criston
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Post by criston on Nov 28, 2019 16:55:28 GMT
The statement I made on the first post, as follows, was quoted from the FC website.
'If you are already in the sale queue you will automatically be switched over to the new tool. You do not need to do anything.
The new selling tool will cycle through all investors wishing to sell loan parts as many times as possible within a 120 day period.
In each cycle, every investor will sell a small portion of their portfolio or at least one loan part.
The cycle will run continuously through all investors currently wishing to sell.'
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Post by dogeared on Nov 28, 2019 16:57:48 GMT
... The combined details can be used to assess the total waiting time until the first 120 days is up, There appear to be differing assumptions of how the 120 day rule would be interpreted with the new selling tool.
My assumption was that any sales instructions that were created at least 120 days before the new tool launched would be immediately cancelled, and others would get cancelled on a rolling basis (but of course the sellers in all cases can immediately re-create the sales instruction with no significant penalty).
Your assumption appears to be that all existing sales instructions, when transferred to the new process, would get 120 days from the launch of the new process.
As you say, it can be adapted as new info comes in.
Regarding the suggestion to separate the sales tool into a separate thread - I think archiving off this thread (with a link to it from first post on a new thread) should make maintenance of the first post of that new thread easier... particularly if the new thread info starts to result in getting close to the per-post character limit. Ultimately that's your call though.
I'd advise against a new thread, as this one has high visibility on the search engines and links.
As I am already over 120 days I take it the new tool will start on day 1 of a new 120, but that's just a guess.
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corto
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one-syllabistic
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Post by corto on Nov 28, 2019 17:07:34 GMT
As the problem hasn't changed I'd say "Old threads for new tools"
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criston
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Post by criston on Nov 28, 2019 17:11:18 GMT
Everyone who is currently in the sale queue goes into the pot & an email should be received on the day.
Evidently there is no particular order.
Upon commencement, i assume if you have been in all the rotations for 120 days & still have left overs, you will have to start again.
It looks like the more you are selling the longer it will take.
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keitha
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Post by keitha on Nov 28, 2019 18:17:22 GMT
Everyone who is currently in the sale queue goes into the pot & an email should be received on the day. Evidently there is no particular order. Upon commencement, i assume if you have been in all the rotations for 120 days & still have left overs, you will have to start again. It looks like the more you are selling the longer it will take. my guess would be small loan parts will go the bigger ones won't, where the cut off comes will be interesting I will download all my Loans over the weekend and see what if ant the size of the part has on the speed of selling.
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Post by Ace on Nov 28, 2019 18:21:06 GMT
Hi criston , my new sale instructions initiated on 19th and 25th of November haven't made it to your page 1 list.
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ashtondav
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Post by ashtondav on Nov 28, 2019 19:15:30 GMT
Sales continuing to reduce according to P1. Just 4 in October. I reckon by end January you guys will be getting yer money and i’ll Still be picking up my 1.25% on the non defaulting stuff you’re selling. What sellers and buyers happy on FC?
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Post by Deleted on Nov 29, 2019 0:00:43 GMT
Hi Criston,
You can remove me from the dates, as I am lending to 222 different companies, a worst case scenario is selling 1 loan part per 120 days, could mean I am waiting for 79 years (if these loans were on-going). As such I think I will see how they pay me back over the next 4 years.
I will keep a weather eye on this thread though and if the loans really start shifting I will re-consider putting mine back up again, and of course will let you know.
Thanks Tom
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keitha
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Post by keitha on Nov 29, 2019 9:00:35 GMT
Hi Criston,
You can remove me from the dates, as I am lending to 222 different companies, a worst case scenario is selling 1 loan part per 120 days, could mean I am waiting for 79 years (if these loans were on-going). As such I think I will see how they pay me back over the next 4 years.
I will keep a weather eye on this thread though and if the loans really start shifting I will re-consider putting mine back up again, and of course will let you know.
Thanks Tom
but most loans will "naturally" repay within 5 years.
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Post by dogeared on Nov 29, 2019 9:16:14 GMT
I just spoke to FC customer service.
I was advised that anyone currently in the queue starts on zero on the 120 day cycle, but will keep their place in the queue and receive a sale cycle in the current order.
He also explained the 1.25 fee goes to the buying investor not FC which will make trading more attractive.
In theory the new approach could make things more appealing again, but I can't help feeling very nervous about it all.
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criston
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Post by criston on Nov 29, 2019 9:28:38 GMT
I just spoke to FC customer service.
I was advised that anyone currently in the queue starts on zero on the 120 day cycle, but will keep their place in the queue and receive a sale cycle in the current order.
He also explained the 1.25 fee goes to the buying investor not FC which will make trading more attractive.
In theory the new approach could make things more appealing again, but I can't help feeling very nervous about it all.
That contradicts an email reply I received from FC as follows. 'Just to confirm, sale orders will not be cancelled. They will automatically be transferred over to the new selling tool.
The new selling tool does not operate as a queuing system and everyone will be in the same position.
We will send another email to remind investors of the change. '
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Stonk
Stonking
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Post by Stonk on Nov 29, 2019 9:39:02 GMT
He also explained the 1.25 fee goes to the buying investor not FC which will make trading more attractive.
In theory the new approach could make things more appealing again, but I can't help feeling very nervous about it all.
Of course, it is not a "fee" though. No, no, no: someone has mis-spoken. How could a sum of money being deducted from your account in order for and at the same time as FC agreeing to perform a service possibly be construed as a fee for that service? It is, obviously, merely a "transfer payment" which is nothing like a "fee" at all.
I like their spin on "making trading more attractive"! It makes trading more attractive for at most half the people, but correspondingly less attractive for the other half. And since virtually everyone seems to be rushing for the exit, the overall effect on the population of FC account holders as a whole is that trading will be massively less attractive! Which, I think, is the whole point.
To me, an extra 1.25% would have significantly improved my return from FC: from about 0.5% pa to 1.75% pa, which is a huge improvement, more than 3 times as much profit. Unfortunately, a huge improvement on a massive disappointment remains a massive disappointment.
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criston
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Post by criston on Nov 29, 2019 9:48:45 GMT
Have added a new sale to list.
Came via a PM. Instruction date 13/6/19, sold 28/11/19.
Still hope for a few yet.
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bloodycat
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Post by bloodycat on Nov 29, 2019 10:01:37 GMT
Looking at my current live loans a 1.5% haircut to offload them ASAP looks like a bargain - at least 1/3 of mine look more likely to default within the next 6 months than repay over the 4 year term remaining.
Less than 1/4 of the loans the black box has given me are ones I would have bid on under the old self select system - fortunately it is only the profits from the pre-black box that I still have 'invested'
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Post by neonwombat on Nov 29, 2019 10:17:03 GMT
Hello criston and all! Thanks very much for creating and maintaining this list - hugely helpful. I am very late to the party but the date of my sell instruction was 19/6/2019.Looks almost certain I won't sell before the new system comes in. Good luck to you all with the new system.
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