Funding Circle slow selling
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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.
You've loaned someone money. In the natural course of events the money should be repaid. Not a bank savings account where money can be withdrawn at short notice. Likewise the borrower could yet default on repayment.0 -
Yes, that is right and I think it is pretty clear. The only quick way out is for someone else to take on your loans, but that isn't guaranteed.
I can't sell my loans that have gone bad or had late payments, so I now have to wait for them to run down over a few years and see if I get anything back from them.
Sadly they represent my FC profits, so I will only have made anything from FC if some of them come good, I don't have high hopes.1 -
Mines not selling either after a couple of weeks. Previously when I’ve tried to sell (admittedly a much smaller amount) it sold almost instantly.
I’m hoping with the new tax year, people will invest when their ISA limit resets, and they’ll finally shift! Definitely a huge draw back from these lending platforms! Not impressed.Wins: Avene Protective Hydrating Cream; 2 x Calvin harris Tickets @ iTunes Festival.
Debts: Student Loan £14207.93; Graduate Loan £400 ; Car loan £190000 -
Good point about ISA limits.0
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I withdrew 1k recently, nothing sold for about four weeks then it all went at once.0
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The explanation for "all at once" was that they queue requests to sell. Once your request gets to the front of the queue it all sells before the next person in the queue sells theirs.
I suspect the waiting is because there are people wanting to sell, but FS don't want to allocate all new funding to exiting lenders or there would be no cash to satisfy new borrowers. So perhaps only 10% of the available cash is allocated to those selling existing loans and 90% to new loans. I have no idea if those are the correct proportions.0 -
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No nothing has sold yet. Thats over a month now. I started the sell on 9 March. I did email FS about it and they said the current average wait time is 30 - 33 days. Today is 33 days. I'll let you know when it starts moving.0
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Just to say my loans sold today, all of them pretty much all in one go. So it took about 40 days with nothing selling at all and then the whole lot in one day0
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That is a bit longer than my previous case.Just to say my loans sold today, all of them pretty much all in one go. So it took about 40 days with nothing selling at all and then the whole lot in one day
Now I'm selling the remaining a few hundreds that wasn't sold due to late payment at the time of selling the large bulk last month. I've waited for more than 30 days by now, and nothing is sold yet.0
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