Funding Circle slow selling

Scots

I have about £10k in Funding Circle most of it loaned out. I set a sell order about 3 weeks ago and so far none of it has sold so I can't get my money out. Anyone know why that is. Last time I wanted to sell it did so almost immediately.

Mr.Saver

Is it in the ISA wrapper? My feeling is the ISA is very illiquid. In my case, it took me a month to sell.

Scots

No its not. In fact that was the reason I want to sell. On the site itself it is promoting ISA and it says you can't simply switch from Classic Acc to ISA. You have to sell up first then move the cash to the ISA. Maybe its because we are getting close to end of tax year and many people trying to do same thing.

Mr.Saver

Scots wrote: »

No its not. In fact that was the reason I want to sell. On the site itself it is promoting ISA and it says you can't simply switch from Classic Acc to ISA. You have to sell up first then move the cash to the ISA. Maybe its because we are getting close to end of tax year and many people trying to do same thing.

So it proofs that it wasn't only the ISA is slow to sell. FC loans in general are slow to sell.

I don't think the end of tax year time have much impact on the selling time. When the secondary market still existed, it was not easy to sell without a discount anyway, unless your loan parts have a high interest rate in the credit band.

chamelion

there's a thread on this on the p2p forums. 3-5 weeks is the norm these days.

dunstonh

Perhaps nobody is interested in buying the loans from you.

kcrane

My recent experience suggests the wait time is around 3 weeks

Scots

I'm past 4 weeks now and nothing has sold yet

Scots

dunstonh wrote: »

Perhaps nobody is interested in buying the loans from you.

That seems to be so. But I'm only pointing out that its proving difficult to get my money back. They don't make it very clear when you put money in that there could be problems getting it back out.
I won't be putting anymore in after this.

kcrane

Can I suggest you send them a message, saying you know that they do not promise a sale date, but you have been waiting 4 weeks.

mageliken

Yes I also experienced this very recently. I wanted to sell approx. £2,500 of loans and I'd say this took around 90 days and then they sold all at once. Annoyingly the app and website didn't correctly report this, and so it still appeared that I had loans for sale for at least a few days later which was quite confusing.