 2019 14:06:08 GMT
I'm on my 3rd try to sell out of FC. I have the bulk out already. I requested £870 at the end of April. A quick add-up of the "selling" loans in my portfolio comes to around £350. If that is the right way to work it out, it means I will get less than 50%.
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criston
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Post by criston on May 28, 2019 14:16:20 GMT
It's a lot easier with just a few loans left, but more difficult when you are in the 100s.
I make a note of the loan parts for sale, after instructing sell order. Then keep an eye on loan parts for sale as time goes on.
From that you can get a rough guide, but not accurate, because each loan part has a different value.
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Post by texrichman on May 28, 2019 15:36:50 GMT
My sale has begun, 5% of the way through the originally requested amount so far.
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blender
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Post by blender on May 28, 2019 16:21:58 GMT
At least by starting this thread, we have forced FC to 'bite the bullet' & they now acknowledge on their sell page, how long it really takes to sell: If they really didn't have a clue, which is hard to believe, they only need to keep up to date here. This it what they say 'loan parts sold between 15/05/19 and 21/05/19 took an average 49 days to sell' To Funding Circle. There's no hiding from the truth now. Start clearing some of the backlog or it won't do your name any good. You know it's just a matter of changing priorities. Their priority is to fund new loans. The increasing delay on selling means that their funds are increasingly falling short of what is required. The solution is to increase interest rates or reduce defaults, or both.
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Post by popeye on May 28, 2019 17:02:57 GMT
Hello. Just completed sale.
Initially able to start selling around 95% but only 54% of this amount sold. Took 53 days.
I've immediately started selling the balance but can only get 64% going. I'm not clear why the "unsellable" amount has significantly increased in 53 days.
Also, the "Still Selling" figure didn't go down at all during the 53 days yet only just over half ended up selling. I've seen others comment that the number of their loan parts actively selling went down during the sale period. Can anyone tell me where should I have been looking to see that?
Thank you
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criston
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Post by criston on May 28, 2019 17:22:01 GMT
popeye; Click on 'My Portfolio', click on 'Loan Parts', click on 'Status Box', Choose 'For Sale', scroll down to where it says 'Displaying Loan Parts 1 - 10 of XXX in total ' The XXX is your total being sold.
Will add you in on my first post, page 1.
The 'still selling' will not change until the day it starts selling.
The unsalable amount will increase in proportion every time you sell, especially if you are very little left.
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Post by popeye on May 28, 2019 17:32:32 GMT
popeye; Click on My Portfolio, click on Loan Parts, click on Status Box, Choose For Sale, scroll down to where it says 'Displaying Loan Parts 1 - 10 of XXX in total ' The XXX is your total being sold. Thank you very much. I again kicked off the sale of everything left and can see a number of Loan Parts "For Sale" but there are others that still say "Live". Do you know why they wouldn't be included? I can understand why "Bad Debt", "Processing" and "Late" were excluded.
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