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Post by valerieb on Jun 18, 2014 16:07:05 GMT
valerieb (and for anyone who's interested, no, I don't have 101 likes for 101 posts!!!)
BB is watching ... (and apparently liking) you.
I'm sure indiscriminate liking must be a sue-able offence. If only I knew a good lawyer, a top-tier lawyer....if only.
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Post by yorkshireman on Jul 9, 2014 0:28:21 GMT
I suggest that FC investors check their accounts as my FC total appears to have dropped in value by 5.75% in just over 24 hours.
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Post by GSV3MIaC on Jul 9, 2014 8:24:08 GMT
Mine's right for once. I guess you need to check in an hour or two, and if not fixed, email FC, who will go look for 'trapped bids' .. I.e. knocked out bids which were not credited to your account.
Can't tell from'5.75%', but normally the error is exact multiple of whatever unit you bid in. If it's some odder amount, then the explanation may be different.
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Post by yorkshireman on Jul 9, 2014 22:30:39 GMT
I’ve had the usual blasé response from FC, we’ve run a reconciliation and everything is fine and by the way, we reduced your balance because of a double sale. That’s a new one to me but apparently, to quote FC:
“A double sale is a technical glitch where a loan part sells and you receive the money from the sale, but the loan part is not transferred to a new owner. You retain the loan part, and then a second investor also purchases the loan part from you, and it is the loan part is transferred to the second buyer (sic). Therefore, you are credited twice for the same loan part.”
Really?
If the explanation is correct then FC have failed to pick up the problem for at least 27 working days in which case the statement is actually saying “our systems are not fit for purpose” but we’ll obfuscate in the hope that bullsh*t baffles brains.
What a farce, I’m starting to withdraw my money from FC with immediate effect but where does it go? I’ve enough exposure already to Assetz, Saving Stream and Burnley Savings & Loans, I don’t find Ratesetter’s rates attractive, I’m not impressed by Wellesley’s rate cut, Funding Secure and Funding Knight don’t fill me with confidence and I’m not prepared to lend in units of £1k on Thin Cats.
Any suggestions?
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Post by GSV3MIaC on Jul 10, 2014 6:55:17 GMT
Rebuilding society maybe? Depends what you didn't like about some of the others, I guess.
Sounds like the FC problem was/is another, different, instance of 'we don't understand atomic transactions' (or if they do, they didn't implement them). However I'm surprised one loan part sale accounted for 5.75% of your funds, so did they have the same problem more than once?
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markr
Member of DD Central
Posts: 766 
Likes: 426
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Post by markr on Jul 10, 2014 8:56:40 GMT
I would add a vote for ReBS, they are credible competition for FC, currently have a cashback offer and good rates are available. Their website has a few quirks, but they seem to be getting ironed out, and their representative Nick interacts with this forum (not as much as the AC people, but he pops up to address points every so often). I've not got much with them at the moment, because I refuse to over-expose myself to any one loan, but I hope to get £10k in before the cashback offer ends (for small investors, cashback is essentially on the first £10k invested).
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Post by yorkshireman on Jul 10, 2014 12:07:05 GMT
This is a “secondary” account with a much lower amount invested than the main one, hence 5.75% of total. Interestingly I have not experienced similar issues on the main account, I’ll stop there as I don’t want to tempt fate.
I haven’t really looked at Rebuilding Society, correct me if I’m wrong but aren’t all their loans unsecured? If so, I’m not interested having being caught out by bent lawyers and air con artists offering DG's on FC. As far as I’m concerned director guarantees mean sweet FA.
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Post by GSV3MIaC on Jul 10, 2014 12:52:13 GMT
Yes, most (all?) of ReBS loans are unsecured, but so far they have done a much better job weeding out conmen than FC, near as I can tell .. of course the volume is much lower. Rates are rather higher (20% on several loans). You pays your money and takes your choice I guess .. I regard pretty much everything as unsecured (see Irish and Spanish property markets .. and what's a used tower crane worth on the open market anyway?!).
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markr
Member of DD Central
Posts: 766
Likes: 426
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Post by markr on Jul 10, 2014 13:02:19 GMT
I haven’t really looked at Rebuilding Society, correct me if I’m wrong but aren’t all their loans unsecured? If so, I’m not interested having being caught out by bent lawyers and air con artists offering DG's on FC. As far as I’m concerned director guarantees mean sweet FA.
They're a similar mix to FC (without the property loans), mostly unsecured with PG, some secured on assets or property, but the rates available are higher than on FC. Of something like 60 loans originated there's 2 distressed ones as far as I know, ReBS seem to be doing as much as they can with recoveries but, as you say when PGs are all they have there's limits to what they can do. Unlike FC, the borrowers occasionally send their lenders cake (past cakeage is not an indicator of cakes in the future, the value of your cake may go down as well as up and you may get less cake back than you put in).
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mikeb
Posts: 1,072
Likes: 472
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Post by mikeb on Jul 10, 2014 17:37:14 GMT
“A double sale is a technical glitch"
... the statement is actually saying “our systems are not fit for purpose”
At least it's not a "display issue". Or a "browser issue". Or a "rounding error". There have been a lot of changes going on behind the scenes. So far behind the scenes, it seems, that nothing is apparently being fixed, and all the old favourites are still there. Like buying loan parts with a filter of "No more than 1.0% premium", and being shown a loan part with 3.0% premium ... which wasn't entirely obvious until after I bought it and then saw the size of the "delta" I'd paid. Thanks, FC.  "Not fit for purpose" has been rattling about in the background for quite a long time now.
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