ianb
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Post by ianb on Jul 6, 2016 14:46:13 GMT
Just to say I went thru this on behalf of my mother who passed away last year, who i managed accounts for to pay care home bills (q successfully). I had a PoA and full access, with accounts at FC,Z,RS & AC. Some were more helpful than others and i'm sure things have changed since then. The one thing i'd say assuming someone has access is to get in and manage the account as much as you can before notifying the platform as they will likely block it. If anyone unfortunately has to go thru this feel free to pm me.
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ianb
Posts: 161
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Post by ianb on Mar 29, 2016 20:34:51 GMT
Good luck - i've been trying to exit for a few months now but its very very slow. Compared to this exiting FC was a breeze, and i even get regular recovery payments through now. Enough said, if i'm not careful i'll be praising the flatulent camels and that'd never do.
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ianb
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Post by ianb on Mar 29, 2016 16:48:15 GMT
Got a few pence back from Les Miserables! The first proper payment is due to be marked up today....we shall see. good to hear it - lucky you ! (but then lucky me as I'd bailed on it at the first whiff of trouble)
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ianb
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Post by ianb on Mar 29, 2016 15:34:56 GMT
...and put more effort in to recoveries. Its over 12 months since i had the first default, and not a penny back yet - has anyone had anything back ? I hope the tax statement is being modified to reflect the amount of bad debt in the period, so at least we dont have to work that out (if my understanding of the revised legislation is correct).
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ianb
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Post by ianb on Jan 25, 2016 19:36:23 GMT
Yes, very nice day AC-wise. Shrapnelator worked overtime and i got some stuff on loans i hadnt got shrapnel for for months, and then came across 207 by chance and snapped up what i could by selling out of a couple of loans and using up all my cash. System is really slow though, taking 30 minutes to action a buy or sell order. Hope thats not a sign of things to come. Hope that surprise loans are. I rang AC and asked Dom about 207 and he didnt know anything of it though the lack of any Q&A showed it must have come from one of the institutional investors.
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ianb
Posts: 161
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Post by ianb on Jan 1, 2016 18:14:23 GMT
Well I'm feeling a bit left out. Last day of the year and I'm completely cakeless Likewise! (I also am cakeless but as its xmas, i have cake enuff). I know this happened last year, and have an idea its not from Rebs themselves but from an early borrower and its only investors for that borrower who get caked.
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ianb
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Post by ianb on Dec 18, 2015 18:31:42 GMT
... and the MLIA got nothing of it. Ouch! We're not that silly. As of today we have a facility whereby I can set precise allocations across MLIA, and GBBA / GEIA. So for this loan £80k went to MLIA with £30k to GBBA. With the other two loans waiting to draw down today (both of which are just waiting for release by the lawyers) there'll be £100k for both MLIA and GBBA in #220, and £60k for each in #219. That would give MLIA allocations per lender of roughly £1690 and £579 respectively. Both those figures are obviously subject to change if there is a change in demand or cash available. Sounds good. Now if we could be told this kind of allocation in advance (or even what proportion will go to the MLIA) then investment would be so much simpler.
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ianb
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Post by ianb on Dec 18, 2015 17:18:44 GMT
I got what i asked for on 1 account, but twice on the other...didnt see the forum, sold most pf the excess (thinking it was fat fingers), saw all this stuff and had to go back in and buy back as SS had stripped the second allocation of the second account. All sorted now. What fun, except watching the spinny thing which was a bit dull after a minute.
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ianb
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Post by ianb on Dec 15, 2015 19:58:20 GMT
Nobody's forcing you to make £2000 of cash available - if you don't want to, then don't!
The point is (on these hypothetical figures) I shouldn't need to make £2000 cash available to enable the securing and then buying of 2 X £400 tranches if AC know that is approximately what I will be allocated. I would be making £2000 available in the hope/expectation of getting 2 x c£1000 of loan parts. All that about what I could do with the other £1200 (assuming I've actually got it!) is irrelevant.
AC responded to the Q's I'd been raising on the 3 loans for Friday and i responded with a 'not very helpful' email. I rang up Martin and spoke for almost an hour rather than get in an email or forum scrap. Summary of it is that they do sympathise and understand what we are saying.... but there is nothing they can do directly to assuage the grumblings due to over demand in all accounts and targets/funds in each shifting by the minute...but they will try and add 'something' which will give us an indication. Just have to see if that helps, and maybe i'll stick some cash in Friday and pull any excess the next day, and maybe i wont.
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ianb
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Post by ianb on Dec 14, 2015 17:32:16 GMT
I don't see it really matters how much of a buying target is met from the "allocation on drawdown", and how much from further purchases during the following days or weeks as other lenders or investment accounts adjust their targets. It matters a lot to me ! If I'm only going to get a pittance on drawdown (and its likely this pittance isnt going to grow much - like loans 191 & 209), then i wouldnt bother reading any of the loan documentation, creating entries for it in my .xls or either selling off existing investments beforehand or moving cash in to fund it.
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ianb
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Post by ianb on Dec 12, 2015 12:17:15 GMT
chris i have made a transfer back which should cover the amount calculated though i have to go out shortly so may not get the ability to take the cash in to the mlia until after 1.30 so this may not work out for me. PM me explicit instruction and I can do that transfer for you. Include your email address in that PM please. Will action when back from walking the dog. I did pm you but just checked the accounts and the money was in so i moved it and you can ignore the need to so so. out now !
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ianb
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Post by ianb on Dec 12, 2015 12:01:16 GMT
Okay it's been decided that we want to press ahead with the release of £250k of loan units today before more people withdraw funds, and as it wouldn't be before Monday that we could get a mass mailer out we don't want to delay things further. ianb and anyone else who has pulled funding have the next two hours to fund their account. I'll trigger the release after the 1pm bank import has run. Edit: mikes1531 too chris i have made a transfer back which should cover the amount calculated though i have to go out shortly so may not get the ability to take the cash in to the mlia until after 1.30 so this may not work out for me.
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ianb
Posts: 161
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Post by ianb on Dec 12, 2015 5:49:33 GMT
I've withdrawn all cash from the platform and posed the following question on loan 208 which has been called. 'Can you tell me what proportion of this loan will be released to MLIA investors ? Reason for asking is that the last drawdown, loan 199, had only a miniscule amount released. If I know that a reasonable portion will be made available then I may put cash in to the platform to invest.' I'll keep on doing this for every loan until there is better direction from AC, and when i know that as an MLIA investor i am not being mugged (or until they ban me from asking questions).
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ianb
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Post by ianb on Dec 8, 2015 14:07:19 GMT
I may be being very dim here (in which case apologies...) but arent these increases in the QAA fund size to the detriment of investors ? As i understand it (maybe wrongly) theres now £3m of loan units funding the QAA which are unavailable to the MLIA. So investors receive the 3.75% rate instead of the real rate of say 9.75%, and AC pocket the fairly substantial difference. i know that sales of some loans are siphoned away from MLIA investors whenever they become available so there isnt an earthly chance of increasing a holding in many of the existing loans (Chris declined to comment on this about 10 days ago) and i would guess a good amount of them end up in the QAA. So the secondary market on many loans is now dead, while the QAA increases, which is good for AC but bad for investors. Maybe i've got the wrong end of the stick here, but seems to me like MLIA investors are being stitched up. No, i'm not in the QAA, i'd rather take out my cash and move it elsewhere to get a decent rate.
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ianb
Posts: 161
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Post by ianb on Dec 1, 2015 17:34:15 GMT
My AC loan portfolio continues to ebb away. Completely excluded from underwriting by the QAA (and possibly one or two institutional underwriters such as VPC), it's impossible to hold the portfolio value even constant. I've not been able to secure any decent size loan part from recent draw-downs. Unless we start seeing some proper loan sizes, rather than the current shrapnel and pseudo-FC stuff, I can't see that changing. The positive is that it's forcing me to diversify across platforms and that in turn is causing me to take stock of AC. I think I've been rather blinkered since, at this point, AC really doesn't offer anything that now differentiates it from the rest of the P2B herd. I completely agree and am in exactly the same boat (though not an underwriter). I gave up hoping for the shrapnel and getting more overexposed, which was a good thing as a good number of the loans are not available to us now - hopefully chris will either some day fix a bug or let us know why though i am past caring. Although a pain at first, i have also diversified in to other platforms which at the end of the day is healthy for me, and good as most other platforms dont need the same amount of attention. Some of the recent drawdown distributions have been laughable like that £180ish one a bit ago. 6 months ago i helped set up an account for my daughter, and within about 6 weeks all the targeted loans been filled from the shrapnel, its new investors i feel sorry for as there is no way that would happen today.
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