jamesc
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Post by jamesc on Sept 9, 2016 10:24:17 GMT
On the other hand, I might feel more sympathy for lenders who (if I understand correctly) originally loaned to the company under an "A+" rating. If information has come to light which suggests that the borrower is now "E"-worthy, shouldn't the original "A+" loan also be re-graded to "E" ? I believe that FC give themselves an ability to change risk bands in their T's & C's, yet they never seem to use it. (except to withdraw risk band completely)
Don't bother with the sympathy - both the previous A+ loans to this lender went whole loan. And they have both been repaid !
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Post by nightmare on Sept 9, 2016 11:47:08 GMT
25602 new E loan this morning gone from an A+ in July to an E 2 months later, how does that work ? Particularly given the same information is provided to us investors on both applications ! Reading the woefully inadequate pitch & numbers I reach only one conclusion (besides FC pitches are no longer fit for purpose); on the edge of administration/bankruptcy which would be a shame for those employed but I wouldn't shed any tears if the handful of bot owners, QWERTY13, Bosher, Nick et al who hoovered up £37k in less than 2 minutes were left holding a loser.
Just confirms that FC grading system is a joke, was probably a C rating 2 months ago, A+ is beyond a joke, now available on SM at 1.5% premium, good luck with that!
...and so the guy (presumably) who names himself after a notorious bank robber and killer decides to take the moral high ground.
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treeman
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Post by treeman on Sept 12, 2016 13:18:43 GMT
<SNIP> 18755 is the worry and I hope they just reinstate the risk band quietly in due course. 18755 was de-RBR'd this morning in case you haven't seen  my 2 parts now gawn  Though TBH the good pay record made them a 'keepie' candidate ........... well for a few seconds anyway !!!
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blender
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Post by blender on Sept 12, 2016 17:37:23 GMT
Yes, I was very pleased to see that RBR removed because I managed to catch a lot of it to sell after two months. And now it has done very well so far, with much of the principal repaid. No need to sell yet because it is not due till 6th October and you can always sell at par in a day - if you need to. I may even keep some. Now nothing is RBR, late or processing and recoveries at 50%. Giving up defaults in early 2015 was my best move on FC. Moving a lot of cash out was the second best.
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SteveT
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Post by SteveT on Sept 12, 2016 17:49:37 GMT
Yes, I was very pleased to see that RBR removed because I managed to catch a lot of it to sell after two months. And now it has done very well so far, with much of the principal repaid. No need to sell yet because it is not due till 6th October and you can always sell at par in a day - if you need to. I may even keep some. Now nothing is RBR, late or processing and recoveries at 50%. Giving up defaults in early 2015 was my best move on FC. Moving a lot of cash out was the second best. I stuck mine up for sale a few minutes ago at 1% premium, assuming it would hang around and need chopping before the 6th. However my favourite dumb SM bot (b**v**cs) bought it from me within seconds. Which strikes me as odd given there are parts of the same size available at 0.8%. Takes all sorts, I guess...
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treeman
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Post by treeman on Sept 12, 2016 18:26:24 GMT
Yes, I was very pleased to see that RBR removed because I managed to catch a lot of it to sell after two months. And now it has done very well so far, with much of the principal repaid. No need to sell yet because it is not due till 6th October and you can always sell at par in a day - if you need to. I may even keep some. Now nothing is RBR, late or processing and recoveries at 50%. Giving up defaults in early 2015 was my best move on FC. Moving a lot of cash out was the second best. I stuck mine up for sale a few minutes ago at 1% premium, assuming it would hang around and need chopping before the 6th. However my favourite dumb SM bot (b**v**cs) bought it from me within seconds. Which strikes me as odd given there are parts of the same size available at 0.8%. Takes all sorts, I guess... Mine shifted @ 1.6% in about 5 mins this morning as soon as I realised they were unchained. No complaints Gets rid of a couple of red lines on the spreadsheet. My few quid was recycled into this afternoon's E ...... ....... as yet not drawn down .....  .... assuming it does, the only question is how long to hang onto this one ! 
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fasty
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Post by fasty on Sept 12, 2016 18:35:05 GMT
I stuck mine up for sale a few minutes ago at 1% premium, assuming it would hang around and need chopping before the 6th. However my favourite dumb SM bot (b**v**cs) bought it from me within seconds. Which strikes me as odd given there are parts of the same size available at 0.8%. Takes all sorts, I guess... Mine shifted @ 1.6% in about 5 mins this morning as soon as I realised they were unchained. No complaints Gets rid of a couple of red lines on the spreadsheet. My few quid was recycled into this afternoon's E ...... ....... as yet not drawn down ..... .... assuming it does, the only question is how long to hang onto this one ! Similar here, but I shall incubate 18755 for a few days yet. I won't be keeping 25676 very long - The borrowing pitch sounded a bit desperate - and did you look at the credit score cliff graph ?
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Post by GSV3MIaC on Sept 12, 2016 19:08:18 GMT
Not an E, just a D, but 25681, if you have any, is unsaleable at the moment - you can list the parts in 'sell individually', and go through all the steps, only to get a 422 ('unprocessable Entity') error out of the server. This is a repeat of a problem Failing Computers have had before, and not fixed ... the parts are issued, except they apparently aren't to some other part of the system.
Update 13/Sep - they have fixed it (or the clock has moved on enough for it to fix itself). The problem (as before) is that the first repayment was set to 'tomorrow', but accrued interest on parts you try to sell was set at a month's worth. Obviously a bug in there somewhere.
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treeman
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Post by treeman on Sept 12, 2016 19:44:45 GMT
Indeed - ' personal development' ?!?!? - this will need the oven gloves when shortly being placed on the 'new home required' shelf ...........
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metoo
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Post by metoo on Sept 14, 2016 16:28:21 GMT
The biggest buyer bought 3x£2000 ... 21.5% ... naughty.
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Post by bonfemme on Sept 15, 2016 6:05:43 GMT
Yes, I was very pleased to see that RBR removed because I managed to catch a lot of it to sell after two months. And now it has done very well so far, with much of the principal repaid. No need to sell yet because it is not due till 6th October and you can always sell at par in a day - if you need to. I may even keep some.
I stuck mine up for sale a few minutes ago at 1% premium, assuming it would hang around and need chopping before the 6th. However my favourite dumb SM bot (b**v**cs) bought it from me within seconds. Which strikes me as odd given there are parts of the same size available at 0.8%. Takes all sorts, I guess... As soon as I saw RBR had been removed, I checked them out on loan parts and saw pages and pages for sale at zero mark up. I decided to list mine at a small premium as the next repayment wasn't due for a while. Within seconds my available funds had increased and I saw that I'd sold some of my marked up parts (also hoovered up by b**v**cs). I thought, ummm, all those zero parts must have gone already, but no, they were still there. Ummmm, what to do. Thought for a minute, and for the first time in more than six months actually bought something on FC. Will list them in a week or two at whatever I can get. Just love those stupid bots.
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blender
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Post by blender on Sept 15, 2016 8:15:02 GMT
The biggest buyer bought 3x£2000 ... 21.5% ... naughty. That's what we are led to believe, but the exact position is that you cannot make a further bid if your last one took you over 20% - I believe that is how it works. So you can take £2000 over 20% and hope to get away with it. I do not speak from experience here.
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adrianc
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Post by adrianc on Sept 15, 2016 8:31:34 GMT
I can see the point in £20 parts in an E - and shift 'em before the music stops...
But £2k parts? Are they really going to sell well? Or is it hold-until-the-bitter-end-and-hope...? <whimper>
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fasty
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Post by fasty on Sept 15, 2016 9:10:50 GMT
I can see the point in £20 parts in an E - and shift 'em before the music stops... But £2k parts? Are they really going to sell well? Or is it hold-until-the-bitter-end-and-hope...? <whimper> There seem to be a few newbies who can't see beyond the underlying high rate. On more than one occasion I have had literally dozens of slightly-whiffy "E"' parts hoovered up at a 3% premium by one buyer. Maybe they will get lucky, but some will surely get fingers burned. Bulk-buying loan parts that have previously been late seems plain daft to me.
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nick
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Post by nick on Sept 15, 2016 13:35:32 GMT
The biggest buyer bought 3x£2000 ... 21.5% ... naughty. That's what we are led to believe, but the exact position is that you cannot make a further bid if your last one took you over 20% - I believe that is how it works. So you can take £2000 over 20% and hope to get away with it. I do not speak from experience here. Are you sure that the 20% limit is automatically applied by the platform? About 8 months ago I accidentally bid way over the 20% limit on a small loan without any restriction. I spoke to FC about it and was told that whilst they intended to automatically limit bids to below 20%, they couldn't say when this would be introduced. Given how quick FC are in making any changes to their platform, I had assumed this would be never and I would have to sharpen my mental arithmetic instead........
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.... assuming it does, the only question is how long to hang onto this one ! 
