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Post by pepperpot on Jun 25, 2014 21:52:39 GMT
I'm no expert but the family home you refer to seems to have about half a million in equity,Hi Ton ⓉⓞⓃ, this is where we see different things. You see half a million, I see family home. Unless all the occupants of the home are party to the agreement, it'll be impossible/awkward/immoral to force them to move out so that the value in the house can be realised. Now if a half million building the company owned and occupied was offered up, that would be a much better thing. I agree Ton ⓉⓞⓃ. It matters little if the other occupants are party to the agreement or not. As long as everyone registered on the deeds, is, then it is they who have put the property up for security and as such know it's at risk. If all other options to recoup the debt have been exhausted and only the property equity remains, then a bailiff, backed by a court order, can and will lock them out. Any awkwardness is purely on the shoulders of whoever signs the agreement, as it is they who know what will happen if they don't keep up repayments. In exactly the same way as every other mortgage holder knows.
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Post by Ton ⓉⓞⓃ on Jun 25, 2014 22:06:34 GMT
And in this case if the worst comes to the worst they will still have half a million less our hundred k to find another place to live in. I'll even put them up here while they look for something.
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j
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Penguins are very misunderstood!
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Post by j on Jun 28, 2014 20:58:31 GMT
It looks like this may just make it over the finish line with just under 2 days to go. Currently @ 89% funded, I'm sure investors will pick up the £10k left by the time it closes. It must be the slowest moving small loan I've seen for a long time on AC!
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Post by cyrilmadrid on Sept 4, 2014 21:57:10 GMT
Looks like this loan was returned to prebid, without an email informing lenders.
What about the 4 % pa which was accruing ? Will it be paid ? Is it still accruing ?
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kermie
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Post by kermie on Sept 4, 2014 22:13:50 GMT
Looks like this loan was returned to prebid, without an email informing lenders. What about the 4 % pa which was accruing ? Will it be paid ? Is it still accruing ? I got an email earlier today. Not clear about the potentially accrued pre-drawdown interest.
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Sept 4, 2014 22:16:02 GMT
Looks like this loan was returned to prebid, without an email informing lenders. What about the 4 % pa which was accruing ? Will it be paid ? Is it still accruing ? If you had a bid then you should/would have received an email informing of issues with security. Hence the reversion to pre-bid stage Edit:Sorry, just seen kermie's post
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sl75
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Post by sl75 on Sept 5, 2014 10:03:00 GMT
As with other previous auctions that have been reverted to prebid, Assetz seem to have a bug in their system which resulted in it doubling my bid.
I'm fairly sure I'd got a target investment of £20 which matched my existing live bid of £20, but when Assetz reverted it, they added these together resulting in a target investment of £40, at which point the system made a further £20 pre-bid on my behalf [I'd seen similar on previous auctions that reverted to pre-bid, with larger amounts bid making it more obvious].
I've since reverted my target investment to £20 manually, but unless I'd mis-remembered (and had actually set a £40 target myself after the auction closed), it would suggest Assetz may still have a system fault relating to reverting auctions to the pre-bid stage.
Did anyone else see the same thing?
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Post by Ton ⓉⓞⓃ on Sept 5, 2014 10:13:56 GMT
As with other previous auctions that have been reverted to prebid, Assetz seem to have a bug in their system which resulted in it doubling my bid. I'm fairly sure I'd got a target investment of £20 which matched my existing live bid of £20, but when Assetz reverted it, they added these together resulting in a target investment of £40, at which point the system made a further £20 pre-bid on my behalf [I'd seen similar on previous auctions that reverted to pre-bid, with larger amounts bid making it more obvious]. I've since reverted my target investment to £20 manually, but unless I'd mis-remembered (and had actually set a £40 target myself after the auction closed), it would suggest Assetz may still have a system fault relating to reverting auctions to the pre-bid stage. Did anyone else see the same thing? Yes, I'm doubled. Thanks for highlighting that! IN EDIT Is chris interested in this? As this system I guess only has hours before it's changed anyway, perhaps not...
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Post by chris on Sept 5, 2014 11:25:40 GMT
It's a conflict between AI and the reversion to prebids - for a brief moment nothing is invested so AI invests. I've fixed this, although as Ton points out it won't be in use much longer.
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mikes1531
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Post by mikes1531 on Sept 5, 2014 15:11:29 GMT
I didn't have AI active, so the bug didn't bite me.
But I have reduced my pre-bid today anyway, as there seems to be no hurry to invest since the underwriters' share of this loan is growing. It's up to 22% and there's a further 3% of the loan that isn't covered by either underwriter bids or pre-bids. The level of security on this loan looks very good, but 8.75% still seems too low considering the other investment options available.
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mikes1531
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Post by mikes1531 on Sept 5, 2014 15:33:10 GMT
What about the 4 % pa which was accruing ? Will it be paid ? Is it still accruing ? I doubt it's still accruing inasmuch as our money has been returned to us. And if the loan isn't resurrected, AC probably would have trouble extracting the interest from the (non-)borrower. (It amounts to a total of about £200, so it would be hard to justify the cost of legal action. Perhaps AC would decide to pay the interest out of their petty cash box.) If the deal does come back to life and proceed, I would hope that those with bids in from the time the interest started accruing until the loan reverted to pre-bids would receive the agreed compensation/interest whether or not they participate in the Mark II version of the loan. I think this is a good opportunity for AC -- andrewholgate? -- to state what their policy is in situations such as this.
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mikeb
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Post by mikeb on Sept 5, 2014 17:27:13 GMT
Did anyone else see the same thing? Not doubled, but bid and AI target added together (different amounts) to get a new higher AI target. Thanks for spotting this!
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mikeb
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Post by mikeb on Sept 5, 2014 17:31:56 GMT
AH has confirmed that they are chasing the slow-drawdown cashback/interest on Redr**h and High Wy****e, neither of which got off the ground. I expect that if these are paid, there's no reason why it shouldn't be paid on ones that do get off the ground, eventually.
If they're not paid, it puts a total nail in the primary market. With the level of delay between auctions appearing for prebid, and turning into auctions, with some just evaporating along the way, it seems to make less sense every day.
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Post by cyrilmadrid on Sept 5, 2014 17:55:56 GMT
Looks like this loan was returned to prebid, without an email informing lenders. What about the 4 % pa which was accruing ? Will it be paid ? Is it still accruing ? If you had a bid then you should/would have received an email informing of issues with security. Hence the reversion to pre-bid stage Edit:Sorry, just seen kermie's post Well, I had a bid, reverted to pre-bid, and i checked my inbox again, no email-
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Post by Ton ⓉⓞⓃ on Sept 5, 2014 18:17:56 GMT
If you had a bid then you should/would have received an email informing of issues with security. Hence the reversion to pre-bid stage Edit:Sorry, just seen kermie's post Well, I had a bid, reverted to pre-bid, and i checked my inbox again, no email- I had en email 04 September 2014 17:38:08 Perhaps ask them to check their database or something.
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