blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Aug 22, 2017 16:19:48 GMT
What you say is all good, robertlondon, and matches my thoughts after five years. The problem though, is that you expect to be treated as a customer. From FC's viewpoint you are not a customer, you are an investor, and all these changes are part of a long sequence of growth, development and loss of lender individuality, which are aimed at getting away from treating lenders as individuals and customers, but as investors and simply a source of funds who get managed en-masse, with the benefits of cost that come with it. FC's customers are the borrowers, because they generate the loan opportunities, and FC has a sales force working with those borrower-customers, and are keen to development relationships which involve 'repeat business'. When it comes to the lenders, it is not 'customer services' but 'investor relations'. You are right to consider you are treated poorly as a customer, but I suggest that is not a failure of FC, it is that they do not wish you to consider yourself a customer, at least not in the sense of having any interest in the components (loans) of the 'fund' in which you are invested. That's the model. FC used to be true p2p - not any more in my book. If I have no choice in which individual loan contracts are entered into in my name, then the relationship is purely nominal. Why even tell me which loans I have, if I can do nothing? Just window dressing.
|
|
|
|
Post by df on Aug 22, 2017 16:23:39 GMT
Approx how long does it take a withdrawal to hit the bank account? 2-3 days in my experience.
|
|
fp
Posts: 1,008 
Likes: 853
|
Post by fp on Aug 22, 2017 21:21:35 GMT
Bondmason must be chuffed, FC stealing their business model from them.
|
|
jethro
New Member
Posts: 4
Likes: 2
|
Post by jethro on Aug 22, 2017 21:51:39 GMT
So, in summary of 12 pages of chit chat - FC has made a bunch of changes to suit their business, the regulator and the majority of retail investors. Unfortunately that change doesn't suit all investors - particularly the vocal minority on these forums (who are undoubtedly smarter / richer / more enthusiastic than the majority). There are winners and losers with most changes. If you like it, stick / if you don't like it, leave? FC will be fine with that. I'm piling back in. I think I'm with you here. Am I missing anything, why not just take advantage of the glut of e grade loans and pick some up and then just let them run down over time. People always wanted them, now they are available at a good price to those who want to buy and hold. Correct me if I'm wrong?
|
|
|
|
Post by hermitroad on Aug 22, 2017 22:44:52 GMT
I really don't understand this argument. If you follow it then all share trading should be banned. As should selling bonds and loans. And property or any asset really. Some people think something will go up in price / is a good credit risk. Others that it will go down / is a bad credit risk. This difference of opinion means you can trade the asset and both sides are happy. As others have pointed out, the difference is that on the stock market you have actively consenting buyers and sellers, who agree on a price. The way the FC SM is set up, non-consenting adults (using autobodge) can be sold almost literally anything, as long as it is at par or a discount. Right now it is just about possible to duck most of the junk by manually setting ridiculous required rates for autobid (thus stopping it buying on the SM), but under the new system you won't even have that option (which most grannies never found anyway) .. autobid will now buy anything it feels like (always at par) .. probably 'everything being sold'. So no, share trading should not be banned, but your ability to stuff my share portfolio with anything you no longer fancy, at a fixed price, whether I like it or not, should definitely continue to be banned. I don't think that people who choose to use Funding Circle and then choose to sign up to autosell can be considered non-consenting adults. In addition, there seems to be an attempt to portray many of those as inept old grannies, which I think is amiss. In my experience, inept old grannies tend to go for safe options with the bank. FC is for those who like a little pepper with their investments, by taking the spice out of it FC have left a bitter taste in the mouth.
|
|
|
|
Post by hermitroad on Aug 22, 2017 22:47:22 GMT
Excellent post RobertLondon. I remember the days of bidding for loan rates. That was FC at its free-market, libertarian best. It truly was a special place. Now, its bloody Stalinist. Time to leave before someone sticks a shovel in my hand and makes me dig a hole that I'll be forced to fill in an hour later.
|
|
registerme
Member of DD Central
Posts: 6,624
Likes: 6,437
|
Post by registerme on Aug 22, 2017 22:51:36 GMT
Excellent post RobertLondon. I remember the days of bidding for loan rates. That was FC at its free-market, libertarian best. It truly was a special place. Now, its bloody Stalinist. Time to leave before someone sticks a shovel in my hand and makes me dig a hole that I'll be forced to fill in an hour later. /mod hat off I remember those days too. That having been said I really wish some on the internet would accept that people, or companies, holding a different view does not mean that they are the devil incarnate. The world, the internet, and P2P would benefit from a little more acceptance and a little less damnation.
|
|
|
|
Post by hermitroad on Aug 22, 2017 23:12:33 GMT
Excellent post RobertLondon. I remember the days of bidding for loan rates. That was FC at its free-market, libertarian best. It truly was a special place. Now, its bloody Stalinist. Time to leave before someone sticks a shovel in my hand and makes me dig a hole that I'll be forced to fill in an hour later. /mod hat off I remember those days too. That having been said I really wish some on the internet would accept that people, or companies, holding a different view does not mean that they are the devil incarnate. The world, the internet, and P2P would benefit from a little more acceptance and a little less damnation. In fairness, I was jesting about the Stalinism, though the red-flag is being hoisted a little higher up the poll at FC HQ than I'd like. In general though, I take your point about the internet. I know that FC are merely operating in their own economic interest, as will I be doing when I withdraw my meagre sum. I just used to love the raw libertarianism of the original format. Where else am I supposed to go now? (Polite suggestions only please)
|
|
|
|
Post by khampson on Aug 23, 2017 0:38:23 GMT
I am happy with the changes and will be returning to FC, I was a member of Bondmason but was effectively removed after they slapped a minimum £5000 to remain on the platform, also dropping the target rate to 6.5% after fees. 😴
To me it's a good move, I hardly got chance to get a D or E loan due to bots or other reasons other than buying at a premium on the SM.
I like the fire and forget attitude as I don't know how to pick out the better loans and don't really have time to sift through the loans to try and get the extra couple of percent by doing DD.
I like the liquidity that FC offer (even more so now they have abolished the 0.25% fee. And I can have quick access to funds (assuming I can still sell my loans as quick as the sell now)
I can't compete with bots, also the more educated people than me sell off there riskier loans that auto bid used to buy for me having an impact on my return, so I was ending up with everyone's poop loans so I had to leave for that reason.
I am planning my return and switching my drip fed funds back here at the end of the month and it has become more appealing to me, regardless what you think of FC it has a high loan flow so cash drag has been limited unless your a manual who spends the time going through every loan to try and get an edge on potential defaults.
I now have a alternative to Bondmason again.
Cheers FC
|
|
jaswells
Member of DD Central
Posts: 255
Likes: 184
|
Post by jaswells on Aug 23, 2017 1:32:57 GMT
Agreed. FC often felt like a game of survival trying to duck and dive around a select few who were playing the system to their advantage. (Nothing wrong with this, but it put off a large number of investors). It is a sensible move by FC as every attempt to rectify the situation did not materially change the perception of majority of investors. For those that want to do their own DD and get 'an edge' there are, thankfully other options- assetz, lendy etc
|
|
|
|
Post by ogwellian on Aug 23, 2017 5:26:29 GMT
Approx how long does it take a withdrawal to hit the bank account? 2-3 days in my experience. Sold out two accounts yesterday afternoon, took just over an hour. Requested withdrawal and money arrived in my bank account at 3am this morning.
|
|
|
|
Post by jackpease on Aug 23, 2017 6:33:05 GMT
There's a lot of looking back at the 'good times' and wondering where to move to - which happens every time a platform suggests a change. "I left (insert lots of platform names here) when they lowered their rates" etc etc as if the likes of SS had any choice to move away from fixed 12% when swamped with new investors and money than they had in early days.
Ditto it's easier to treat investors as precious customers when there are only a handful of them - once a platform is swamped it is very hard to be responsive especially to the forumites who think the good times are immune to the laws of supply and demand. "I demand Platform X maintains its rates and finds more quality borrowers to increase supply"!
May I be a voice that cautions against moving lots of cash from big platforms to younger small platforms in the belief that the grass is greener - Growth Street is an example of one that is swamped and spoiled. I'm not sure many of the suggested alternatives will sustain huge influxes of cash so it may be worth sticking with FC even if it sticks in your gut.
Jack P
|
|
|
|
Post by stuartassetzcapital on Aug 23, 2017 6:53:16 GMT
Bondmason must be chuffed, FC stealing their business model from them. Well not quite ! Assetz Capital were the first automated investment accounts of the type FC have now introduced. Unlike FC we still offer manual lending at Assetz Capital and intend to do so for the foreseeable future and we expect more availability of loans in that manual account over time although it was constrained for a period recently. And we 're secured.
|
|
ashtondav
Member of DD Central
Posts: 1,814
Likes: 1,092
|
Post by ashtondav on Aug 23, 2017 7:48:48 GMT
Assetzcapital doesn't offer the diversification that FC provides. As I understand it maximum diversification is 20% in GBBA, if only five loans available. Not so risky if anyone understood how and when the PF functions and pays out but no one does ( only that it takes years to pay out), so you're effectively in the same bad debt never never land as an investor in a non PF platform but with potentially minimal diversification. I want 1% in any single loan.
|
|
|
|
Post by spiker on Aug 23, 2017 7:53:20 GMT
2-3 days in my experience. Sold out two accounts yesterday afternoon, took just over an hour. Requested withdrawal and money arrived in my bank account at 3am this morning. Thanks, money arrived in bank account yesterday Took between 24-48 hours
|
|
