Worried about Funding Circle

itwasntme001

aroominyork wrote: »

Agreed. I have lost all confidence in FC. Naturally this forum, like many, is were people complain about things not going well; if there are any FC fans out there who think it is a well run and stable company with good products, it would be good to hear from you.

I lost confidence in all P2P over a year ago and decided to just exit (with the exception of LW and ABL). I had about £50k at my peak exposure. Now it is less then 10k. Still have small amounts in the rubbish platforms like FC which are stuck due to defaults. Overall made money but hardly worth the risk.

aroominyork

MoneyGeoff wrote: »

The sell time is up to 79 days so if you are thinking of leaving you might want to start queuing now!

If someone died holding FC investments it could hold up the distribution of their estate! "Sorry sir, we've obtained probate, sold the house, redeemed all the deceased's savings and investments but can only make an interim distribution until those Funding Circle loans are bought by someone else. I'm afraid our estimate of costs did not foresee this delay so we'll need to send you another invoice in due course."

dread_uk

Alexland wrote: »

They don't seem to be keeping you informed of their issues so with no understanding on what is going wrong I would be withdrawing it at the first opportunity even if it means losing the ISA wrapper. Sticking with a potentially failing P2P platform is very high risk.

reading other p2p forums it looks like FC is in a bad state, if not the whole p2p market, most complaints seem to be the time it take to sell loans more than anything, is FC really liable to go pop with my cash ?

Any suggestion what I should do with my money ? I'm getting a good return currently almost 10% my cash is in a stocks and shares ISA via FC.

I have a normal cash isa on a 2 year fixed 3% 20k in a 123 acc getting the interest of that per month..

Any suggestions ?

kcrane

dread_uk wrote: »

Any suggestion what I should do with my money ? I'm getting a good return currently almost 10% my cash is in a stocks and shares ISA via FC. ?

Stocks and shares with Funding Circle?

dread_uk

kcrane wrote: »

Stocks and shares with Funding Circle?

They offer a number of different types I signed up for the stocks and shares one, as I already have a cash isa.

"cash ISA, a stocks and shares ISA, an innovative finance ISA and a lifetime ISA"

Alexland

dread_uk wrote: »

is FC really liable to go pop with my cash ?

Unfortunately we don't know enough about the problems to know. The question you need to ask yourself is why do you need to put up with this unpalatable risk when there are better investment opportunities around?

dread_uk wrote: »

Any suggestion what I should do with my money ?

Many of us get perfectly adequate returns by keeping a some short term money in cash (yes poor rates) and much more money in long term S&S investments for likely higher return. If you invest long term with a reputable platform in a mixed asset fund which holds (and automatically rebalances) a diverse set of assets you will almost certainly get a good result. The longer you do this the lower the risk.

dread_uk wrote: »

They offer a number of different types I signed up for the stocks and shares one, as I already have a cash isa.

They only offer Innovative Finance ISAs?

Alex