blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Apr 15, 2014 19:04:22 GMT
FC have recently removed their statement in 'how it works' that on average it takes 2 days to sell loans and get you cash back at par. Now nothing is said, all airbrushed out as if it never had been said. So how long does it take? I have placed at about 6pm today 43 loan parts at C- for sale at par, values from £35 to £95, nearly all at 11.5% except four at 12.3%. Total sale value £2464.77. All with good payment histories of three repayments or more. Let us see how long it takes to get the money back. I will keep the forum posted. It is now a full week since the 43 loan parts were put up for sale at par and how many have sold? No surprise - ZERO. Time to sell = infinity. And for the last few days they have been joined by another 22 similar. There is really no point in holding all these for the full two weeks before they expire. There are still 23,000 loan parts at par or better unsold, no significant improvement from when the 1% started. As my 65 loan parts approach their next repayment I will discount them to see what it takes. Will let the forum know how it goes.
|
|
baz657
Member of DD Central
Posts: 500
Likes: 189
|
Post by baz657 on Apr 15, 2014 21:41:14 GMT
I must be really lucky. In the last 10 days I've listed 6 loan parts and 4 have sold. I'm very small fry and only have 40 £20 loan parts in total active so far.
Unsold:
A 60 +1.0% [£+0.20] £20.27 10.0% 3d 13h left
C 36 +0.6% [£+0.12] £20.17 10.8% 5d 18h left
Sold:
B +2.6% [£+0.52] £20.63 12.9 % 15/04/2014
A +0.2% [£+0.04] £20.10 10.0 % 14/04/2014
A 0.0% [£0.00] £20.05 9.8 % 12/04/2014
A +0.5% [£+0.10] £20.12 8.7 % 10/04/2014
I try to watch the auctions when I can and bid last minute at the top end - if the rate already hasn't gone silly. When I win multiple parts per auction I'll keep one and offer for sale any others. If they sell fine - it keeps my exposure lower but if they don't the rate makes it bearable. And there's always next month.
|
|
spockie
Member of DD Central
Posts: 299 
Likes: 84
|
Post by spockie on Apr 16, 2014 0:13:16 GMT
I've had 20 units (approx £20 each) up for sale for two weeks at 0.5 markup and have shifted 5 in that time. Various interest rates and ratings.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087 
Likes: 3,233
|
Post by oldgrumpy on Apr 16, 2014 6:44:39 GMT
My old low rate ones are dribbling out at par. Sold three B parts at 8.2% and 8.4% overnight (well below MBR, which I recon FC will raise to 9% as soon as they can). As long as I can replace them with around 2% higher (or more!) that'll do for now.
(I have to keep reminding myself that we get 1% less than all these figures!)
|
|
baz657
Member of DD Central
Posts: 500
Likes: 189
|
Post by baz657 on Apr 16, 2014 17:54:00 GMT
My luck continues (before the fall maybe???)
Sold today
C 0.0% [£0.00] £20.01 11.3 % 16/04/2014
A +1.0% [£+0.20] £20.28 10.0 % 16/04/2014
The first one was on the 1% bonus scheme and was listed for less than an hour, the second one had been there for over 10 days. I've got one left for sale for now.
I'm happy I've got toes in the water but there will come a time fairly soon when I'm going to have to ramp things up a bit if I stay with FC. £20 loan parts are all well and good but I wont have the time to play with hundreds of units - is there a real difference when the amounts of the loan parts go up? I've seen posts suggesting that larger parts be splittable which would make sense for all but is it going to be a future option?
|
|
min
Member of DD Central
Posts: 615
Likes: 182
|
Post by min on Apr 16, 2014 18:22:59 GMT
My luck continues (before the fall maybe???) Sold today C 0.0% [£0.00] £20.01 11.3 % 16/04/2014 A +1.0% [£+0.20] £20.28 10.0 % 16/04/2014 The first one was on the 1% bonus scheme and was listed for less than an hour, the second one had been there for over 10 days. I've got one left for sale for now. I'm happy I've got toes in the water but there will come a time fairly soon when I'm going to have to ramp things up a bit if I stay with FC. £20 loan parts are all well and good but I wont have the time to play with hundreds of units - is there a real difference when the amounts of the loan parts go up? I've seen posts suggesting that larger parts be splittable which would make sense for all but is it going to be a future option? In the past (on other/different forums(fori?)) some contributors (e.g. sl75) have suggested that £100 parts sell better than £20 parts. Have never found convincing evidence myself.
|
|
jimbo
Posts: 234
Likes: 42
|
Post by jimbo on Apr 16, 2014 22:13:38 GMT
Me neither, and I wouldn't hold your breath when it comes to larger loan parts being made splittable on FC. Funding Knight do this though...
|
|
|
|
Post by GentlemansFamilyFinances on Apr 17, 2014 7:46:05 GMT
My experience is that larger loan parts sell at a faster rate than smaller loan parts.
It's difficult to measure this - but you can do it yourself if you like.
I'm surprised that someone would pick up on Auto-Bid a loan for £100 - that means they've dropped £10k into FC which is a lot of money!
Presently I have around £20,000 for sale across 21 businesses. Sales are very very slow (only £800 over the last 36 hours) although things are picking up right now with £300 already this morning selling.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Apr 17, 2014 8:24:07 GMT
I think that with the C- loans at 11.5% you have to give up on Autobid, which buys nothing. With the coming increase in MBR and the fact that I have my first late C- (which I kept too long without discounting) I have now placed at my sub-MBR C- parts for sale at par or a discount, the older the better the price. They are now starting to shift at up to -0.5%. One big surprise - after relisting I noticed available funds go up by £750 and assumed this was the discounts. But no, someone had bought all my parts in one C- loan at 11.5% par the day before its third repayment. Nothing wrong with it but my thanks to the buyer.
|
|
fasty
Member of DD Central
Posts: 1,038
Likes: 388
|
Post by fasty on Apr 17, 2014 10:49:43 GMT
Shortly after the cashback was introduced, sales of my loan parts really picked up. I presumed this was because the marketing was luring more people back into FC and improving liquidity. In the last few days, however, almost nothing has sold unless at high rate. Is this because the secondary market is now flooded with unwanted pieces of cashback loan parts? I think that the autobid pixie is bloated and not hungry any more.
It seems to me that loan parts shift more quickly on the secondary market if they fulfil two conditions:
It's also interesting to note that a significant chunk of funds are still going into most loans at MBR, presumably by autobid. I think a lot of people are going to have a nasty surprise when they attempt to realise cash from their MBR loan parts.
|
|
fasty
Member of DD Central
Posts: 1,038
Likes: 388
|
Post by fasty on Apr 17, 2014 12:34:35 GMT
There's something very fishy going on with autobid and the secondary market. I suspected this before, but now I feel I have near proof.
For months I've been trying to shift around thirty £20-ish loan parts, all band C, between 9.3% ~ 9.5%. Unsurprisingly, sales have been glacial. One sold a couple of weeks back. So, many of these loan parts have been round the 2 week loop several times.
A few were nearing the end of the sales cycle, so I decided to take two off sale and re-offer them now (to avoid interrupting bank holiday proceedings!)
The exact two I took off sale and re-offered BOTH sold within about an hour.
Taken slightly aback, I took several more off sale and re-offered them. FIVE sold within minutes.
This seems too much like coincidence. It feels like FC have a Last-In-First-Out (newest-put-on sale, first bought) buffer for their loan parts in the secondary market rather than queuing with some fairer First-In-First-Out (oldest-put-on-sale, first bought) scheme. Loan parts left on sale seem to go stale!
|
|
min
Member of DD Central
Posts: 615
Likes: 182
|
Post by min on Apr 17, 2014 17:08:26 GMT
There's something very fishy going on with autobid and the secondary market. I suspected this before, but now I feel I have near proof.
For months I've been trying to shift around thirty £20-ish loan parts, all band C, between 9.3% ~ 9.5%. Unsurprisingly, sales have been glacial. One sold a couple of weeks back. So, many of these loan parts have been round the 2 week loop several times.
A few were nearing the end of the sales cycle, so I decided to take two off sale and re-offer them now (to avoid interrupting bank holiday proceedings!)
The exact two I took off sale and re-offered BOTH sold within about an hour.
Taken slightly aback, I took several more off sale and re-offered them. FIVE sold within minutes.
This seems too much like coincidence. It feels like FC have a Last-In-First-Out (newest-put-on sale, first bought) buffer for their loan parts in the secondary market rather than queuing with some fairer First-In-First-Out (oldest-put-on-sale, first bought) scheme. Loan parts left on sale seem to go stale!
You may well have a point. Have had similar experiences in the past. Today sold 17 originally £20 parts - the most for ages in a day - and although most at par some at mark ups around .8-.9%. Definitely some movement on secondary market.
|
|
mikeb
Posts: 1,072
Likes: 472
|
Post by mikeb on Apr 17, 2014 18:05:17 GMT
If it's a coincidence, it must be a widespread coincidence then. I've had loan parts at par not shifting, for a while.
Some of those relisted recently have gone through quite quickly after being listed. Things are starting to move at last.
Is this FC's answer to the Zopey Cokey?
EDIT:
OK so curiosity (and superstition) got the better of me. There is definitely something odd going on.
I delisted a whole bunch of parts that have been sat on the secondary market. All are below current MBR. Most were listed at par.
They hadn't sold, and that's after 3-4 complete relist cycles. "Average 2 days" my ****.
Removed and relisted. 10 sold that night. 12 more by the following morning (today).
Welcome to the "Circular Shuffle" ?
If FC insist that the 2ndry market is working correctly, and that nothing nefarious is happening, no bias on autobid etc. how do you explain that?
|
|
min
Member of DD Central
Posts: 615
Likes: 182
|
Post by min on Apr 19, 2014 18:02:10 GMT
14 parts (originally £20 parts) sold so far today. Most for a very long time.
Does this mean that secondary market is moving at last?
|
|
|
|
Post by GSV3MIaC on Apr 19, 2014 21:20:13 GMT
Well there's no new loans for 4 days or so, thus any recycled money (loan repayments etc) is going to have to be autobid onto the secondary market rather than new loan requests - that should speed things up. Ditto the 'bought at premium/discount' market, for people trying to spend their income more manually - nothing much new to buy, so may as well buy SM 'bargains' (or were you selling rubbish?).
|
|
