ashtondav
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Post by ashtondav on May 17, 2019 11:08:57 GMT
I think it's already worse than that. Three 46-day sell cycles to get back almost certainly less than you put in. The current sale time is 48 days, so yours should get sold by the end of Monday. I suppose if you look at this logically, sellers are selling their loans because they don’t think they will perform. So why on earth would rational buyers be queuing up to buy the very loans they expect to underperform. i don’t want your loans. I want shiny fresh loans which may have been subject of better DD. Now were I to be offered your blighted portfolio at a decent discount then........
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SteveT
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Post by SteveT on May 17, 2019 12:05:53 GMT
The current sale time is 48 days, so yours should get sold by the end of Monday. I suppose if you look at this logically, sellers are selling their loans because they don’t think they will perform. So why on earth would rational buyers be queuing up to buy the very loans they expect to underperform. i don’t want your loans. I want shiny fresh loans which may have been subject of better DD. Now were I to be offered your blighted portfolio at a decent discount then........ So the current FCIF shares should appeal to you !
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corto
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one-syllabistic
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Post by corto on May 17, 2019 15:11:51 GMT
Because sellers cannot select what to sell and the bad loans cannot be sold. They get stuck in the "Processing" loop forever or until they default, or in exceptional cases get back to performing.
If you assume that each batch has a certain fraction of losers, then a fresh batch still has all of them, but a batch that has gone through even a few months, has some bad ones filtered out and put into an unsalable state. What can get sold are only the survivors. It's survival of the fittest.
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corto
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Post by corto on May 17, 2019 15:17:19 GMT
The current sale time is 48 days, so yours should get sold by the end of Monday. I suppose if you look at this logically, sellers are selling their loans because they don’t think they will perform. So why on earth would rational buyers be queuing up to buy the very loans they expect to underperform. i don’t want your loans. I want shiny fresh loans which may have been subject of better DD. Now were I to be offered your blighted portfolio at a decent discount then........ "which may have been subject of better DD" Without any evidence for this the opposite is as likely
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Post by kcrane on May 17, 2019 19:02:42 GMT
Now were I to be offered your blighted portfolio at a decent discount then........ If there was a way to do it I'd be up for selling off my FC rump at some pence in the £
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Post by rookyone on May 20, 2019 12:24:04 GMT
Day 50 and still awaiting for sell off to start...
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criston
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Post by criston on May 20, 2019 17:55:52 GMT
rookyone: Got you down as giving instruction on 1/4/19, which is 49 days.
If it follows previous pattern, it could take 52/53 days.
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Stonk
Stonking
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Post by Stonk on May 20, 2019 19:41:02 GMT
Whenever I have visited the Sell page for the last couple of months, a little message has popped in from the right stating how long sales have been taking. That is no longer happening (Win10 + Firefox).
Has FC's embarrassment at admitting how long it takes to sell trumped their wish to inform sellers and presumably reduce irate phone calls?
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Stonk
Stonking
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Post by Stonk on May 20, 2019 19:46:22 GMT
Would you be interested in an earlier data point for the table? Just to remind us of the good old days!
On 9 Dec 2018, I requested a sale and managed to sell 100% of what I requested in approximately 3 minutes.
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Post by rookyone on May 20, 2019 19:56:42 GMT
rookyone: Got you down as giving instruction on 1/4/19, which is 49 days. If it follows previous pattern, it could take 52/53 days. Maybe I was over simplifying things, in my head it was as simple as adding the 30 days of April to the 20 days in May so far, i.e. 50 days... However, a quick check on days difference in excel gave 49, so I will concede that one : o)
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Post by gloos on May 21, 2019 10:57:37 GMT
I will revert once my loans sell, but I've initiated a sale on 1 May and I am still waiting.
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Post by rookyone on May 21, 2019 11:20:52 GMT
Day 50 and 77% of what I was allowed to sell has sold, it should be pointed out that I was only allowed to put 90% of my holdings up for sale, which was less than my invested capital...
My rough calculations suggest that after another 3 attempts to sell out, which at the current timescales will be a total of 200 days, I will have 98% of my capital returned. If the forum thread posters on here are correct in their forecast at which the selling days are increasing, it is likely to be nearer a year to return a 2% loss.
Looks a very long way from the websites headline investment return rate...
PS Criston if you want to log the 2nd selling cycle it started today...
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ashtondav
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Post by ashtondav on May 21, 2019 15:56:31 GMT
FC may or may not be deteriorating but it is a 5 year investment. I joined nearly 2 years ago so will give it another 3 years. I do not expect to lose money - neither do I expect the 7% estimated when I joined.
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Post by geosaddler on May 22, 2019 15:40:54 GMT
1st cycle started on 1st April and took 49 days to complete. (62% requested amount sold)
2nd cycle started yesterday........I'll report back in approximately 2026 when about 50% of the request is sold.
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criston
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Post by criston on May 22, 2019 16:09:30 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.
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