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Post by grahamreeds on Aug 21, 2017 7:15:05 GMT
I just finished a long diatribe in their text boxes explaining how this is not simpler and certainly not fairer.
So you selling up via their automatic selection or doing each manually?
And where to go now?
Just noticed there is loads of 0% parts available. :-)
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justme
Member of DD Central
Posts: 203 
Likes: 89
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Post by justme on Aug 21, 2017 7:28:03 GMT
On a second thought - I was just trying FC with not much invested. I may as well leave it there. For about a year my returns are mostly going to be determined by the portfolio I have now, it will take time for autobidded parts to change it. Then I will reassess.
What is current return on AC, I thought it was under 10%?
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Post by GSV3MIaC on Aug 21, 2017 7:29:03 GMT
I'd say it WAS simpler, fairer (no intelligence needed) and also, from my/our perspective, totally undesireable. But predictable .. which is why I left 8 months ago. I can't see much difference between this and the FCIT, apart from this being UK only. I also can't see any remaining vestiges of P or P .. but the same is true of Zopa or RS.
Another opportunity for LC/Rebs to miss their chances.
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Post by padney on Aug 21, 2017 7:32:46 GMT
Like everyone I assumed something like this was coming. I can totally see why they would do it from their perspective, so long as the available cash doesn't dry up with people going to other platforms.
They said that 73% of new investors use autobid, but are these relatively low capitol investors? I would have thought the people with larger totals are more likely to not be just using autobid. I assume they have thought of this though! They might have also left auto bid on with small values, whilst they manually do large investments, skewing the "80% use autobid" thing. Its up to them though how they run their platform.
Just as I finished optimising my selling bot too! Doh! I might keep a weather eye on the secondary market to see if I get stuck with loan parts as there is a bloat of stuff being sold.
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Post by thewizard on Aug 21, 2017 7:33:49 GMT
Shame, I will be leaving FC now.
The rating grade seems completely random. Some B grades with poor credit ratings.
Also I see a lot of loans asking for large amounts when they have negative profit for the year.
I also see loans which once you do the calculations the company are only left with ~£100 a month after the loan is paid, not enough.
I want to be able to assess who I give my cash to. It's extremely poor to give out money to everyone, imagine if the banks work like that.
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epic
Posts: 14 
Likes: 4
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Post by epic on Aug 21, 2017 7:36:08 GMT
I'm currently getting about 8.5 on AC, relatively happy with that but it is secured at least, so at least some hope of getting cash back if they default. You have to think how desperate businesses are for cash if they will accept a 21pc interest rate! Why I generally stick with property loans on FC...which I guess is no longer an option...so I'm off
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Post by padney on Aug 21, 2017 7:39:10 GMT
Yup, its now just going to turn a totally opaque put money in, trust us, we will lend it well, honest gov investment. Which is totally fine for many people. But not fine for people who are looking to play the game and see if they can do better.
My girlfriend is going to stop, not because she is a bot user like me, but because she liked to be able to pick individual companies, and avoid any she didn't like based on ethical decisions.
The question for me is: for those who do like the totally open buy/sell lending platform, where do we go now?
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Post by spiker on Aug 21, 2017 7:50:16 GMT
I am currently bailing out on mass...
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ashtondav
Member of DD Central
Posts: 1,814
Likes: 1,092
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Post by ashtondav on Aug 21, 2017 7:51:22 GMT
There is no scalable mass market for loans where DD is required. Autobid is the mass market offering.
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Post by yorkshireman on Aug 21, 2017 7:52:43 GMT
It's extremely poor to give out money to everyone, imagine if the banks work like that. They certainly did pre 2008. 
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Post by Deleted on Aug 21, 2017 8:00:48 GMT
I just finished a long diatribe in their text boxes explaining how this is not simpler and certainly not fairer. So you selling up via their automatic selection or doing each manually? And where to go now? Just noticed there is loads of 0% parts available. :-) I cleared out (taking the 0.25% hit) most of the stuff below A. NOw just letting them close out on their own at roughly 15% of my original investment. Holding steady at MT/FS/Lendy though with some worries about the last two Letting AC close out and not worried that the pace of closure is very slow (the account management team seem more competent and the old interest rates are still attractive, though the new interest rates are unattractive) sitting happy at +10% Growing Alb and Col gently, like COL's tough reactions and I like Alb's type of loan.
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jayjay
Member of DD Central
Posts: 264
Likes: 116
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Post by jayjay on Aug 21, 2017 8:04:54 GMT
I believe 0.25% sale fee was abolished this morning!?
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Post by dan1 on Aug 21, 2017 8:07:04 GMT
Turning this thread on its head I would be less likely to warn friends/family of the pitfalls of FC now that the outsize returns (10%+) have gone. It's more a black-box account along the lines of Z, RS, LW, Landbay etc.
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Post by grahamreeds on Aug 21, 2017 8:17:25 GMT
I am a small investor (20k) and already got £1k out but my concern is a run on the bank. Even if there is enough liquidity to soak up the millions that are being dumped on the market will FC be able to credit everyone's accounts?
Also, why don't we create our own P2P lending platform?
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nrw
Posts: 61
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Post by nrw on Aug 21, 2017 8:17:42 GMT
Contrary to everyone else on this forum, I think this is a great move. I was previously an FC investor and bailed because it was too time consuming to manage. I moved my cash into FCIF. If people on this forum calculated their earnings / hour, I question how strong all of the returns really are. I will now likely return as an FC investor because: - It's a level playing field for all investors - no more concerns that autobidders are picking up the
 . I can fire and forget. - Maximum loan parts are now £100 on autobid - there was an issue before for larger investors where loan parts would get purchase in enormous chunks and therefore couldn't be sold.
- There is no charge for liquidity - the 0.25% selling fee has been abolished.
- FC's average return has been strong over the years and their model is somewhat proven - therefore investors can expect to achieve this return, all other things remaining equal.
I will be investing in the higher risk / return loan bucket if I do return.
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. I can fire and forget.