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Post by dazp70 on Oct 16, 2019 8:00:43 GMT
Not one sale since the letter came through. It looks like we've reached amortisation only liquidity.
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Stonk
Stonking
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Post by Stonk on Oct 16, 2019 8:32:04 GMT
Not one sale since the letter came through. It looks like we've reached amortisation only liquidity.
We should get a clue later today when they update the published sale time to reflect 9 to 15 October. This thread has logged sales on 7 October at 126 and 127 days, then no more sales under 134 days, despite a request made the same day as the one which sold at 126 days.
If selling had continued throughout the interval, then the minimum sale time they could publish is 130 days. If they say lower, then that indicates they sold some in the early part of the interval and then stopped completely. Obviously such a circumstance should be accompanied by a note to that effect.
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Post by Mr Smith on Oct 16, 2019 9:42:46 GMT
Not one sale since the letter came through. It looks like we've reached amortisation only liquidity.
We should get a clue later today when they update the published sale time to reflect 9 to 15 October. This thread has logged sales on 7 October at 126 and 127 days, then no more sales under 134 days, despite a request made the same day as the one which sold at 126 days.
If selling had continued throughout the interval, then the minimum sale time they could publish is 130 days. If they say lower, then that indicates they sold some in the early part of the interval and then stopped completely. Obviously such a circumstance should be accompanied by a note to that effect.
This is shocking. Ironically, Criston who started the thread had the last sale though and I had the longest one. I consider myself very lucky right now. I sincerely hope sales start again asap. If not, this must surely point to a real issue with FC ?
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Stonk
Stonking
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Post by Stonk on Oct 16, 2019 9:50:00 GMT
We should get a clue later today when they update the published sale time to reflect 9 to 15 October. This thread has logged sales on 7 October at 126 and 127 days, then no more sales under 134 days, despite a request made the same day as the one which sold at 126 days.
If selling had continued throughout the interval, then the minimum sale time they could publish is 130 days. If they say lower, then that indicates they sold some in the early part of the interval and then stopped completely. Obviously such a circumstance should be accompanied by a note to that effect.
This is shocking. Ironically, Criston who started the thread had the last sale though and I had the longest one. I consider myself very lucky right now. I sincerely hope sales start again asap. If not, this must surely point to a real issue with FC ?
Hold your horses until FC publishes the number. I was just musing on what it would mean if they said less than 130 days. If they publish, say, 134 days, then probably the queue is still running. The higher the better, almost!
We will not know with absolute certainty this week, because the letter came out partway through the interval, and they may have stopped selling then. Next Wednesday, we will surely know because if sales have stopped they will have to deal with zero divided by zero ... "loan parts sold between 06/10/19 and 22/10/19 took on average NaN days to sell"
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Post by pauliebits on Oct 16, 2019 10:16:58 GMT
I contacted FC on the 14th October asking if loan parts were still selling and this is their reply (received in the evening):-
"As it stands today we are selling loan parts that were listed on the 03/06/2019. This date has been selling for the last few days."
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Post by shanghaiscouse on Oct 16, 2019 11:03:59 GMT
They need to be much more careful in their communications, there is too much loose language. "As it stands today"? what does that mean? it might refer to the state of selling, i.e. today we are selling loans from 3 june. or it might refer to the fact that they still have the selling function operating, but 'as it stands tomorrow' they might end or replace the selling function.
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Post by pauliebits on Oct 16, 2019 11:40:13 GMT
They need to be much more careful in their communications, there is too much loose language. "As it stands today"? what does that mean? it might refer to the state of selling, i.e. today we are selling loans from 3 june. or it might refer to the fact that they still have the selling function operating, but 'as it stands tomorrow' they might end or replace the selling function. To clarify, I asked them "Could you tell me the date of request for the last loan part that was sold today please?" so I think they are referring to the state of selling loans on the 14th rather than implying they won't/might not be selling loans tomorrow.
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Post by captivator on Oct 16, 2019 11:52:01 GMT
The queue is moving again. I had listed my remaining £31k on June 3rd. Since then, during the wait about £5k had been returned naturally to me and withdrawn. Some time last night my remaining 26k started to sell. I missed the start, but when I logged on at 00:28 am just over 20k had already sold. I issued a withdraw order for the 20k then I watched it for half an hour, during which time another 2k (almost exactly) sold. When I got up this morning I had an email confirming the selling process completed at about 4:30am. I am left with only about £1500 in duds that didn't sell. Good news on the face of it all things considered. My anxiety now is that the 20k I withdrew last night hasn't shown up in my bank, but a hundred quid I withdrew this morning to check out the speed of transfer is showing as already in my bank. So 20k is stuck somewhere in the ether. I won't try and withdraw the other 4k till that has appeared.
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criston
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Post by criston on Oct 16, 2019 11:57:35 GMT
The queue is moving again. I had listed my remaining £31k on June 3rd. Since then, during the wait about £5k had been returned naturally to me and withdrawn. Some time last night my remaining 26k started to sell. I missed the start, but when I logged on at 00:28 am just over 20k had already sold. I issued a withdraw order for the 20k then I watched it for half an hour, during which time another 2k (almost exactly) sold. When I got up this morning I had an email confirming the selling process completed at about 4:30am. I am left with only about £1500 in duds that didn't sell. Good news on the face of it all things considered. My anxiety now is that the 20k I withdrew last night hasn't shown up in my bank, but a hundred quid I withdrew this morning to check out the speed of transfer is showing as already in my bank. So 20k is stuck somewhere in the ether. I won't try and withdraw the other 4k till that has appeared. 'View transaction statements' will show your withdrawals. They usually take up to 24 hours.
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Post by rweb on Oct 16, 2019 12:08:31 GMT
The queue is moving again. I had listed my remaining £31k on June 3rd. Since then, during the wait about £5k had been returned naturally to me and withdrawn. Some time last night my remaining 26k started to sell. I missed the start, but when I logged on at 00:28 am just over 20k had already sold. I issued a withdraw order for the 20k then I watched it for half an hour, during which time another 2k (almost exactly) sold. When I got up this morning I had an email confirming the selling process completed at about 4:30am. I am left with only about £1500 in duds that didn't sell. Good news on the face of it all things considered. My anxiety now is that the 20k I withdrew last night hasn't shown up in my bank, but a hundred quid I withdrew this morning to check out the speed of transfer is showing as already in my bank. So 20k is stuck somewhere in the ether. I won't try and withdraw the other 4k till that has appeared. 'View transaction statements' will show your withdrawals. They usually take 24 hours.Depending on the bank, this might be over the faster payment limit. I'd allow three full working days for £20k.
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criston
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Post by criston on Oct 16, 2019 13:17:24 GMT
It might be worth putting in a line at 21st May 2019 on the first page first post thread of sell requests dates as that is when the FC IT proposal to vote for a managed wind down of the FC IT was announced and circulated to the Stock Market. The EGM for the vote was 11th June Actually I have just received an email from first Richard Boléat, Chairman, SME Credit Realisation Fund Limited saying 'we expect to start the formal process of soliciting bids shortly. An RNS announcement will be made in the usual way' Upon questioning further I just received an email from Funding Circle ending with, 'We have recently seen a shift in the balance of supply and demand on that marketplace, and in recent months the time for individual investors to sell their loans has increased. We appreciate this may be frustrating for some investors, and we are currently reviewing how that secondary market works. However, any sale initiated by SCRF, or any other institutional investor, will be separate to this as it does not operate in this market.' So I am now sort of convinced it should not cause a problem to the retail queue. So I will leave off the line for now in anticipation, but note the date.
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Post by bluehorseshoe on Oct 16, 2019 13:55:29 GMT
I was looking forward to seeing my funds finally after 126 days of selling. Then I came here
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Post by shanghaiscouse on Oct 16, 2019 13:56:30 GMT
I just think there are a lot of people who decided to exit in May / June time, and exit 100%. Interest had been consumed by bad debt for several months and it was getting painful, especially for people using FC as a source of regular income. Income investors (like me!) are doing it for the income, not the long term gain, and after 3-4 months of no income it was time to look elsewhere. Plus the stories about delays in getting cash out, the lack of any penalty for doing so, and people like me who put a portion up for sale, it didn't sell, and then realising there could be a problem and so cancelling the portion and putting 100% up for sale instead. I have >£300k up for sale.
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criston
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Post by criston on Oct 16, 2019 14:03:28 GMT
I was looking forward to seeing my funds finally after 126 days of selling. Then I came here I can add you on the list, I assume for 12/6/19
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Post by darkgen on Oct 16, 2019 15:49:04 GMT
You can add me. I submitted for 70% sell of options on the 12/06/2019 ;/
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