ashtondav
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Post by ashtondav on Aug 16, 2019 18:33:27 GMT
Is that a surprise? I thought that was standard service...
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ashtondav
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Post by ashtondav on Aug 16, 2019 17:23:34 GMT
So when does the PF pay out?
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ashtondav
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Post by ashtondav on Aug 16, 2019 16:55:58 GMT
I'm glad I left funding circle in 2016. It is now a shadow of its former self. And to be honest there are better p2p options out there. Any ideas which ones?
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ashtondav
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Post by ashtondav on Aug 15, 2019 16:13:31 GMT
Yes, if you post those numbers on Trustpilot it is helpful for new lenders to know that people are seeing negative returns (your all-time is about zero but if you look at this tax year in isolation by deducting the sum of your historical tax statements from this all-time figure you will see you are negative). I also set up another thread 'compare actual returns here'. I am negative for this year. What is really mendacious (in my humble opinion) is that nowhere on the FC platform can you see your actual return in real time. The 'annualised return' figure is a historical figure since the date you opened your account. It is a lending platform, so if you compare to a bank, what bank would show your annualised interest since you opened the account? Interest rates will have moved up and down. What you need to see is your current rate your money is earning. By using this 'annualised rate' they effectively conceal negative returns. If I break my annualised return down then I was getting 6%-ish during the first few years when I had smaller balances of £5 to £35k, but last year I put £350k in, which unfortunately coincided with their lending spree. I believe they have breached their fiduciary duty to me by going on that spree and will be putting in a complaint to the financial ombudsman (after complaining to them first). I have already put in a complaint about their advertising to the FCA as if you look at the website, not only do they not mention the negative returns some people are seeing, in their 'stress test' they even deny the possibility, still showing 3-5% returns during a recession. We are not in a recession and yet I am seeing negative returns! My santander 123 account displays earnings since opening the account, and the latest month. I think that would be reasonable figures for FC to calculate. I too am mystified as to why they have not adjusted their stress tested returns, and still claim that 86% of investors following their guidelines earn more than 4.6% (although that maybe lifetime returns.)
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ashtondav
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Post by ashtondav on Aug 14, 2019 17:41:59 GMT
I prefer whole years. 14/8/18 to 14/8/19. £1,150 interest after fees and debt. That’s on £40,000, so 2.9%. Since I started sept 2017 annualised return of 5%.
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ashtondav
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Post by ashtondav on Aug 14, 2019 15:43:19 GMT
5 year product. Think yourself lucky to get out in under 5 years!
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ashtondav
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Post by ashtondav on Aug 14, 2019 8:17:52 GMT
If you (& most of us on here) weren't there sniping at 6+%, the same loans would go out to what you refer to as dumb money at 3.5% - earning RS more revenue... I don't think that's right. Our 6+% loans are only matched when RS has run out of funds at lower rates. Much of the time RS get decent margins from lenders happy with low rates. When demand exceeds supply, RS match against lenders who are only prepared to provide funds at higher rates, getting a lower margin. Without the lower-rate lenders RS would be uncompetitive and/or suffer low margins. But without the higher-rate lenders they would regularly run out of funds and have to pause trading. So, it seems to me, they need both types of lender... and it is vital to their business model RS make the website attractive both to market rate lenders and to ratesetters. Good luck, Mark You are correct, Mark
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ashtondav
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Post by ashtondav on Aug 13, 2019 11:30:38 GMT
...thing is - you'd think they'd have a vision, and implemented it... ...whereas in reality, after many years, they still give the impression they are making it up as they go along... Their problem is, their unique selling point (investors setting rates), is diametrically in opposition to the success of business, as by definition this lets investors cherry pick above average rates - therefore moving the average in a direction out of their favour... You can imagine their internal meetings discussing how to round this square hole, and they are, gradually, tweak by tweak.... If you have a sufficient amount of “dumb” money using MR it’s not a problem. And they have plenty of dumb money so I can get my 6%+ and not dent their results. And anyway why does a non rate setting platform make any more money?
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ashtondav
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Post by ashtondav on Aug 13, 2019 10:19:29 GMT
I have updated Trustpilot. uk.trustpilot.com/review/fundingcircle.comStill 83% positive, with happy people borrowing our money, and increasing numbers not paying it back. Need help there to put pressure on FC to decrease waiting time for new sellers. A Decrease in selling time will simply not happen. FC’s commitment on improved returns for 2019 lenders mean they will not dilute those returns by passing on the poisoned cohorts in anything other than small doses. Since they are taking on fewer borrowers (they halved the growth rate) selling times will extend for some time The Investment Trust closed because it couldn’t deliver the expected returns. The market will not forgive it a second time.
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ashtondav
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Post by ashtondav on Aug 13, 2019 10:12:25 GMT
Well, anyway in a flat market the shares have risen about 20% in the last few days so someone must have been reassured (or relieved) by the 1st half announcement.
Holders of the damaged 2016-2018 cohorts who are trying to dump them will be anything other than relieved of course.
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ashtondav
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Post by ashtondav on Aug 12, 2019 16:31:50 GMT
If it takes more clicks to perform the same action, it is no longer obvious how to perform those actions, and the contrast ratios between foreground and background don't meet industry standards, then that is simply terrible UI design. Yep, agreed. Although I don’t think it’s as bad as some folks. But I don’t give a damn if I can still get 6%.
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ashtondav
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Post by ashtondav on Aug 12, 2019 15:27:44 GMT
So it takes me a couple of minutes to place my money at 6% or more. Bless. I've spent more than ten minutes applying for a cash ISA at 1.44% - the best instant access rate in the UK.
6%, in current times is well worth a couple of minutes and i got a decent chunk hoovered up at 6% just a few hours ago.
Do I like the site design? Not really.
Do I like 6% and a (more or less) functioning PF? You flippin' bet I do.
Keep it up RS - the more dumb money sucked in at 4% (still a bloody good rate compared to BS products) the more I'm likely to get my 6% every month or so, with the exception of the exceedingly dumb ISA season.
Of course were RS to "do a zopa" and stop me setting my rate, well that would get me deserting the good ship RS quicker than you could say "day-glo website". But until either then or PF depletion - yay RS!
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ashtondav
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Post by ashtondav on Aug 11, 2019 16:41:39 GMT
Just got a good wedge hoovered up at 6%. Who cares about the day glo website...
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ashtondav
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Post by ashtondav on Aug 11, 2019 9:37:16 GMT
Because of the incompetence of FS I have not actually done anything but withdraw funds for over a year, and have paid little attention to new loans - especially where there is a photo of derelict land!
Has loan quality improved?
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ashtondav
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Post by ashtondav on Aug 10, 2019 15:57:15 GMT
You can bet the farm on defaults being better in 2019, and returns nearer those promoted. The single proviso being if a hard brexit caused a deep recession. Something BoJo and co. assure us will be ticketyboo.
FC were seriously damaged in the city when the IT wound down because of the 2016-2018 cohorts making their (the IT’s) flotation commitments impossible to achieve (I think it was >7% in the prospectus).
The new institutional investors, who are pumping a shed load of money into FC will be on their case, which is good news for those investing in 2019 and bad news for those flogging 2016-2018 loans because the new investors don’t want them, and bad news for the old ceo, responsible for the pre FC flotation “pump ‘n dump”, who has been shuffled off to a non executive role.
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