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Post by Ace on Sept 3, 2019 15:31:12 GMT
Nah, FC has committed to higher rates for 2019 lenders so they’re rationing the cr@p cohorts you guys are selling so as to not dilute returns for newbies. In one way it’s just like any other financial organisation: they give the best deals to the new customers and treat the existing ones as doggy doo doos. Same old model. Oh, they've committed have they? Well, that's alright then. What a shame they didn't think of committing when the rest of us invested, instead of assigning us a pile of puppy poo.
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ashtondav
Member of DD Central
Posts: 1,814 
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Post by ashtondav on Sept 3, 2019 16:47:59 GMT
I meant “committed” loosely, in the FC sense of that word; ie “possibly, maybe, if
we get a decent head wind and a bit of luck” kinda way. Anyway, even if it is that
kind of commitment at least they aren’t stuffing newbies with the 16-18 cohorts,
which is of course no consolation for the sellers.
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tjtl
Posts: 232
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Post by tjtl on Sept 5, 2019 12:43:45 GMT
The FC share price remains under pressure, now down to 108 pence compared to the IPO price of 440 pence under a year ago. So a bit of a toss-up as to who has been screwed the most, the “investors” in the product, or the “investors” in the equity. Both have the right to feel utterly cheesed off.
For the first time I am now genuinely concerned whether the company will survive. The management team are inexperienced, their recent meetings with their institutional shareholders were, by all accounts, pretty bloody affairs, the company is still burning cash and there is no realistic prospect of them doing a secondary fund raise.
Like many here I am not a shareholder- and am not that bothered what happens to them. I am an investor with £120k on the platform, half of which was put up for sale on the 6th of June, and am suffering the same frustrations over the ever-extending sale times (and I don’t believe the 101 days- that is either a lie, or the average is distorted by some others being given precedence). I cannot put the other half on to sell without cancelling the current order which is another lender-unfriendly stupidity.
I expect the media to run with the mess/ debacle/ management hubris shortly- as commented already the Telegraph are beginning to focus on it, and others will follow.
My advice to Samir and team is to get ahead of the story, apologise to both sets of investors, provide reassurance that the business will survive (at least until I can sell all my loans!) – otherwise you will find the business gets into a death spiral all too quickly.
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Stonk
Stonking
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Likes: 658
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Post by Stonk on Sept 5, 2019 13:11:11 GMT
I am an investor with £120k on the platform, half of which was put up for sale on the 6th of June, and am suffering the same frustrations over the ever-extending sale times (and I don’t believe the 101 days- that is either a lie, or the average is distorted by some others being given precedence). I cannot put the other half on to sell without cancelling the current order which is another lender-unfriendly stupidity.
Judging from wait times being reported on the other thread, I would say the 101 days figure is about correct. In arriving at 101 days, I suspect FC have rounded it in their favour (possibly mid-calculation a few times as well), but it's accurate to within a couple of days. Obviously there is no reason why it could not be absolutely accurate if they really wanted it to be.
It needs to be understood for what it is, though. It says how long a sale requested 101 days ago (relative to the interval it relates to) took to sell -- which, in isolation, is not especially useful information. It certainly is NOT a measure of how long you will wait if you request a sale today -- or indeed on 6 June as you did, or even how long anyone currently in the queue will wait. It's impossible to use the 101 figure alone to work out when your or anyone's sale will go through, but yours is certain to be considerably later than 101 days after 6 June.
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