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Post by greggaton on May 30, 2019 10:18:41 GMT
Went to sell approx £2k of loans on 16 April, spread across two accounts. This is my third round of selling. Under £900 worth were listed for sale.
Just downloaded all my loan parts and can see that in one account, one loan part remains on sale, worth £22, and in the other account two parts are still on sale, worth £100. I'm starting to accept that I won't be able to recover most of what is left in my accounts. With a queue of 7-8 weeks most live parts will go into processing or late before they can sell.
FC really is a disgrace. In total I invested £30k, starting in November 2016. Currently I have managed to withdraw around £1,100 less than I put in. I will be lucky to break even, and if I do it will take a long while to do so.
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Post by Ace on May 30, 2019 13:39:01 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.
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Post by passiveinvestor on May 30, 2019 14:44:25 GMT
Just a reminder to consider writing a 1 star review of Funding Circle on Trust Pilot. Quite a few of us have but as they keep on getting borrowers to write 5 star reviews their rating is slow to change.
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criston
Member of DD Central
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Post by criston on May 30, 2019 15:08:51 GMT
'Transfer out' web page down at the moment.
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corto
Member of DD Central
one-syllabistic
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Post by corto on May 30, 2019 15:15:36 GMT
'Transfer out' web page down at the moment. Confirmed. A glitch in the matrix? Mischief to come? Or happened already?
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criston
Member of DD Central
Posts: 1,204
Likes: 628
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Post by criston on May 30, 2019 15:20:25 GMT
Adds insult to injury if you managed to sell out today.
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Post by kcrane on May 30, 2019 15:20:53 GMT
Same here - 404 Page not found
Have also posted a review on Trust Pilot, which at the moment is heavily skewed to positive views.
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Post by geofft on May 30, 2019 15:46:43 GMT
15k put up for sale on 8/4/19, still none sold to date. Now getting 404 errors when trying to navigate website. My reason for selling was to transfer from FC 'standard' a/c into my FC ISA a/c but this worrying delay when selling loans is making me rethink this strategy. I think when (if?) these loans sell I'll reinvest it elsewhere...
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criston
Member of DD Central
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Likes: 628
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Post by criston on May 30, 2019 15:50:44 GMT
Transfer page up & running now
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criston
Member of DD Central
Posts: 1,204
Likes: 628
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Post by criston on May 30, 2019 16:01:37 GMT
geofft; I have added you to my first post on page 1. Keep us updated please.
Doubt you will see it sold for at least another 2 to 4 days. When it starts the process, it happens quickly.
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Post by rookyone on May 30, 2019 18:00:55 GMT
Has anybody raised the continuous reselling cycle where you cannot get all your funds out on-demand with the FCA, or would this be in their view an investor beware scenario?
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Post by popeye on May 30, 2019 19:13:25 GMT
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criston
Member of DD Central
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Post by criston on May 30, 2019 19:22:16 GMT
We could have told them that !!!!!!!.
Wonder if they rely on information from this thread anyway.
They have to come clean now.
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Post by rookyone on May 30, 2019 19:40:05 GMT
Doesn't reference the main concern of loans going into processing whilst up for sale. They need to solve the so called 'hotel California issue' that never existed whilst loans sold quickly, it's now become a major concern, hence this thread by Criston.
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Post by Ace on May 30, 2019 22:37:50 GMT
Doesn't reference the mean concern of loans going into processing whilst up for sale. They need to solve the so called 'hotel California issue' that never existed whilst loans sold quickly, it's now become a major concern, hence this thread by Criston. I've asked FC why the ridiculous state change from "For sale" to "Processing" to "Live". Will report back if they answer.
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