ceejay
Posts: 970
Likes: 1,149
|
Post by ceejay on Mar 10, 2022 10:26:52 GMT
I was very surprised to get this in an email this morning...
"After two years of the platform being paused for new investment from retail investors as we navigated and adapted to the Covid pandemic, we have taken the decision to permanently close the retail platform for new investments. "
Who knew that for the last two years they've merely been "paused", apparently ready to leap back into action as soon as planetary alignment was propitious?
|
|
keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,813
Likes: 2,284
Member is Online
|
Post by keitha on Mar 10, 2022 10:37:36 GMT
its on every page of the website too,not that I'd have turned lending back on.
hopefully at some point they will decide to pay us off.
|
|
|
Post by davidep on Mar 10, 2022 12:14:48 GMT
Pretty unhappy with Funding Circle.
They changed the rules and processes several times since I signed up and invested.
I totally understand that I invested for the long term, but when I started there was always the opportunity to sell all the loans and withdraw if you wanted to. That has not been possible now for 2+ years.
While Covid was running I was understanding, but now they have terminated retail lending (and we find we're 5% of less of the load book) we are locked in and I feel it would be appropriate for those who want to sell to be able to sell their remaining loans to Funding Circle, even if at a slight discount.
Come on Funding Circle, come up with a plan please. I don't like being the orphan child that's so insignificant to the business they can do what ever they want to us and simply not care.
|
|
agent69
Member of DD Central
Posts: 5,550
Likes: 4,168
Member is Online
|
Post by agent69 on Mar 10, 2022 12:19:58 GMT
Another one bites the dust
|
|
ashtondav
Member of DD Central
Posts: 1,805
Likes: 1,087
|
Post by ashtondav on Mar 10, 2022 14:12:07 GMT
Who’s next? My money would be on Assetzcapital despite their occasional messages.
|
|
adrian77
Member of DD Central
Posts: 3,894
Likes: 4,122
|
Post by adrian77 on Mar 10, 2022 15:34:37 GMT
a couple of years ago several of us predicted this - such talk about covid etc is PR twaddle and this has been planned for a long time
I got out when this was on the horizon - sorry for those of you left in - you have been played...
|
|
|
Post by overthehill on Mar 10, 2022 15:52:22 GMT
Is there something amusing you?
|
|
tjtl
Posts: 232
Likes: 351
|
Post by tjtl on Mar 11, 2022 8:35:57 GMT
When Ratesetter wound up they did it properly, we got bought out in one go.
I suspect the problem with FC is that , if like me you still have several £k of investment, you are invested in such a crock of sh!t that they have no desire whatsoever to buy us out at anything approaching par value- though as we collectively are only circa 5% of the book the loss to them of doing that would be offset by no damage to their reputation (and their reputation will be damaged if this drags on and on for months).
I am getting back a few pounds every day- with no loan book sale at current rates it will take just on two years to get my cash out. I won't hold my breath.
|
|
|
Post by rash4cash on Mar 11, 2022 10:47:13 GMT
I have live loans with 36 months left to pay so I have 3 more years to go, then how ever long it takes for all the defaults to die.
|
|
adrianc
Member of DD Central
Posts: 8,877
Likes: 4,754
Member is Online
|
Post by adrianc on Mar 11, 2022 11:41:17 GMT
|
|
ashtondav
Member of DD Central
Posts: 1,805
Likes: 1,087
|
Post by ashtondav on Mar 11, 2022 12:48:50 GMT
Can't blame them, though when you read these posts. The cost of dealing with thousands of complaining punters rather than a few institutional clients who have reasonable expectations, must be enormous.
I do agree they ought to buy us out or sell the loan book and distribute the proceeds.
|
|
scooter
Member of DD Central
Posts: 337
Likes: 302
|
Post by scooter on Mar 11, 2022 13:16:59 GMT
I have very little left and only one paying loan, but I wonder if they had gone the other way and opened back up to the retail investors, would anyone on this forum have invested? I would rather have root canal work without anaesthetic......
|
|
easylender
Member of DD Central
Posts: 248
Likes: 222
|
Post by easylender on Mar 11, 2022 17:02:37 GMT
When Ratesetter wound up they did it properly, we got bought out in one go. I suspect the problem with FC is that , if like me you still have several £k of investment, you are invested in such a crock of sh!t that they have no desire whatsoever to buy us out at anything approaching par value- though as we collectively are only circa 5% of the book the loss to them of doing that would be offset by no damage to their reputation (and their reputation will be damaged if this drags on and on for months). I am getting back a few pounds every day- with no loan book sale at current rates it will take just on two years to get my cash out. I won't hold my breath. I can assure you that their reputation will not be damaged any more than it already is.
|
|
ashtondav
Member of DD Central
Posts: 1,805
Likes: 1,087
|
Post by ashtondav on Mar 11, 2022 18:43:55 GMT
They must be doing something right because, despite an 80% fall in SP since IPO, they just released very encouraging financial results. And despite not hitting my expected return my results after four years were better than i'm currently getting with loanpad and proplend.
|
|
|
Post by Ace on Mar 11, 2022 20:06:17 GMT
They must be doing something right because, despite an 80% fall in SP since IPO, they just released very encouraging financial results. And despite not hitting my expected return my results after four years were better than i'm currently getting with loanpad and proplend. I'm glad FC has worked for you, but it's not the same for me. Here's my current annualised returns for the platforms you mentioned (FC and PL accounts are roughly 4 years old. LP accounts are roughly 2.5 years old): FC: Account 1: 3.18%, Account 2: 1.75%, Account 3: 3.39%. LP: Account 1: 4.46%, Account 2: 5.94% (Both accounts include referral bonuses). PL: Account 1: 7.30%, Account 2: 11.50%. So, all 3 FC accounts are significantly below all 4 LP and PL accounts for me. I won't be mourning the loss of FC.
|
|