damar
Member of DD Central
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Post by damar on Aug 21, 2017 5:10:38 GMT
Morning,
This morning there is an update which tells us that from 18th September we can no longer choose which loans we can invest in, we will have two options, Conservative or Balanced.
FC will then bid on all loans for you, conservative being A & A+, balanced being A+ to E, also maximum loan part sizes will be £100.
Personally, this will be the end of the small amount of funds I have in, as I liked the ability to pick who I invested in.
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damar
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Post by damar on Aug 21, 2017 5:13:43 GMT
Missed this bit:
A simpler selling process
Just tell us how much you’d like to withdraw and you can sell a selection of your loan parts directly to other investors. The option to sell individual loan parts and set a premium or discount will be removed.
Oh dear
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justme
Member of DD Central
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Post by justme on Aug 21, 2017 5:25:04 GMT
What a shock ! Mind, something like this has been predicted to happen on this board. I am so disappointed , I spent countless hours reading about FC, looking at loans and just when I worked out the strategy I get this bombshell.
That will be the end of my money there as well. No idea where to though...
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nick
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Post by nick on Aug 21, 2017 5:44:18 GMT
Looks like FC is effectively been turned into a dumb collective fund. It not what I signed up for so I'll be withdrawing my funds and investing elsewhere......
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justme
Member of DD Central
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Post by justme on Aug 21, 2017 5:55:20 GMT
Let me know where please, would you ?
I just thought that this will probably be the only relevant thread in FC section from now on ..
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mightyoak
"Always a chance of rain at times"
Posts: 17
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Post by mightyoak on Aug 21, 2017 5:55:47 GMT
Goodbye botters and flippers ...
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damar
Member of DD Central
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Post by damar on Aug 21, 2017 6:14:08 GMT
i sold all mine this morning, I thought there may be a rush, mine will go to Lendy & Funding secure
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justme
Member of DD Central
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Post by justme on Aug 21, 2017 6:23:52 GMT
Thank you for letting is know where to.I do not intend to use neither lendy nor FS as I do not intend to use more property investments platforms specially ones that get the press they do ..
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Post by jackpease on Aug 21, 2017 6:35:17 GMT
Removing the option to dump toxic loans will presumably favour those using autobuy - there will be a genuine mix of loans on the secondary market as opposed to a concentration of dross.
Due diligence after you've bought a loan will be entirely pointless
Jack P
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Post by bonfemme on Aug 21, 2017 6:41:45 GMT
This has probably been the plan since they introduced fixed rates. If I wasn't already out of FC, this would definitely be the end for me.
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pickles
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Post by pickles on Aug 21, 2017 6:58:58 GMT
Missed this bit: A simpler selling process
Just tell us how much you’d like to withdraw and you can sell a selection of your loan parts directly to other investors. The option to sell individual loan parts and set a premium or discount will be removed.
Oh dear "A selection" implies you get to select. That's not what they mean is it?
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SteveT
Member of DD Central
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Post by SteveT on Aug 21, 2017 7:09:44 GMT
This has probably been the plan since they introduced fixed rates. If I wasn't already out of FC, this would definitely be the end for me. Yup, this has been coming for a long time. Finally getting rid of those pesky manual lenders who actually read loan proposals and make such a fuss when loans go belly up and their money isn't returned. Much better to stick with the grateful masses who think 6% sounds fabulous and don't care (or even understand) what's going on behind the curtain. ps. I love the way their first justification for the change is to blame bot lenders for hoovering up all the Ds and Es, thereby lowering other lenders' average returns. As if FC couldn't very easily have fixed that specific problem years ago!
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epic
Posts: 14
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Post by epic on Aug 21, 2017 7:13:18 GMT
Well that just spells an earlier then expected removal of funds for me...I like most on here it seems have no interest in using autobid...I like control of my where my cash goes.
As mentioned earlier anyone have recommendations? I use assetzcapital as well and they seem good so far (4months in) but I want to diversify so more
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blender
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Post by blender on Aug 21, 2017 7:14:02 GMT
Yes, I did say I thought this would happen before they launched the ISA. If we cannot 'sell individually' I will have to leave. It will be to reduce their costs - to make the model work.
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Post by Deleted on Aug 21, 2017 7:14:52 GMT
Well I didn't like FC before, fully confirmed this morning. Strategy of departure continues.
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