Funding Circle P2P. How best to withdraw money invested?

vivvov

Hello All
I'm trawling through the search looking for info on Funding Circle and how to best withdraw money presently invested.
I initially invested £5k in mid 2018....and have simply left it to get on.
I took a look at my account today..earning approx. 3.5% after bad debt..that's net £279..(when bad debts are £539..and gross amount is £895). I'm not the sharpest knife but I know that's bad, so I searched the forum ..SO much info it's hard to know where to start other than it seems it's 'all going south'. So thought it best to start a thread that asks for help in regards to how best to withdraw funds.

Question is ..What is the best way to proceed on extricating myself with minimal further loses?
I'm happy to trickle it out...I don't need the 5k urgently. But I would like to extricate myself with as muchdignity/lack of hassle and with as much of the initial monies plus interest/repayments as possible.
Thanks in advance.

vivvov

..Addendum...
Or is it best to panic and get out asap and take a hit?

vivvov

...ps I have paused lending in place.
(Apologises for multiple posts..need to get used to this new format..can't find edit initial message!)

MarkFromCornwall

A return of 3.5% doesn't seem too bad to me or am I missing something?

arjar

I tried to withdraw all FC funds last April.  Like many others, I was stalled and stalled until they changed the rules in November to make it even harder to get out.  It's now trickling back at a rate that will take about 2 or 3 years to return.  My advice would be to trigger repayments and get out as best you can - BUT DO REMEMBER TO LOG IN EVERY SO OFTEN TO TRANSFER OUT THE ACCUMULATED CASH - as otherwise it just builds up in a FC cash account earning nothing.  Like you, my actual return was much lower than those indicated as expected.  You may gather that I'm not impressed with FC!

vivvov

arjar said:

I tried to withdraw all FC funds last April.  Like many others, I was stalled and stalled until they changed the rules in November to make it even harder to get out.  It's now trickling back at a rate that will take about 2 or 3 years to return.  My advice would be to trigger repayments and get out as best you can - BUT DO REMEMBER TO LOG IN EVERY SO OFTEN TO TRANSFER OUT THE ACCUMULATED CASH - as otherwise it just builds up in a FC cash account earning nothing.  Like you, my actual return was much lower than those indicated as expected.  You may gather that I'm not impressed with FC!

Thanks Arjar
So I've set Pause Lending ...and withdrawn the first small amount (£13.93) to nominated current account.
..is that it?..other than checking and withdrawing every month for many years.
(..or requesting early reimbursement ..with fee attached). 

dry_ice

It's annoying isn't it? 
I used to be able to withdraw the odd 1k in about a day. Recently it's taken me Months to take out the same amount. 
I used to get 8-10% a few years ago, now it's way less. But it's still better than the crappy 1.2% from normal ISAs etc. 

Thrugelmir

dry_ice said:

It's annoying isn't it? 
I used to be able to withdraw the odd 1k in about a day. Recently it's taken me Months to take out the same amount. 
I used to get 8-10% a few years ago, now it's way less. But it's still better than the crappy 1.2% from normal ISAs etc. 

Your return will ultimately be determined by the money you are never repaid.