davidkent
I think. Therefore I am.
Posts: 26
Likes: 9
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Post by davidkent on Jan 31, 2020 17:50:56 GMT
A few years ago (2014-2015) I used several P2P sites but after some losses that I considered were definitely avoidable, I stopped any investing in P2P. Incidentally, while I did invest with FC and ended up with a few bad debts, it wasn't FC that caused my loss of confidence.
I have looked at FC again and to my bewilderment, I could not see any loans in which to invest or part-loans to buy. On enquiring about this, I was told: "Looking at your account, there are currently no funds in there. Just to clarify, by activating your lending, the system will automatically purchase loan parts for you so you wouldn't be able to pick them yourself." So does this mean that choosing a loan or a part-loan is no longer possible? If so, why has FC done this and that surely means that FC now determines where investment will be made? (To me, it was the selection of a loan and reading the questions asked of the prospective borrower (and their answers) that made it interesting.) And if this is so, are there any other P2P sites that offer the lending opportunities that FC once did? Many thanks. David
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 4,594
Likes: 2,624
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Post by keitha on Jan 31, 2020 17:59:44 GMT
Yep, FC has been black box for quite some time now.
and selling now takes ages, liquidity is way down on what you would have experienced.
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davidkent
I think. Therefore I am.
Posts: 26
Likes: 9
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Post by davidkent on Jan 31, 2020 18:03:17 GMT
Thanks
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Post by davee39 on Jan 31, 2020 18:07:00 GMT
FC is now an entirely automated black box. It works like this:-
1) You give them your money.
2) It is automatically invested in absolute rubbish.
3) After a number of defaults you realize you have made a dreadful mistake and ask for your money back
4) You go to the back of selling queue and stay there forever as your losses mount
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My recommendation is to avoid P2P altogether. If you want to lose money you could try throwing some coins out of the window every day, or perhaps perform combustion tests on plastic banknotes.
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ashtondav
Member of DD Central
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Likes: 1,092
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Post by ashtondav on Jan 31, 2020 18:42:58 GMT
FC is now an entirely automated black box. It works like this:- 1) You give them your money. 2) It is automatically invested in absolute rubbish. 3) After a number of defaults you realize you have made a dreadful mistake and ask for your money back 4) You go to the back of selling queue and stay there forever as your losses mount ---------------------------------- My recommendation is to avoid P2P altogether. If you want to lose money you could try throwing some coins out of the window every day, or perhaps perform combustion tests on plastic banknotes. Rumour has it that they've improved now. In fact not rumour 'cos FC give a tasty discount of over 1% for buyers of the "dodgy IPO" cohorts.
If you want your money quickly dont invest in p2p - even in the so called "access accounts". Many on FC were under the illusion that you could escape quickly - sadly you're in for the duration of the loan unless there is a buyer.
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ceejay
Posts: 975
Likes: 1,149
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Post by ceejay on Feb 1, 2020 10:02:44 GMT
A few years ago (2014-2015) I used several P2P sites but after some losses that I considered were definitely avoidable, I stopped any investing in P2P. Incidentally, while I did invest with FC and ended up with a few bad debts, it wasn't FC that caused my loss of confidence.
I have looked at FC again and to my bewilderment, I could not see any loans in which to invest or part-loans to buy. On enquiring about this, I was told: "Looking at your account, there are currently no funds in there. Just to clarify, by activating your lending, the system will automatically purchase loan parts for you so you wouldn't be able to pick them yourself." So does this mean that choosing a loan or a part-loan is no longer possible? If so, why has FC done this and that surely means that FC now determines where investment will be made? (To me, it was the selection of a loan and reading the questions asked of the prospective borrower (and their answers) that made it interesting.) And if this is so, are there any other P2P sites that offer the lending opportunities that FC once did? Many thanks. David
If you enjoy the process of white-box lending - reading the documents and deciding where to pitch your money - then have a look at Assetz Capital's Manual Lending Account. Very different borrowers to FC's, but a well-worked process IMHO.
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davidkent
I think. Therefore I am.
Posts: 26
Likes: 9
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Post by davidkent on Feb 1, 2020 10:53:04 GMT
Many thanks for the above advice. It seems that FC is now vastly different from when i used it: consequently, I'm going to leave
it well alone. Again, thanks for the info. David
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