ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 7, 2018 10:42:22 GMT
I don't remembering seeing anything along those lines. Would be interested if you have a link. Would have given you a link but cant recall where it was stated. chris stuartassetzcapital should be able to confirmĀ Are you perhaps confusing this with another loan where Assetz Property acted as the sales agent for a number of units?
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dandy
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Post by dandy on Nov 7, 2018 10:51:04 GMT
Are you perhaps confusing this with another loan where Assetz Property acted as the sales agent for a number of units? I dont think so - but it is possible. investor01010101 from where did you get your impression that the CEO is "invested"? My (different) understanding probably came from the same place
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Post by davee39 on Nov 7, 2018 11:03:27 GMT
Confusion & Misinformation. My understanding from recent reports was that Assetz introduced the idea of self build plots once it was clear that Builders were unlikely to pay a good price for the parcel of land. That does not of course mean it is a great deal that will solve all our problems. Even Assetz cannot delay the vote indefinately, I suspect they are looking for a chink of light that might say the vote against calling in loan. My mind is made up, The loan is more than 12 months late & holds a large sum of 'supposedly protected' capital. Lets call it in and start liquidation.
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alibaba
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Post by alibaba on Nov 7, 2018 11:03:38 GMT
Well Assetz Capital completely *!!&%** me in this loan, lending out a crazy percentage of my total GBBA amount, and with a loan amount I would never consider through the MLA.
I am therefore exiting this rogue P2P lender completely asap.
And I had really believed they were a reputable and professional company. Ugh!
Ditto
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cb25
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Post by cb25 on Nov 7, 2018 11:23:03 GMT
My understanding from recent reports was that Assetz introduced the idea of self build plots once it was clear that Builders were unlikely to pay a good price for the parcel of land. I'm not sure about that, because the original Credit Report states "The prime exit will be the sale of the residential sites to housebuilders or on a plot by plot basis.." (my use of bold)
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Post by madmitch on Nov 7, 2018 12:56:13 GMT
I am therefore exiting this rogue P2P lender completely asap.
You'll be lucky. Like the rest of us who have been trapped by the original description of these 'black box' accounts; you will have to wait the one, two, three+ years whilst the rotation of default, suspended, can-kicking, voting, more can-kicking, etc. all takes place. GBBA2 and PSA are just younger siblings of GBBA and over a period of time will acquire their full tranche of loans that are in various stages of recovery. Albeit, hopefully, to a lesser degree. No one should invest in any of these 'black box' accounts with an expectation of being able to clear a position within 3? years.
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IFISAcava
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Post by IFISAcava on Nov 7, 2018 13:35:54 GMT
I am therefore exiting this rogue P2P lender completely asap.
You'll be lucky. Like the rest of us who have been trapped by the original description of these 'black box' accounts; you will have to wait the one, two, three+ years whilst the rotation of default, suspended, can-kicking, voting, more can-kicking, etc. all takes place. GBBA2 and PSA are just younger siblings of GBBA and over a period of time will acquire their full tranche of loans that are in various stages of recovery. Albeit, hopefully, to a lesser degree. No one should invest in any of these 'black box' accounts with an expectation of being able to clear a position within 3? years.
...full stop. QAA/30-day/MLIA all excellent products; the other accounts manifestly not.
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kaya
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Post by kaya on Nov 7, 2018 13:43:17 GMT
Well, exit as far as possible. Or perhaps Assetz can convince me that, on the day the duff investment was made, that there really only were 4 other loans available for investment. (thus complying with the T & C's regarding a maximum of 20% of funds to be invested in any one loan).
Kind of unlikely considering this one loan represents about 2% of my loans held, by number.
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shimself
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Post by shimself on Nov 7, 2018 14:13:46 GMT
As part of the debate on getting this thread mentioned on AC q&a (a losing battle) I tried googling the loan. D*** M**** loan the only relevant hit is informative (Worzel Gummidge)
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 7, 2018 14:27:32 GMT
Well, exit as far as possible. Or perhaps Assetz can convince me that, on the day the duff investment was made, that there really only were 4 other loans available for investment. (thus complying with the T & C's regarding a maximum of 20% of funds to be invested in any one loan).
Kind of unlikely considering this one loan represents about 2% of my loans held, by number.
Id be surprised if there were even 4. Orgination was slow around then. A quick review of the forum around the time has several references to a shortage of loans for GBBA investment in Feb 2016 plus posts indicating that accounts were underdiversified and breaching the 20% target [Note that the particulars dont give a absolute maximum (not sure they ever have) but an aim based on availability]. QAA was full & MLIA was struggling to get allocations in some loans.
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Post by brightspark on Nov 7, 2018 21:38:03 GMT
Since the CEO is invested in the properties that form part of this loan .. Where was that announced, as I don't remember seeing it?
Edit: as to the vote, imo AC will hold it as failing to do so would generate reputational damage and (probably loads of) complaints, first to them, then to the FCA (I'd be doing that).
I think though I am not certain is that what was being referred to was contained in an AC lender update to all lenders to this loan dated 12/10/2018
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kaya
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Post by kaya on Nov 8, 2018 9:13:08 GMT
Whatever the investment 'rules' might allow for, had I made this investment myself manually, it would have been a reckless decision. For Assetz to do this, in an account set up for investment diversity, is almost unbelievable. It is a reckless investment of lenders money.
Assetz can now make good with a public statement to the effect that losses will be covered by the provision fund to allow target returns to be met.
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cb25
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Post by cb25 on Nov 8, 2018 9:26:24 GMT
Where was that announced, as I don't remember seeing it?
Edit: as to the vote, imo AC will hold it as failing to do so would generate reputational damage and (probably loads of) complaints, first to them, then to the FCA (I'd be doing that).
I think though I am not certain is that what was being referred to was contained in an AC lender update to all lenders to this loan dated 12/10/2018 I don't see any mention of SL or companies he's involved in (other than AC) "investing" in this loan, but does include the following
"there have also been direct introductions via myself of specialist parties to the borrower who could potentially assist with the loan recovery "
"We initially sought to introduce the borrower to a specialist consultant and sales agency in the self-build/ custom build sector "
"I am personally happy to continue to allow my other businesses to invest time and effort at no cost to plot sales income with the intention to get the loan and interest fully repaid from those plot sales "
--
Happy to admit I'm wrong if somebody can post specific mention of "investing"/"investment" by SL
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Post by investor01010101 on Nov 14, 2018 21:34:26 GMT
Where was that announced, as I don't remember seeing it?
Edit: as to the vote, imo AC will hold it as failing to do so would generate reputational damage and (probably loads of) complaints, first to them, then to the FCA (I'd be doing that).
What was mentioned somewhere recently (cant recall where) was that another of the Assetz companies is selling the individual units so stand to benefit from future sales. Hence being slow to take enforcement action. However the other side of the coin is that this ought to further incentivise AC to get a successful result. It came up in the Q&A section. "In an update to lenders via email on 12th Oct 2018, Stuart Law, CEO of Assetz Capital declared a personal interest in the D******* M***** self build plot sales through his other businesses and stated "the intention to get the loan and interest fully repaid from those plot sales" ."
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cb25
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Post by cb25 on Nov 14, 2018 22:46:47 GMT
What was mentioned somewhere recently (cant recall where) was that another of the Assetz companies is selling the individual units so stand to benefit from future sales. Hence being slow to take enforcement action. However the other side of the coin is that this ought to further incentivise AC to get a successful result. It came up in the Q&A section. "In an update to lenders via email on 12th Oct 2018, Stuart Law, CEO of Assetz Capital declared a personal interest in the D******* M***** self build plot sales through his other businesses and stated "the intention to get the loan and interest fully repaid from those plot sales" ." Having a 'personal interest in' isn't the same as being 'invested in the properties', which is what you said previously. If the email shows SL is invested in the properties, please post the appropriate section of the email (suitably anonymised if necessary).
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