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Post by davidricketts1 on Oct 3, 2016 13:19:41 GMT
Agreed. I started my AC toedip with a "There's nothing available..." mindset, and then watched nothing much get invested in the GBBA/GEIA for ages. Finally, I decided to spend a bit of time going through the existing loans - and have not only got all my initial toe-dip invested (at a better rate, albeit without the PF), but I'm putting more money in. It's painless apart from that initial run-through the docs. Mmmm , if you have money queued up for a number of loans, I would think you would have to keep a VERY close eye on these loans for the following reason : If something were to go awry with one (or more) of the loans (eg. a breach of covenant ?) this could well result in existing loan holders selling quickly , and you therefore get your requested position filled before you've had a chance to reconsider the wisdom of it, given the breach of covenant (or whatever). Hope that makes some kind of sense ?
I'll step in here.
Anything deemed significantly serious to advise lenders of (and which may result in existing loan unit holders selling their holdings) generally sees all existing lender targets being set as disabled to allow everyone the chance to read the updates before buying into the loan.
This is a manual process though.
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Post by davidricketts1 on Jul 19, 2016 9:13:19 GMT
I see some of the turbines have been pushed out to the end of August payback. Timing is not really AC's skill set
I can't let that go.
We can't win on full loan repayment. If we wait until we definitely know when we're going to get repaid (normally when the cash has turned up) we'll get pilloried. If we report what we are being told by a borrower with a number of caveats (i.e. the dates weren't guaranteed) to allow lenders fair warning that we are expecting full repayment then we also get pilloried.
Which would you rather?
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Post by davidricketts1 on May 25, 2016 14:30:00 GMT
Stopped waiting, posted Q 90mins ago. QAA queue is stuck till GBBA/MLIA have somewhere to put funds . Bizarre situation at mo, front stationary, end moving as middle disappears Q deleted as against the rules apparently My fault that as it was deleted before a fuller explanation was added.
Should be an email on the way to you this afternoon setting out the position.
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Post by davidricketts1 on Apr 13, 2016 7:50:03 GMT
Having recieved a mysterious email from ac towers reguarding the house of h*****y i guess this is related to an upcoming loan but which one. Has any close associate of Sherlock Homes got a clue, ive tryed to work down the list but given up.
I can help there.
£733k SME Retail Loan in the Pipeline Loans Section.
12% Lender Rate.
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Post by davidricketts1 on Mar 31, 2016 7:37:21 GMT
If this loan was reopened what discount would people offer? Also say it was restructured at 12% amortising over 5 years - what discount would you offer then on the new loan. Presumably it would be about the same discount level, otherwise you should vote for the one which you would offer a lower discount too
No, after the restructuring I'd want a much bigger discount to purchase as IMO failing to call in the loan now increases the risk significantly that the business will eventually have to be sold as non-trading entity realising less than if it was sold today. IIRC the second charge securities don't have a tremendous amount of headroom in them, so a major shortfall in the primary security realisation is likely to mean capital losses to lenders.
I can't see how the arrears even at the reduced rate can be caught up, so IMO the chances of this loan resuming trading are practically nil.
Intention is to trade the loan immediately (well once we've announced the second vote result and given a period after that anyway) with warnings plastered all over it. We've been fairly clear in our policy here in that this loan isn't in or heading into formal insolvency so it can be traded even with the arrears.
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Post by davidricketts1 on Mar 22, 2016 10:26:01 GMT
All
If you have the email you have a holding in the loan. It may be a holding through the GBBA though (as my system doesn't differentiate). Not true. My own account has a zero holding in this loan with zero accrued interest. I also have a zero balance in the GBBA, so cannot hold any that way. I voted anyway, as I'd not checked that before clicking on the link to the vote page. It may be that your holding is 0.000000000 etc. 1 (or your accrued interest is similar) sl75.
However, looking at my download of loan units there do appear to be a few 0 holdings on there (these lenders all held balances previously though). Perhaps one for chris to provide some clarity on.
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Post by davidricketts1 on Mar 22, 2016 8:29:02 GMT
All
If you have the email you have a holding in the loan. It may be a holding through the GBBA though (as my system doesn't differentiate).
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Post by davidricketts1 on Feb 17, 2016 17:15:18 GMT
Got email today about few ideas like decreasing interest rate ect... I've just bought this on SM so not happy
Investboy The loan has been suspended since 03/12/2015 so not sure how you can have just bought it?
@butch Cassidy This isn't the forum for me to argue with you but without the correct financial information and input from the borrower (which was only obtained last week) I cannot decide what is and isn't affordable for the borrower and therefore cannot put something to lenders. Otherwise somebody would be accusing me of just making it up.
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Post by davidricketts1 on Feb 16, 2016 15:57:41 GMT
Checking now although I'm not in the office and the person who sets it up is.
If incorrect I'll get them to change it.
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Post by davidricketts1 on Feb 9, 2016 20:11:19 GMT
My favourite AC update of all time on loan 150 today... I'll quote the best part: ...(DAVE: I haven’t). Part way down, another nice part: ...(DAVE: I haven’t). Both seem to refer to documents which AC have received and are going to share with us. I wonder if DAVE is davidricketts1 ? Either way, to be fair to AC, I suspect that this will be resolved shortly. It did make me chuckle though.
My fault. My colleague who does these likes to remind me that she hasn't uploaded the documents. I usually remember to delete said reminders but am rather stressed today.
Thanks for pointing it out jonah - I'll attend to it now.
Having thought about it, I think I was that stressed I forgot to upload the docs in question so I'd better do that as well.
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Post by davidricketts1 on Feb 4, 2016 15:43:18 GMT
Does this explain the high proportion of "non-voters" which have been remarked upon in some of the recent polls? No as the QAA doesn't own large amounts of the more historic loans.
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Post by davidricketts1 on Feb 4, 2016 14:36:08 GMT
Every lender has the opportunity to vote in the loans they participate in, including via investment accounts. If lenders do not vote, their vote is discounted and we go with the majority vote as the default is not set to any course of action. We cannot vote for lenders, nor can we assume they will vote a certain way, as that breaches CIS rules (as we understand them to be). If there are any examples of lenders not having the chance to vote, please tell me. Lenders do not participate in loans in the QAA, so does this implicitly abstain from all votes? ... or is each QAA investor given a pro-rata share of the QAA's "vote" for its investment? It abstains.
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Post by davidricketts1 on Feb 1, 2016 16:50:55 GMT
Is there anything written into the contract with the borrower to automatically trigger penalty interest if the payments are more than a certain amount late? I think that this might help focus the minds of the borrowers regarding making the payments on time. It they received a notification that an extra say 3% had come into force on the loan, and would remain so until the payments were up to date, it could be an incentive.
A fair question.
There are terms but this is discretionary and it's generally a balancing act between carrot and stick as it were to ensure the repayments are made.
They were told today that they had 7 days to make the repayment or next step would be enforcing the security.
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Post by davidricketts1 on Feb 1, 2016 16:07:02 GMT
Now unsuspended as the funds have been received.
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Post by davidricketts1 on Jan 27, 2016 9:19:22 GMT
All
Thanks for the input so far. We had to trial this on something and accept it is difficult to make people change.
If I can summarise:
- We need to get the voting email text into the original email from Survey Monkey if possible. If not then we need to change the wording on the email to reduce likelihood of spam. - You'd like a record of your vote. I don't know if this is possible but will ask Marketing when we run the next vote (Friday/next Monday I think). - Can you change your vote? No you can't so I'll make sure that this is clearly detailed in the voting text going forward.
Anything else?
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