bloodycat
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Post by bloodycat on Aug 21, 2017 9:10:09 GMT
I've been slowly reducing the amount invested anyway since the introduction of fixed rates, partly due to the lower returns but also largely to what appears to be a reducing quality in loans and lack of information provided in support of most of the loan applications. I suspect we will see further lowering of the loan quality and returns as the level of transparency drops further.
I might leave in my gains as an experiment to see how it goes but will probably remove my capital as the loans repay and certainly won't be putting in any new cash. I have had some losses, but overall have managed a better than average return without using bots or flipping but simply being selective on which loans I have invested in (and avoiding completely loans to solicitors/ financial advisors other dubious characters).
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Post by thewizard on Aug 21, 2017 9:17:25 GMT
Why are selling out? I'm still going to earn a fair bit on my existing loans.
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r00lish67
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Post by r00lish67 on Aug 21, 2017 9:28:33 GMT
I've never had to be interested before, but now I'd like to now a little more about how the autosell algorithm works, does anyone know? e.g. If I was to withdraw all my manual sale parts, and then put up £1k via autosell, is there any appreciable pattern as to which parts it selects?
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Gruff
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Post by Gruff on Aug 21, 2017 9:35:00 GMT
Now that the shock of change is over, time to get ask some questions and hopefully you lot can help answer.
Post September 18, when SM as we know it disappears, if a loan from say 12 months ago defaults, who will carry the bad debt? I'm assuming it will be all the investors in FC
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SteveT
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Post by SteveT on Aug 21, 2017 9:36:05 GMT
Now that the shock of change is over, time to get ask some questions and hopefully you lot can help answer. Post September 18, when SM as we know it disappears, if a loan from say 12 months ago defaults, who will carry the bad debt? I'm assuming it will be all the investors in FC Nope, just the lenders who are holding the parts in it.
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treeman
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Post by treeman on Aug 21, 2017 9:38:22 GMT
I expect this is the only way FC will get FCA approval, what with the bot/flipper shennanigans which they clearly hadn't the ability/inclination to stop.
There's no great rush to sell everything and scarper as Autobid will provide the exit over the next few weeks - Par is fine now the fees are waived.
I'll work through the short-dated 10% property and the scaries first.
Question is where to re-deploy? August is not the best month.........
Interestingly the few parts I listed just now have 59 days 'time left' showing rather than the usual 14.
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Gruff
Posts: 63
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Post by Gruff on Aug 21, 2017 9:42:47 GMT
Now that the shock of change is over, time to get ask some questions and hopefully you lot can help answer. Post September 18, when SM as we know it disappears, if a loan from say 12 months ago defaults, who will carry the bad debt? I'm assuming it will be all the investors in FC Nope, just the lenders who are holding the parts in it. So does that mean that lenders who don't get rid of loans before 18 September will be "stuck" with them; unless of course a portion of the loan is sold when one selects to sell a fixed value of loans? (Hope that makes sense)
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registerme
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Post by registerme on Aug 21, 2017 9:45:30 GMT
My current thinking is along IFISAcava's lines, particularly if I can wrap it in an IFISA. What I don't want to do is pick up all the chaff that you lot will be off-loading at the moment  . So what I might do is wait for a couple of months and let the dust settle some..... |
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mary
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Post by mary on Aug 21, 2017 9:53:59 GMT
For secured business lending try ArchOver.
Pluses - full FCA, many loans are Insured against default. 6-8% interest.
Minuses - smaller platform, minimum £1k per loan.
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Post by spiral123 on Aug 21, 2017 9:54:33 GMT
I will probably be letting my loans run down and not buy any more.
The thing that did it for me, if I am reading it correctly as not completely made clear, that loan parts will be bought at 0.5% of portfolio to a max of £100.
My strategy was to buy min £20 parts in many companies so that any one default was covered by one or two days interest, but that doesn't look like it will be possible to carry on as all loan parts bought on auto would be £100 for anyone with over £20,000 invested.
Am I reading this right?
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IFISAcava
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Post by IFISAcava on Aug 21, 2017 9:59:20 GMT
For secured business lending try ArchOver. Pluses - full FCA, many loans are Insured against default. 6-8% interest. Minuses - smaller platform, minimum £1k per loan. And no secondary market
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Post by Butch Cassidy on Aug 21, 2017 9:59:51 GMT
What I don't want to do is pick up all the chaff that you lot will be off-loading at the moment . So what I might do is wait for a couple of months and let the dust settle some..... I see it as a fantastic rebalancing opportunity; been through my top 60 holdings by value this morning to double check I'm happy to hold to term & am now buying them up at par before I probably put up the shutters & leave to run off to maturity.
I very much doubt I'll ever use autobid, so I need to stock up now before it's too late These fantastic customer led improvements remind me of when Bondora abolished it's original system, which it is now gradually reintroducing!
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SteveT
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Post by SteveT on Aug 21, 2017 10:06:00 GMT
I will probably be letting my loans run down and not buy any more. The thing that did it for me, if I am reading it correctly as not completely made clear, that loan parts will be bought at 0.5% of portfolio to a max of £100. My strategy was to buy min £20 parts in many companies so that any one default was covered by one or two days interest, but that doesn't look like it will be possible to carry on as all loan parts bought on auto would be £100 for anyone with over £20,000 invested. Am I reading this right? The new Autobid "Advanced Settings" appear to have options at 1%, 0.5% and 0.25% of your portfolio. But yes, there's still no option to tell it "only buy £20 in each loan"
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rogerthat
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Post by rogerthat on Aug 21, 2017 10:07:19 GMT
Too little too late for me...been with FC since 2011 and have slowly reduced my loans to around 50...from over 1100 at one point...needless to say the introduction of no selling fees is the knife in my back as they've made a fort une in the process, even though ive sold most the day before next payment due. I'll still be left with loans under admin payments that will drag on for years yet. I have given a cursory glance at the proposed changes..seems to me to basically be reduced rates all round. Some good news though...26003 Middlesex has finally coughed up..which should include 151 days interest @ 12%  |
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blender
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Post by blender on Aug 21, 2017 10:09:40 GMT
When they make major changes removing your options and say that it is 'fairer', then you know it is time for a managed withdrawal.
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. So what I might do is wait for a couple of months and let the dust settle some.....
