dc848
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Post by dc848 on Mar 9, 2018 21:39:49 GMT
Just saw this in geia account:
Provision fund interest payment for loan I** (N******) Ltd (437)
Progress at last.
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walktall7
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Post by walktall7 on Mar 10, 2018 11:49:54 GMT
I have almost £350 in green energy account for a wind farm loan in Northern Ireland. No interest since September, and I have received 5 x 2.03 so this amount compensates for interest not received I thin.
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Esmeralda
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Post by Esmeralda on Mar 10, 2018 11:49:57 GMT
I wonder why they changed their minds about this one, having previously told us that it was ineligible ... not that I'm complaining about 5 months' payments!
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angrysaveruk
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Post by angrysaveruk on Mar 11, 2018 11:52:04 GMT
I think we are due for an update on the status of these loans so it might be related to their investigations. The fact that only one of the 4 has been paid out of the PF might be a good sign for the status of the other 3.
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Esmeralda
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Post by Esmeralda on Mar 12, 2018 3:32:29 GMT
The PF paid out on the other 3 loans a few weeks ago.
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lobster
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Post by lobster on Mar 12, 2018 6:30:12 GMT
I´m quite heavily invested in #437 (in the MLIA with no PF , more's the pity) and so will be taking a very keen interest in the updates for these loans due by 16th March.
In the past, both on AC and other platforms , I have always been able to sell out of loans that started to wobble, but unfortunately #437 was suddenly suspended back in June out-of-the-blue leaving lenders such as myself with absolutely zero chance of bailing out.
Now I just have to hope for a decent recovery, but it doesn't look at all promising to me with the turbine currently "in a shed" ?? The borrower actually has six loans with AC and he's hasn't made any interest payments on ANY of them for several months.
The bottom line however is that I have no-one to blame but myself. I over-exposed myself to one loan (in an attempt to diversify out of property) and may have to pay the price. We'll see.
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angrysaveruk
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Post by angrysaveruk on Mar 12, 2018 10:15:29 GMT
I´m quite heavily invested in #437 (in the MLIA with no PF , more's the pity) and so will be taking a very keen interest in the updates for these loans due by 16th March. In the past, both on AC and other platforms , I have always been able to sell out of loans that started to wobble, but unfortunately #437 was suddenly suspended back in June out-of-the-blue leaving lenders such as myself with absolutely zero chance of bailing out. Now I just have to hope for a decent recovery, but it doesn't look at all promising to me with the turbine currently "in a shed" ?? The borrower actually has six loans with AC and he's hasn't made any interest payments on ANY of them for several months. The bottom line however is that I have no-one to blame but myself. I over-exposed myself to one loan (in an attempt to diversify out of property) and may have to pay the price. We'll see. I am also exposed to these in the MLIA - more than I would like because the guy took out multiple loans and I buy small parts of everyting. I guess we will find out more in the March update, but I would like an explanation of what exactly is going on here.
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angrysaveruk
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Post by angrysaveruk on Mar 16, 2018 11:14:19 GMT
Great to see AC have kept their promise on the update - overall I have liked the way AC have been honest and upfront about the situation. It is what I expected to be honest, hopefully I will recover some of the money. I will be happy with 50% of my investment recovered, and I think AC should being the recovery process asap.
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ton27
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Post by ton27 on Mar 16, 2018 13:24:56 GMT
The fact that AC have brought us up to date on the NI Wind Turbine loans is good but I am disappointed with the content. In the previous update I thought it said the next update would contain costings but this seems not to be the case so, apart from telling us how complicated it all is, there is really nothing new.
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angrysaveruk
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Post by angrysaveruk on Mar 16, 2018 20:08:23 GMT
The fact that AC have brought us up to date on the NI Wind Turbine loans is good but I am disappointed with the content. In the previous update I thought it said the next update would contain costings but this seems not to be the case so, apart from telling us how complicated it all is, there is really nothing new. I would imagine there is a bit of a story behind this and time will tell what that is...
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dc848
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Post by dc848 on Mar 20, 2018 12:52:06 GMT
A little bit more good news...
Compound interest on late payment from provision fund for loan I** (********) Ltd (437)
In the GEIA account. It all helps.
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Post by bikeman on May 9, 2018 18:42:19 GMT
AC are just paying out pennies to try to curb the dissent from investors in these loans. Don't expect any more interest payments.
These loans have been suspended for months, the borrower has no intention of making any further repayments, yet there is no sign of AC starting recovery - why not?
I for one am upset that I am still unable to declare these investments as loses in recovery.
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angrysaveruk
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Post by angrysaveruk on May 9, 2018 20:36:10 GMT
AC are just paying out pennies to try to curb the dissent from investors in these loans. Don't expect any more interest payments. These loans have been suspended for months, the borrower has no intention of making any further repayments, yet there is no sign of AC starting recovery - why not? I for one am upset that I am still unable to declare these investments as loses in recovery. AC released a statement quite recently about it to investors in an email. It looks like they are doing everything they can to cover the investors investment. So far I have been impressed with the way AC have handled this in an open and honest way. I personally would have lent for one turbine and then once that had been a success made the other loans.
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IFISAcava
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Post by IFISAcava on May 9, 2018 21:17:37 GMT
AC are just paying out pennies to try to curb the dissent from investors in these loans. Don't expect any more interest payments. These loans have been suspended for months, the borrower has no intention of making any further repayments, yet there is no sign of AC starting recovery - why not? I for one am upset that I am still unable to declare these investments as loses in recovery. You can declare them a loss if you reasonably believe they are unlikely to be recovered.
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Post by bikeman on May 12, 2018 8:05:29 GMT
I'm not sure that is true. HMRC rules require the arranger to initiate recovery proceedings. As far as I can see AC have no intention of doing so.
In their last communication with investors AC stated that they would no longer be answering questions from investors on these loans, hardly an open and transparent way of dealing with their investors.
Do AC publish stats such as how many loans are suspended, how many in recovery, average time for recovery start/conclusion, average recovery rate etc etc?
I get the distinct impression that AC don't have much incentive to initiate recovery since to do so would take them one step closer to using that PF we hear to much about but which never (excluding recent pennies) pays out.
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