benaj
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Post by benaj on May 14, 2019 12:05:52 GMT
2019 Q1 lending volume is over £419 Mil, beating Z 294.5m and RS 196.0m.
At this rate, no wonder it takes such a long time to sell loans on FC.
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rogerthat
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Post by rogerthat on May 14, 2019 12:21:09 GMT
2019 Q1 lending volume is over £419 Mil, beating Z 294.5m and RS 196.0m. At this rate, no wonder it takes such a long time to sell loans on FC. And yet for all that 'achievement' they cant bring themselves to acknowledge their crass incompetence in surrendering the security in the London/Shoreditch/Eastbourne hotel fiasco, meanwhile sitting back and allowing the receivers/administrators to absorb what, if anything, will be left. I hope the bubbles get right up their noses. Bitter ?..not 'alf mate
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corto
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Post by corto on May 14, 2019 12:42:59 GMT
2019 Q1 lending volume is over £419 Mil, beating Z 294.5m and RS 196.0m. At this rate, no wonder it takes such a long time to sell loans on FC. And the crowds don't even realise that they are investing in a 60 day account; tendency increasing.
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Stonk
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Post by Stonk on May 14, 2019 14:12:40 GMT
2019 Q1 lending volume is over £419 Mil, beating Z 294.5m and RS 196.0m. That's a curious concept of "top" platform.
Any old billionaire can lend out loads of cash to all and sundry who come calling. In my book, "top" is also a function of how much of that money makes its way back again!
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ashtondav
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Post by ashtondav on May 14, 2019 17:29:24 GMT
No, no and thrice no. That applies if you are a bank, lending your own money. In p2p the platform makes a decent wedge even if the borrower defaults.
It's only us lenders who suffer in the event of a default. .
AIUI as soon as i lend £100 on FC, FC get their £1. FC should be called "Roll up Roll up" for borrowers.
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Stonk
Stonking
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Post by Stonk on May 15, 2019 2:09:05 GMT
No, no and thrice no. That applies if you are a bank, lending your own money. In p2p the platform makes a decent wedge even if the borrower defaults.
It's only us lenders who suffer in the event of a default. .
AIUI as soon as i lend £100 on FC, FC get their £1. FC should be called "Roll up Roll up" for borrowers.
Maybe it ought to be top*, with the asterisk directing to a footnote saying "well, top for us here at FC anyway, and stuff you lot".
Actually I don't know whether FC charges borrowers an up-front fee. They take their 1% from lenders in the form of a small fee deducted whenever a monthly payment is received, so it's in their interest to keep borrowers paying. Once a borrower defaults, the subsequent recovery payments do not attract a fee (although it's possible there are charges happening behind the scenes before such payments reach us).
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dorset
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Post by dorset on May 15, 2019 7:13:23 GMT
What matters to us punters is platform stability plus loan quality in relation to interest rate.
A high rate of loan book growth can (and in FC case probably does) suggest taking on a higher % of poor quality loans with minimal DD. Very high growth should be a note for caution in lenders (Northern Rock etc).
Regarding the last point FC will cover their costs in recovery plus I am sure a little bit of extra. Have not bothered to look into this. Yesterday I had a full recovery on 5757 but assume this is after FC recovery fees? Incidentally no complaints about FC recovery team.
Since late 2017 FC have been my worst performing platform (also chiefly in Assetz, RS and Zopa).
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aj
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Post by aj on May 15, 2019 9:51:13 GMT
2019 Q1 lending volume is over £419 Mil, beating Z 294.5m and RS 196.0m. At this rate, no wonder it takes such a long time to sell loans on FC. Unless they have stripped their institutional investor funding out of that lending volume figure it's not really 'P2P' either!
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ashtondav
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Post by ashtondav on May 15, 2019 10:36:45 GMT
2019 Q1 lending volume is over £419 Mil, beating Z 294.5m and RS 196.0m. At this rate, no wonder it takes such a long time to sell loans on FC. Sorry, but with such a high lending volume it should be quick to sell loans. The only reason it isn’t is that FC must be giving priority to institutional lenders. Or am I misreading the tea leaves today 
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corto
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Post by corto on May 15, 2019 11:43:53 GMT
There was an article in the Times that suggests that the slow sales rates are deliberate. This was briefly discussed in the "Selling loans - Time frame" Thread
Google Times Funding Circle falls into a square hole
(you may need to sign up for some free articles)
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coogaruk
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Post by coogaruk on May 16, 2019 17:24:13 GMT
Since late 2017 FC have been my worst performing platform (also chiefly in Assetz, RS and Zopa). Ditto. In fact since I stopped lending in September '17 bad debt has continued to more than swallow up the interest on what was a £5k portfolio (interest earned - all capital withdrawn) at the time.
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ptr120
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Post by ptr120 on May 16, 2019 17:53:55 GMT
Could the OP or Admin please modify the title of this thread as I believe it is seriously misleading to the layman who may stumble upon it? In my book being the biggest in terms of loan origination doesn't make you the top p2p platform. FC recently admitted to me in an email that their loan recoveries team don't always have [enough] capacity to deal with all loans in default and that there is room for improvement in the loan comments process. That doesn't sound like a 'top' platform to me! |
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Post by df on May 16, 2019 18:05:15 GMT
2019 Q1 lending volume is over £419 Mil, beating Z 294.5m and RS 196.0m. At this rate, no wonder it takes such a long time to sell loans on FC. Sorry, but with such a high lending volume it should be quick to sell loans. The only reason it isn’t is that FC must be giving priority to institutional lenders. Or am I misreading the tea leaves today You can't sell your loans if there are no buyers. I'd imagine with such high volume of origination and reduction of investors' funds FC is struggling to fill new loans and SM comes to a standstill.
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Post by df on May 16, 2019 18:12:49 GMT
Could the OP or Admin please modify the title of this thread as I believe it is seriously misleading to the layman who may stumble upon it? In my book being the biggest in terms of loan origination doesn't make you the top p2p platform. FC recently admitted to me in an email that their loan recoveries team don't always have [enough] capacity to deal with all loans in default and that there is room for improvement in the loan comments process. That doesn't sound like a 'top' platform to me! "the top" doesn't necessarily mean "the best" (of even good for that matter). In this case 'top' is the position in lending volume table.
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Post by Ace on May 21, 2019 17:21:33 GMT
I have to give FC credit where it's due. There's one area where FC are absolutely top of the pile for me, and that is.... (drum roll) .... for ISA transfers out.
I posted an ISA transfer form to transfer from FC to Unbolted on Thursday 16th May. The funds were credited to my Unbolted account today Tuesday 21st May. That's 5 days, including a weekend. That beats all other transfers I've made by a country mile.
Well done FC. Shame about the appalling lack of DD that led me to jump ship.
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