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Post by dazp70 on Nov 29, 2019 10:40:15 GMT
Hey Criston. I've cancelled both of my sales listed for sale on July 3rd and 19th. Little did I know back then that we would be looking at such a long time to sell. After waiting for such a long time, effectively cancelling my place in the queue sucks. So does changing the terms and conditions and applying exit fees now. I am so disappointed with FC. Their behaviour may be just about on the limit of what is lawful, but it's a shabby way to treat investors.
I'm currently making a small +2% return on investment, so things are bad but not catastrophic - yet. So it's not clear whether I should cut loose and take the "haircut". For this reason my approach to reducing the risk on this investment is to test the waters on the sale and continue the amortisation. For this reason, to test the waters; I've placed a small part of my remaining portfolio for sale today.
Thanks for efforts on the thread. DP.
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Post by dogeared on Nov 29, 2019 11:17:37 GMT
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. 'THERE STILL HAS TO BE AN ORDER Sales will need to cycle through the pool of sellers and to ensure everyone gets their tiny portion of sales in each cycle it has to stick to a fixed order to make sure everyone gets one nibble and only one nibble per cycle of sales. The order is only important on the micro scale and will make no real difference on the macro scale. Eg if person A is first they might sell 0.5% of their portfolio at the beginning of day one and a person B at the end of the queue might sell at the end of the day. And so on for 120 days. On Day 120 both A and B will have 40% left but again A might sell at the beginning of the day and B at the end. In practice both the percentage sold per day and the length of each selling cycle might vary from time to time and given the lumpiness of loan parts might not be identical to multiple decimal places across lenders within a cycle. Indeed, someone has to be first and last.
What is not clear however, and the chap I spoke couldn't answer, is how long the cycle is expected to take.
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Post by investor1925 on Nov 29, 2019 13:44:56 GMT
Hi Criston
I listed £100 worth of FC loans for sale on 13/6/2019 & they all sold yesterday 28/11/2019
I didn't get it listed with the rest as there were already a few on that date & I thought the page was getting a bit long.
I'm going to see how it goes after next week to decide if I'll list more with the % penalty
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Post by nickhickman on Nov 29, 2019 17:32:38 GMT
With the soon to be replaced system, one lost place in the queue if decided wanted to sell more. Essentially had to cancel a sale instruction and start again. Could not have two instructions live at same time. That really sucked. Can't work out if same applies for new system, does anyone know? Also not sure if my original instruction has any preference when transferred to new system. Probably not, but if yes, then I'll maybe let it play out and if not I shall cancel and put whole lot up for sale.
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blender
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Post by blender on Nov 29, 2019 17:57:37 GMT
I guess that the queue will be formed in the same way with the same order, but there will be a limit on each sale - amount/percentage? - and the queue will go around and around with people dropping out as their target is reached and with new people joining the 'end' of the queue. Minimum change to the software will be the thing.
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criston
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Post by criston on Nov 29, 2019 18:24:54 GMT
With the soon to be replaced system, one lost place in the queue if decided wanted to sell more. Essentially had to cancel a sale instruction and start again. Could not have two instructions live at same time. That really sucked. Can't work out if same applies for new system, does anyone know? Also not sure if my original instruction has any preference when transferred to new system. Probably not, but if yes, then I'll maybe let it play out and if not I shall cancel and put whole lot up for sale. I take it you cancelled & then initiated another sale. Nobody knows how things will go, but why not put everything up for sale. You can always stop it or reinvest if it goes further than you want. 1 will add you to the list if you can confirm your sale date.
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jmack
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Post by jmack on Nov 29, 2019 18:34:44 GMT
Hello - I listed my sale on 4/7/19 please feel free to add me to the list
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wonk
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Post by wonk on Dec 1, 2019 7:59:42 GMT
My sale went through at 6am today. I originally requested it on 13th June. Thank you for maintaining this thread.
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Post by popeye on Dec 2, 2019 11:18:29 GMT
Apologies if this is covered elsewhere. I haven’t seen anything being sold yet via the new system so I called FC. They said the new system would begin later today - no sales are happening at the moment.
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Post by rainydaze on Dec 2, 2019 11:42:22 GMT
Same here. I haven't seen anything move. Absolutely not a penny has come through as yet. Old system or new system, since Friday. I was probably only 6 weeks away from selling up after 5-6 month waiting as well. :/
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upperdeane
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Post by upperdeane on Dec 2, 2019 12:46:21 GMT
My sale went through at 6am today. I originally requested it on 13th June. Thank you for maintaining this thread. Congrats wonk in getting there just in time before the change Sadly i'm now in the new 1.25% new system waiting for my first loan part sale to go through. Fingers crossed they start to sell soon and i start to suck my funds out of FC.
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p2pstephan
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Post by p2pstephan on Dec 2, 2019 14:06:17 GMT
My Access funds tab says:- == Date requested: 14/06/2019 Amount requested: £xxxxxxx Amount received: £278.93 Current available funds: £yyyyy
==
If I click the little (i) icon next to the £278.93 I get a pop up that says:- ==
Important Information
You are accessing funds from both repayments and selling loan parts:
Amount from selling: £278.93 Amount from repayments: £0.00 Total funds received since request: £278.93 ==
I was just a day after Wonk in the sell list and missed the boat. So looks like I am in for the long haul. I recon thoes buying my loan parts could do OK as I have been a bit lucky. A fairly good bunch of lenders, with the odd bad debt. I am only getting out because of the way FC have handeled this whole situation, otherwise I would have been happy to be in for much longer.
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criston
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Post by criston on Dec 2, 2019 14:29:04 GMT
My Access funds tab says:- == Date requested: 14/06/2019 Amount requested: £xxxxxxx Amount received: £278.93 Current available funds: £yyyyy
==
If I click the little (i) icon next to the £278.93 I get a pop up that says:- ==
Important Information
You are accessing funds from both repayments and selling loan parts:
Amount from selling: £278.93 Amount from repayments: £0.00 Total funds received since request: £278.93 ==
I was just a day after Wonk in the sell list and missed the boat. So looks like I am in for the long haul. I recon thoes buying my loan parts could do OK as I have been a bit lucky. A fairly good bunch of lenders, with the odd bad debt. I am only getting out because of the way FC have handeled this whole situation, otherwise I would have been happy to be in for much longer.
Does this mean you have sold with the new selling tool ? Take a look at your statement, see if they show 1.25% charge on anything.
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p2pstephan
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Post by p2pstephan on Dec 2, 2019 14:53:02 GMT
My Access funds tab says:- == Date requested: 14/06/2019 Amount requested: £xxxxxxx Amount received: £278.93 Current available funds: £yyyyy
==
If I click the little (i) icon next to the £278.93 I get a pop up that says:- ==
Important Information
You are accessing funds from both repayments and selling loan parts:
Amount from selling: £278.93 Amount from repayments: £0.00 Total funds received since request: £278.93 ==
I was just a day after Wonk in the sell list and missed the boat. So looks like I am in for the long haul. I recon thoes buying my loan parts could do OK as I have been a bit lucky. A fairly good bunch of lenders, with the odd bad debt. I am only getting out because of the way FC have handeled this whole situation, otherwise I would have been happy to be in for much longer.
Does this mean you have sold with the new selling tool ? Take a look at your statement, see if they show 1.25% charge on anything. Yes. Sold with new tool. In the Summary (Net Earnings) it says "LOAN PART SALES -£0.05", I think things are in action and that part will go up when it is all worked out otherwise 5p seems a good deal especialy since I have manged to sell more since my post. It now says, Amount from selling £488.14
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upperdeane
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Post by upperdeane on Dec 2, 2019 15:03:41 GMT
And this is what it looks like if nothing has sold yet . I cant wait for my first loan part sale. Important Information You are accessing funds from both repayments and selling loan parts: Amount from selling: £0.00 Amount from repayments: £0.00 Total funds received since request: £0.00
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