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Post by sannytwist on Jan 20, 2017 23:34:32 GMT
Hi, Was recently attempting to sell my share of this this loan on secondary market but noticed today that the system states the loan is 'Too old' .
Is this normal and is there anything l can do .
Like l said l'm very new to the p2p scene so apologies if this type of thing is normal. My first time experiencing something like this.
Regards,
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ben
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Post by ben on Jan 20, 2017 23:37:37 GMT
once it gets down to about 30 days I think it is you can no longer sell the loan, so you will need to hold it until it either repays or is renewed.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jan 20, 2017 23:44:04 GMT
I wonder if your loan part was bought early and the glitch the appeared in Nov or December that produced a silly secondary market rate of 90% is haunting you. Contact FS and ask them to look into it for you. I thought they would have programmed round the glitch by now. Note to self, where loan hung around waiting to be drawn down dont wait b4 selling down to the happy to put at risk level.
Westbury springs to mind.
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archie
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Post by archie on Jan 21, 2017 7:14:43 GMT
This loan is due to end 15/02/17 so it's within the 30 day lockout period.
Given 1093004185 may be in trouble it would have been difficult to sell it.
Several other train loans are also locked out due to the 30 day limit so hopefully the borrower makes contact soon.
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SteveT
Member of DD Central
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Post by SteveT on Jan 21, 2017 7:15:17 GMT
That loan only has 25 or so days to run (end date 15th Feb)
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Forward
Member of DD Central
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Post by Forward on Jan 21, 2017 7:17:12 GMT
Hi, Was recently attempting to sell my share of this this loan on secondary market but noticed today that the system states the loan is 'Too old' . Is this normal and is there anything l can do . Like l said l'm very new to the p2p scene so apologies if this type of thing is normal. My first time experiencing something like this. Regards, <Snippet from their web site> Terms and Conditions Only activated loans can be offered for sale No investment can be offered for sale during the funding process No investment can be offered for sale within 30 days of the expected end date All or part of an investment can be offered for sale An investment can be offered for sale at a premium +/- 5% The premium applies to the capital only All accrued interest transfers to the buyer No fees are charged for secondary market transactions FundingSecure can disable the secondary market on any investment if deemed appropriate
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stevio
Member of DD Central
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Post by stevio on Jan 21, 2017 8:29:53 GMT
This loan is due to end 15/02/17 so it's within the 30 day lockout period. Given 1093004185 may be in trouble it would have been difficult to sell it. Several other train loans are also locked out due to the 30 day limit so hopefully the borrower makes contact soon. 1093004185 update was yesterday - may I ask if you get notifications in some way or are you just checking constantly?
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archie
Posts: 1,866
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Post by archie on Jan 21, 2017 9:00:11 GMT
This loan is due to end 15/02/17 so it's within the 30 day lockout period. Given 1093004185 may be in trouble it would have been difficult to sell it. Several other train loans are also locked out due to the 30 day limit so hopefully the borrower makes contact soon. 1093004185 update was yesterday - may I ask if you get notifications in some way or are you just checking constantly? No notification but I check latest notes on loans I hold daily. I did switch off renewals on all the Train loans a while ago so some have been redeemed. I do still hold several though including 1093004185. 
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09dolphin
Member of DD Central
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Post by 09dolphin on Jan 21, 2017 12:41:29 GMT
I'm fortunate as I have no exposure to these loans. I decided not to autorenew about 10 months ago as I considered the risk too great for the potential return. If I as an amateur could see the risk I wonder why FS as "experts" couldn't.
I really do wonder who FS are working for, those borrowing, those lending or perhaps they only consider their own profits. Whilst I know that "interest continues to accrue" on loans that are not redeemed within several months of the due date this is no consolation to lenders who believed they were lending money for 6 months or when the security is sold and doesn't achieve anywhere near the expected property value. Yes I understand that there are costs when a loan defaults but that FS accepts the excuses proffered by those with loans to prevaricate doesn't inspire confidence in this site
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 21, 2017 13:42:25 GMT
Bang on 09dolphin, doubt anyone on here disagrees with you - are you listening FS?
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archie
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Post by archie on Jan 26, 2017 12:13:42 GMT
1567956761 - default letter sent.
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jcm9000
Member of DD Central
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Post by jcm9000 on Jan 26, 2017 14:32:37 GMT
Byebye train loans for me!
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Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
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Post by Neil_P2PBlog on Jan 26, 2017 19:44:32 GMT
Let's hope FS were renewing them as they were confident they could easily reclaim the value...
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Post by sannytwist on Jan 26, 2017 21:09:47 GMT
l dont' think this loan is renewed. Pretty sure its defaulted.
Any other opinions what is gonna happen in a situation like this. I'm new here, my first default l think.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jan 26, 2017 21:34:25 GMT
With this loan needing the issuance of a default letter has anyone any idea why fs have not suspended trading in the borrowers other loans?
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