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Post by madmitch on Jan 10, 2020 19:54:23 GMT
"...-if (or more likely when imo) this loan fails, AC's PF will be shown to be totally inadequate..."
But how can it ever fail?
We are now into the realm of 12 month extensions with no capital or interest payments actually required! Quite unbelievable.
This can be repeated ad nauseum.
Will it be a 24 month extension next time? Perhaps 36 months?
As discussed in much earlier threads, some of us are having to seriously think about the rewording of our wills to protect our beneficiaries inheriting this king-sized mess.
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Post by madmitch on Dec 20, 2019 18:25:18 GMT
An "...immediate..." payment of £1.5m!......... and more to come!
I wonder what "immediate" means in AC speak?
I wonder what "more" means in AC speak?
Faster/more than the Administrator?
As time goes by, AC have given us all an ever increasing insight into their internal 'workings'. Don't they realise that actions always speak louder than words. (should that be inaction?)
Full repayment in 24 months..........but only if we relinquish a chunk of our security! You can't make this stuff up.
On yer bike AC!!!!!!!!!!!!!!!!
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Post by madmitch on Jun 28, 2019 22:53:40 GMT
Those of us who are entrapped in this debacle have said all that needs to said further up the thread.
Sometimes I wonder how many lurkers are out there(like me, mostly), reading this thread and taking a jaundiced view of AC.
Definitely AC are having to offer bonus after bonus after bonus to attract the new money despite the good rates on offer.
Will AC take the action that will close down these negative posts and clear the slate?
Nope!
B
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Post by madmitch on Apr 24, 2019 20:44:03 GMT
I have say £1k....and have request 10 x £100, all with a withdraw date in 90 days time. This is asking for 100% of your funds in 100% of the time. No point. If you don't want all or any of it, come the time, you simply reinvest or cancel.
However, if your £1k was invested at the rate of £250 every 22/23 days with an immediate withdrawal request then that sets up a rolling system. Alternatively, if you wanted to invest your £1k straight away; you make an immediate request for £250, another £250 in 22/23 days,.......etc.
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Post by madmitch on Feb 6, 2019 20:06:18 GMT
"...I have been trying to remove funds for the past nine months and I expect it to take another six to twelve months before I am out of this sorry mess...." You'll be lucky. I'm thinking more along the lines of a codacil for my will!
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Post by madmitch on Dec 14, 2018 20:10:59 GMT
We appear to have a repeating behaviour pattern and I can't see how any refinance deal can come up with any where near the full amount. I have voted B, so has my OH. AC need to take control of the situation.
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Post by madmitch on Nov 7, 2018 12:56:13 GMT
I am therefore exiting this rogue P2P lender completely asap.
You'll be lucky. Like the rest of us who have been trapped by the original description of these 'black box' accounts; you will have to wait the one, two, three+ years whilst the rotation of default, suspended, can-kicking, voting, more can-kicking, etc. all takes place. GBBA2 and PSA are just younger siblings of GBBA and over a period of time will acquire their full tranche of loans that are in various stages of recovery. Albeit, hopefully, to a lesser degree. No one should invest in any of these 'black box' accounts with an expectation of being able to clear a position within 3? years.
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Post by madmitch on Nov 6, 2018 21:31:03 GMT
Snap!
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Post by madmitch on Aug 18, 2018 19:42:44 GMT
The transfer of ISAs should not rely on individuals having to appeal to AC's sense of fair play. Rather, there should be a defined policy(covering ALL situations) clearly presented in the T&Cs. For instance, AC could transfer all, or part of, an ISA back to one's standard account. This would include the 100% requirement for a current year ISA. One would then be free to withdraw whatever cash was immediately available.
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Post by madmitch on Jul 31, 2018 16:56:04 GMT
We have this situation with one of our PSA accounts.
Set to 'withdraw all', it continues to reinvest in new loans and as a consequence is not really selling down at all.
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Post by madmitch on Jul 25, 2018 21:15:56 GMT
Maybe tomorrow part of your residual £500 will become suspended/defaulted, and then, like a lot of others, you will have absolutely no way to clear your position. It's a lottery. I hope you get out in time. Good luck.
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Post by madmitch on Jul 11, 2018 19:29:28 GMT
With the current 'can kicking' being demonstrated by AC it would be wise for lenders to allow, say, maybe three years to completely clear a position in a black box account. I can't see how the ISA transfer system could hold up with all the ensuing millions and millions of inter-institutional minute transfers all trying to follow the route of the original investment.
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Post by madmitch on Jul 6, 2018 1:05:33 GMT
We (including OH) found ourselves in the same position as Brainer mentioned earlier. The naivety of our actions investing in the so called 'black box' accounts slowly being revealed by AC (and this forum) over a period of time. We certainly totally misjudged the lottery aspect.
As a consequence we 'pulled the trigger' some time ago on a number of 5 fig. investments. Like so many others we are now stuck. Unable to clear a position in a reasonable timeframe. We are resigned to the fact that these will be hanging around our necks for......what shall we say.......3yrs? Who knows what the final opportunity cost will be.
Eventually, we all have to clear a position(laws of nature).
Personally, I've found all the remarks about 'the new algorithm' and diversification solving this issue, a bit of a red herring. Any headline rate comes with an accepted certain level of risk, i.e. default. Whether this is represented by five loans or fifty loans is immaterial since circa that percentage of the loan book will always be lost.
The GBBA2 and PSA accounts are only the younger siblings of GBBA1. If it takes, say, a three year cycle to gain(and start clearing) your full complement of defaults, then the current default levels on both of those accounts are set to triple.
We will do our best to stay alive for the next three years? and ensure no nightmare scenario for our executors/beneficiaries(children) to pick up.
Perhaps another thread entitled, "Upon Death...." is called for?
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Post by madmitch on Mar 22, 2018 9:47:55 GMT
We have to remember that the GBBA/GEIA adventures of the past are the same adventures of the GBBA2/PSA of tomorrow. Both are walking the same well trodden path. Just because a road has brand spanking shiny new tarmac doesn't mean that it's destination has changed.
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Post by madmitch on Mar 2, 2018 15:32:42 GMT
Surely, the "...'majority'..." already have exactly what you are suggesting. The differing rates on offer reflect whether you want your withdrawals immediately or in 30 days time!
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