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Post by bob2010 on Jan 15, 2023 16:01:20 GMT
I've got significant amount of money in the quick access account which is in run down, however whilst AssetzCapital have increased the rate to 4%, this is still less than the manual account rate and yet the redemption is now on the same terms.
As Assetz Capital have changed their terms and conditions and effectively locked withdrawals, surely they should be paying the higher manual interest rate as it's no longer Quick Access?
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Post by Ace on Jan 15, 2023 20:44:39 GMT
The access accounts aren't on the same term's as the MLA. The AAs have a Protection Fund, whereas the MLA does not. Whether the PF will ever pay out is another matter.
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p2pfan
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Post by p2pfan on Jan 15, 2023 21:43:34 GMT
The access accounts aren't on the same term's as the MLA. The AAs have a Protection Fund, whereas the MLA does not. Whether the PF will ever pay out is another matter. A PF is like the Loch Ness Monster. It always was little more than a public relations trick by AC. Just like the PF on other platforms. Same with many other aspects of P2P platforms, such as their wind down plans - I always laugh when platform CEOs brag to me that their wind-down plans are an incredible four or six pages long and will ensure a smooth wind-down if/when they go into Administration.
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Post by df on Jan 15, 2023 22:35:11 GMT
The access accounts aren't on the same term's as the MLA. The AAs have a Protection Fund, whereas the MLA does not. Whether the PF will ever pay out is another matter. A PF is like the Loch Ness Monster. It always was little more than a public relations trick by AC. Just like the PF on other platforms. Same with many other aspects of P2P platforms, such as their wind down plans - I always laugh when platform CEOs brag to me that their wind-down plans are an incredible four or six pages long and will ensure a smooth wind-down if/when they go into Administration. I've benefited from PFs... It did work on AC and some other platforms but nothing lasts forever. Wind downs, at least some of them (e.g. Z, RS, GS), worked out well.
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Post by overthehill on Jan 15, 2023 22:42:26 GMT
The access accounts aren't on the same term's as the MLA. The AAs have a Protection Fund, whereas the MLA does not. Whether the PF will ever pay out is another matter.
Still waiting for the PF to do anything. I'm consoled by the knowledge that my bad loans are always referred to Provision Fund commitee. Not sure if they have ever had a meeting though.
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Post by overthehill on Jan 15, 2023 22:44:13 GMT
I've got significant amount of money in the quick access account which is in run down, however whilst AssetzCapital have increased the rate to 4%, this is still less than the manual account rate and yet the redemption is now on the same terms. As Assetz Capital have changed their terms and conditions and effectively locked withdrawals, surely they should be paying the higher manual interest rate as it's no longer Quick Access?
There a lot of shirleys in AC.
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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 Jan 16, 2023 11:09:00 GMT
The access accounts aren't on the same term's as the MLA. The AAs have a Protection Fund, whereas the MLA does not. Whether the PF will ever pay out is another matter.
Still waiting for the PF to do anything. I'm consoled by the knowledge that my bad loans are always referred to Provision Fund commitee. Not sure if they have ever had a meeting though.
You know they have had meetings - the PF paid out on the Scottish castle loan - whether they have had any meeting recently is the question. They keep promising one but then postpone it.
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morris
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Post by morris on Jan 16, 2023 14:31:29 GMT
My 30 day AA has transferred into my QAA. Another 60 days for 90 day AA to do the same.
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Post by bob2010 on Jan 16, 2023 17:50:37 GMT
I've had another look at the Q&A and it states that the provision fund will still be funded by the leftover interest after the new fees have been deducted. But surely there won't be excess interest after those fees so the provision fund will only decrease.
Who decides which defaulted loans would be covered by the PF? Is the PF truly ringfenced in which case there should be no PF at the end of the run off as all of it should be allocated out?
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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 Jan 16, 2023 18:19:17 GMT
I've had another look at the Q&A and it states that the provision fund will still be funded by the leftover interest after the new fees have been deducted. But surely there won't be excess interest after those fees so the provision fund will only decrease. Who decides which defaulted loans would be covered by the PF? Is the PF truly ringfenced in which case there should be no PF at the end of the run off as all of it should be allocated out? Depends on the difference between the actual loan rate & the QAA 4% rate ... there will be some loans that will have a surplus in the first 6 months, and then more subsequently as the fee reduces. Provision fund will only decrease if it has to be utilised. (Yeah wishful thinking) The Provision Fund Board ie the directors decided on actual payouts (if they can be ar**d to actually meet) but funds are ringfenced to cover predicted losses for default loans, monitoring loans and loans with cpaital revaluations (which of course AC has implied they wont be doing) Again how the PF ends up will depend on how much its utilised, technically the funds in the PF belong to AC so any surplus remaining would go to them I suspect
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alender
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Post by alender on Jan 17, 2023 9:35:55 GMT
The best thing would be be get rid of the PF and distribute funds to investors ASAP, it serves no purpose now and was only useful when withdraws were possible so the withdrawn funds leaves something left to cover bad loans that these funds were invested in.
The investors either get the PF funds now or latter when a loans are written off and far better now in a high inflation environment and can earn some returns, the cash in the PF is earning no return for investors. Also stops AC from finding ways to dip into the PF for themselves. Do AC charge to run the PF? if so another saving but then AC would definitely not return these funds.
Can't see why AC closed the SM, some may still buy if the discount is large enough and would help those who need funds quickly. Also if AC are correct and money start to get returned in a reasonable time frame the discount will probably go down especially when inflation and interest rates fall. However as there is nothing in it for AC now no chance they will do anything to help investors, just the minimum they can get away with while maximising the income to them.
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Post by peely999 on Jan 17, 2023 16:37:13 GMT
My 30 day AA has transferred into my QAA. Another 60 days for 90 day AA to do the same. Yes mine did the same several days ago, but still waiting patiently for anything to appear in the Cash account!
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rscal
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Post by rscal on Jan 17, 2023 19:01:48 GMT
My 30 day AA has transferred into my QAA. Another 60 days for 90 day AA to do the same. Yes mine did the same several days ago, but still waiting patiently for anything to appear in the Cash account! Yer basic 'Hackess Haccount' redemptions are goin' to yer unfunded 'Devellimint' commitments! ... Until they've got a big enough Kitty and can release some of yer 'Hackual' redemptions on wots known as a 'prole-rartar' basis innt?
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iann
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Post by iann on Jan 17, 2023 21:57:23 GMT
My 30 day AA has transferred into my QAA. Another 60 days for 90 day AA to do the same. Yes mine did the same several days ago, but still waiting patiently for anything to appear in the Cash account! Both Loan #1048 (£281k) and Loan #1277 (£490k) repaid today, so maybe something will come from those?
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alender
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Post by alender on Jan 18, 2023 9:58:19 GMT
I guesstimate there is about £5.7m of cash in AAs versus unfunded tranche commitments of £11.3m. So there is a shortfall of circa £5.6m to go yet before we’re close to partial AA capital payouts. Should not have to wait for the full £11.3m to be held in cash before paying out some funds as there will most certainly be money coming in from loan redemptions from good loans which can be factored in (even if it is just at 50% level) to allow a payout to start sooner rather than latter. If AC wait to only pay out money in excess of the of the unfunded tranches then AA investors will be sitting on a cash pile of £11.3m doing nothing in a high inflationary environment. No doubt AC will look at ways of using this cash pile to make money for themselves, at the very least they should find a bank which pays some interest for the excess cash and PF and pass this back to the investors but no chance AC will do that.
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