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Post by glocal on Jul 8, 2019 21:07:02 GMT
Assetz only notfiy when a withdrawl from the 30DAA, 90DAA is complete from my expirence. I have £163 stuck in GBBA for about 16 months now. I also have like £16 in the green account. The withdrawal depends entirely on the loans that you are allocated in. I personally would not invest money you need on a short notice (not even 90 days-180 days) since suspended loans could take years to resolve, well more of a "will" in the expierence of loan recovery. My strat is I am invested only in the QAA, 30DAA and 90DAA Similar story here (slightly higher amounts). Just another caveat for those reading - although we don't have a negative experience of a defaulted loan with no payback on AC yet (that I'm aware of), it could be possible that a suspended loan never really resolves. It stays in limbo indefinitely and can technically be written off as bad debt, leaving it to a plethora of scenarios that could then take over. Nearly two weeks after I started selling Standard and IFISA GBBA loans, sale plateaued with around 15% of the full amount stuck in non-tradeable loans in both accounts. At the current rate they will take ages to clear. There seems to be a pattern there, so if you need reasonably quick access to more than 85% of your funds, you should probably look elsewhere.
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p2pfan
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Post by p2pfan on Jul 9, 2019 0:43:38 GMT
Similar story here (slightly higher amounts). Just another caveat for those reading - although we don't have a negative experience of a defaulted loan with no payback on AC yet (that I'm aware of), it could be possible that a suspended loan never really resolves. It stays in limbo indefinitely and can technically be written off as bad debt, leaving it to a plethora of scenarios that could then take over. Nearly two weeks after I started selling Standard and IFISA GBBA loans, sale plateaued with around 15% of the full amount stuck in non-tradeable loans in both accounts. At the current rate they will take ages to clear. There seems to be a pattern there, so if you need reasonably quick access to more than 85% of your funds, you should probably look elsewhere. Thanks for the advice. But just to be clear, there shouldn't be issues getting ones money out of the QAA, 30DAA and 90DAA loans? My understanding was that you would be able to have guaranteed withdrawals as per those time-frames (apart from in very exceptional circumstances)?
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sl75
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Post by sl75 on Jul 9, 2019 16:05:39 GMT
Thanks for the advice. But just to be clear, there shouldn't be issues getting ones money out of the QAA, 30DAA and 90DAA loans? My understanding was that you would be able to have guaranteed withdrawals as per those time-frames (apart from in very exceptional circumstances)? Those accounts explicitly state even in the simplest summary that "access times cannot be guaranteed".
Describing it as a guarantee would be extremely misleading; in fairly mundane circumstances, such as investors withdrawing funds faster than loans are repaying or being sold to manual investors, normal access times would no longer be able to be met.
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ceejay
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Post by ceejay on Jul 10, 2019 19:47:49 GMT
Nearly two weeks after I started selling Standard and IFISA GBBA loans, sale plateaued with around 15% of the full amount stuck in non-tradeable loans in both accounts. At the current rate they will take ages to clear. There seems to be a pattern there, so if you need reasonably quick access to more than 85% of your funds, you should probably look elsewhere. Thanks for the advice. But just to be clear, there shouldn't be issues getting ones money out of the QAA, 30DAA and 90DAA loans? My understanding was that you would be able to have guaranteed withdrawals as per those time-frames (apart from in very exceptional circumstances)? : if anyone NEEDS reasonably quick access to funds then those funds probably shouldn't be in any form of P2P (nor S&S, for that matter). p2pfan : the phrase is "normal market conditions", which so far (AFAIK) have always applied. I've certainly always been able to withdraw as per the spec. But it is pretty certain that ONE DAY (possibly soon, maybe not) those conditions won't apply and a queue will form. Maybe a short-term thing, soon forgotten, or maybe a large scale rush to the P2P exit which would mean that much of your money would be tied up for the duration of the underlying loans (up to 5 years, plus a bit allowing for late completions and overruns). If you want safety and anything resembling a guarantee, you need an FSCS-protected cash account. There is no such thing as a free lunch!
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michaelc
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Post by michaelc on Jul 17, 2019 12:36:42 GMT
I started selling down my holdings around autumn 2018. Most sold fast but I was left with around 15% in GBBA and GBBA2.
My GBBA is left with untradeables which is fine. I understand that. What I don't understand and perhaps someone who knows Assetz a lot better than I do could tell me is that my GBBA2 shows most of my holdings are tradeable so why haven't they been traded ? MY top holdings are 673,591,587,711,573,577 - all apparently tradeable.
Perhaps they're tradeable but nobody would buy them at par ?
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Post by Jack Barlow on Jul 17, 2019 13:15:59 GMT
I started selling down my holdings around autumn 2018. Most sold fast but I was left with around 15% in GBBA and GBBA2. My GBBA is left with untradeables which is fine. I understand that. What I don't understand and perhaps someone who knows Assetz a lot better than I do could tell me is that my GBBA2 shows most of my holdings are tradeable so why haven't they been traded ? MY top holdings are 673,591,587,711,573,577 - all apparently tradeable. Perhaps they're tradeable but nobody would buy them at par ? They're all flagged as having monitoring events, which is presumably putting people off.
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thedog
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Post by thedog on Jul 17, 2019 13:44:40 GMT
I started selling down my holdings around autumn 2018. Most sold fast but I was left with around 15% in GBBA and GBBA2. My GBBA is left with untradeables which is fine. I understand that. What I don't understand and perhaps someone who knows Assetz a lot better than I do could tell me is that my GBBA2 shows most of my holdings are tradeable so why haven't they been traded ? MY top holdings are 673,591,587,711,573,577 - all apparently tradeable. Perhaps they're tradeable but nobody would buy them at par ? They're all flagged as having monitoring events, which is presumably putting people off. And have lots of availability (10%-20% of notional).
BUT wouldn't that only matter if it was MLA investors who were buying these loans (rather than being reallocated to new GBBA or other AC managed account investors)?
I asked AC a few months ago if MLA trades were all between different MLA investors or were between MLA and AC managed accounts and they told me all between different MLA investors (which I was sceptical of at the time). The obvious flip-side being that AC managed account trades were all with other AC managed accounts. In which case how could certain loans within michaelc 's AC managed account get delayed as unsold? Surely all would be sold pro-rata (assuming they satisfy the criteria for the buying account)?
Seems to imply sales are between AC managed and MLA accounts - which isn't what they told me - but does anyone have a view?
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bg
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Post by bg on Jul 17, 2019 15:05:47 GMT
They're all flagged as having monitoring events, which is presumably putting people off. And have lots of availability (10%-20% of notional).
BUT wouldn't that only matter if it was MLA investors who were buying these loans (rather than being reallocated to new GBBA or other AC managed account investors)?
I asked AC a few months ago if MLA trades were all between different MLA investors or were between MLA and AC managed accounts and they told me all between different MLA investors (which I was sceptical of at the time). The obvious flip-side being that AC managed account trades were all with other AC managed accounts. In which case how could certain loans within michaelc 's AC managed account get delayed as unsold? Surely all would be sold pro-rata (assuming they satisfy the criteria for the buying account)?
Seems to imply sales are between AC managed and MLA accounts - which isn't what they told me - but does anyone have a view?
The access accounts don't buy on the SM. They only take new loans. I think next to no new money is going into the GBBA etc and so there will be little new buying from there...so the only substantive buyers will be MLA investors. It's a pity there is no option to discount GBBA account holdings as they would probably sell quickly otherwise. Another reason why I stick to MLA and the access accounts. In my view the GBBA etc should be closed. They have fantastic products in the MLA and access accounts while the GBBA etc have caused countless issues.
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thedog
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Post by thedog on Jul 17, 2019 15:20:19 GMT
That's interesting - thanks. So if the AC accounts don't buy (or sell?) on SM do you know how they decide what proportion of each loan to allocate to MLA (and others) in PM? And do you think that would mean michaelc 's GBBA loan sales were to other types of AC account (if all sales went to what new GBBA money there was I'd think all the loans would have sold pro-rata)? Cheers
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bg
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Post by bg on Jul 17, 2019 16:36:21 GMT
That's interesting - thanks. So if the AC accounts don't buy (or sell?) on SM do you know how they decide what proportion of each loan to allocate to MLA (and others) in PM? And do you think that would mean michaelc 's GBBA loan sales were to other types of AC account (if all sales went to what new GBBA money there was I'd think all the loans would have sold pro-rata)? Cheers
The access accounts do sell on the SM, they just don't buy (they could buy but so far have not is my understanding). In general, the access accounts fund 100% of new loans (ie the PM) and then sell onto the MLA...the percentage they sell varies but is typically 70-80% of the loan (my estimate). I would imagine that michaelc's sales were to the MLA and all he is left with is unpopular loans which he can't discount. Of course there may be some internal GBBA rebalancing but I would imagine most went to the MLA. Hope that helps...not sure if I've fully understood your questions.
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thedog
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Post by thedog on Jul 17, 2019 16:51:42 GMT
Really helpful - many thanks. (You understood me perfectly! Questions had sort of assumed the Access Accounts don't sell but your explanation explains how they do). Cheers
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corto
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Post by corto on Jul 17, 2019 16:58:45 GMT
In case somebody is interested
I sold out GBBA 12/18 and still have a little of 673, 573 and 587. Everything else <.01
Likewise PSA: minor chunks of 329 and 597 left; all else ~0.
Both accounts shrink very slowly due to repayments.
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