p2p2p
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Post by p2p2p on Jul 27, 2017 12:30:56 GMT
I've invested in various new loans that still haven't reached 100% and gone live 2 weeks later. How long is it reasonable to wait for this process to complete, and is there a way I can back out of a loan that is going nowhere?
John
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Post by mrclondon on Jul 27, 2017 13:01:57 GMT
FS routinely use underwriters in the background, and leave the loan listing live until the underwriters positions have been taken up (or underwriters agree to have their remaining parts converted to normal loan units). This system works brilliantly, and allows lenders to top up their holdings as additional funds become available without suffering the daft markups (or inadequate discounts) on the SM. Whether there is or should be a long stop date (2 months perhaps) at which the underwriters parts are commuted to normal loan units is debatable.
I think it would be unusal for a loan without underwritten parts to remain live for more than 28 days as that would demonstrate a lack of viability of the loan, and delaying cancellation would benefit no one.
All lenders are accruing daily interest from the time they invest.
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p2p2p
Member of DD Central
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Post by p2p2p on Jul 27, 2017 13:30:51 GMT
Good news about the interest, I didn't realise that. I'll worry less about them then.
Thanks
John
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Post by df on Jul 27, 2017 18:31:25 GMT
Good news about the interest, I didn't realise that. I'll worry less about them then. Thanks John Certainly shouldn't worry about this. I had one loan sitting there on 'available' page for about a month, it was then cancelled before going live and I received both capital and acquired interest.
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gibmike
Member of DD Central
What is a cynic? A man who knows the price of everything and the value of nothing.
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Post by gibmike on Jul 27, 2017 19:38:38 GMT
df I was in a similar loan this month or last. The loan just sat there, the loan than nobody cared for. I loved that loan like my own but sadly it passed over the rainbow bridge and my funds (and accrued interest) was repaid. I will miss that loan.
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Post by angrykittens on Jul 28, 2017 7:22:35 GMT
I've been waiting for a certain Northern Irish farm loan to go live for 70 days now! By this point I'm hoping it just gets cancelled and I get my few months interest  |
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snowmobile
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Post by snowmobile on Jul 28, 2017 12:38:31 GMT
I've been waiting for a certain Northern Irish farm loan to go live for 70 days now! By this point I'm hoping it just gets cancelled and I get my few months interest Same here. I did query with FS why it was taking so long. Their response - everything has be done on paper because it is a NI loan  Not sure what to make of that but I'll be amazed if it doesn't end up cancelled.
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dzo
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Post by dzo on Jul 31, 2017 19:23:24 GMT
I've been waiting for a certain Northern Irish farm loan to go live for 70 days now! By this point I'm hoping it just gets cancelled and I get my few months interest Same here. I did query with FS why it was taking so long. Their response - everything has be done on paper because it is a NI loan Not sure what to make of that but I'll be amazed if it doesn't end up cancelled. When I worked for a loan broker, a lot of companies on our panel (including some p2p firms) wouldn't lend to NI at all so it's plausible. However, FS have done several previous NI loans and I don't remember any of them taking so long to draw down.
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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 Jul 31, 2017 19:36:28 GMT
True dzo but at the pther end of the process all of my NI loans were considerably late. Stopped lending on them after about 8 months of experience.
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Post by martin44 on Jul 31, 2017 19:37:12 GMT
I've been waiting for a certain Northern Irish farm loan to go live for 70 days now! By this point I'm hoping it just gets cancelled and I get my few months interest Same here. I did query with FS why it was taking so long. Their response - everything has be done on paper because it is a NI loan Not sure what to make of that but I'll be amazed if it doesn't end up cancelled. I wonder if they mean By snail mail, posted with a second class stamp, i could imagine it taking 3 months minimum if that was the case.
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Not sure what to make of that but I'll be amazed if it doesn't end up cancelled.