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  • FIRST POST
    • Scots
    • By Scots 16th Mar 19, 2:08 PM
    • 138Posts
    • 22Thanks
    Scots
    Funding Circle slow selling
    • #1
    • 16th Mar 19, 2:08 PM
    Funding Circle slow selling 16th Mar 19 at 2:08 PM
    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.
Page 1
    • Mr.Saver
    • By Mr.Saver 16th Mar 19, 2:18 PM
    • 292 Posts
    • 145 Thanks
    Mr.Saver
    • #2
    • 16th Mar 19, 2:18 PM
    • #2
    • 16th Mar 19, 2:18 PM
    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
    • By Scots 16th Mar 19, 2:22 PM
    • 138 Posts
    • 22 Thanks
    Scots
    • #3
    • 16th Mar 19, 2:22 PM
    • #3
    • 16th Mar 19, 2:22 PM
    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
    • By Mr.Saver 16th Mar 19, 2:31 PM
    • 292 Posts
    • 145 Thanks
    Mr.Saver
    • #4
    • 16th Mar 19, 2:31 PM
    • #4
    • 16th Mar 19, 2:31 PM
    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.
    Originally posted by Scots
    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
    • By chamelion 16th Mar 19, 8:14 PM
    • 184 Posts
    • 157 Thanks
    chamelion
    • #5
    • 16th Mar 19, 8:14 PM
    • #5
    • 16th Mar 19, 8:14 PM
    there's a thread on this on the p2p forums. 3-5 weeks is the norm these days.
    5.42 kWp System, E-W. Installed 30 Nov 2017.
    • dunstonh
    • By dunstonh 16th Mar 19, 8:42 PM
    • 97,976 Posts
    • 66,132 Thanks
    dunstonh
    • #6
    • 16th Mar 19, 8:42 PM
    • #6
    • 16th Mar 19, 8:42 PM
    Perhaps nobody is interested in buying the loans from you.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • kcrane
    • By kcrane 16th Mar 19, 9:09 PM
    • 12 Posts
    • 4 Thanks
    kcrane
    • #7
    • 16th Mar 19, 9:09 PM
    • #7
    • 16th Mar 19, 9:09 PM
    My recent experience suggests the wait time is around 3 weeks
    • Scots
    • By Scots 27th Mar 19, 12:45 PM
    • 138 Posts
    • 22 Thanks
    Scots
    • #8
    • 27th Mar 19, 12:45 PM
    • #8
    • 27th Mar 19, 12:45 PM
    I'm past 4 weeks now and nothing has sold yet
    • Scots
    • By Scots 27th Mar 19, 12:47 PM
    • 138 Posts
    • 22 Thanks
    Scots
    • #9
    • 27th Mar 19, 12:47 PM
    • #9
    • 27th Mar 19, 12:47 PM
    Perhaps nobody is interested in buying the loans from you.
    Originally posted by dunstonh
    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
    • By kcrane 27th Mar 19, 1:18 PM
    • 12 Posts
    • 4 Thanks
    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
    • By mageliken 28th Mar 19, 9:00 PM
    • 38 Posts
    • 5 Thanks
    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.
    • Thrugelmir
    • By Thrugelmir 28th Mar 19, 9:16 PM
    • 62,850 Posts
    • 55,830 Thanks
    Thrugelmir
    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.
    Originally posted by Scots
    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.
    "The most dangerous thing is to buy something at the peak of its popularity. At that point, all favourable facts and opinions are already factored into its price and no new buyers are left to emerge." - Howard Marks
    • kcrane
    • By kcrane 29th Mar 19, 6:28 AM
    • 12 Posts
    • 4 Thanks
    kcrane
    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.
    • colony
    • By colony 2nd Apr 19, 5:39 PM
    • 204 Posts
    • 101 Thanks
    colony
    Mines not selling either after a couple of weeks. Previously when Ive tried to sell (admittedly a much smaller amount) it sold almost instantly.

    Im hoping with the new tax year, people will invest when their ISA limit resets, and theyll 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 19000
    • kcrane
    • By kcrane 2nd Apr 19, 6:05 PM
    • 12 Posts
    • 4 Thanks
    kcrane
    Good point about ISA limits.
    • ringer
    • By ringer 2nd Apr 19, 8:42 PM
    • 106 Posts
    • 20 Thanks
    ringer
    I withdrew 1k recently, nothing sold for about four weeks then it all went at once.
    • kcrane
    • By kcrane 3rd Apr 19, 6:17 AM
    • 12 Posts
    • 4 Thanks
    kcrane
    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.
    • sidepipe
    • By sidepipe 3rd Apr 19, 8:57 AM
    • 1 Posts
    • 0 Thanks
    sidepipe
    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.
    Originally posted by Scots
    Any luck selling yet?
    • Scots
    • By Scots 11th Apr 19, 6:16 PM
    • 138 Posts
    • 22 Thanks
    Scots
    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.
    • Scots
    • By Scots 16th Apr 19, 8:23 PM
    • 138 Posts
    • 22 Thanks
    Scots
    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
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