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Post by bikeman on Jan 14, 2021 22:48:31 GMT
I forgot to add that I still have a sizeable chuck in the 5 year at 5.4% (albeit 50% off). So the concensus is to pull it out? Start a withdrawal request on it and look at the fees you will be charged (this does not commit you), tends to focus the mind in decision making. Always a personal judgement call at the end of the day. Ahead of you, did just so 1/2 hour ago, only 1 ahead of me. Immediately tried to cancel but too late, £250 lighter and money in holding account. Oh well. Probably the right thing anyway as I was always concerned that most of it was in a single loan with 4 years left to run.
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Post by bikeman on Jan 14, 2021 22:01:54 GMT
I forgot to add that I still have a sizeable chuck in the 5 year at 5.4% (albeit 50% off). So the concensus is to pull it out?
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Post by bikeman on Jan 14, 2021 13:42:24 GMT
Not overly happy how GS used their terms as an excuse to wind up a business they didn't want but happy that they honoured their promise to return all capital plus interest. Made a promise and kept it - watch and learn Assetz Capital. It wasn't even a promise, they've just stated what their intensions are and honoured this. I don't think AC and GS are comparable in this context. GS wound down - AC is still a running business and they didn't make any promises either. "Promise" is not really a part of p2p vocabulary, at least not in connection with return of invested funds. AC got the FSA/FOS off their backs by setting in place a repayment plan. I cal that a promise, you call it what you like. Bottom line once the heat was off they then changed their mind and ed us over.
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Post by bikeman on Jan 14, 2021 13:39:32 GMT
A while back I wacked up my reinvestment rate and requested withdrawal. For several months I languished around 15,000 in the queue and around half my investment was returned as borrowers made repayments.
In December, still around 14,00 in the queue, I figured my remaining investment was low enough and cancelled my withdrawal request.
A couple of weeks ago I changed my mind and requested to withdraw the remainder. I was now around 7000 in the queue. Last week I was 4000. Today my withdrawal came through.
So the withdrawal queue is now pretty quick and with nowhere else to put my RS investment I'm tempted to put it all right back in. What's the smart money's thinking?
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Post by bikeman on Jan 13, 2021 13:00:54 GMT
Not had any re-investments for a while.
According to the investment queues there are no waiting borrowers.
Also how accurate is the queue data anyway? All products have exactly the same investor numbers in queue, now that can't be right.
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Post by bikeman on Jan 13, 2021 12:44:08 GMT
Not overly happy how GS used their terms as an excuse to wind up a business they didn't want but happy that they honoured their promise to return all capital plus interest.
Made a promise and kept it - watch and learn Assetz Capital.
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Post by bikeman on Nov 28, 2020 18:15:33 GMT
To be fair to AC they have made an effort to pay off these loans and given the global pandemic i think it is reasonable to cut them some slack. With all the chaos that is coming down the line at us unless this is your only P2P investment you have alot more to worry about in my opinion. I was in these loans through the MLA so only have myself to blame and i am grateful for anything i get back. I really didnt see what could go seriously wrong with wind turbines since i knew a farmer who set one up as a profitable diy investment (and he certainly isnt Nikola Tesla). I still dont fully understand what went wrong and why. Anyhow, Years of easy returns in P2P had made me over confident and forget P2P is a high risk investment. These loans are what woke me up and convinced me to get out of P2P so I view them as a valuable learning experience and Are the main reason i got out before covid19. There are people who took a big hit on these through the GEA. I just lost a few months interest and overall made a good profit on AC. So it was your choice to invest in these loans, so this thread doesn't apply to you does it. This is about GEIA investors who left the investment choice to AC and AC admitted liability and offered redress, then subsequently reneged on that promise despite raising a substantial amount of investment via incentives in the months leading up to the pandemic and as much afterwards through the business loan schemes. They were early to pull the plug before the defaults even came in and sat on investment cash which could have made the payments promised. Admitting liability and offering redress should mean something but apparently to AC a promise is quickly forgotten.
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Post by bikeman on Sept 29, 2020 15:13:58 GMT
Email them. I managed to put money back in and transfer it out again but that might have been before lending was switched off, but they did oblige. Update: Apparently paying directly in via BACs is possible.
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Post by bikeman on Sept 27, 2020 14:50:05 GMT
I have been withdrawing from my FC isa holding account with the understanding it is a flexi ISA and I could put it back in and transfer to another provider before end of tax year. Idea being I would put it back in and only do the transfer when a sufficiently large amount had been built up.
Now it appears that with lending off it is not possible to pay it back in. It would seem that this flexi isa is not so flexi.
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Post by bikeman on Sept 7, 2020 11:08:01 GMT
Good job Growth Street - you could teach those clowns at Assetz Capital a thing or two. I don't think you can compare the two - AC won't have had loans terms that allowed loans to be called in within 90 days. I have more in stuck RS than GS or AC now. Maybe but they should know their business. Whether comparable or not they made a commitment to recompense the lenders in the I** loans and have since reneged on that promise and treated those lenders with utter contempt.
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Post by bikeman on Sept 7, 2020 10:56:02 GMT
Good job Growth Street - you could teach those clowns at Assetz Capital a thing or two.
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Post by bikeman on Jul 14, 2020 20:46:04 GMT
The shame of this all is that they could have likely continued operations had they better written the ToS for this kind of event. Their was no issue with the loanbook itself - just the GS model. Even a system in which they payback proportionally for all queued withdrawls (as we are now) would gave worked well enough as they reduced the loanbook size - everyones money is stuck in now for at least 1 year anyway. They also could have then taken new investors hopefully injecting some liquidity for those who want to get out. Forcibly winding up will just cause additional losses on the more risky borrowers who may either just go under or who will just get large extensions from GS anyway (effectively operating as normal). The longer they take winding up, the more operational costs will eat into reimbursements making some borrowers pretty worthless from our point of view. Lets not forget that GS want to exit this business so their t&cs allow them to over their investors. And what do we investors do? We sit on our arses and accept their mismanagement.
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Post by bikeman on Jul 14, 2020 20:40:23 GMT
They were paid out to whoever had uninvested funds at the RE date. And it seems to payback all of the ISA funds in full. In all fairness 5% in 9 days is not too bad considering there is no rush for firms provided its within the 3 month return period. You're speculating there and are very wrong. ISA funds were held under a separate arrangement and were always fully refundable.
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Post by bikeman on Jul 1, 2020 13:14:43 GMT
Damm sight better than FS Lendy FC. They have returned a lot and will continue to do so. Mistakes made early on? Yes but they've learned from them. just MHO. What's 'a damm sight better' with AC? They've accepted that they cocked up with these loans and agreed a repayment plan which they've now reneged on. With RS and FC, I am at least able to withdraw interest and not invest in new loans. Not the same situation at all. Are you even invested in these loans?
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Post by bikeman on Jun 30, 2020 19:54:12 GMT
Latest email says 3 month delay. Yep, not really a surprise. What is a surprise that AC waited until the 11th hour to say so....I guess it must have been a pretty close call And was quickly followed by a good news lender bulletin stating that they've seen 'minimal loan defaults' and 'bumper interest payments'. <redacted>
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